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Comerica Rich Rewards Checking account review

Your money will earn interest, but rates are low and in-person support is limited.

finder.com’s rating: 2.5 / 5.0

★★★★★

The Comerica Rich Rewards Checking account offers mobile banking and complimentary bill pay. But the site lacks regional rate transparency and a $5,000 daily balance is required to avoid monthly service fees.

$18 per month

Fee

0.01%

APY

$50

Minimum deposit to open

Details

APY0.01%
Fee$18 per month
To waive the feeOR maintain a $5,000 daily balance
OR a combined minimum balance of $7,500 across eligible Comerica accounts
Minimum deposit to open$50
ATM transaction fee$0
Out-of-network ATM fee$2.50
Overdraft fee$5
Nonsufficient funds fee$5

Review by


Shannon Terrell is a senior writer for Finder who has written over 400 personal finance guides. With a focus on investments and personal finance, she breaks down jargon-laden topics to help others make informed financial decisions. She studied communications and English literature at the University of Toronto.

Expert review

The Comerica Rich Rewards Checking account is best for those looking for an interest-bearing checking account. However, you’ll only earn a mere 0.01% APY on your balance.

In addition, you’ll want to watch out for its monthly fee that varies by state. You can easily see a monthly fee of $18 to $30 depending on where you live.

How do I open a Comerica Rich Rewards Checking account?

While it’s possible to open a Comerica checking account online, we were unable to complete the process due to a technical error on Comerica’s website. Should you encounter similar difficulties, Comerica suggests you apply in person at a branch. Comerica bank branches can be found in Arizona, California, Florida, Michigan and Texas.

You’ll need an opening deposit of at least $50 by check, money order, cashier’s check, direct deposit or electronic funds transfer.

Eligibility

To be eligible for the Comerica Rich Rewards Checking account, you must meet the following criteria:

  • US citizen
  • At least 16 years old
  • Social Security or tax ID number
  • US driver’s license or state-issued ID card
  • Valid bank account
  • Initial deposit of at least $50

Required information

Before you begin your application, gather the following information:

  • Name, date of birth and residential address
  • Contact information
  • Employment information
  • Social Security or tax ID number
  • US driver’s license or state-issued ID card
  • External bank account number and routing number of funding account

What are the benefits of a checking account with Comerica?

Alongside a complimentary debit card and mobile banking, this account comes with the following perks:

  • Complimentary bill pay. Automate your bill payments alongside email reminders and next-day payments with Comerica Web Bill Pay.
  • Relationship rates. Receive a higher interest rate on qualifying fixed-rate Comerica CDs and IRAs.

What should I look out for?

This account has a few drawbacks to keep in mind:

  • Low APY. While this product does offer interest — a rarity for checking accounts — it’s next to nothing at 0.01% APY. Note that rates vary by state.
  • $50 opening deposit. A $50 deposit is required to open this account.
  • $18 maintenance fee. Expect to pay a monthly account fee of $18 unless you maintain a daily minimum balance of $5,000 or a combined minimum balance of $7,500 across eligible Comerica accounts.
  • Limited in-person support. Comerica bank branches are limited to Arizona, California, Florida, Michigan and Texas.
  • Lack of transparency. Comerica isn’t forthcoming about interest rates or account fees on its website, stating rates and fees vary by state.

If you want an account with transparent rates and fees, you’ll want to keep looking. As always, compare your options when looking for a checking account.

Comerica’s ATM network and fees

The Comerica Rich Rewards Checking account comes with a complimentary debit card. While it’s free to conduct a transaction at Comerica ATMs, you’ll be charged a service fee for using a non-Comerica ATM. While ATM fees vary by state, some markets can expect to pay $2.50 per transaction.

Compare with other checking accounts

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5.00% on balances of $0 to $10,000
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Deposits are fossil fuel-free and insured by the FDIC. Enjoy a spend and save combo account with unlimited cash back rewards and a $100 bonus when you spend $1,000 in your first 60 days.
Chase Secure Banking℠
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N/A
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Chase Secure Banking offers no overdraft services
Douugh
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Douugh
N/A
$0
more than 38,000 ATMs in the MoneyPass ATM network
The Douugh app is an AI assistant focused on your finances.
OnJuno
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OnJuno
1.20% on balances of $0 to $50,000
0.25% on balances of $50,000.01+
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more than 85,000 ATMs nationwide
$0
OnJuno embraces an open banking system for everyone, regardless of their age, location, or income.
Lili
Finder Rating: 4.7 / 5: ★★★★★
Lili
1.00%
$0
32,000 fee-free ATMs nationwide
$2.50
Freelancers get paid up to two days early and can automatically set aside money for taxes with the Lili digital bank account. Get up to 10 referral rewards, or $1000.
Chime Spending account
Finder Rating: 4.7 / 5: ★★★★★
Chime Spending account
N/A
$0
60,000+ fee-free ATMs
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Get rid of fees with this financial app offering consumer-friendly accounts. Chime can also help you save easily and access your paycheck faster.
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How do I deposit or withdraw my money?

There are six ways to access the funds in your Comerica Rich Rewards Checking account:

  • Online deposit. Transfer funds to or from an externally linked account.
  • Mobile check deposit. Use the Click and Capture Deposit feature on Comerica’s Mobile Banking app to deposit a check using your phone.
  • ATM. Enjoy surcharge-free ATM access at any ATM in Comerica’s network.
  • In person. Comerica bank branches can be found in Arizona, California, Florida, Michigan and Texas.
  • Mail. Non-Florida residents can deposit funds by mailing a check to Comerica Bank, PO Box 2249, San Jose, CA 95109-2249. For those living in Florida, checks can be mailed to Comerica Bank, 1675 North Military Trail, 6th Floor, Boca Raton, FL 33486.
  • Wire. Wire transfers are available with this account, but fees vary by state.

What other checking options does Comerica offer?

Comerica has a variety of checking account options to select from:

    • Access Checking. A no-frills checking account that offers mobile banking and ATM access, but requires a minimum daily balance of $1,000.
    • Premier Checking. A $7,500 minimum daily balance is required, but you’ll receive a Statement Savings account with no maintenance fees, discounts on mortgage closing costs and higher rates on qualifying CDs and IRAs.
    • Comerica Platinum Circle Checking. Qualify for this checking account by maintaining a daily ledger balance of $50,000 or more across Comerica personal and business accounts for rate discounts, free checks and a dedicated customer service number.

Frequently asked questions

Checking account ratings

★★★★★ — Excellent

★★★★★ — Good

★★★★★ — Average

★★★★★ — Subpar

★★★★★ — Poor

We analyze top checking accounts and rate them one to five stars based on factors that are most important to you. These factors include: monthly fees, the ease at which monthly fees can be waived, the breadth of ATM access, ATM and overdraft fees, and customer service.

Read the full methodology of how we rate checking accounts.

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