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Comenity Direct Review 2022

Published April 2022 by David Schepp

AT A GLANCE
4.1

Bankrate Score

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High APYs

Low Fees

Comenity Direct may be a good fit for consumers looking for higher-than-average savings rates.

  • CDs
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    5.0
  • Savings
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    5.0
  • MORE HIGH-YIELD OPTIONS
    MORE HIGH-YIELD OPTIONS
    American Express National Bank

    Member FDIC

    Savings account

    0.60 % APY

    $ 1

    Min. balance for APY

    Capital One

    Member FDIC

    CD

    1.70 % APY

    2yr

    Term

    $ 0

    Min. deposit

    Goldman Sachs Bank USA

    Member FDIC

    CD

    1.30 % APY

    1yr

    Term

    $ 500

    Min. deposit

    Overall

    4.1

    Bankrate Score

    Comenity is known as the bank behind many branded retail credit cards, but it also offers competitive yields on savings accounts and CDs. Minimum opening balance requirements are low.

    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

    5.0

    Bankrate Score

    OTHER CD OFFERS YOU MAY LIKE
    Capital One

    Member FDIC

    CD

    1.70 % APY

    2yr

    Term

    $ 0

    Min. deposit

    Comenity Direct offers one-, two-, three-, four- 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. Specialty CDs, such as a no-penalty or bump-up CD, aren’t available.

    What we like

    • Comenity's CD rates are competitive.

    • A range of CD terms are offered.

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

    What we don't

    • Specialty CDs aren’t offered.

    Savings accounts

    5.0

    Bankrate Score

    OTHER SAVINGS OFFERS YOU MAY LIKE
    American Express National Bank

    Member FDIC

    Savings account

    0.60 % APY

    $ 1

    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. Checks can also be deposited using the bank’s mobile app.

    What we like

    • The account offers a highly competitive yield.

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

    • There's no monthly maintenance fee.

    What we don't

    • Deposits can only be made using the bank’s mobile app or by ACH transfer.

    Bank experience

    Comenity Direct doesn’t have branches, but customer service representatives are available via online chat or telephone weekdays, 7 a.m. and 11 p.m. Central, and 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.

    About Comenity Direct

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

    Created in 2018, Comenity Direct appeals to consumers who like to bank online and want a safe place to deposit their money and watch it grow at competitive yields. Consumers in search of checking and money market accounts or who need access to a branch will want to look elsewhere.

    David Schepp Twitter Created with Sketch. @DAVIDSCHEPP

    David Schepp Twitter Created with Sketch. @DAVIDSCHEPP

    David Schepp is a wealth editor for Bankrate, focusing on deposits and consumer banking content. David has spent decades covering business news and finance-related topics for the electronic and print media, including Dow Jones Newswires, BBC News Online, Gannett Co. and AOL.