Bread Savings Review: Savings and CDs
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Many or all of the products on this page are from partners who compensate us when you click to or take an action on their website, but this does not influence our evaluations or ratings. Our opinions are our own.
Overview
Bread Savings® (formerly Comenity Direct) offers a high-yield savings account and certificates of deposit but no checking accounts. The high-yield savings account offers an excellent 4.00% APY and no monthly fees, and the account requires a $100 minimum deposit to open. Bread Savings CDs also offer good APYs, with a minimum opening deposit of $1,500. There are no monthly fees for CDs, but an early withdrawal penalty will apply if a customer withdraws funds before the term length of the CD is up.
Bread Savings is an online-only bank, so it doesn’t have any branches, but its customer service phone line is available seven days a week. Since the high-yield savings account isn’t designed with frequent withdrawals in mind, the only way customers can withdraw cash is by transferring to a linked account.
No monthly fees on savings accounts.
Competitive rates on savings accounts and CDs.
Low minimum opening deposits on savings accounts.
High minimum opening deposit for CDs.
No branch access.
No checking account offered.
Product reviews
Savings
The online bank’s high-yield savings option offers a competitive rate of 4.00% APY. You need only $100 to open, and there’s no monthly fee or minimum balance to worry about. The mobile app lets you deposit checks.
» Want to see more options? Check out NerdWallet’s best high-yield online savings accounts
Certificates of deposit
Bread Savings offers a stellar combination of strong rates and a wide range of CD terms from three months to five years, including a 2-year rate of 4.00% and a 4-year yield of 4.00%.
» Learn more details about Bread Savings CD rates
The minimum deposit of $1,500 is somewhat higher than some online banks, and the early withdrawal penalty ranges from three to 12 months' worth of interest, depending on the CD term.
Full List of CD Rates
| Term | APY | Min Deposit |
|---|---|---|
| 3 months | 3.80% | $1,500 |
| 6 months | 4.00% | $1,500 |
| 9 months | 4.15% | $1,500 |
| 1 year | 4.00% | $1,500 |
| 1.5 years | 4.00% | $1,500 |
| 2 years | 4.00% | $1,500 |
| 3 years | 4.00% | $1,500 |
| 4 years | 4.00% | $1,500 |
| 5 years | 4.00% | $1,500 |
Customer experience & overdraft fees
Customer experience
Bread Savings provides customer service by phone daily from 7 a.m. to 9 p.m. CT on weekdays and from 9 a.m. to 5 p.m. CT on weekends and most holidays. The bank also responds to customers on X (Twitter) and offers secure messaging on the Bread Savings site, too. Its mobile app gets high ratings from iOS users and decent ratings from Android users.
Rating methodology
How we rate banks and credit unions
Banking writers and editors use an objective methodology to rate banks, credit unions, and other providers, and to recommend the best products.
100+
Financial institutions reviewed
100+
Financial institutions reviewed
We took a close look at around 100 financial institutions and financial service providers, including the largest U.S. banks based on assets, internet search traffic and other factors; the nation’s largest credit unions, based on assets and membership; and other notable players in the industry. We rated them on criteria including annual percentage yields, minimum balances, fees, digital experience and more.
30+
Categories assessed
30+
Categories assessed
Each provider is evaluated across five weighted categories and 30 subcategories, including checking and savings accounts, certificates of deposit, customer experience, and overdraft services. For banks or credit unions without one or more types of accounts, the overall rating is modified to include only applicable categories. Institutions are not penalized if they don't offer every type of account.
60+
Data points analyzed
60+
Data points analyzed
We considered more than 60 data points for each provider. Depending on the category, these included account fees and rates (such as annual percentage yields), ATM and branch access, account features, account bonuses, customer service access and user-facing technology, such as innovative tools and mobile apps. We gathered this information for each financial institution from its website, a media representative or both.
Star rating categories
The review team is made up of seasoned writers and editors who cover personal banking deposit accounts, such as checking, savings and certificates of deposit, as well as related banking services, such as overdraft programs and ATM networks. For providers without one or more types of accounts, the overall rating is modified to include only applicable categories. Institutions are not penalized if they don't offer every type of account.
Financial institutions and providers surveyed are: Affirm, All America Bank, Alliant Credit Union, Ally Bank, Alto, Amalgamated Bank, American Express National Bank, Andrews Federal Credit Union, Associated Bank, Axos Bank, Bank of America, Bank5 Connect, Barclays, Bask Bank, BMO, Boeing Employees Credit Union, Bread Savings®, BrioDirect, Capital One, Cash App, CFG Bank, Charles Schwab Bank, Chase, Chime, CIBC U.S., CIT Bank, Citibank, Citizens Access, Citizens Bank, Climate First Bank, ConnectOne Bank, Connexus Credit Union, Consumers Credit Union, Current, Customers Bank, Discover® Bank, E*TRADE, EverBank, Fifth Third Bank, First Foundation, First Internet Bank, First Tech Federal Credit Union, FNBO Direct, Forbright Bank, FourLeaf Federal Credit Union, GO2bank, Golden 1 Credit Union, Hope Credit Union, HSBC Bank, Huntington Bank, Ivy Bank, KeyBank, Lake Michigan Credit Union, LendingClub Bank, Live Oak Bank, M&T Bank, Marcus by Goldman Sachs, My Banking Direct, NASA Federal Credit Union, Navy Federal Credit Union, NBKC, Newtek Bank, OMB Bank, OnePay, Openbank, PayPal, Peak Bank, Pentagon Federal Credit Union, PNC, Poppy Bank, Popular Direct, Quontic Bank, Regions Bank, Revolut, Salem Five Direct, Sallie Mae Bank, Santander Bank, SchoolsFirst Federal Credit Union, Security Service Federal Credit Union, Securityplus Federal Credit Union, Self-Help Credit Union, Service Credit Union, SoFi, State Employees’ Credit Union of North Carolina, Synchrony Bank, TAB Bank, TD Bank, Truist Bank, U.S. Bank, UFB Direct, Upgrade, USAA Bank, Valley Bank, Varo, Venmo, Vio Bank, Wells Fargo, Western Alliance Bank, Zolve and Zynlo Bank.
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