Bread Savings™ Review 2024: FAQs and Getting Started

Bread Savings™ offers savings and more. Read our Bread Savings™ review to find out about the convenient online banking solutions Bread Savings™ has to offer.
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Whether you are saving for a rainy day or have specific financial goals in mind, such as buying a house or car, you want your money to work for you.

These days, you aren’t limited to your local bank.

Consumers can use Bread Savings™ to take advantage of the convenience of online services for their savings and certificate of deposit accounts, as well as higher interest rates than are generally offered through traditional brick-and-mortar banking institutions.

Learn what Bread Savings™ has to offer and how you can benefit from its online banking solutions.

Bread Savings™ Pros and Cons


  • Competitive interest rates for savings and certificate of deposit accounts
  • CD accounts are available with flexible terms
  • Robust management tools available online and through the mobile app
  • No monthly maintenance fees on accounts
  • Low minimum opening balance for saving accounts and manageable minimum opening balance for CD accounts
  • Customer service representatives are easily accessible


  • There are limited products offered, no checking or money market accounts are available
  • Deposits can only be made through the mobile app or bank transfer
  • No debit cards are available to withdraw money
  • No bank branches or ATMs

Top Features of Bread Savings™

Some of the top features of Bread Savings™ Direct include:

  1. Competitive APY rates for savings accounts and certificate of deposit accounts.
  2. No monthly fees and no hidden fees.
  3. Savings accounts can be opened with only $100.
  4. CD accounts can be opened with $1,500.
  5. Multiple terms for CDs are offered, from one year to five years.
  6. Accessible customer service is available on weekdays, weekends, and most holidays.
  7. Banking app that can be used on iPhone and Android to manage accounts, deposit checks, and view balance history.

Which Banks Have the Best Savings Account Rates?

Compare Bread Savings™ to these and other online banking service providers.

Compare Bread Savings™ to Other Online Bank Accounts

Bread Savings™ has years of experience in the banking industry and offers convenient online options for savings accounts, but they are not the only game in town. The following are some other institutions that offer online savings accounts for you to consider.

Ally Online Savings Account

Like Bread Savings™, the Ally Online Savings Account does not provide access to any bank branches or ATMs and allows consumers to use a mobile app to conduct their banking transactions, such as depositing checks.

In addition, accounts also have no monthly fees. Unlike the Bread Savings™ savings account, however, Ally customers have the ability to easily make deposits by setting up automatic transfers and direct deposits to their savings accounts.

Synchrony Bank High Yield Savings Account

The Synchrony Bank High Yield Savings Account is like the Bread Savings™ account in that it does not charge monthly maintenance fees.

However, although consumers can make deposits through its mobile app since there are no physical branches, Synchrony makes banking easier by offering an optional ATM card, as well as reimbursement for ATM fees customers may accrue.

Marcus by Goldman Sachs Savings Account

Like other online banking options, the Marcus by Goldman Sachs Savings Account does not give consumers access to any physical branches or ATM machines. However, the bank also doesn’t offer a mobile app to use for deposits, so all transactions need to be done through its website.

In addition to charging no monthly fees, this savings account has no minimum deposit requirement and no minimum threshold for earning interest.

Rating the Features

Before choosing a bank, it’s important to know all of the features it has to offer account holders. The following are different features you can get from Bread Savings™.

User Experience

It’s extremely easy to sign up for a Bread Savings™ account and use the website or mobile app to handle maintenance.

If you have any issues, you can conveniently contact customer service through the app or by phone on weekdays (7 a.m. to 11 p.m. Central Time) and weekends and most holidays (9 a.m. to 5 p.m. Central Time).

Bread Savings™ does not charge monthly fees on savings or CD accounts. There are no hidden fees, so you are able to receive monthly maintenance and online statements for free. Also, there are no charges for ACH transfers and incoming wire transfers on savings accounts.


Bread Savings™ provides details about products and services on its website for current and prospective customers to review.

For example, information on how to set up and maintain an account is easily accessible to anyone who needs it.

In addition, once you open an account, you are able to easily get information through the website or mobile app. If you have additional questions, you can conveniently contact customer service representatives.


There are not a lot of Bread Savings™ products to choose from, so if you need flexibility, it may not be the best choice for you. For day-to-day banking, you will not be able to write checks unless you pay a $15 fee per request.

There is, however, some flexibility in the CD accounts because you can choose between terms that last one year to five years.

Customer Support

If you need to contact customer support, you can reach a representative through the mobile app.

Also, you can contact Bread Savings™ customer service by phone Monday through Friday, 7 a.m. to 11 p.m. CT, and Saturday and Sunday, 9 a.m. to 5 p.m. CT. Also, customer service is available on most holidays, 9 a.m. to 5 p.m. CT.

Who Is Bread Savings™ For?

Bread Savings™ offers several perks to customers who open a savings or CD account. Bread Savings™ may be a good choice for consumers who:

  • Feel comfortable doing their banking entirely online or through a mobile app when they need to make deposits and money transfers, view balance history, and manage the account.
  • Feel comfortable receiving monthly eStatements, rather than paper statements sent through the mail.
  • Do not need transactions that must be done at a brick-and-mortar bank.
  • Do not need to get cash directly from their bank accounts.
  • Do not need to write checks or use a debit card.
  • Want to earn a higher interest rate on their savings accounts without being charged any monthly maintenance or minimum balance fees.
  • Are not looking for a checking or money market account.
  • Are looking for simplicity and do not need a lot of banking products to choose from.
  • Want to earn high rates on their certificate of deposit accounts.
  • Want to choose CD terms from one to five years.

What Accounts Does Bread Savings™ Offer?

The following are the types of accounts Bread Savings™ offers:

Bread Savings™ Direct High-Yield Savings Account

If you’re looking for an online savings account, the company offers its FDIC-insured Bread Savings™ account, which has a competitive annual percentage yield (APY) that is considerably higher than the national average rate. Interest is accrued and compounded on a daily basis and credited to your account every month.

In order to open an account, you need to deposit a minimum of $100 for the opening balance, and the bank allows for maximum deposits of $1 million for each account and $10 million for each customer.

Bread Savings™ not only allows you to earn more from your savings thanks to the competitive interest rates, but you also keep more because there are no hidden fees. As a result, you will not be charged any fees for monthly maintenance, ACH transfers, incoming wire transfers, monthly online statements, and unlimited deposits from mobile app check captures.

However, Bread Savings™ does charge some fees on savings accounts, which are:

  • $25 for every outgoing wire transfer you send
  • $15 for every official check request you make
  • $5 for every paper statement request you make

You can open a Bread Savings™ high-yield savings account by transferring money from an existing bank account. When you do this, you start earning interest immediately.

Bread Savings™ Direct Certificate of Deposit (CD)

Bread Savings™ offers FDIC-insured certificate of deposit accounts that have competitive interest rates that can allow your money to grow so you have more cash to spend or reinvest when the terms of the CD have ended. The interest rates for the terms Bread Savings™ offers are well above average.

Like with its savings account, Bread Savings™ does not charge hidden fees for CDs. When you open an account, you will receive free monthly maintenance and online statements. However, you will be charged a penalty if you withdraw funds from your CD account early. There are also fees to send a wire transfer and to receive a paper statement mailed to you.

In order to start an account, you need to transfer a minimum of $1,500. When your account matures, you can automatically renew it or cash it out within 10 days to avoid being charged a penalty.

How to Get Started

In order to open an account with Bread Savings™, people should be at least 18 years old and be U.S. citizens.

To begin the process, you will need to provide your name, e-mail address, and phone number.

From there, you will set up a login and password and will be asked to upload a copy of a government-issued ID. You’ll also be asked to provide your residential address and Social Security number.

Also, the bank will ask you questions in order to verify your identity.

Once you’ve done this, you will need to enter the bank account and routing number that you will use to transfer money to set up your new Bread Savings™ account.

As soon as you transfer money into your savings account, you will immediately begin earning interest on your deposit.

Bottom Line

If you’re looking for a basic savings account to hold your money and you feel comfortable doing your banking online, Bread Savings™ is a good choice.

While you aren’t able to get some of the services you would expect from a brick-and-mortar bank, the higher-than-average interest rates may be worth it if you don’t need to make transactions in person.

Frequently Asked Questions (FAQs)

What kinds of accounts does Bread Savings™ offer?

Bread Savings™ offers high-yield savings accounts, as well as certificate of deposit accounts with one- to five-year terms. Bread Savings™ does not offer a checking account.

How can I open a Bread Savings™ account?

You can open an account by filling out an application on the Bread Savings™ website, providing identification, and transferring money for the opening deposit.

What is the minimum amount needed to open an account?

To open a savings account with Bread Savings™, you need to deposit a minimum of $100. For a certificate of deposit account, the minimum opening amount is $1,500.

Are Bread Savings™ accounts FDIC insured?

Yes, Bread Savings™ accounts are FDIC insured for up to $250,000 for each account category a customer holds.

About Author
Kenya McCullum
Kenya McCullum is a freelance writer with expertise in personal finance. She writes about personal finance, education, and other topics that are important to consumers.
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