What is Comenity direct and how does it work?
Comenity Direct offers a high-yield savings account with a competitive APY. The minimum deposit requirement is just $100, and there are no monthly maintenance fees. Comenity Direct does not have an ATM network or physical branches, so deposits must be done by ACH transfer. You can also deposit checks into your account with the bank’s mobile app.
Is Comenity direct a good bank?
Bankrate does not endorse or recommend any companies. Although Comenity is well known as the bank behind many branded retail credit cards, it also offers competitive yields on savings accounts and CDs. Minimum opening balance requirements are low. Comenity Direct is insured by the FDIC.
How to open a Comenity direct CD account?
Each of the CDs offered through Comenity Direct can be opened online. This is an entirely online bank. You open your account online and take care of all your banking needs online. They offer a website as well as a mobile app to access your accounts. The opening required amount to fund Comenity Direct CDs requires $1,500.
Can Comenity direct customers visit a physical branch?
Comenity Direct customers cannot visit a physical branch. However, customer service representatives are available via online chat or telephone on weekdays between 7 a.m. and 11 p.m. Central and on weekends from 9 a.m. and 5 p.m.. Comenity's app has received mixed reviews on Android and iOS.
Who is Comenity direct?
Comenity Direct, a brand of Comenity Capital Bank, is a digital bank that offers banking products, including savings accounts and certificates of deposit (CDs). Comenity started as a credit card issuer and introduced its first credit card in 1986.15-Mar-2021
Is Comenity direct a safe bank?
Is my money safe with Comenity Direct? Yes. Be assured that your deposits are FDIC insured up to $250,000 per depositor for each ownership category. Deposits held in different ownership categories are separately insured, up to at least $250,000, even if held at the same bank.
Is Comenity Bank a real bank?
Is Comenity Bank legit? Yes, Comenity Bank is a legitimate financial institution that's been in business since 1989. They currently have over 145 retail partners and over 50 million customers have Comenity retail credit card accounts.01-Feb-2022
How do I open a Comenity Bank account?
To be eligible to open a Comenity Direct online account, you must: be at least 18 years of age; be a U.S. Citizen or Resident Alien; have a Social Security number (SSN); have a U.S. address (not a P.O. Box). Note: Only individuals may open a sole or joint account.
How do I withdraw from Comenity direct?
To make a withdrawal you must transfer money from your Comenity account to an external account via an automated clearing house (ACH) or wire transfer (there's a $25 per fee for the latter), or call and request a check ($15 per request).07-Dec-2021
Is Comenity FDIC insured?
Your safety and security are everything When you open an account with Comenity Direct, you can sleep easy knowing your deposits are FDIC insured. The FDIC coverage limit is $250,000 per depositor, per ownership category.
Is Comenity Bank owned by Capital One?
About Comenity Credit Cards. “Comenity” may refer to either Comenity Bank or Comenity Capital Bank, which are both owned by Alliance Data. As far as the average cardholder is concerned, there's no difference between Comenity Bank credit cards and Comenity Capital Bank cards.
Why does Comenity Bank keep calling?
Comenity Bank offers credit card financing to retail stores like Victoria's Secret and others. When consumers fall behind on their credit card payments, it encourages debt collectors to call consumers repeatedly in hopes to collect payment on unpaid balances.13-May-2020
What banks use Comenity Bank?
While Comenity Bank isn't a household name like some other credit card companies, they have more than 50 million cardholders....Ann Taylor Mastercard.Bealls Florida Credit Card.Big Lots Credit Card.BrylaneHome Platinum Card.Buckle Credit Card.Catherines Credit Card.David's Bridal Credit Card.Gamestop Credit Card.More items...•06-Jul-2021
Does Comenity Bank have checking accounts?
Comenity offers a high-yield savings account and certificates of deposit but no checking accounts. The high-yield savings account offers a solid 0.75% APY and no monthly fees, and the account requires a $100 minimum deposit to open.18-Dec-2020
How do I make a payment through Comenity Bank?
You can pay your Comenity Bank credit card online, over the phone, or via mail. Just keep in mind that each credit card issued by Comenity has a different sign-in portal, as well as a different customer service phone number. And payment addresses can vary as well.09-Jul-2021
How do I contact Comenity Bank?
Comenity Bank: 1-888-332-4728 (TDD/TTY: 1-800-695-1788)
Is Bread Savings FDIC insured?
Yes, Bread Savings, formerly Comenity Direct, is a product of Comenity Capital Bank, which is FDIC insured (FDIC certificate No. 57570). This means...
How do I contact Bread Savings?
If you have questions regarding your Bread Savings account, call customer service at 833-755-4354. You also can send a secure message via your onli...
What are the requirements to open a Bread Savings account?
To open an account with Bread Savings, you must be at least 18 years old, be a U.S. citizen or resident alien, have a U.S. government-issued Social...
How do I log into my Bread Savings account?
Visit the Bread Savings website. The login button is in the top right corner of the home page. From there, input your username and password to view...
What companies use Comenity Direct?
Some of the businesses include Burlington, Eddie Bauer, and IKEA. Pottery Barn, Victoria’s Secret, and Wayfair also use Comenity issued credit cards. Comenity Direct is the online faction of the bank. They offer an online high yield savings account and CDs. The CD terms range from one to five years.
How much does it cost to open a CD with Comenity Direct?
The CDs with Comenity Direct have low opening required amounts. They each need only $1,500 to open. Once you fund the CD, your money starts earning interest immediately. Each of the CDs offered through Comenity Direct can be opened online. This is an entirely online bank.
How much does Comenity give back?
Comenity gives back to charities and has for the last four years. They have donated over $2.6 million. Those charities work to support children and feed the hungry healthy food. Comenity also supports charities that provide educational opportunities.
Does the Comenity Direct CD offer a guarantee?
They offer one, two, three, four, and five-year terms. Open each of the Comenity Direct CDs entirely online. The Comenity Direct CDs do not offer an interest rate guarantee. The interest rates on each of the CDs are competitive. But, if the rates increase shortly after opening the CD, your interest rates will not increase.
Can you open CD terms online?
Each of the CD terms offers competitive interest rates. You can open each term online. There are limited CD terms available through Comenity Direct. The opening required amounts are low, but you must make the transaction in one lump sum.
Does Comenity Direct have a 24/7 service?
But, if the rates increase shortly after opening the CD, your interest rates will not increase. Customer service hours for Comenity Direct are not 24/7. They do offer extended customer service hours. They are open on weekdays from 7 a.m. to 11 p.m. and weekends from 9 a.m. to 5 p.m.
Where is Comenity Direct located?
Comenity Direct was started in 2018 and is an online-only operation of the bank. It is based in Springfield, Missouri.
What is the phone number for Comenity Direct?
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.
Does Comenity Direct raise rates?
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.
Who is Robert Farrington?
Robert Farrington. Robert Farrington is America’s Millennial Money Expert® and America’s Student Loan Debt Expert™, and the founder of The College Investor, a personal finance site dedicated to helping millennials escape student loan debt to start investing and building wealth for the future.
Is Comenity Direct a good bank?
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: