With bond rates falling close to zero, savings account interest rates have followed.
Rates near 2.00% APY used to be common for savings accounts. But those days are long gone. Nowadays, most high-yield savings accounts have interest rates just under 1.00% APY.
With an 0.80% APY on its savings account product, Comenity Direct is one such bank that would now be considered a high-yield option. And if you want even a little more interest, you can open a 5-year CD to get up to 0.90% APY. In this article, we’ll go into detail on Comenity Direct’s savings and CD products.
Quick Summary
- High-yield savings account and CDs
- No fees for keeping money on deposit
- No physical branches or ATMs
|
Comenity Direct Details |
|
|---|---|
|
Product Name |
Comenity Direct High Yield Savings |
|
Min Deposit |
$100 to $1,500 |
|
APY |
0.60% APY |
|
Account Types |
Savings |
|
Promotions |
None |
Who Is Comenity Direct?
Comenity Direct is a brand of Comenity Capital Bank which was founded in 1986. It provides retailers with co-branded and private-label business cards. Comenity Direct was started in 2018 and is an online-only operation of the bank. It is based in Springfield, Missouri.
High Yield Savings Account
The current APY on Comenity Direct's high-yield savings account is 0.60% APY. Comenity Direct also says that it constantly monitors the top rates offered across the banking industry.
If other high-yield accounts raise their rates, Comenity Direct says that it will raise theirs as well to make sure you're always getting one of the best yields available. In this way, Comenity is essentially promising to do the work of rate-shopping for you, and on a regular basis.
There is a $100 minimum to open a savings account and the maximum is $10 million. Interest is accrued and compounded daily and paid out monthly.
See how they compare to other top savings accounts here:
|
Header
|
|
 |
 |
|---|---|---|---|
|
Rating |
|||
|
APY |
0.60% |
0.60% |
0.50% |
|
Online Deposits |
|||
|
FDIC Insured |
|||
|
Cell
|
Certificate of Deposit
If you can leave your money on deposit for at least a couple of years, you’ll get paid a little more for your troubles. There are five different CD terms offered by Comenity Direct. The longer the term, the higher the rate:
- 1-year
- 2-year
- 3-year
- 4-year
- 5-year
See how these rates compare to the top CD accounts here >>
There is a $1,500 minimum deposit to open a CD. Once again, the maximum is $10 million. Interest is accrued and compounded daily and paid out monthly.
At the end of its maturity, each CD will automatically renew. However, you can elect to withdraw all of your funds without penalty within a 10-day grace period.
Notice that the 1-year CD APY is the same as the savings account, making it a virtual non-starter. Similarly, the 3-year and 4-year CDs don’t offer any benefit over the 2-year CD. However, that's due to the current interest rate environment.
Customer Service
Customer service is available by phone at 1-833-755-4354 and through secure messaging in your online account. They are available on weekdays from 7 a.m. to 11 p.m. CT and on weekends and most holidays from 9 a.m. to 5 p.m. CT.
You can also mail them at:
Comenity Direct
PO Box 3900
Springfield MO 65808-3900
Are There Any Fees?
Comenity Direct is a great banking option for savers who are looking to avoid fees. It doesn't charge any monthly maintenance fees on its savings or CD products with no minimum balance requirements.
ACH and incoming wire transfers are also free. The only fees that customers could potentially incur are:
- Outgoing wire transfer: $25
- Paper check request: $15
- Paper statement request: $5
How Do I Open An Account?
You can visit the Comenity Direct website to open an account. The process is handled completely online and Comenity says that you can have your account up and running in minutes.
Is My Money Safe?
Yes, the savings account and CDs are both FDIC-insured. That means they're able to provide $250,000 of federal insurance protection per depositor. Learn how to protect deposits that exceed these limits.
Is It Worth It?
In summary, yes, Comenity Direct could well be worth it for its high-yield savings and CD products. Now that top APYs have fallen, Comenity's rates are well within the high-yield range. Plus, it has no monthly service fees and reasonable minimum deposit requirements.
However, Comenity Direct is an online-only banking experience with no cards or ATM access. So if you prefer the convenience of having local branches in your area or you'll need to make cash and/or check transactions, you'll want to choose a different high-yield savings account. Check out our favorites!
Comenity Direct Features
|
Account Types |
Savings and CDs |
|
Minimum Deposit |
|
|
Minimum Balance Requirements |
None |
|
APY |
Savings: 0.60% APY |
|
Maintenance Fees |
None |
|
Branches |
None (online-only bank) |
|
ATM Availability |
No fee-free ATM network |
|
Customer Service Number |
1-833-755-4354 |
|
Customer Service Hours |
Mon-Fri, 7 am-11 pm (CT) Sat-Sun, 9 am-5 pm (CT) |
|
Mobile App Availability |
iOS and Android |
|
Bill Pay |
Yes |
|
FDIC Certificate |
57570 |
|
Promotions |
None |
The post Comenity Direct Review: Popular Online Savings appeared first on The College Investor.
from The College Investor
With bond rates falling close to zero, savings account interest rates have followed.
Rates near 2.00% APY used to be common for savings accounts. But those days are long gone. Nowadays, most high-yield savings accounts have interest rates just under 1.00% APY.
With an 0.80% APY on its savings account product, Comenity Direct is one such bank that would now be considered a high-yield option. And if you want even a little more interest, you can open a 5-year CD to get up to 0.90% APY. In this article, we’ll go into detail on Comenity Direct’s savings and CD products.
Quick Summary
- High-yield savings account and CDs
- No fees for keeping money on deposit
- No physical branches or ATMs
|
Comenity Direct Details |
|
|---|---|
|
Product Name |
Comenity Direct High Yield Savings |
|
Min Deposit |
$100 to $1,500 |
|
APY |
0.60% APY |
|
Account Types |
Savings |
|
Promotions |
None |
Who Is Comenity Direct?
Comenity Direct is a brand of Comenity Capital Bank which was founded in 1986. It provides retailers with co-branded and private-label business cards. Comenity Direct was started in 2018 and is an online-only operation of the bank. It is based in Springfield, Missouri.
High Yield Savings Account
The current APY on Comenity Direct's high-yield savings account is 0.60% APY. Comenity Direct also says that it constantly monitors the top rates offered across the banking industry.
If other high-yield accounts raise their rates, Comenity Direct says that it will raise theirs as well to make sure you're always getting one of the best yields available. In this way, Comenity is essentially promising to do the work of rate-shopping for you, and on a regular basis.
There is a $100 minimum to open a savings account and the maximum is $10 million. Interest is accrued and compounded daily and paid out monthly.
See how they compare to other top savings accounts here:
|
Header
|
|
|
|
|---|---|---|---|
|
Rating |
|||
|
APY |
0.60% |
0.60% |
0.50% |
|
Online Deposits |
|||
|
FDIC Insured |
|||
|
Cell
|
Certificate of Deposit
If you can leave your money on deposit for at least a couple of years, you’ll get paid a little more for your troubles. There are five different CD terms offered by Comenity Direct. The longer the term, the higher the rate:
- 1-year
- 2-year
- 3-year
- 4-year
- 5-year
See how these rates compare to the top CD accounts here >>
There is a $1,500 minimum deposit to open a CD. Once again, the maximum is $10 million. Interest is accrued and compounded daily and paid out monthly.
At the end of its maturity, each CD will automatically renew. However, you can elect to withdraw all of your funds without penalty within a 10-day grace period.
Notice that the 1-year CD APY is the same as the savings account, making it a virtual non-starter. Similarly, the 3-year and 4-year CDs don’t offer any benefit over the 2-year CD. However, that's due to the current interest rate environment.
Customer Service
Customer service is available by phone at 1-833-755-4354 and through secure messaging in your online account. They are available on weekdays from 7 a.m. to 11 p.m. CT and on weekends and most holidays from 9 a.m. to 5 p.m. CT.
You can also mail them at:
Comenity Direct
PO Box 3900
Springfield MO 65808-3900
Are There Any Fees?
Comenity Direct is a great banking option for savers who are looking to avoid fees. It doesn't charge any monthly maintenance fees on its savings or CD products with no minimum balance requirements.
ACH and incoming wire transfers are also free. The only fees that customers could potentially incur are:
- Outgoing wire transfer: $25
- Paper check request: $15
- Paper statement request: $5
How Do I Open An Account?
You can visit the Comenity Direct website to open an account. The process is handled completely online and Comenity says that you can have your account up and running in minutes.
Is My Money Safe?
Yes, the savings account and CDs are both FDIC-insured. That means they're able to provide $250,000 of federal insurance protection per depositor. Learn how to protect deposits that exceed these limits.
Is It Worth It?
In summary, yes, Comenity Direct could well be worth it for its high-yield savings and CD products. Now that top APYs have fallen, Comenity's rates are well within the high-yield range. Plus, it has no monthly service fees and reasonable minimum deposit requirements.
However, Comenity Direct is an online-only banking experience with no cards or ATM access. So if you prefer the convenience of having local branches in your area or you'll need to make cash and/or check transactions, you'll want to choose a different high-yield savings account. Check out our favorites!
Comenity Direct Features
|
Account Types |
Savings and CDs |
|
Minimum Deposit |
|
|
Minimum Balance Requirements |
None |
|
APY |
Savings: 0.60% APY |
|
Maintenance Fees |
None |
|
Branches |
None (online-only bank) |
|
ATM Availability |
No fee-free ATM network |
|
Customer Service Number |
1-833-755-4354 |
|
Customer Service Hours |
Mon-Fri, 7 am-11 pm (CT) Sat-Sun, 9 am-5 pm (CT) |
|
Mobile App Availability |
iOS and Android |
|
Bill Pay |
Yes |
|
FDIC Certificate |
57570 |
|
Promotions |
None |
The post Comenity Direct Review: Popular Online Savings appeared first on The College Investor.
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