Comenity Direct Savings and CDs: Safe Places To Make the Most of Your Money

See what's in store for you at this online-only bank.

Comenity Bank offered its first credit card in 1986. Today, Comenity Bank and Comenity Capital Bank partner with many of the most recognized and respected retailers in the world. More than 50 million people carry Comenity credit cards in their wallets.

Comenity Capital Bank has established an online consumer deposit program, operating under the brand Comenity Direct that offers high-yield savings accounts and certificates of deposit (CD). Comenity Direct offers an easy-to-use interface and a streamlined product line for customers seeking an online experience. If you’re looking for low-cost savings and CD accounts that pay high yields, Comenity Direct might be an option worth considering.

Here’s what you’ll find in this review of Comenity Direct’s high-yield savings account and CD offerings:

Comenity Direct High-Yield Savings Account Overview

The Comenity Direct high-yield savings account is a simple and straightforward way for you to earn interest. With a $100 minimum deposit, you can currently earn a high 0.60% annual percentage yield. The annual percentage yield is variable, interest is accrued and compounded daily, with payments credited and posted monthly. There are no monthly maintenance fees with this account, and there’s no fee for automated clearing house (ACH) transfers or incoming wire transfers.

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This account doesn’t offer a debit card, and there’s no available checking account, but you’ll have the ability to transfer funds via ACH to an account that you own at another bank. This online or mobile funds transferring process can easily be done once you’ve set up your Comenity Direct account and linked it to an existing bank account.

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Comenity Direct CDs Overview

Comenity Direct offers five CD maturities, as follows:

Comenity Direct CD Lineup
Term APY*
1-year 0.60%
2-year 0.75%
3-year 0.85%
4-year 0.85%
5-year 0.90%

The account opening minimum is $1,500, and monthly maintenance is free. The maximum deposit limit is $10 million per account holder. Interest is accrued and compounded daily, and then credited and posted monthly. All CDs carry up to $250,000 in Federal Deposit Insurance Corporation (FDIC) insurance per depositor for each ownership category.

Find Out: 37 Ways To Save For Your Emergency Fund and Any Unexpected Situations

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How To Connect With Comenity Direct

While you can’t walk into a bank branch and open an account, Comenity Direct makes it easy to maximize savings by signing up online. The process is simple, straightforward and only takes a few minutes so you can start earning interest right away.

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How To Sign Up

To open an account at Comenity Direct, head to the bank’s website and choose whether you want a high-yield savings account or a CD. The bank’s homepage has “learn more” links under some of its products if you’d like more details before making your decision. For info on all products, you’ll want to click on the products tab at the top of the homepage.

From the homepage, you can open your account by clicking the blue “Open an Account” button located right in the center of the page. If you find yourself on either the CD or high-yield savings account pages, you can also open your account by clicking the appropriate blue button there.

From the account-open page, choose whether you want to open a CD or a high-yield savings account. For CDs, you’ll have to choose your term from the drop-down menu at the bottom of the page before you proceed. Click the blue “Open in Just Minutes” button at the right of the page, and you’ll be on your way.

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The application will ask for basic information, such as your name, address, date of birth and other information that will identify you. Once Comenity Capital Bank verifies who you are, you can fund your account and begin earning interest.

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Mobile and Online Banking

With only an online presence, Comenity Direct has well-developed mobile and web-based options. With the Comenity Direct mobile app, you’ll be able to:

  • Log into your accounts with either a passcode or your fingerprint
  • Monitor all account transactions
  • Deposit checks remotely
  • Set up one-time or recurring transfers
  • Customize and personalize your account interface
  • Contact Comenity Direct customer care

You can also access most of these features by visiting the Comenity Direct website.

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No Hidden Fees

One of the benefits of Comenity Direct is that you won’t have to pay any monthly maintenance fees for the bank’s savings or CD accounts. However, there are a few fees to be aware of, although they generally only apply to special situations:

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  • Paper statement request: $5
  • Withdrawal via paper check: $15
  • Outgoing wire transfer: $25

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Availability of Funds

For some types of deposits, Comenity Direct may place a hold on your deposit for a number of days, according to the following schedule:

Comenity Direct Funds Availability Policy
Type of Deposit When Funds Are Available
Wire Transfers On the Business Day the deposit is received
ACH Deposits Generally the fifth Business Day after received
Internal Transfers Same Business Day
Mobile Check Deposits 10th Business Day after received, unless an exception applies

When Comenity Direct receives your deposit before 5 p.m. CST on a Business Day, Comenity Direct will consider that Business Day to be the day of your deposit. However, when Comenity Direct receives your deposit after 5 p.m CST or on a non-Business Day, Comenity Direct will consider that the deposit was made on the next Business Day. Note that for accounts opened within the prior 30 days, ACH and check deposits are generally held for 10 business days.

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Who Are Comenity Direct’s Savings Options Best For?

Comenity Direct is a good option for customers seeking low fees, high yields and an easy process that lets them begin earning interest quickly. Its product lineup of high-yield savings and five CD maturities is streamlined and low cost, and it currently pays highly competitive rates in all product categories. Being solely online, Comenity Direct isn’t designed for those in need of an all-in-one banking operation that offers mortgages, car loans, checking accounts and investments on top of savings and CD options. But for those comfortable with an online-only interface to high-yield options that maximize savings, Comenity Direct might be a great fit.

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*The APYs (Annual Percentage Yield) shown are accurate as of Sept. 17, 2020. APYs are subject to change at any time without notice. Offers apply to personal accounts only. Fees may reduce earnings.

Comenity Direct Savings and CDs: Safe Places To Make the Most of Your Money
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About the Author

John Csiszar

After earning a B.A. in English with a Specialization in Business from UCLA, John Csiszar worked in the financial services industry as a registered representative for 18 years. Along the way, Csiszar earned both Certified Financial Planner and Registered Investment Adviser designations, in addition to being licensed as a life agent, while working for both a major Wall Street wirehouse and for his own investment advisory firm. During his time as an advisor, Csiszar managed over $100 million in client assets while providing individualized investment plans for hundreds of clients.

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