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Bread Savings Bank Review 2024

Updated January 2, 2024
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At a glance

3.9
Rating: 3.9 stars out of 5
Bankrate Score
Caret Down

CDs

Rating: 4 stars out of 5

Savings

Rating: 4.9 stars out of 5

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 of the terms that they might need.

Highlights

  • High APY
  • Low Fees
Compare offers
Info
Bank logo
Member FDIC.
Savings Account
5.25
%
APY
APY
Info
As of 4/15/2024
Rating: 5 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Promoted offer: No fees. Easy deposits and quick withdrawals.
Bank logo
Member FDIC
Savings Account
4.30
%
APY
APY
Info
As of 4/15/2024
Rating: 4.9 stars out of 5
$1
Min. balance for APY
View offer Arrow Right
Promoted offer:
Bank logo
Member FDIC
Savings Account
5.00
%
APY
APY
Info
As of 4/15/2024
Rating: 4.9 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Promoted offer: Plus, no monthly fees and unlimited free external transfers

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 has 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.

  • There are no physical bank branches or ATM access.

  • The bank has limited product offerings.

Bread Savings banking products

4.9
/5
Rating: 4.9 stars out of 5
See methodology Compare savings rates
SCORE BREAKDOWN
APY offering:
5.15%
Rating: 5 stars out of 5
5/5
Info
Minimum balance to earn interest:
$0.00
Rating: 5 stars out of 5
5/5
Info
Monthly service fee:
$0.00
Rating: 5 stars out of 5
5/5
Info
Minimum balance to avoid fee:
$0.00
Rating: 5 stars out of 5
5/5
Info
Access to funds:
Good
Rating: 4 stars out of 5
4/5
Info
FEATURES
Invest Rate
5.15% APY
Info
Loan
$0 minimum deposit to open

Bread Savings savings overview

Bread Savings 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 open the Bread Savings high-yield savings account.

  • Checkmark

    There's no monthly maintenance fee.

Cons

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

  • Bread Savings charges $15 for an official bank check and $25 for an outgoing wire transfer.

  • You can’t deposit cash into a Bread Savings account.

  • See how rates for this account have changed over time. Interact with the trend lines to view APY by date.

    Bread Savings
    APY
    APY
    Info
    National average APY
    How do we get this data?
    Info
Compare Offer
Info
Bank logo
Member FDIC.
Savings Account
5.25
%
APY
APY
Info
As of 4/15/2024
Rating: 5 stars out of 5
Info
$0
Min balance for APY
View offer Arrow Right
Promoted offer: No fees. Easy deposits and quick withdrawals.

Bank fees

Bread Savings only charges fees for outgoing wire transfers ($25), official bank checks ($15 each 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 N/A
Excessive transaction fee None
Paper statements $5 per paper statement request

Customer 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 3.8 on Android and 4.5 on iOS. The app includes basic features such as mobile check deposits and the ability to transfer funds.

About Bread Savings

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.

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 generally offers higher yields. 

Bread Savings requires a $1,500 minimum deposit for its CDs, while Capital One doesn’t have a minimum requirement.

Bread Savings FAQs

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.