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Comenity Direct Review

How does your bank stack up?

  • Financial Rates: 5.0 Star Icon
  • Customer Service: 2.5 Star Icon
  • Website Experience: 4.5 Star Icon
  • Bank Fees: 5.0 Star Icon
0.60%APY
Savings/MMA

Pros:

  • Low opening required amounts
  • Competitive interest rates on accounts
  • No monthly maintenance fees
  • Can open accounts entirely online

Cons:

  • Limited account options
  • Must link an external bank account
  • No checks or debit cards available
  • Early withdrawal fee on CDs is high

What You Need to Know

The required amounts to open Comenity Direct accounts are low. The Comenity Direct savings account requires $100 to open. Each of the CDs offered through Comenity Direct require $1,500 to open.

The interest rates for Comenity Direct accounts are competitive. Their rates are much higher than typical bank rates. They are competitive with other online accounts. To earn interest on CDs, you must keep $1,500 in the CD. The high-yield savings account only requires $1.00 to earn interest.

Comenity Direct accounts do not have monthly maintenance fees. There are not set account balances required to avoid the monthly fees. Their accounts are free. The CDs have a fee if you withdraw the money before the maturity date, but no monthly fee.

All Comenity Direct accounts can be opened online. You do not need to visit a branch location or mail in part of the application. The entire account opening process is online. You must be at least 18 years old and have a social security number. You must be a resident of the United States with an address. You cannot open an account with a P.O. Box.

Comenity Direct offers limited accounts. They offer a high-yield savings account and CDs. The CD terms range from one to five-years. There are no CD terms shorter than one year. Comenity Direct does not offer checking or money market accounts.

Comenity Direct accounts require a linked external account. You can link an account with your current bank. Once you link the two accounts, you can transfer money electronically. You can also have money directly deposited into your Comenity Direct account.

The Comenity Direct high-yield savings account does not offer checks or debit cards. Federal law allows for six withdrawals each billing statement from a savings account. Make withdrawals through electronic transfers into the linked external bank account.

Comenity Direct offers CD terms from one to five-years. The early withdrawal fees for these CDs are high compared to other online CDs. For terms from 12-months to three-years, the fee is 180 days of interest. For terms four-years or longer, the fee is 365 days of interest.

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Digital or Mobile Banking

Comenity Direct offers a mobile banking app and online banking. Through these tools, you can:

  • Access account balances
  • View transactions
  • Make mobile check deposits
  • Transfer money to linked accounts
  • Contact customer service
  • Open accounts

Cool Things

Financial Tips and Calculators

The Comenity Direct website offers articles with financial tips. Some topics include avoiding identity theft and maintaining your credit. The website also offers financial calculators. Those include how much you can save by not eating out for lunch and saving for an emergency. See what CD laddering can do with a calculator. Use the college savings calculator to more effectively save for college.

History

Comenity Direct started in 2018 and is a completely online bank. They offer a high-yield savings account and CDs. The CD terms range from one to five-years. Comenity Direct does not have branch locations. Everything for your account is online.

Comenity Direct is an online division of Comenity Bank and Comenity Capital Bank. These banks started in 1989 and have been issuing credit cards for over 30 years. They are the bank behind many retailer credit cards. They have over 160 credit card programs. More than 50 million customers use those credit cards.

Awards and Recognition

  • Care centers recognized for excellence 13 consecutive times

Giving Back

Comenity cares about the communities they live in. In the last four years, Comenity has contributed over $2.6 million to charities. They partner with organizations supporting children and providing educational opportunities. They also partner with charities to help provide food to the hungry.

List of Common Bank Fees

  • ATM Fees in the United States: ATM card not offered
  • ATM fees international: ATM card not offered
  • Bill Pay: Not offered
  • CD Early Withdrawal Fees: 90-365 days of interest
  • Excessive Withdrawal Fees: Not listed
  • Monthly Service Fees: $0
  • Overdraft Service Fees: Not listed
  • Paper Bank Statements: $5; $15 per paper check request
  • Wire Transfers (Domestic): $0-25
  • Wire Transfers (International): Not listed

Frequently Asked Questions

Are all the accounts FDIC insured?

Yes. Comenity Direct is FDIC insured. The FDIC is an agency of the United States government. They protect funds deposited in banks, up to $250,000 per customer, per bank. The money is backed by the full faith and credit of the United States government.

How do I access my money?

Through electronic or wire transfers. You can transfer money electronically to a linked external account. You can request your interest earned from a CD to be sent in the form of a check.

Can I deposit cash?

No. Comenity Direct does not have branch locations. Make deposits through electronic transfers from a linked external account.

How long do transfers take?

Electronic transfers are immediate if they clear before 5 p.m. on a business day. Deposits after 5 p.m. typically fund the next business day. The money will immediately begin earning interest once the deposit clears. It may not be available to withdraw until later. Check deposits may take ten days to fully fund.

Can I sign up for direct deposit?

Yes. You can have money directly deposited into Comenity Direct accounts.

Are ATM transactions free?

Comenity Direct does not offer an ATM card for its high-yield savings account.

Are ATM transaction fees reimbursed?

Comenity Direct does not offer an ATM card for its high-yield savings account.

Is mobile banking or a mobile app available?

Yes. With the Comenity Direct mobile app, you can make deposits and withdrawals. You can check account balances and contact customer service. The app is available for IOS and Android.

Is bill pay offered?

No. Comenity Direct does not offer a checking account, so bill pay is not available.

Do the accounts offer competitive interest rates?

Yes. The savings account rates are competitive with other online accounts. Each of the CD terms offers competitive rates. Those rates are competitive with other online CDs.

Do checking accounts earn interest?

Comenity Direct does not offer a checking account. Only a high-yield savings account and CDs are available through Comenity Direct.

What are the most popular accounts?

All the accounts at Comenity Direct are popular. They offer a high-yield savings account and CDs.

What are the monthly maintenance fees?

Comenity Direct accounts do not have monthly maintenance fees. The CDs do have a fee if you withdraw the money before the maturity date.

Is this one of the best banks?

The Comenity Direct accounts offer competitive interest rates. Everything for your account is online. The opening required amounts are low, and the savings account does not have a monthly fee. Comenity Direct only offers a high-yield savings account and CD terms. The terms range from one to five-years. There are no branch locations.

How are my money and information protected?

Comenity Direct offers security measures that comply with federal laws. Their computers have safeguards. Their buildings and files are secure. Comenity Direct has physical, technical, and administrative measures in place for customer security. They work to safeguard the personal information of their customers.

Are any business accounts offered?

No. Comenity Direct offers a personal high-yield savings account and CDs.

What makes these accounts different?

The interest rates are much higher than typical bank rates. Comenity Direct does not have branch locations. Everything for their accounts is online.

How do I reach customer service?

By phone, email, or mail. Customer service is available Monday through Friday from 7 a.m. to 11 p.m. CT. Weekends and most holidays customer service is available from 9 a.m. to 5 p.m. CT. You can follow Comenity on Facebook and Twitter.

Bank Contact Information

Comenity Direct
P.O. Box 3900
Springfield, MO 65808-3900
833-755-4354

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