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Bread Savings (formerly Comenity Direct) Review 2022

Updated November 10, 2022
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At a glance

4.1
Rating: 4.1 stars out of 5
Bankrate Score
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CDs

Rating: 4.5 stars out of 5

Savings

Rating: 5 stars out of 5

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Overview

Bread Savings (formerly Comenity Direct) may be a good fit for consumers looking for higher-than-average savings rates.

Highlights

  • High APY
  • Low Fees
Compare offers
Bank logo
Member FDIC
Savings Account
3.00
%
APY
Rating: 4.1 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Bank logo
Member FDIC
Savings Account
2.00
%
APY
Rating: 4.1 stars out of 5
$0
Min. balance for APY
View offer Arrow Right

Overall

In April 2022, Comenity Direct became Bread Savings. The online-only bank offers a savings account and five terms of CDs with competitive yields. You’ll also find low minimum opening balance requirements, making it easy to open an account.

Consumers in search of checking and money market accounts or who need access to a branch will want to look elsewhere.

Pros

  • Checkmark

    Since the Federal Reserve began raising interest rates in 2022, Bread – and Comenity Direct – have been one of the most competitive banks for consistently raising savings and CD yields.

  • Checkmark

    There's no monthly fee charged for its high-yield savings account.

Cons

  • Customers can’t deposit cash or write checks.

  • There are no physical bank branches or ATMs.

  • The bank has limited product offerings.

Bread Savings (formerly Comenity Direct) bank products

5.0
Rating: 5 stars out of 5
Bankrate Score

Bread Savings (formerly Comenity Direct) savings overview

Bread Savings (formerly 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. Bread Savings does not have an ATM network or physical branches, so deposits must be done by ACH transfer. Checks can also be deposited using the bank’s mobile app.

Pros

  • Checkmark

    The account offers a highly competitive yield.

  • Checkmark

    Customers need to deposit only $100 to earn the high APY.

  • Checkmark

    There's no monthly maintenance fee.

Cons

  • The Bread Savings High-Yield savings account doesn’t have ATM access.

Compare Offer
Bank logo
Member FDIC
Savings Account
3.00
%
APY
Rating: 4.1 stars out of 5
InfoHover for more
$0
Min balance for APY

Bank experience

Bread Savings (formerly Comenity Direct) doesn’t have branches, but customer service representatives are available via online chat or telephone weekdays, 7 a.m. and 9 p.m. Central, and weekends from 9 a.m. and 5 p.m.

Bread Savings’ app has received mixed reviews on Android and iOS. The app includes basic features such as mobile check deposits and the ability to transfer funds.

About Bread Savings (formerly Comenity Direct)

Bread Savings is an online bank that offers a high-yield savings account and five terms of CDs — products that debuted under the Comenity Direct name in 2019. Comenity Direct was renamed Bread Savings in April 2022.

Review methodology

With so many financial institutions to choose from, it can be hard to know who to trust. Bankrate’s ever-growing list of bank and credit union reviews is updated regularly. Our editorial team analyzes and reviews each institution across deposit products such as savings accounts, checking accounts, certificates of deposit (CDs) and money market accounts (MMAs). Banks are rated by important factors such as offered interest rates, fees, minimum balance requirements, access to funds and more.

We assign a score to each type of account and its features, weigh them carefully based on importance to account holders and determine an overall score. Read our full review methodology.