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Bread Savings (previously Comenity Direct) is an excellent choice for earning a competitive interest rate on a high-yield savings account or CD. However, keep in mind that the online bank doesn't have a checking account or ATM network, so you're left with limited ways to access your money.
Today's Bread Deposit Rates
| Account | Annual Percentage Yield (APY) |
| Bread Savings High-Yield Savings Account | 5.15% |
| Bread Savings 1 Year High-Yield CD | 5.25% |
| Bread Savings 2 Year High-Yield CD | 4.65% |
| Bread Savings 3 Year High-Yield CD | 4.25% |
| Bread Savings 4 Year High-Yield CD | 4.15% |
| Bread Savings 5 Year High-Yield CD | 4.15% |
Bread Savings High-Yield Savings Account Review
Bread Savings is a great choice if you have at least $100 to open an account. There are zero monthly services fees, and you'll earn an interest rate that's competitive with what many of the best high-yield savings accountscurrently pay.
The main drawback to the Bread Savings High-Yield Savings Account is you'll have limited access to your account. If you'd like to take out money, you'll have to transfer funds to an external bank account.
Bread Savings High-Yield Savings Account
On Bread Savings' website. Bread Savings, FDIC Insured.
Insider’s Rating
4.25/5
Perks
Earn 5.15% Annual Percentage Yield (APY). $100 minimum deposit. FDIC Insured.
Fees
no monthly service fee
Annual Percentage Yield (APY)
5.15%
Minimum Opening Deposit
$100
Pros
- Competitive interest rate
- No monthly service fees
- Free incoming wire transfers
Cons
- $100 minimum opening deposit
- $25 outgoing wire transfer fee
Insider’s Take
Bread Savings is an excellent choice for earning a competitive interest rate on a savings account or CD. However, keep in mind that the online-only bank doesn't have a checking account or ATM network, so you're left with limited ways to access your money.
Product Details
- Keep up to $1 million in an account
- Interest compounded daily, paid monthly
- FDIC insured
Bread Savings High-Yield CDreview
Bread Savings is among our top picks for several of our guides. However, other banks may offer a wider variety of term options or permit lower minimum opening deposits.
Bread Savings High-Yield CD
On Bread Savings' website. Bread Savings, FDIC Insured
Insider’s Rating
3.5/5
Annual Percentage Yield (APY)
4.15% to 5.25%
Minimum Opening Deposit
$1,500
Pros
- Competitive APY
- Standard early withdrawal penalties
Cons
- $1,500 minimum opening deposit
- Limited term options
Product Details
- CD terms range from 1 year to 5 years
- Early withdrawal penalty: 180 days simple interest for terms between 1 year and 3 years; 365 days simple interest for terms between 4 years and 5 years
- Interest compounded daily, paid monthly
- FDIC Insured
How Bread Savings works
Bread Savings is an online-only bank with a high-yield savings account and CDs. The bank doesn't have ATMs, debit cards, or credit cards. You'll need to link an external bank account and transfer funds if you'd like access to money from your account.
Bread Savings was previously known as Comenity Direct. Comenity Direct has recently been rebranded because its parent company, Bread Financial, has expanded to include lending options. Current customers can continue to use their high-yield savings accounts or CDs regularly, as no major changes have occurred in the rebranding.
The Bread Savings mobile app has mixed app ratings. It has 4.5 out of 5 stars in the Apple store but just 3.3 out of 5 stars in the Google Play store.
To speak to a Comenity Direct representative, call weekdays from 7 a.m. to 9 p.m. CT, or on weekends and most holidays from 9 a.m. to 5 p.m. CT.
Bread Savings deposits are FDIC insured for up to $250,000 in individual bank accounts.
Overall bank rating
| Feature | Personal Finance Insider rating (out of 5) |
| Savings | 4.25 |
| CD | 3.5 |
| Trustworthiness | 2.5 |
| Total | 3.5 |
Pros and cons
| Pros | Cons |
|
|
Bread Savings trustworthiness and BBB score
The Better Business Bureau rates businesses by assessing a company's responses to customer issues. The BBB gives Bread Savings an A+ rating.
Bread Savings doesn't have any recent public controversies.
Bread Savings vs. Marcus
We compared Bread Savings to Marcus No-Penalty CD, an online-only institution with a high-yield savings account and CDs.
You might prefer Bread Savings if you are strictly looking to earn a high interest rate on a savings account or a CD. Bread Saving pays a competitive interest rate that's higher than what Marcus currently pays.
Marcus may be a better choice if you're looking for greater variety of CD terms. You can also open a Marcus No-Penalty CD, which is a CD that doesn't charge you a fee for withdrawing funds before your CD matures.
If you'd like to open a checking account, you'll want to consider other banks. Marcus and Bread Savings both only have high-yield savings accounts and CDs.
Bread Savings vs. Salem Five Direct
Salem Five Direct is the online operation of the Massachusetts-based bank Salem Five. See how the two institutions match up below.
Salem Five Direct will stand out to you more if you would like to access your savings quickly. Salem Five Direct has a checking account, so you can transfer money immediately between bank accounts or use an ATM to withdraw money. It also may b a better choice if you're strictly looking for a high interest rate on a savings account.
If you'd prefer to earn a competitive interest rate on a CD, Bread Savings might be a more suitable choice. Bread Savings CDs also have a much lower minimum opening deposit. At Salem Five Direct, you'll need at least $10,000 to open a CD.
Frequently asked questions
What is Bread Savings?
Bread Savings is an online-only bank. It has a high-yield savings account and CDs ranging from one year to five years.
How do I set up a Bread Savings bank account?
You may open a Bread Savings bank account online from anywhere in the US. To be eligible, you must be at least 18 years old, be a US citizen or permanent resident, and have a US ID.
How do I withdraw money from Bread Savings?
Bread Savings accounts do not come with ATM cards or debit cards. If you need to withdraw money from a Bread Savings account, you'll have to transfer money to an external bank account.
Banking Editor
Sophia Acevedo is a banking editor at Business Insider. She edits and writes bank reviews, banking guides, and banking and savings articles for the Personal Finance Insider team. She is also a Certified Educator in Personal Finance (CEPF).Sophia joined Business Insider in July 2021. Sophia is an alumna of California State University Fullerton, where she studied journalism and minored in political science. She is based in Southern California.You can reach out to her on Twitter at @sophieacvdo or email sacevedo@businessinsider.com.Read more about how Personal Finance Insider chooses, rates, and covers financial products and services >>Below are links to some of her most popular stories:
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Compliance and Operations Associate
Evelyn He is a compliance and operations associate at Business Insider who supports the Personal Finance Insider team. Personal Finance Insider is Business Insider's personal finance section that incorporates affiliate and commerce partnerships into the news, insights, and advice about money that Business Insider readers already know and love.The compliance team's mission is to provide readers with stories that are fact-checked and current, so they can make informed financial decisions. The team also works to minimize risk for partners by making sure language is clear, precise, and fully compliant with regulatory and partner marketing guidelines that align with the editorial team.Before joining Business Insider, she served in various legal and compliance roles in different industries, including the legal and pharmaceutical industries.Evelyn obtained her M.S. degree in Marketing at Boston University in 2022. Prior to combining and consolidating her knowledge of law and business, she spent one year finishing 1L courses at Suffolk University Law School to further her legal knowledge. She has also completed MBA business law courses while working on her Bachelor of Business Administration in Management at the University of Massachusetts, Amherst.Outside of work, she enjoys spending time with her 15-year-old Shih Tzu named Money, and her 5-year-old Bichon named Tibber.
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