At a glance

3.8

Bankrate Score

CDs

Savings

Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.

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

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

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

Cons

Customers can’t deposit cash.
There are no physical bank branches or ATM access.
The bank has limited product offerings.

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Bread Savings banking products

4.8

/5

See methodology Compare savings rates

SCORE BREAKDOWN

APY offering:

5.15%

5/5

APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest.

Minimum balance to earn interest:

$100.00

4/5

The lowest deposit amount an account must have before it can earn interest.

Monthly service fee:

$0.00

5/5

A monthly charge a financial institution deducts from an account if certain requirements are not met.

Minimum balance to avoid fee:

$0.00

5/5

The lowest balance an account must maintain in order to avoid a fee.

Access to funds:

Good

4/5

A procedure that allows an individual or organization to access and manage the funds of another account holder.

FEATURES

5.15% APY

APY last updated between 5/6 and 5/12.

$100 minimum deposit to open

Bread Savings savings overview

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.

Pros

The account offers a highly competitive yield.
Customers need to deposit only $100 to open the Bread Savings high-yield savings account.
There's no monthly maintenance fee.

Cons

The Bread Savings High-Yield savings account doesn’t have ATM access.
Bread Savings charges $15 for an official bank check and $25 for an outgoing wire transfer.
You can’t deposit cash into a Bread Savings account.

Rate history for Bread Savings's Savings account

See how rates for this account have changed over time. Interact with the trend lines to view APY by date.

Bread Savings

APY

APY last updated between 5/6 and 5/12.

National average APY

How 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.

See how rates for this account have changed over time. Interact with the trend lines to view APY by date.

Bread Savings

APY

APY last updated between 5/6 and 5/12.

National average APY

How 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.

Compare Offer

Bread Savings CD overview

Bread Savings offers one-, two-, three-, four- and five-year CDs with yields 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, are not offered.

Pros

Bread Savings CD rates are competitive.
There are no monthly maintenance fees.
A solid range of CD terms are offered.

Cons

Specialty CDs aren’t available.
Other banks have lower minimum deposit requirements on CDs.
There are no terms shorter than a year available.

Rate history for Bread Savings's CD accounts

See how rates for this account have changed over time. Select the CD term length from the dropdown and interact with the trend lines to view APY by date.

Bread Savings

APY

APY last updated between 5/6 and 5/12.

National average APY

Term length

How 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.

See how rates for this account have changed over time. Select the CD term length from the dropdown and interact with the trend lines to view APY by date.

Bread Savings

APY

APY last updated between 5/6 and 5/12.

National average APY

Term length

How 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.

Compare Offer

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

Find out: Tips to avoid common bank fees

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 May 6, 2024 and May 12, 2024.

Selected bank Bread Savings savings account Member FDIC Bankrate score Rating: 4.8 stars out of 5 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 Member FDIC Bankrate score Rating: 4.9 stars out of 5 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. Read review	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. Read review
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 May 6, 2024 and May 12, 2024.
5.15%	5.00%
Minimum balance for APY
$100.00	$0.00
Estimated earnings Interest earned calculation based on a $25,000 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.
$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.

The account offers a highly competitive yield Customers need to deposit only $100 to open the Bread Savings high-yield savings account There's no monthly maintenance fee	LendingClub Bank offers a savings account with a very competitive yield. You only need a minimum of $100 to open a LendingClub savings account. There are no monthly fees.	N/A
The Bread Savings High-Yield savings account doesn’t have ATM access Bread Savings charges $15 for an official bank check and $25 for an outgoing wire transfer You can’t deposit cash into a Bread Savings account	Some other banks don’t require a minimum opening deposit for their savings accounts. Accounts can only be opened online.	N/A

APY offering: 5.15% 5/5 APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. Minimum balance to earn interest: $100.00 4/5 The lowest deposit amount an account must have before it can earn interest. Monthly service fee: $0.00 5/5 A monthly charge a financial institution deducts from an account if certain requirements are not met. Minimum balance to avoid fee: $0.00 5/5 The lowest balance an account must maintain in order to avoid a fee. Access to funds: Good 4/5 A procedure that allows an individual or organization to access and manage the funds of another account holder.	APY offering: 5.00% 5/5 APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. Minimum balance to earn interest: $0.00 5/5 The lowest deposit amount an account must have before it can earn interest. Monthly service fee: $0.00 5/5 A monthly charge a financial institution deducts from an account if certain requirements are not met. Minimum balance to avoid fee: $0.00 5/5 The lowest balance an account must maintain in order to avoid a fee. Access to funds: Great 5/5 A procedure that allows an individual or organization to access and manage the funds of another account holder.	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.

Selected bank Bread Savings CD Member FDIC Bankrate score Rating: 4 stars out of 5 4.0 Bankrate CD rating = 4.0/5 Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs) and minimum deposits are some of the things that make up Bankrate’s score.	Most comparable LendingClub Bank CD Member FDIC Bankrate score Rating: 4.3 stars out of 5 4.3 Bankrate CD rating = 4.3/5 Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs) and minimum deposits are some of the things that make up Bankrate’s score. Read review	Bankrate score Bankrate CD rating Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs) and minimum deposits are some of the things that make up Bankrate’s score. Read review
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 May 6, 2024 and May 12, 2024.
5.25%	5.15%
Minimum deposit
$1,500.00	$2,500.00
Term
1 yr	1 yr

Bread Savings offers one-, two-, three-, four- and five-year CDs with yields 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, are not offered.	LendingClub offers competitive yields on its CDs and there are five terms to choose from. A minimum deposit of $2,500 is required, however.

Bread Savings CD rates are competitive There are no monthly maintenance fees A solid range of CD terms are offered	LendingClub’s CDs earn high APYs. A wide range of terms are available, between six months and five years.	N/A
Specialty CDs aren’t available Other banks have lower minimum deposit requirements on CDs There are no terms shorter than a year available	Various other banks require lower minimum deposits on CDs. LendingClub doesn’t offer a no-penalty CD.	N/A

APY offering: 5.25% - 1 yr 5/5 APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. APYs are selected based on Bankrate reviews of the highest rates a bank offers between the term ranges of 7 and 17 months. This excludes jumbo CDs and applies when the minimum deposit is $25k or less. Minimum deposit: $1,500.00 3/5 The minimum deposit amount a financial institution requires in order to open a CD. Range of term lengths: 1 yr - 5 yrs 3/5 A designated amount of time that funds must be held within a CD. Early withdrawal penalty: Average 3/5 A penalty incurred when funds have been withdrawn from a CD before its maturity date. Offer no-penalty or bump-up CDs: No 0/5 A CD that doesn’t incur a penalty if funds are withdrawn before its maturity date. Offer IRA CDs: No 0/5 An IRA account which consists of CDs that typically earns fixed interest over a specified period of time.	APY offering: 5.15% - 1 yr 5/5 APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. APYs are selected based on Bankrate reviews of the highest rates a bank offers between the term ranges of 7 and 17 months. This excludes jumbo CDs and applies when the minimum deposit is $25k or less. Minimum deposit: $2,500.00 3/5 The minimum deposit amount a financial institution requires in order to open a CD. Range of term lengths: 6 mos - 5 yrs 4/5 A designated amount of time that funds must be held within a CD. Early withdrawal penalty: Poor 1/5 A penalty incurred when funds have been withdrawn from a CD before its maturity date. Offer no-penalty or bump-up CDs: No 0/5 A CD that doesn’t incur a penalty if funds are withdrawn before its maturity date. Offer IRA CDs: No 0/5 An IRA account which consists of CDs that typically earns fixed interest over a specified period of time.	APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. APYs are selected based on Bankrate reviews of the highest rates a bank offers between the term ranges of 7 and 17 months. This excludes jumbo CDs and applies when the minimum deposit is $25k or less. The minimum deposit amount a financial institution requires in order to open a CD. A designated amount of time that funds must be held within a CD. A penalty incurred when funds have been withdrawn from a CD before its maturity date. A CD that doesn’t incur a penalty if funds are withdrawn before its maturity date. An IRA account which consists of CDs that typically earns fixed interest over a specified period of time. Bankrate does not currently track additional product details for this bank.

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.

Learn more: The best banks of 2024

Bread Savings FAQs

Bread Savings is best for someone looking for a competitive yield on a CD or savings account. It’s best for someone with at least $1,500 to deposit into a CD or someone who has at least $100 to open a high-yield savings account.
Bread Savings is a product offered by Comenity Bank. Comenity Bank is a Federal Deposit Insurance Corp. (FDIC) bank. The Bread Savings website is listed on the FDIC’s website. This is how Bankrate confirms that a bank is indeed FDIC insured.
Even though the Bread Savings name has only been around since 2022, the bank has roots dating back to 1989 through Comenity Bank. Comenity Bank is a member FDIC institution.

Review methodology

With so many financial institutions to choose from, it can be hard to know who to trust. Bankrate’s ever-growing list of bank and credit union reviews is updated regularly. Our editorial team analyzes and reviews each institution across deposit products such as savings accounts, checking accounts, certificates of deposit (CDs) and money market accounts (MMAs). Banks are rated by important factors such as offered interest rates, fees, minimum balance requirements, access to funds and more.

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.

Date Bankrate gathers rate data either directly from our partners, or through our proprietary rate surveying service. The rate change date is based on when Bankrate received or captured the rate change and may differ from the actual date the rate changed.	Bread Savings APY APY last updated between 5/6 and 5/12. APY last updated between 5/6 and 5/12	National average APY The “national average” is determined by Bankrate’s comprehensive national survey of savings accounts and CDs and reflects the monthly average APY for each product.
04/18/2024	5.15%	0.58%
03/21/2024	5.15%	0.57%
09/27/2023	5.15%	0.57%
08/02/2023	5.00%	0.54%
07/10/2023	4.90%	0.54%
06/07/2023	4.75%	0.49%

Date Bankrate gathers rate data either directly from our partners, or through our proprietary rate surveying service. The rate change date is based on when Bankrate received or captured the rate change and may differ from the actual date the rate changed.	Bread Savings APY APY last updated between 5/6 and 5/12. APY last updated between 5/6 and 5/12	National average APY The “national average” is determined by Bankrate’s comprehensive national survey of savings accounts and CDs and reflects the monthly average APY for each product.
03/15/2024	4.15%	1.43%
01/19/2024	4.15%	1.43%
12/08/2023	4.25%	1.43%
11/29/2023	4.50%	1.45%
10/26/2023	4.75%	1.46%
09/27/2023	4.65%	1.43%
08/30/2023	4.50%	1.38%
07/10/2023	4.35%	1.35%

Bread Savings Bank Review 2024

The Bankrate promise

At a glance

Overview

Highlights

Overall

Pros

Cons

We want to know what you think about Bread Savings

Bread Savings banking products

Bread Savings savings overview

Pros

Cons

Rate history for Bread Savings's Savings account

Bread Savings CD overview

Pros

Cons

Rate history for Bread Savings's CD accounts

Bank fees

Customer experience

About Bread Savings

How Bread Savings compares to other banks

Bread Savings vs. Capital One Bank

Bread Savings FAQs

Who is Bread Savings best for?

Is Bread Savings safe?

Is Bread Savings a legitimate bank?

Review methodology

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