bank rates

Comerica Bank Offers 1 Average CD Rate

We like that Comerica Bank offers CDs both at its branches and online to savers nationally.

Of course, we’d be happier if those CD rates were at least average.

But that’s simply not the case at this Dallas-based big bank with nearly 500 offices in Arizona, California, Florida, Michigan and Texas.

Savers in states with banking centers have a full range of CD terms available to them as well a CD special – the only above-average rate we can find at Comerica.

A customer service representative told us that customers with a checking account can earn 0.60% APY for 18-month CDs with a $2,500 minimum deposit of new money.

The average annual yield offered by large banks and thrifts for 12-month CDs is 0.30% and for 24-month CDs, 0.48%.

(Since Comerica’s special isn’t listed on the website, call a branch before you run out the door. However, we’d suggest not running anywhere for a CD rate like this.)

Savers nationally only have four certificates of deposit available to them, with below average rates:

270-day CD rate is 0.10% APY versus an average rate of 0.19% APY for 6-month CDs. (Leaderboard leader is 0.92% APY.)

12-month CD rate is 0.15% APY versus an average rate of 0.30% APY. (Leaderboard leader is 1.11% APY.)

24-month CD rate is 0.30% APY versus an average rate of 0.48% APY. (Leaderboard leader is 1.30% APY.)

36-month CD rate is 0.35% APY (0.40% APY in Arizona and California) versus an average rate of 0.62% APY. (Leaderboard leader is 1.42% APY.)

Like most big banks, Comerica asks you to type in your ZIP code on the website to find rates specific to your geographic area. For this post, I checked ZIP codes for major cities in Arizona, California, Florida, Illinois, Michigan, New York and Texas.

They varied slightly only for the 36-month CD rate, as noted above.

You can learn more about Comerica at www.comerica.com or call 800-501-9652.

There are definitely better deals out there, and you’ll find them if you compare Comerica’s returns with the best CD rates from scores of other banks in our extensive database.

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