Comenity Direct

Deposits held and insured by Comenity Bank

Overview / Commentary
833-755-4354
1 Righter Parkway, # 100
Wilmington, DE 19803
Deposits held and insured by Comenity Bank

Comenity Direct - Good Rates And Good Online Experience

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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.

Cannot Get Your Money If You Need It Quickly

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Unfortunately, after speaking with a CS rep I was informed that there is a strict limit of $10,000 per ACH transfer outbound, In effect this means that it is not possible to transfer more than $60,000 out of the account via ACH in a month (and it would take 6 x $10,000 withdrawals to do so).

Truly Do It Yourself Banking

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I've banked with Discover Bank for years and they are heads above this online bank, period,
Their customer service staff are unable to setup any account unlike Discover.
Comenity is truly a do it yourself financial institution.
So be prepared to rollup your sleeves and do just that.
They also have onsite messaging but you'll have to wait a day or two for a reply.
Oh, did I mention their website is difficult to maneuver, as well.

Comenity Direct Is Still TERRIBLE In 2021!!

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This banking service is the worst I’ve ever seen. I opened the account easily and they had no problem taking the initial $100 out of my bank account, but everything since was a nightmare. The app is difficult to navigate and once you finally find a place where you can add an external account to do your transfers they tell you to wait 1-3 days for two small deposits to hit your account. Well after weeks I didn’t receive a deposit. I tried adding another account and this one finally worked, the deposits actually reached my account. Just when I think I’m finally ready to go, the next thing I know comenity direct removed the account for no reason. Now, I’m back at square one. After this I decided I would close the account - again no easy way to do this... I messaged a rep and said please close my account but make sure to send my $100 deposit back to me first. They said they would and it has now been a whole month since this transaction and I still have not seen my money come back to my account. I have never had problems like this with other high yield savings account (credit karma, Marcus Goldman, etc). Ive contacted two reps and both have not been helpful, they have said the money was sent back to your account, well clearly it wasn’t so help me understand what happened? There was no problem pulling money out of my bank account to begin with but now there is all of the trouble in the world to get it back to that account. It doesn’t make sense to me. No service should be this complicated. STAY AWAY FROM COMENITY DIRECT.

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Health
B+

Data as of Q4 2020

Data displayed below is for insuring bank: Comenity Bank
Learn why bank health matters

Health Grade Components

Overall
FDIC Certificate #27499
Year Established1989
Employees468
Primary RegulatorFDIC
Profit Margin
Return on Assets - YTD2.9%
Return on Equity - YTD20.24%
Annual Interest Income$2.53B
Assets and Liabilities
AssetsQ4 2020vs Q4 2019$10.13B$13.96B
LoansQ4 2020vs Q4 2019$7.73B$11.11B
DepositsQ4 2020vs Q4 2019$3.65B$5.15B
Equity CapitalQ4 2020vs Q4 2019$1.66B$1.83B
Loan Loss AllowanceQ4 2020vs Q4 2019$1.11B$731.8MM
Unbacked Noncurrent LoansQ4 2020vs Q4 2019$256.5MM$455.8MM
Real Estate OwnedQ4 2020vs Q4 2019$0$0
Rates
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Comenity Direct Savings Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.55%$100$10mHigh-Yield Savings Account

Comenity Direct CD Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.90%$1.5k$10m5-Year CD
0.85%$1.5k$10m3-Year CD
0.85%$1.5k$10m4-Year CD
0.75%$1.5k$10m2-Year CD
0.63%$1.5k$10m1-Year CD
Locations

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

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