How To Open A Comenity Bank Account
This article explains all you need to know about Comenity Bank.
Savings rates have fallen in lockstep with bond rates.
Savings accounts used to pay above 1% APY. Those days are gone. Most high-yield savings accounts now pay less than 0.50 percent APY.
Comenity Bank s savings account has a 1.00 percent APY, making it a high-yield alternative. If you desire even more interest, a 1- to 5-year CD pays 0.65 percent to 1.10 percent APY. In this post, we’ll discuss Comenity Direct’s savings and CD options.
Comenity Bank is a 1986-founded Comenity Capital Bank brand. Custom business cards are available for shops. Comenity Direct, launched in 2018, is the bank’s only online service. It’s based in Springfield.
What It Offers
Comenity Bank isn’t the bank for you if you want all-in-one checking and savings. It just sells savings.
However, if you want a larger return on your emergency fund, Comenity may be a good option. We break down its savings account and CDs below.
High Yield Savings
Comenity Direct’s high-yield savings account now pays 1.00% APY. Comenity Direct also claims to regularly monitor the industry’s best rates.
If competing high-yield accounts improve their rates, Comenity Bank says it will too, to ensure you always get the best yield. In this approach, Comenity promises to do regular rate-shopping for you.
The smallest deposit is $100 and the highest is $10 million. Daily compounded interest is paid monthly.
Is there a fee?
Comenity Bank is a terrific fee-free banking solution for savers. Its savings and CD products have no monthly maintenance fees and no minimum balance requirements.
ACH and inbound wires are also free.. * Outgoing wire transfer: $25 * Paper check request: $15 * Paper statement request: $5
How Do I Register?
Open an account at Comenity Bank. The entire process is done online, and Comenity claims you can be up and running in minutes.
Yes, both savings and CDs are FDIC guaranteed. That’s $250,000 in federal insurance per depositor.
How Do I Reach Comenity Bank?
Customer care is available by phone at 1-833-755-4354 and online via secure messaging. Weekly from 7 a.m. to 11 pm CT, and weekends and most holidays from 9 a.m.
Mail them at:
PO Box 3900 Springfield MO 65808-3900
Is It Valued?
In summary, Comenity Bank’s high-yield savings and CD products may be worth it. Comenity’s rates are now well within the high-yield bracket. It also offers no monthly fees and a low minimum deposit.
But Comenity Bank is an online-only bank with no cards or ATMs. If you need local branches or need to use cash or checks, you should consider a different high-yield savings account.
F.A.Q. Comenity Bank
Let’s address some often asked questions about Comenity Bank:
My Comenity Bank Direct account is locked
To withdraw your funds, you must execute an ACH transfer to another bank account. After 30 days, you may be able to withdraw through wire transfer or request an official check.
Is Comenity Direct a genuine company?
It is a trademark of Comenity Capital Bank, which has been issuing credit cards for over 30 years.
Can I use my phone to control Comenity Direct?
Yes, the bank has a mobile app for both Apple and Android.
Do you have any penalty-free CDs?
No, all of their CD goods have early withdrawal penalties.
Comenity Bank: Conclusion
Comenity Bank Direct is an online bank that offers high yielding savings accounts and CDs with cheap fees.
Thanks for taking the time to read this blog post on Comenity Bank.