Additional information of Statement Savings Account
In general, savings accounts like this one are simple products designed to earn interest and accumulate money for a purpose.
This Comerica product is FDIC (Federal Deposit Insurance Corporation) protected, which means you have bankruptcy insurance for up to $250K.
Other important features about the Statement Savings account that you should know about are:
- Mobile Banking
- No ATM fees
- Mobile check deposit
- Fraud monitoring available
- Includes a debit or ATM card
- Different direct deposit options
- Automatic transfer setup from any Comerica checking account
Similar to other savings instruments, this account offers an APY of 0.01% for you to accumulate principal as you deposit your income.
The account charges a monthly fee of $5, which is waived if you have a checking account with the institution or maintain a minimum balance of $500. Also waived for those under 18 and those over 62 years of age. The minimum balance to generate interest is $1.
An interesting advantage of this well-known bank's products are the eStatements (digital account statements). This is an option you can activate through online banking to stop receiving paper balances. This includes several benefits:
- Search by date
- Access to the most recent balance
- Storage and organization of account statements
- Viewing, downloading and printing in PDF format
- Up to 24 months of history in a centralized system.
Statement Savings is not one of the best savings accounts you can find today. Instead, you have very good options, such as CIT Bank's or Ally Bank's savings account, with a much higher than average return.
Español: Cuenta de ahorros Statement Savings