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:
| Characteristics | Description |
|---|---|
| Interest Rate | 0.01% APY |
| Monthly Fee | $5 (unless requirements met) |
| Requirements to Waive Fee | Maintain 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 |
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:
- 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:
Statement Savings Account savings 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 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:
| Pros | Cons |
|---|---|
| Easy to avoid fees | 0.01% 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 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.
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To conclude, you have more related content about savings accounts:
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