Related Posts
10/11 - Comenity Direct Savings drops To 2.15%, CDs drop 5 Bps
9/13 - Comenity Direct Lowers All Rates By 10 Bps, Including High Yield Savings
8/16 - Comenity Direct Lowers All Rates, Including High Yield Savings
7/29 - Comenity Direct Drops All CD Rates By 15 Bps Or More
7/11 - Comenity Direct Drops all CD Rates by either 10 Or 15 Bps
6/27 - Comenity Direct Rate Drops, Including 3 Bps On High Yield Ssavings
6/22 - Comenity Direct Dropping CD Rates
5/7 - Comenity Direct 1-Year CD Earns 2.86% APY
4/25 - Comenity Direct Unveils High-Yield Savings, 2.48% APY
Comenity Direct - Good Rates And Good Online Experience
Comenity Direct overall has been a good banking experience. The opening process (both for the initial savings account and for a CD) was simple and fast.
Easy to link external account for ACH, and allows for external accounts to push/pull. A few notes about transfers:
* Transfers initiated by Comenity are usually same-day, and start earning interest right away. When scheduling a transfer in the morning, the money was already transferred by the afternoon - both on Comenity's website and my credit union's. This is nice to have this speed, but keep this in mind if you try timing transfers.
* Transfers initiated by Comenity are subject to holding period of a few days, earning interest but not available for withdrawals.
* Comenity allows for external push/pull ACH transfers. These usually showed up in 1 business day, and were not subject to the holding period (part of available balance as soon as credited).
Their App and Mobile Experience work great - they have added daily accrual amounts to savings accounts, and now have the account number and routing number listed.
I only needed customer service for password resets. Experience was fast, pleasant USA-based representatives that were able to understand and assist promptly
Some items I wish Comenity would address:
* The ability to set up Beneficiaries for all accounts online
* The ability to change CD-Renewal/Maturity instructions online. Currently these require you to contact Comenity within the 10-day grace period, unlike other CDs (Alliant CU, Live Oak Bank) that allow you to provide guidance after opening the CD and modify as needed on the website.
Overall I have been surprised and happy by my experience with Comenity Direct and can recommend them if you are looking for a good online savings account.
Excellent All Around Experience! (SEE UPDATE IN COMMENTS)
I recently opened a new online savings account with Comenity Direct and it has been an excellent all-around experience. I had heard of Comenity because of my Zales store card, so I decided to give them a try since I have always been happy with the service on my card. I was skeptical at first but I'm a believer now. I've had many online savings accounts over the years and this is among the best. Opening the account was easy and transfers have been fast, smooth, and post online quickly (with progress indicators). Interest was credited right away at the beginning of the month, and their rate is currently one the highest around. The website has a great and very informative layout which you can customize to your liking. You can even view the transactions on your linked accounts--a convenience I have never had before which saves me the trouble of logging in to multiple websites to view transactions. You can also request customer service through the website by simply writing a representative, and their responses are fast. Adding a beneficiary was a slight hassle which required a phone call. I wish this feature was available online, as it is with many other online savings account; however, it is also not an unusual inconvenience. Overall, I have zero complaints otherwise and wholeheartedly recommend this account to anyone who is either new or old to the online savings account scene.
2.48% Works For Me
opened two accounts. so far so good. no issues or complaints.
NO CUSTOMER SERVICE
Waited 13 minutes on hold, hung up
Called again another day waited 28 minutes
Tried the CHAT - haha will call back
Very regretful that I put my money here
Data as of Q2 2019
Health Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 27499 |
| Year Established | 1989 |
| Employees | 631 |
| Primary Regulator | FDIC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 3.39% |
| Return on Equity - YTD | 24.96% |
| Annual Interest Income | $1.55B |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q2 2019vs Q2 2018 | $13.73B$13.45B |
| Loans | Q2 2019vs Q2 2018 | $10.74B$10.71B |
| Deposits | Q2 2019vs Q2 2018 | $5.24B$5.24B |
| Equity Capital | Q2 2019vs Q2 2018 | $1.87B$1.74B |
| Loan Loss Allowance | Q2 2019vs Q2 2018 | $642.6MM$746.0MM |
| Unbacked Noncurrent Loans | Q2 2019vs Q2 2018 | $365.9MM$387.3MM |
| Real Estate Owned | Q2 2019vs Q2 2018 | $0$0 |
This section lists recent deals, promotions and rate changes submitted by our community within the past 90 days. Always verify official rates and promotions with the bank or credit union.
Comenity Direct Lowers All Rates
CD Rates also all dropped:
12 month, 2.10% APY (was 2.25%)
24 month, 2.15% APY (was 2.30%)
36 month, 2.20% APY (was 2.35%)
48 month, 2.20% APY (was 2.40%)
60 month, 2.20% APY (was 2.45%)
The savings account rate was 2.48% APY back in May when I set up my account here. While the 2.00% today is disappointing, I'm encouraged that this bank has only now gotten around to matching even 48 bps of the FED's decline of 75 bps for the same period. Other institutions that I watch have already fallen 55 or 60 bps overall, and some reached such a mark over 2 weeks back.
Comenity Direct Savings drops To 2.15%, CDs drop 5 Bps
CD Rates also dropped 5 bps each:
12 month, 2.25% APY (was 2.30%)
24 month, 2.30% APY (was 2.35%)
36 month, 2.35% APY (was 2.40%)
48 month, 2.40% APY (was 2.45%)
60 month, 2.45% APY (was 2.50%)
Comenity Direct Lowers All Rates By 10 Bps, Including High Yield Savings
All of their CD rates also fell by 10bps:
12 month, 2.30% APY (was 2.40%)
24 month, 2.35% APY (was 2.45%)
36 month, 2.40% APY (was 2.50%)
48 month, 2.45% APY (was 2.55%)
60 month, 2.50% APY (was 2.60%)
Rates for Comenity Direct are currently being reviewed.
Comenity Direct is an Internet only bank and does not have branch locations. Its headquarters is located at 1 Righter Parkway, # 100 - Wilmington, DE 19803