Bread Savings Bank Review 2024
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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 of the terms that they might 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 = 4.4/5
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 = 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.
Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.
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.
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.
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.
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.
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.
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 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.
We want to know what you think about Bread Savings
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Bread Savings banking products
APY, or annual percentage yield, is the yearly return on a bank or investment account. APY as of 5/1/2024
Bread Savings 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.
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See how rates for this account have changed over time. Interact with the trend lines to view APY by date.
Bread SavingsAPYAPYNational average APYHow do we get this data?
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 = 4.4/5
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 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
Compare different account types offered by Bread Savings. Annual percentage yields (APYs) shown were updated between April 24, 2024 and April 30, 2024.
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Selected bank
Bread Savings savings account
Bankrate score
4.8
Bankrate Savings rating = 4.8/5 Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs), minimum opening deposit requirements and minimum balances to avoid monthly service fees are some of the things that make up Bankrate’s score. |
Most comparable
LendingClub Bank savings account
Bankrate score
4.9
Bankrate Savings rating = 4.9/5 Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs), minimum opening deposit requirements and minimum balances to avoid monthly service fees are some of the things that make up Bankrate’s score. |
Bankrate score
Bankrate Savings rating Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs), minimum opening deposit requirements and minimum balances to avoid monthly service fees are some of the things that make up Bankrate’s score. |
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APY
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| 5.15% | 5.00% | |
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Minimum balance for APY
|
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| $100.00 | $0.00 | |
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Estimated earnings
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| $1,288 | $1,250 | |
| 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. | LendingClub Bank offers a High-Yield Savings Account that has a top-tier APY. You’ll only need $100 to open this account, and it doesn’t charge any monthly service fees. | |
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N/A
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N/A
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APY offering:
5.15%
5/5
Minimum balance to earn interest:
$100.00
4/5
Monthly service fee:
$0.00
5/5
Minimum balance to avoid fee:
$0.00
5/5
Access to funds:
Good
4/5
|
APY offering:
5.00%
5/5
Minimum balance to earn interest:
$0.00
5/5
Monthly service fee:
$0.00
5/5
Minimum balance to avoid fee:
$0.00
5/5
Access to funds:
Great
5/5
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Bankrate does not currently track additional product details for this bank.
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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
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.
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