Comenity Direct Review 2021

Published March 2021 by Liz Hund

AT A GLANCE
4.1

Bankrate Score

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High APYs

Low Fees

Comenity Direct may be a good fit if you’re looking for higher-than-average savings rates.

  • CDs
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    4.5
  • Savings
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    5.0
  • MORE HIGH-YIELD OPTIONS
    MORE HIGH-YIELD OPTIONS
    Goldman Sachs Bank USA

    Member FDIC

    Savings account

    0.50 % APY

    $ 0

    Min. balance for APY

    Goldman Sachs Bank USA

    Member FDIC

    CD

    0.70 % APY

    18mo

    Term

    $ 500

    Min. deposit

    Goldman Sachs Bank USA

    Member FDIC

    CD

    0.55 % APY

    1yr

    Term

    $ 500

    Min. deposit

    Overall

    4.1

    Bankrate Score

    Although Comenity is well-known as the bank behind many branded retail credit cards, it also offers competitive yields on savings accounts and CDs. Minimum opening balance requirements are low. Comenity Direct is insured by the FDIC.

    What we like

    • Offers higher yields on deposits than traditional brick-and-mortar banks.

    • There's no monthly fee charged for its high-yield savings account.

    What we don't

    • Customers can’t deposit cash or write checks.

    • There are no physical bank branches or ATMs.

    • The bank has limited product offerings.

    CD rates

    4.5

    Bankrate Score

    OTHER CD OFFERS YOU MAY LIKE
    Goldman Sachs Bank USA

    Member FDIC

    CD

    0.70 % APY

    18mo

    Term

    $ 500

    Min. deposit

    Comenity Direct offers one-year, two-year, three-year, four-year and five-year CDs, with yields that are far better than what the average brick-and-mortar bank pays. Minimum deposit requirements are reasonable at $1,500. The bank doesn't offer any specialty CDs, such as a no-penalty or bump-up CD.

    What we like

    • Comenity's CD rates are very strong.

    • The bank offers a range of CD terms.

    • The minimum deposit to open any CD is a manageable $1,500.

    What we don't

    • The bank doesn't offer any specialty CDs.

    Savings accounts

    5.0

    Bankrate Score

    OTHER SAVINGS OFFERS YOU MAY LIKE
    Goldman Sachs Bank USA

    Member FDIC

    Savings account

    0.50 % APY

    $ 0

    Min. balance for APY

    Comenity Direct offers a high-yield savings account with a competitive APY. The minimum deposit requirement is just $100, and there are no monthly maintenance fees. Comenity Direct does not have an ATM network or physical branches, so deposits must be done by ACH transfer. You can also deposit checks into your account with the bank’s mobile app.

    What we like

    • Offers a highly competitive yield.

    • You only need to deposit $100 to earn the high APY.

    • There's no monthly maintenance fee.

    What we don't

    Bank experience

    Comenity Direct customers cannot visit a physical branch. However, customer service representatives are available via online chat or telephone on weekdays between 7 a.m. and 11 p.m. Central and on weekends from 9 a.m. and 5 p.m..

    Comenity's app has received mixed reviews on Android and iOS. The app includes basic features such as mobile check deposits and the ability to transfer funds.

    Comenity Direct, which was created in 2018, is a good choice for consumers who like to bank online and want a safe place to deposit their money and watch it grow at competitive yields. This is a bank for savers who do not plan to make frequent withdrawals. If you are looking for checking and money market accounts or need access to a physical bank branch, you'll need to shop around for other options.

    About Comenity Direct

    Comenity is well-known as the bank behind many branded retail credit cards, but it also offers competitive yields on savings accounts and CDs through its brand Comenity Direct.

    Comenity Direct, which was created in 2018, is a good choice for consumers who like to bank online and want a safe place to deposit their money and watch it grow at competitive yields. This is a bank for savers who do not plan to make frequent withdrawals. If you are looking for checking and money market accounts or need access to a physical bank branch, this is not the bank for you.

    Liz Hund Twitter Created with Sketch. @LIZ_HUND

    Liz Hund Twitter Created with Sketch. @LIZ_HUND

    About the author Liz Hund is a social producer at Bankrate and occasionally writes special features on-site with a social-first angle. Her writing has been featured on MSN, Business Insider and in various local publications. In the media MSN Business Insider The Points Guy