Bread Savings product overview
High-yield savings account
The high-yield savings account from Bread currently offers a competitive 4% APY (interest is compounded daily and credited monthly) with no monthly fees. The minimum opening deposit is $100. Bread Savings offers free ACH transfers, free online statements, free incoming wire transfers, and unlimited deposits via mobile check capture and ACH transfer.
Certificates of deposit (CDs)
Bread Savings offers CDs with terms ranging from three months to five years, and rates up to 4.15% APY. The minimum opening deposit for CDs is $1,500. There are no monthly maintenance fees. Interest is compounded daily and credited monthly.
Bread Savings fees
Bread Savings does not charge many fees. However, you may be charged the following fees for specific services:
| FEE | FEE AMOUNT |
| Paper statement request | $5 per request |
| Official check request | $15 per request |
| Outgoing wire | $25 per request |
Bread Savings pros and cons
There are a few key pros and cons you should be aware of before banking with Bread Savings:
Pros:
- Competitive CD and savings account rates: Bread offers competitive deposit interest rates that are much higher than national averages.
- No monthly maintenance fees: Unlike many of its competitors, Bread Savings does not charge monthly fees for account maintenance.
Cons:
- No physical branches or ATMs: Bread Savings operates solely online and does not have any brick-and-mortar locations or ATMs for customers to visit.
- Limited product offerings: Currently, Bread Savings only offers two product types: high-yield savings accounts and CDs. Those looking for other deposit products, such as free checking or money market accounts, should consider other banks.
Customer service and mobile banking experience
Bread Savings representatives are available via telephone on weekdays from 7 a.m. to 9 p.m. CT and weekends and most holidays from 9 a.m. to 5 p.m. CT by calling 1-833-755-4354. Representatives can also be reached via secure message and mail.
Bread Savings also has a mobile app available for download on the App Store and Google Play, with a rating of 4.7 and 4.6 stars, respectively. Customers can use the app to check account balances, transfer money, make deposits with mobile check capture, and more.
Social and environmental impact
Bread Savings has made a commitment to reduce its environmental impact by implementing work-from-home programs and more sustainable commuter transport options such as electric vehicles, ride-sharing, and cycling to work.
Additionally, Bread Savings prioritizes reusing and repurposing electronics and managing energy, water, and paper consumption within its facilities, as well as encouraging eco-friendly supplies, equipment, and systems.
Yes. Bread Savings is a brand of Comenity Capital Bank, an established institution regulated by the state of Utah and the FDIC. Your deposits are insured up to $250,000 per depositor, per ownership category, making it as secure as any traditional brick-and-mortar bank.
High-Yield Savings Account: Requires a $100 initial minimum deposit to open. After opening, there is no ongoing balance requirement to keep the account open or to earn interest. Certificates of Deposit (CDs): Requires a $1,500 minimum deposit per term.
No. There are $0 monthly maintenance fees on both high-yield savings accounts and CDs. However, ancillary service fees apply for specific transactions: $25 for outgoing wire transfers (incoming/ACH transfers are free), $15 for official checks, and $5 if you request paper account statements.
Because Bread Savings offers no checking accounts, debit cards, or ATM networks, all funds must be moved digitally or via check: Inbound transfers: Free ACH bank transfers from an external checking account, direct deposit, wire transfer, or mobile check deposits via the iOS/Android app.
Outbound transfers: Free standard ACH transfer back to your linked linked external checking account, or an outgoing wire transfer ($25 fee).
If you withdraw principal from a CD before its maturity date, an early withdrawal penalty applies depending on the length of your term: Terms of 12 months or less: Penalty equal to 90 days of simple interest.
Terms greater than 12 months up to 3 years: Penalty equal to 180 days of simple interest.
Terms greater than 3 years: Penalty equal to 365 days of simple interest.
Manoj Sharma is a Senior Writer on the banking team at Tax Assistant. He provides information on budgeting, bank accounts, the banking industry, and other related topics. Using original data and methodologies, he helps you identify the best financial institutions, accounts, and products tailored to your needs. Manoj holds a degree in Journalism and Political Science from Syracuse University. All articles are strictly reviewed and fact-checked by our panel of expert Chartered Accountants, including CA Devendra Saini, CA Nikhil Khunteta, and CA Ankit Goyal
