Bread Savings Review 2022: Few Banking Products, but Competitive Interest Rates

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Good for Competitive Rates
Bread Savings Bank Review
Good for Competitive Rates
Bread Savings Bank Review
  • savings calc icon inactive
    High Interest Rates
  • Managing debt icon inactive
    No Monthly Fees
  • how to get a personal loan icon inactive
    Minimum Deposit Required

Bread Savings is a good choice if you’re looking for great interest rates and straightforward online banking. It has a high-yield savings account, CDs, and you can also open a credit card or personal loan through Bread Financial. However, it doesn’t offer checking or money market accounts.

NextAdvisor’s Take

  • High APYs on CDs and savings accounts
  • Personal loan and credit card offerings available
  • No monthly maintenance or ACH transfer fees
  • No money market or checking accounts
  • $1,500 minimum deposit for CDs
  • Potentially very high loan APR

Additional Details

  • Online-only bank, formerly Comenity Direct
  • High-yield savings account requires a $100 minimum deposit
  • Several traditional CD terms, ranging from one to five years
  • Personal loans ranging between $1,500 and $35,000
  • Pay over time installment financing for eligible purchases
  • Several retail credit cards and an unlimited 2% cash back card
  • No ATM or debit card access
  • $25 outgoing wire transfer charge
  • Bread Savings deposits are FDIC insured

Editorial Independence

We analyze and review banks without influence of partnerships or advertising relationships. For more information about our scoring methodology, click here.

Bread Savings Bank Full Review

Bread Savings doesn’t have as many products as some other banks, but it does offer competitive savings and CD account options. Bread Savings is part of Bread Financial, a financial services company with products that include personal loans, pay over time services, a cash back credit card, and several retail credit cards. Bread Financial is online-only, and was formerly known as Comenity Bank.

Savings Accounts

Bread Savings has a high-yield savings account with a competitive interest rate that’s among the top savings rates available today. Interest is compounded and accrues daily. Bread requires a $100 minimum deposit. To earn the APY, you’ll need to also maintain at least a $100 ongoing balance. There’s a maximum $1 million limit per account and $10 million limit per customer. 

There’s no monthly maintenance fee, or fees for incoming wire transfers. However, there’s a $25 charge for outgoing wire transfers and $15 for each cashier’s check. 

Like many online savings accounts, you won’t have debit card access. You can transfer money to and from your account via ACH transfer to another bank account, and deposit checks using the mobile app. ACH and mobile check transfers are unlimited. 

Certificates of Deposit

Bread offers only traditional CDs, with terms ranging between one and five years. There’s a $1,500 minimum deposit and interest rates are competive, but vary depending on term. 

Bread does not offer other types of CDs, such as a no-penalty CD or bump-up CDs, which can be a good way to keep up with rising interest rates. If you withdraw from your CD before it matures, you’ll pay a penalty worth 90 days to 365 days worth of interest, depending on the term.

When your CD reaches maturity, it will auto-renew or you can withdraw the funds without paying a penalty within a 10-day grace period. 

Other Products

Bread offers several other banking products, including credit cards, personal loans, and buy now, pay later options. 

Credit Cards

Bread Financial services several retail cards, including Bed Bath & Beyond® Mastercard® Credit Card, David’s Bridal Credit Card, and the IKEA® Projekt Credit Card. You can also open a non-cobranded card with Bread: the Bread Cashback™ American Express® Card, which offers a flat unlimited 2% cash back.

Lending Products

With the Bread Loan, you can borrow between $1,500 and $35,000. Terms range between 24 and 72 months. These loans are designed to consolidate credit card debt, though APRs range from 5.99% to 19.99%.

You can also use Bread Pay, Bread Financial’s Buy Now, Pay Later program, to pay for purchases made in stores or online and in fixed installments. Interest rates and terms depend on your credit score and other factors. 

Customer Experience

Bread Savings’ customer experience rating is on par with other banks, thanks to its range of communication options. 

If you need assistance with your account, you can call a toll free number or send an email. Bread has an online help center to answer questions about its banking products and services, and representatives do respond to customer questions on its Twitter page. However, the bank lacks an online chat feature or email contact for customers. 

Bread’s mobile app has mixed reviews from Google Play and App Store users — with 2.9 stars on Google Play and 4.5 stars on the App Store, respectively. While reviewers enjoy straightforward banking features to simplify mobile transactions, some customers report difficulties accessing their account or making payments using the app. 


Bread does not offer clear accessibility guidelines or initiatives for online users, and ranks low in this category compared to more transparent banks we’ve reviewed. We’ve contacted Bread Savings to learn more about its accessibility efforts. We’ll update this section when we receive additional information. 

Is Bread Savings Right for You?

Bread Savings is a good option for anyone looking for competitive interest rates when opening a high-yield savings account or traditional CD.

The bank may also be best for those that need to consolidate debt with a personal loan or build credit with a flat-rate cash back card, though you should evaluate these products based on your own financial goals before opening. 

Bread has a decent range of customer service and communication options, though it does lack some common features like online chat. We also like its straightforward approach to online banking. You can transfer money from another bank to your savings and manage your banking online or via the app. However, there are a few limitations to keep in mind:

There’s a minimum deposit requirement for both high-yield savings accounts and CDs, so you should make sure you have the minimum amount already saved before opening. Bread also charges for outgoing wire transfers, cashier’s checks, and paper statements.

Finally, Bread Savings is not a full-service bank, with few account types and no money market or  checking account products. If you’d like ATM access to your account, prefer in-person banking, or want more banking product options, consider other banks. 

Bread Savings Bank FAQ

What happens if my savings account balance falls below the minimum?

You won’t be charged a fee if your savings account balance is below $100, but you should maintain the minimum to earn the high interest rate on your savings.

How much does Bread charge for incoming wire transfers?

Bread Savings does not charge for incoming wire transfers, but charges $25 for outgoing transfers.

Does Bread Savings offer debit cards?

No, Bread Savings does not offer debit cards.