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Bread Savings Review
Bread Savings operates exclusively online. This working structure keeps its overheads low which in turn enables the bank to offer a competitive APY that’s nearly 11 times the national average. What’s more, the bank doesn’t charge any monthly fees, so your savings will grow unhindered.
You’ll need at least $100 to open an account, but there’s no minimum balance requirement once your account is active. This is a notable advantage over traditional banks, many of which require you to maintain a minimum balance at all times.
Bread Savings offers round-the-clock access to your high-yield savings account through its online and mobile platforms. The following services are available on both platforms:
Bread Savings doesn’t have any brick-and-mortar locations. The account isn’t designed for frequent withdrawals and therefore doesn’t offer debit cards or regular checks either. To access funds, you must transfer them to a linked external checking account or request the bank to write you an official check.
As with many traditional banks, fund availability depends on the deposit method. For new accounts—defined as those open for 30 days or fewer—some special rules apply. For example, funds from ACH transfers aren't available until after 10 business days. This wait time drops to five business days for accounts older than 30 days.
In addition to its high-yield savings product, Bread Savings offers certificates of deposit (CDs). You can access more financial products—including personal loans and credit cards—and buy now and pay later offerings through its parent company, Bread Financial.
| Type | Amount |
| Minimum opening deposit | $100 |
| Monthly maintenance | $0 |
| Incoming wire transfers | $0 |
| Outgoing domestic wire transfers | $25 |
| Online statement | $0 |
| Paper statement | $5 |
| Official bank checks | $15 |
The Bread Savings High-Yield Savings Account has a minimum opening requirement of $100, which is notably lower than other accounts in this segment, which can require a deposit of up to $2,500 to get started.
You’ll earn an impressive 4.40% APY on your entire balance as long as it’s above the initial $100 opening deposit. Any funds you transfer from another bank begin accruing interest at the high 4.40% APY immediately. Interest is compounded daily and credited to your account monthly.
Bread Savings doesn’t charge any monthly service fees. You also won’t pay any ACH or incoming wire transfer fees. However, there’s a $25 fee for outgoing wire transfers, $15 for official check requests, and $5 for paper statement requests.
Bread Savings provides customer support on the phone Mon-Friday, 7am-9pm, CT, and on the weekend, 9am-5pm, CT. There’s no live chat, but you can send a secure message to the bank through your online account.
Additionally, you can contact Bread Savings by writing a letter and sending it to the following address:
Bread Savings
PO Box 182084
Columbus, OH 43218-2158
Its website features several valuable resources, including an extensive FAQ section and a collection of savings calculators. The parent Bread Financial website also has an education center with many informative articles on a wide range of personal finance topics, including savings, budgeting, debt, and home ownership.
Although the Bread Savings online platform offers a seamless user experience and includes a wide range of services and features, there’s room for improvement.
On Trustpilot—where Bread Financial holds a relatively low rating of 1.9 stars out of five—some users report being unable to upload the required information and documents due to technical difficulties.
On a brighter note, the Better Business Bureau (BBB) gives the BBB an A+ rating, the highest possible rating on the platform. This high rating signals that the company has a good track record of fulfilling its commitments to customers and operates in a trustworthy manner.
Bread Savings enhances your banking experience through a feature-rich mobile app. Available for both Android and iOS devices, the app has relatively high ratings from users. On the Google Play Store, it boasts a score of 4.2 stars out of five, while on the Apple App Store, it has an even higher score of 4.6 stars.
Services available on the Bread Savings mobile app include depositing mobile checks, monitoring account balances and transactions, transferring funds, and contacting customer care.
The Bread Savings High-Yield Savings Account is FDIC-insured through Comenity Capital Bank, a subsidiary of Bread Financial. FDIC insurance protects your deposits up to at least $250,000 in the unlikely event of the bank going under.
Bread Savings uses Secure Sockets Layer (SSL) encryption technology to safeguard all online transactions and ensure the safe transmission of private information over the internet. Its mobile app includes biometric login options for quick and secure access to your account.
The bank also offers two-factor (2FA) authentication, which adds an extra layer of security when signing in to its online platform. Other safety measures include round-the-clock monitoring of its systems to detect and prevent any security breaches. This ensures your personal and financial information remains confidential and secure 24/7.
Finally, there’s a comprehensive Privacy Policy on the Bread Savings website you can read to find out how the bank collects and handles your personal information.
The Bread Savings High-Yield Savings Account stands out in the market with a highly competitive APY of 4.40% that applies to your entire balance. You only need $100 to open the account, and there are no monthly maintenance fees. The account is FDIC-insured, meaning your deposits are safe up to at least $250,000.
You can conveniently access and manage your account from anywhere and anytime through its user-friendly online and mobile platforms. If you experience any issues or have questions, customer support is available seven days a week.
The information used to create this review was gathered from the company’s website and reviews on comparison sites like Trustpilot.
