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 which impacts how, where, and in what order the products appear. Not all offers are displayed on this page.
These are sponsored offers rated highly by us for competitive rates, fees, and minimums.
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.
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.
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.
Offers featured here have been sponsored which impacts how, where, and in what order the products appear. Not all offers are displayed on this page.
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
Bread Savings 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.
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Bread Savings banking products
APY last updated between 9/9 and 9/15.
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 SavingsAPYAPY last updated between 9/9 and 9/15.APYAPY last updated between 9/9 and 9/15.National average APYHow do we get this data?Bankrate independently tracks hundreds of APYs and product details for banking institutions nationwide. We retain the historical data of every rate we track in our database. If there are any gaps where we weren’t actively tracking a rate at the time, the graph will reflect the missing data.
Offers featured here have been sponsored which impacts how, where, and in what order the products appear. Not all offers are displayed on this page.
This is a sponsored offer rated 4 stars or higher for competitive rate, fees, and minimums.
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.
Bank fees
| 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
Customer support. Bread Savings 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.
Digital experience. Bread Savings’ mobile app is highly rated on the Apple App and Google Play stores.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 various 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 Sept. 9, 2024 and Sept. 15, 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. |
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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
APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. APYs last updated between Sept. 9, 2024 and Sept. 15, 2024.
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| 5.15% | 5.30% | |
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Minimum balance for APY
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| $0.00 | $0.00 | |
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Estimated earnings
Interest earned calculation based on a $50,000 deposit amount for a period of 1 year and is rounded to the nearest dollar. Exact earnings are dependent on calendar year, balance, and compounding frequency. Minimum deposit rules may apply.
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| $2,575 | $2,650 | |
| Bread offers a high-yield savings account that’s true to its name. The account can be opened with just $100. Though there are no monthly maintenance fees, customers should note the miscellaneous fees associated with the account. | LendingClub Bank offers a LevelUp Savings account that rewards you with a top yield when you make deposits totaling at least $250 per statement cycle. The account has no monthly service fees and no minimum balance required to earn interest, though your savings rate can vary if you don't meet the $250 requirement in a given month. | |
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Bankrate does not currently track additional product details for this bank.
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Bankrate does not currently track additional product details for this bank.
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APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest.
The lowest deposit amount an account must have before it can earn interest.
A monthly charge a financial institution deducts from an account if certain requirements are not met.
The lowest balance an account must maintain in order to avoid a fee.
A procedure that allows an individual or organization to access and manage the funds of another account holder.
Bankrate does not currently track additional product details for this bank.
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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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