Do you want to see a comprehensive analysis of Comerica’s High Yield Money Market Investment Account? At Responsible Economy, we present all the features of the High Yield Money Market Investment Account along with a comparison to the best savings accounts you can open in the United States. Let’s get started!
Features
In this section, we provide you with a detailed showcase of all the features.
Interest rate
The High Yield Money Market Investment Account currently has a promotional offer, providing an interest rate of 4.25% APY. This interest rate is competitive, considering that the best savings accounts in the United States are offering a 5% APY.
Without the current promotional offer, the interest rate would be 0.03% APY.
Fees
You have a monthly fee of $17 ($204 per year) if you do not meet the following requirement:
- 15,000 minimum Ledger Balance each day or have a Comerica Platinum Circle Checking account or 1849 Checking Account.
Minimum deposit
The minimum initial deposit to open this savings account is $50.
Summary table
Here is a summary table with all features:
| Characteristics | Description |
|---|---|
| Interest Rate | 4.25% APY |
| Monthly Fee | $17 (unless requirements met) |
| Requirements to Waive Fee | 15,000 minimum Ledger Balance each day or have a Comerica Platinum Circle Checking account or 1849 Checking Account |
| Minimum Initial Deposit | $50 |
Comparison with the best savings accounts
We have conducted a comparison of the High Yield Money Market Investment Account with the best savings accounts you can open in the United States:
- 4.05% APY
- Minimum deposit: $100
- No welcome bonus
- Member FDIC
- 4.30% APY
- Minimum deposit: $0
- Welcome bonus: $100
- Member FDIC
- 4.35% APY
- Minimum deposit: $0
- No welcome bonus
- Member FDIC
- 4.50% APY
- Minimum deposit: $0
- Welcome bonus: $250
- Member FDIC
- 4.35% APY
- Minimum deposit: $0
- No welcome bonus
- Member FDIC
- 4.30% APY
- Minimum deposit: $0
- Member FDIC
- No welcome bonus
- 4.30 APY
- Minimum deposit: $0
- No welcome bonus
- Member FDIC
Savings accounts calculator
We have developed a deposit calculator so that you can easily see how much money you can earn:
High Yield Money Market Investment Account calculator
Video best savings accounts
Here is a video we have created showcasing the best savings accounts in the United States:
Requirements
The requirements to open the High Yield Money Market Investment Account are as follows:
- Reside in the United States.
- Having a checking account with Comerica.
- Be over 18 years of age.
- Deposit more than $50.
Documents
The documents that Comerica may request from you are as follows:
- Driver’s license.
- Social security number.
- Utility bill or invoice that demonstrates your current residence in the United States.
Pros and cons
Here is a table outlining the advantages and disadvantages of the High Yield Money Market Investment Account:
| Pros | Cons |
|---|---|
| 4.25% APY | $50 minimum deposit |
| Limited ATMs and branches | |
Interesting information about Comerica
We have created a table with relevant information about Comerica
| Information | Description |
|---|---|
| Website | https://www.comerica.com/ |
| https://www.facebook.com/comerica | |
| https://twitter.com/comericabank | |
| https://www.instagram.com/comerica_bank/ |
Other Comerica products
We’ve also provided a list of all the Comerica products we have analyzed:
Conclusions and opinions
Based on the analysis conducted, our opinion is that the Comerica High Yield Money Market Investment Account is not a competitive savings account option. Despite currently offering a promotional interest rate of 4.25% APY, it requires a minimum balance of $15,000 in the account and also mandates linking a checking account with Comerica.
Related content
To conclude, you have more related content about savings accounts:
Best secured business credit cards
Do you want to know which are the best Secured Business credit cards? At Responsible…
How to Apply for a Secured Credit Card
Want to know how to apply for a secured credit card? At Responsible Economy, we’ll…
Do you want to have all the information about Secured Business Credit Cards? From Responsible…
Truist Enjoy Cash Secured credit card
Do you want to learn everything about the Truist Enjoy Cash Secured credit card? At…
First Progress Secured Credit Card
Curious about the First Progress Secured Credit Card? At Responsible Economy, we’re breaking down everything…
Santander Bank Secured Credit Card
Are you interested in learning if Santander Bank offers secured credit cards and also about…
Interested in the Credit One Bank Secured Card? Here at Responsible Economy, we delve into…
How to use a secured credit card
Secured credit cards can be a great way to build or rebuild your credit. Unlike…
Best secured credit cards for bad credit
Do you want to know which are the best secured credit cards for bad credit…
Updated the day 1 September, 2023 by Alfredo Barandiarán
- Best secured business credit cards - 15 September, 2023
- How to Apply for a Secured Credit Card - 15 September, 2023
- Secured Business credit cards - 13 September, 2023
