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Comenity Savings Direct Review

Comenity Savings Direct Review

Comenity Savings is a digital bank operated by Comenity Capital Bank that offers financial services such as savings accounts and certificates of deposit (CDs).

Comenity began as a credit card company, launching its first card in 1986. Its private label, branded, and business credit cards are now used by more than 50 million customers. In 2018, Comenity introduced Comenity Direct, a consumer banking service.

The two banking products offered by Comenity Direct (Comenity Savings) will be discussed in this review: high-yield savings accounts and CDs. As of March 15, 2021, the annual percentage yields (APYs) and account information are correct.

Account Basics – Comenity Savings

According to FDIC statistics from March 2021, the Comenity Direct High-Yield Savings Account provides 0.60 percent APY, which is more than 12 times the national average yield on savings accounts.

To start a high-yield savings account with Comenity Direct, you’ll need to deposit at least $100. There is no monthly maintenance cost, and you can withdraw up to six times per month for free. Incoming wire transfers, Automated Clearing House (ACH) transfers, and online statements are all free.

Outgoing wire transfers ($25 per transfer), paper checks ($15 per request), and printed statements ($5 per request) are all subject to fees with this account.

Interest is compounded daily and credited monthly on the high-yield savings account.

CDs

Comenity Direct has a variety of CDs with maturities ranging from one to five years. A minimum deposit of $1,500 is required for all CDs.

Comenity Direct CD rates are as follows:

CD TermAPY
1 Year0.63%
2 Years0.75%
3 Years0.85%
4 Years0.85%
5 Years0.90%

Comenity Direct CDs’ interest is compounded daily and credited monthly. The quoted APY assumes that the CD account will receive all interest.

You can, however, choose to have interest paid to a verified or Comenity Direct savings account on a monthly basis. After the CD matures, you can auto-renew it or cash it out within a 10-day grace period without penalty.

You will be charged an early withdrawal penalty if you withdraw your funds before the CD maturity date. The penalty for CD terms of up to three years is 180 days of basic interest. The penalty for CD terms of four years or longer is 365 days of basic interest.

ACH transfers, like its high-yield savings account, are instantaneous.

Access on the Go

Because Comenity Direct does not have a physical location, it has created digital access to its products. There is a mobile app (for iOS and Android devices) as well as internet banking.

Access is available 24 hours a day, 7 days a week via the online and mobile app, but if you want to connect with someone directly, you can chat with a customer support person Monday through Friday at 7 a.m. to 11 p.m. 9 a.m. CT, Saturday–Sunday (and most holidays). until 5 p.m. CT.

The Comenity Direct app has a good 4.5-star rating on the App Store, but just a 2.4-star rating on Google Play. The bad Google Play rating is largely due to users who attempted to manage their accounts via the Comenity Direct banking app.

Pros

  • Banking goods have very low interest rates.
  • There are no monthly fees for savings or CDs.
  • Customer service representatives are available at a variety of times.
  • Apps for iOS and Android are available through Comenity Direct.

Cons

  • There are no checking or money market accounts available.
  • If you have a Comenity Bank credit card, it is not connected with this service.
  • There are no real bank locations where you can deposit money or interact with a representative.

How Comenity Direct Stacks Up

Comenity Direct’s CDs provide some of the highest APYs available. The APY on the Comenity Direct High-Yield Savings Account is also quite competitive.

If you’re looking for a safe place to park your money, whether it’s in a time deposit (CD) or a high-yield savings account, consider Comenity Direct.

Comenity Direct, on the other hand, is not a full-service bank, which puts it at a disadvantage to some of its competitors.

Because Comenity Direct does not have a physical branch, you will also need to be comfortable transacting via internet and mobile access.

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