Comenity Direct
Related Posts
6/26 - Online Savings Now At 1.10% From 1.35%
5/21 - Rate Drop From 1.55% To 1.45% APY
5/15 - Comenity Finally Follows Suit With Rate Drops
4/1 - Comenity Direct Makes Modest Rate Increases
3/27 - Comenity Direct Going Up??
3/7 - Comenity Direct Rate Drops Savings Now 1.55% APY Cds Down About .4% Each
1/13 - Comenity Direct Savings Rate Down To 1.90% APY, Cds Fall As Well
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.
Cannot Get Your Money If You Need It Quickly
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
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!!
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.
Data as of Q4 2020
Health Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 27499 |
| Year Established | 1989 |
| Employees | 468 |
| Primary Regulator | FDIC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 2.9% |
| Return on Equity - YTD | 20.24% |
| Annual Interest Income | $2.53B |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q4 2020vs Q4 2019 | $10.13B$13.96B |
| Loans | Q4 2020vs Q4 2019 | $7.73B$11.11B |
| Deposits | Q4 2020vs Q4 2019 | $3.65B$5.15B |
| Equity Capital | Q4 2020vs Q4 2019 | $1.66B$1.83B |
| Loan Loss Allowance | Q4 2020vs Q4 2019 | $1.11B$731.8MM |
| Unbacked Noncurrent Loans | Q4 2020vs Q4 2019 | $256.5MM$455.8MM |
| Real Estate Owned | Q4 2020vs Q4 2019 | $0$0 |