Bread Savings (formerly Comenity Direct) Review 2023
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At a glance
CDs
Savings
About Bankrate Score
Overview
Bread Savings (formerly Comenity Direct) may be a good fit for consumers looking for higher-than-average savings rates. This online bank offers competitive yields on its savings account and its five terms of CDs. Its CDs range from one year to five years, providing consumers with most terms that they’ll need.
Highlights
- High APY
- Low Fees
Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 3.5/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 4.7/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 4.9/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
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
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Since the Federal Reserve began raising interest rates in 2022, Bread — and Comenity Direct — has been one of the most competitive banks for consistently raising savings and CD yields.
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There's no monthly fee charged for its high-yield savings account.
Cons
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Customers can’t deposit cash.
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There are no physical bank branches or ATM access.
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The bank has limited product offerings.
Bread Savings (formerly Comenity Direct) banking products
APY, or annual percentage yield, is the yearly return on a bank or investment account. APY as of 6/10/2023
Bread Savings (formerly Comenity Direct) savings overview
Pros
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The account offers a highly competitive yield.
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Customers need to deposit only $100 to open the Bread Savings high-yield savings account.
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There's no monthly maintenance fee.
Cons
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The Bread Savings High-Yield savings account doesn’t have ATM access.
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Bread Savings charges $15 for an official bank check and $25 for an outgoing wire transfer.
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You can’t deposit cash into a Bread Savings account.
Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 3.5/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Bank fees
Bread savings only charges fees for outgoing wire transfers ($25), official bank checks ($15 per time you need one) and for paper statements ($5 per paper statement inquiry), according to Bread Savings’ website.
| Fee | Charged? | |
|---|---|---|
| Overdraft fee | None | |
| Non-sufficient funds fees | None | |
| Monthly maintenance fees | None | |
| Out-of-network ATM fee | None | |
| Excessive transaction fee | None |
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.
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 a rating of 3.2 on Android and 4.5 on iOS. The app includes basic features such as mobile check deposits and the ability to transfer funds.
How Bread Savings compares to other banks
Bread Savings vs. Capital One Bank
Capital One offers more types of banking products than Bread Savings. But Bread Savings had higher yields during Bankrate’s review of Bread Savings.
Most of Bread Savings’ CDs do have higher yields than Capital One. But Bread Savings requires a $1,500 minimum deposit for its CDs and Capital One doesn’t have a minimum requirement. So Bread Savings might be the better choice for CDs if you have less than $1,500 to deposit into a CD.
Bread Savings FAQs
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.
