Comenity Direct Review

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Updated on Monday, August 9, 2021

Comenity Direct

Comenity Direct is an online financial institution that offers several banking products to consumers across the entire United States.

Comenity was founded in 1986, partnering with retailers to provide branded credit cards. In 2018, the company expanded its offerings by creating Comenity Direct, now offering simplified banking through high-yield savings accounts and certificates of deposit.

Comenity Direct’s products provide a simple way to start saving, though the company doesn’t have checking accounts, a basic feature that many people look for in a financial institution.

Comenity Direct savings accounts 2.5 out of 5

Comenity Direct High-Yield Savings
  • APY: 0.55% on balances between $100 and $10 million
  • Minimum balance: $100
  • Monthly fee: None

Comenity Direct has just one savings account to choose from — the company’s High-Yield Savings account, which you can set up in just minutes. The account currently offers an annual percentage yield (APY) of 0.55% on balances starting at $100 and not exceeding $10 million. The account has a minimum opening balance of $100, and you won’t have to worry about hidden fees. Monthly maintenance, ACH transfers and incoming wire transfers are free; you’ll only pay for outgoing wire transfers, official checks and paper statements. Unfortunately, Comenity Direct’s savings account doesn’t have ATM access and the company doesn’t offer checking accounts, so you’ll have to transfer your money to another bank to access it.

Ultimately, this account is best for someone who wants a high-yield savings account in a bank separate from where they do their regular banking.

Compare Comenity Direct to the best savings accounts on the market today.


on Comenity Direct’s secure website

Member FDIC

Comenity Direct checking accounts 0 out of 5

Comenity Direct does not offer any checking accounts.

If you want to open a checking account, check out our recommendations for the best checking accounts available today.

Comenity Direct CDs 1.5 out of 5

TermAPYMinimum opening deposit to earn APY
1 year0.65%$1,500
3 years1.00%$1,500
5 years1.10%$1,500

Comenity Direct offers a wide variety of certificates of deposit, each of which has a minimum opening deposit of $1,500. It has CD terms of one, two, three, four and five years, with APYs ranging from 0.70% to 0.90%. Unfortunately, all of Comenity’s CDs include early withdrawal fees, meaning you’ll be penalized if you pull your money out before the term ends. One- to three-year terms have a penalty of 180 days’ worth of simple interest, while four- and five-year terms have a penalty of 365 days of simple interest.

Comenity Direct doesn’t charge CD fees for monthly maintenance or online statements, but you will pay fees for outgoing wire transfers, official checks and paper statements. It’s also important to pay attention to your CD term — they auto-renew at maturity, and you have just ten days to cash out without penalty.

Compare Comenity Direct to the best CDs currently available.


on Comenity Direct’s secure website

Member FDIC

Customer experience at Comenity Direct

Comenity Direct is an online bank, meaning there are no physical branches to go to for customer service. That being said, there are still plenty of ways to contact the company. Comenity offers customer service over the phone, which is available from 7 a.m. to 11 p.m. on weekdays CT and 9 a.m. to 5 p.m. CT over the weekends. Existing customers can also contact the company by mail or via message through the online banking service.

Customer interaction with the app is hit and miss. In the Google Play store, the app has an average rating of only 3.0 of 5 stars, with customers complaining about frequent technical difficulties. On the other hand, for Apple users, the iOS app earns an average 4.5 of 5 stars and has a mix of positive and negative reviews.