Bread Savings review: Earn a high interest rate on an online high-yield savings account or CD

Personal Finance Insider writes about products, strategies, and tips to help you make smart decisions with your money. We may receive a small commission from our partners, like American Express, but our reporting and recommendations are always independent and objective. Terms apply to offers listed on this page. Read our editorial standards.

Overall bank rating

Feature	Insider rating (out of 5)
Savings	4.25
CD	3.75
Trustworthiness	4
Total	4

Pros and cons

Pros	Cons
Earn a competitive interest rate on a savings account or CD No monthly service fees Free domestic incoming wire transfers on savings account	No checking account or money market account No ATM network Mixed mobile app ratings Must transfer money to an external bank account to access savings

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 a competitive interest rate that’s higher than what many traditional and high-yield savings accounts currently 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 CD review

Bread Savings is among our top picks for 1-year CDs, 2-year CDs, and 3-year CDs. However, many other banks offer a wider variety of term options.

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 2.2 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. 

Bread Savings trustworthiness and BBB score

The Better Business Bureau rates businesses by assessing a company’s responses to customer issues.

The BBB gave Bread Savings a B rating. The BBB attributes Bread Savings’ B grade to the high volume of customer complaints.

A good BBB rating doesn’t mean your relationship with a bank will be perfect. Consider talking to current customers or reading online customer reviews to see if Bread Savings is a good match.

Bread Savings doesn’t have any recent public scandals.

Bread Savings vs. Marcus

We compared Bread Savings to Marcus, an online-only institution with a high-yield savings account and CDs.

Savings APY Bread Savings High-Yield Savings Account	Savings APY Marcus by Goldman Sachs High Yield Online Savings Account
CD APY Bread Savings High-Yield CD	CD APY Marcus by Goldman Sachs High-Yield CD
Bread Savings High-Yield Savings Account	Marcus by Goldman Sachs High Yield Online Savings Account

You might prefer Bread Savings if you are strictly looking to earn a high interest rate on a savings account. Bread Saving pays a competitive interest rate that’s higher than what Marcus currently pays. 

Marcus may be a better choice for CDs, though. It has a greater variety of term options, and 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. 

Savings APY Bread Savings High-Yield Savings Account	Savings APY Salem Five Direct eOne Savings
CD APY Bread Savings High-Yield CD	CD APY Salem Five Direct High-Yield CD
Bread Savings High-Yield Savings Account	Salem Five Direct High-Yield CD

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.

If you’d prefer to earn a competitive interest rate on a savings account or 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 term.

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.