Comerica Statement Savings Account

Do you want to see a comprehensive analysis of Comerica’s Statement Savings Account? At Responsible Economy, we present all the features of the Statement Savings 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

In a savings account, the most crucial aspect is the interest rate, as we aim to save money while generating interest. The Statement Savings Account offers a meager interest rate of 0.01% APY. It’s important to note that there are numerous banks in the United States offering rates exceeding 5% APY.

Fees

The Statement Savings Account has a monthly fee of $5 unless you meet one of the following requirements:

  • $500 minimum Ledger Balance each day.
  • You are a minor under 18 years of age.
  • You notify us that you are 62 years or older with direct deposit of Social Security, pension or other federal recurring payments to your savings account.
  • You have a Comerica personal 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:

CharacteristicsDescription
Interest Rate0.01% APY
Monthly Fee$5 (unless requirements met)
Requirements to Waive FeeMaintain a minimum daily balance of $500.00. Be under 18 years of age. Notify if you are 62 years or older with direct deposit of Social Security, pension, or other federal recurring payments to your savings account. Have a Comerica personal checking account.
Minimum Initial Deposit$50
Statement Savings Account features

Comparison with the best savings accounts

We have conducted a comparison of the Statement Savings Account with the best savings accounts you can open in the United States:

CIT Bank Logo
  • 4.05% APY
  • Minimum deposit: $100
  • No welcome bonus
  • Member FDIC
Marcus by Goldman Sachs
  • 4.30% APY
  • Minimum deposit: $0
  • Welcome bonus: $100
  • Member FDIC
synchrony-bank-logo
  • 4.35% APY
  • Minimum deposit: $0
  • No welcome bonus
  • Member FDIC
Logo Sofi
  • 4.50% APY
  • Minimum deposit: $0
  • Welcome bonus: $250
  • Member FDIC
Barclays Logo
  • 4.35% APY
  • Minimum deposit: $0
  • No welcome bonus
  • Member FDIC
Logo capital One CDs
  • 4.30% APY
  • Minimum deposit: $0
  • Member FDIC
  • No welcome bonus
Discover logo
  • 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:

Statement Savings Account calculator

Statement Savings Account savings account calculator

Your earnings:
Total Result:

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 Statement Savings Account are as follows:

  • Reside in the United States.
  • 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 Comerica Statement Savings Account:

ProsCons
Easy to avoid fees0.01% APY
$50 minimum deposit
Limited ATMs and branches
Comerica Statement Savings Account pros and cons

Interesting information about Comerica

We have created a table with relevant information about Comerica

InformationDescription
Websitehttps://www.comerica.com/
Facebookhttps://www.facebook.com/comerica
Twitterhttps://twitter.com/comericabank
Instagramhttps://www.instagram.com/comerica_bank/
Interesting information about Comerica

Other Comerica products

We’ve also provided a list of all the Comerica products we have analyzed:

Conclusions and opinions

Based on the comprehensive analysis we have conducted, our opinion is that the Comerica Statement Savings Account is not a competitive savings account option. It offers an interest rate of only 0.01% APY, whereas there are savings accounts in the United States with rates as high as 5% APY. Additionally, the account carries a monthly fee of $5 unless specific requirements are met, and a minimum deposit of $50 is required to open the account.

To conclude, you have more related content about savings accounts:

Updated the day 1 September, 2023 by Alfredo Barandiarán

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