Bread Savings (formerly Comenity Direct) Review 2022
The Bankrate promise
At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict , this post may contain references to products from our partners. Here's an explanation for .
At a glance
CDs
Savings
About Bankrate Score
Hover for moreOverview
Bread Savings (formerly Comenity Direct) may be a good fit for consumers looking for higher-than-average savings rates.
Highlights
- High APY
- Low Fees
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
-
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.
-
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
Bread Savings (formerly Comenity Direct) savings overview
Pros
-
The account offers a highly competitive yield.
-
Customers need to deposit only $100 to earn the high APY.
-
There's no monthly maintenance fee.
Cons
-
The Bread Savings High-Yield savings account doesn’t have ATM access.
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
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.
