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Bread Savings (formerly Comenity Direct) Review 2022

Published June 2022 by Matthew Goldberg

AT A GLANCE
4.1

Bankrate Score

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High APYs

Low Fees

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

  • Savings
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    5.0
  • CDs
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    5.0
  • MORE HIGH-YIELD OPTIONS
    MORE HIGH-YIELD OPTIONS
    Bask Bank

    Member FDIC

    Savings account

    2.02 % APY

    $ 0

    Min. balance for APY

    SoFi

    Member FDIC

    Savings account

    2.00 % APY

    $ 0

    Min. balance for APY

    CIBC Bank USA

    Member FDIC

    Savings account

    1.95 % APY

    $ 1

    Min. balance for APY

    Overall

    4.1

    Bankrate Score

    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.

    What we like

    • Offers higher yields on deposits than traditional brick-and-mortar banks.

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

    What we don't

    • Customers can’t deposit cash or write checks.

    • There are no physical bank branches or ATMs.

    • The bank has limited product offerings.

    Savings accounts

    5.0

    Bankrate Score

    OTHER SAVINGS OFFERS YOU MAY LIKE
    Bask Bank

    Member FDIC

    Savings account

    2.02 % APY

    $ 0

    Min. balance for APY

    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.

    What we like

    • The account offers a highly competitive yield.

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

    • There's no monthly maintenance fee.

    What we don't

    • Deposits can only be made using the bank’s mobile app or by ACH transfer.

    CD rates

    5.0

    Bankrate Score

    OTHER CD OFFERS YOU MAY LIKE
    Goldman Sachs Bank USA

    Member FDIC

    CD

    2.40 % APY

    1yr

    Term

    $ 500

    Min. deposit

    Bread Savings (formerly Comenity Direct) offers one-, two-, three-, four- and five-year CDs with yields that are far better than what the average brick-and-mortar bank pays. Minimum deposit requirements are $1,500. Specialty CDs, such as a no-penalty or bump-up CD, aren’t available.

    What we like

    • Bread Savings (formerly Comenity Direct) CD rates are competitive.

    • A range of CD terms are offered.

    What we don't

    • Specialty CDs aren’t offered.

    • Other banks have lower minimum deposit requirements on CDs.

    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)

    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.

    Matthew Goldberg Twitter Created with Sketch. @MATTATBANKRATE

    Matthew Goldberg Twitter Created with Sketch. @MATTATBANKRATE

    Matthew Goldberg is a consumer banking reporter at Bankrate. He uses his banking and financial services experience to help readers with personal finance. Nearly his entire career has either been as a reporter or working in financial services, in banking and insurance. He’s been in financial services for more than a decade. His banking career includes being a banker in New York City. His reporting career includes working as a staff reporter at two daily newspapers. He earned his first newspaper bylines in 1998. His writing has been honored by both the Illinois Associated Press Editors Association and the Illinois Press Association. His writing has also been featured online on MSN, the Miami Herald, the Houston Chronicle, the Omaha World-Herald, The Kansas City Star, the Arizona Daily Star, and appeared in Sports Illustrated On Campus, The Atlanta Journal-Constitution, The Buffalo News and other publications. Matthew’s radio experience includes being a weekly panelist on the SportsWriter’s show on WGEM AM ESPN 1440 in Quincy, Illinois. He was also an occasional co-host and call-in guest on WGEM SportsCenter. He’s also been a guest on other stations throughout the country. Matthew is currently a member of the Board of Governors at the Society for Advancing Business Editing and Writing (SABEW), which is the world's largest and oldest organization of business and financial journalists. He chairs the organization's training committee and is on the finance committee. He has previously served on conference planning committees and has been a Best in Business contest judge for the organization. Matthew earned a bachelor’s degree at Illinois State University and an MBA at William Paterson University. Media mentions CNBC CNBC Acorns + CNBC WGN Radio 720 in Chicago 1080 KRLD Dallas-Fort Worth