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Bread Savings Review 2022: Competitively High Yield But No Checking


Bread Savings is an online-only bank that is part of the Ohio-based financial services company Bread Financial. The bank offers only two types of deposit accounts: high yield savings with competitive APY 3.5% and certificate of deposit (CD) with APY up to 4.75%. The lack of account options offered by Bread Savings can be a challenge for some potential customers, although the high APY on its accounts may outweigh that drawback for some.

Bread Savings does not have any in-person locations but their customer service hours for phone inquiries are weekdays from 7am CST to 9pm CST. You can also contact representatives on weekends from 9 a.m. CST to 5 p.m. CST.

All deposits with Bread Savings are FDIC insured up to $250,000 per customer. Rates and fees are current as of November 28 and are subject to change.

Economical bread

Bread Savings offers high yield savings and CDs for limited fees, including a monthly maintenance fee.

High interest savings account

High yield saving bread

  • APY: 3.5%
  • Fees:
    • Monthly maintenance fee: $0
    • ACH Transfer: $0
    • Bank transfer to: $0
    • Outgoing transfer: $25
    • Claim official check: $15
    • Document Statement Required: $5
  • Minimum open deposit: $100
  • Minimum required balance: While the bank encourages customers to maintain at least $100 in the account to take advantage of the potential for interest, there is no penalty for falling below that balance.

The APY of high yield savings is a variable rate and can increase or decrease according to changes in the market. It is also important to note that Bread Savings does not offer debit cards and checks associated with savings accounts as the account is not intended for frequent withdrawals. There is a maximum deposit limit of $1 million per account and a limit of $10 million per customer.

Certificates of deposit

  • APY:
    • one year: 4.5%
    • 2 years: 4.5%
    • 3 years: 4.5%
    • 4 years: 4.65%
    • 5 years: 4.75%
  • Fees:
    • Monthly maintenance: $0
    • Transfer money to: $25
    • Official test requirements: $15
    • Documents required: $5
  • Early withdrawal penalty:
    • Term less than 1 year: 90 days simple interest
    • Term 12 months to 3 years: 180 days simple interest
    • Age 4 and up: 365 days simple interest
  • Minimum open deposit: $1500

Once CD is opened with Bread Savings, funds can only be added on the due date, during which time you have 10 days to contribute further. In addition, there is a 10-day period to withdraw or close the CD without penalty on the due date. The CD will automatically renew on the maturity date if funds are not withdrawn.

Other services Saving bread provides

While Bread Savings does not offer any other services, Bread Financial, its parent company, offers some additional options.

  • Bread loan: Bread offers loans up to $35,000 with no upfront fees. Interest rates as low as 5.99%. The loan term is from 24 to 72 months.
  • Bread Buy Now Pay Later: Bread Financial also offers a buy now, pay later service that customers can use when shopping online or in-store. This service supports installment payments when buying goods with a low interest rate of 0%.
  • Bread Cashback Credit Card: Bread’s Cash Back Card offers unlimited 2% cash back on purchases. There are no rewards limits or opt-in requirements, and there are no annual fees associated with the card.

Bread Savings Platform and customer support

The Bread Savings mobile app allows customers to deposit and withdraw funds as well as check balances and contact a customer service representative.

A customer service representative can be reached seven days a week by phone. They are available on weekdays from 7am CST to 9pm CST. You can also contact representatives on weekends from 9 a.m. CST to 5 p.m. CST. Messages can also be sent to the bank through the bank’s secure online platform or by mail to offices in Columbus, Ohio.

Pros and cons of Saving Bread

As with any bank, there are pros and cons to keep in mind if you’re considering Bread Savings.

Pro: Competitive APY on savings and CD: Bread Savings yields a generous 3.5% APY, while its CD APY goes up to 4.75%.

Pros: Minimum fees: Bread Savings keeps account fees to a minimum for both savings and CDs. With no monthly maintenance fees, ACH transfers and incoming bank transfers are free on both accounts.

Con: Limited account options. The most obvious limitation of Saving Bread is that the bank only offers 2 types of accounts, so it may not be suitable for all customers.
Con: There is no traditional venue. Like other online-only banks, you can visit physical branches as a Bread Savings customer.
Cons: High initial deposit requirements for CDs. To open a CD, a minimum deposit of $1,500 is required.
Cons: No debit cards or checks with savings accounts. Access to funds in a savings account is restricted. Funds must be transferred out of the account to another linked bank account.

frequently asked Questions

Is Bread Savings a legit bank?

Yes, Bread Savings is an FDIC-insured bank.

How to withdraw money from Bread Savings?

Debit cards and checks are not available with Bread’s high yield savings. Funds must be transferred to the linked bank account.

What do I need to open a Bread Savings account?

To open a Bread Savings account, you must be 18 years of age or older, a U.S. citizen or resident alien, have a valid U.S. government-issued Social Security Number, and a U.S. address. A minimum deposit of $100 is also required.



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