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Comerica Rich Rewards Checking account review

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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

Expert review

Shannon Terrell

Review by


Shannon Terrell is a writer for Finder who studied communications and English literature at the University of Toronto. On any given day, you can find her researching everything from equine financing and business loans to student debt refinancing and how to start a trust. She loves hot coffee, the smell of fresh books and discovering new ways to save her pennies.

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.

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

Name Product Minimum deposit to open ATMs Out-of-network ATM fee
BBVA Online Checking
$25
No ATM fees nationwide at more than 64,000 AllPoint, participating 7-Eleven and BBVA USA ATMs
$3
A full-service account with convenient, surcharge-free access to two massive ATM networks, plus a $200 signup bonus when you meet deposit requirements
Citibank® Account Package
Citibank® Account Package
$0
No access to ATMs
$2.50
Earn a $400 bonus after opening new eligible checking and savings accounts and completing required activities.
Aspiration Spend & Save Account
$10
55,000 free in-network ATMs
$0
A spend and save combo account with unlimited cash back rewards and deposits insured by the FDIC. The Aspiration Spend & Save Account is a cash management account offering of Aspiration Financial, LLC, an SEC-registered broker-dealer. Aspiration is not a chartered bank.
NorthOne Business Banking
$50
More than 300,000 ATMs across America.

$0
A digital bank account featuring free cash deposits, on-demand customer support and streamlined bookkeeping integrations.
BBVA Free Checking
$25
1,000 fee-free ATMs across the country
$3
Pay a $0 monthly service charge and get free access to BBVA ATMs.
Chase Total Checking
$0
Access to 16,000 ATMs and nearly 4,900 branches nationwide
$2.50
Get a $200 bonus when you open a new Chase Total Checking account and set up direct deposit within 60 days of opening your account. Chase's simplest checking account is easy to use and gives you access to 16,000 ATMs and nearly 4,900 branches. Available online nationwide except in Alaska, Hawaii and Puerto Rico.
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Compare up to 4 providers

How do I open a Comerica 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

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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