Bread Savings Account Review 2023: Is It Finally Time to Switch to a High-Yield Savings Account?

woman checking savings account online banking
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Most people eventually realize two things about savings accounts: First, your money only seems to grow when you deposit more of it. And second, you don’t need to go stand inside a physical bank to manage your money.

The Bread Savings High-Yield Savings Account is the ideal account for people who are looking for a competitive annual percentage yield (APY) and are interested in banking online or via an app to manage their savings. That should be most of us these days.

This high-yield savings account has an APY of up to 5.15%, so your money can grow faster than it would in a traditional savings account.

Bread Financial Overview

Bread Financial is a financial services company that offers credit cards, loans and savings accounts for both businesses and individuals.

Through Bread Savings, you can open high-yield savings or deposit accounts to take advantage of some of the most competitive interest rates around.

And yes, your money is safe with Bread Financial. Its savings accounts are FDIC-insured up to $250,000. And its banking services come courtesy of Comenity Capital Bank, a Bread Financial company.

Key Features of Bread Savings High-Yield Savings Account

If you’re looking to actually grow your savings without risking it in the stock market, Bread Savings could be the ideal solution for you.

There are drawbacks, mainly for those who don’t have a checking account and need to transfer money or make cash deposits. However, those can be handled through a linked account or wire transfer, which is fee-free for incoming wire transfers.

Bread Financial doesn’t offer a checking account right now. But if growing your money is your primary goal, and you’re comfortable banking online, there’s plenty to like about Bread Savings high-yield savings account.

If your savings are at a traditional bank, it’s probably time to move your funds somewhere they actually have a chance to accrue some interest — you could be missing out on hundreds, even thousands of dollars annually.

Interest Rates

Bread Savings’ high-yield savings accounts earns interest that’s compounded every single day. Annually, that comes out to an earnings of about 5.15% APY.*

Your daily interest earnings are applied monthly, so you can actually see your savings grow every time you look at a new statement. And there’s no delay. Your money starts earning interest as soon as you deposit it.


There are no junk fees for Bread Savings accounts. You don’t pay monthly service fees, maintenance fees, ACH transfer fees or fees for receiving a wire transfer.

There’s a $5 fee if you want a statement in print, but e-statements are free. There’s also a $25 fee for outgoing wire transfers and a $15 fee for official check requests.

Minimum Deposit

To open a new account, you’ll need a minimum deposit of $100. That’s it. Deposits are capped at $1 million, and total balances are capped at $10 million.


You can handle almost all of your banking needs from a mobile phone these days, whether you bank with an online-only bank or a traditional brick-and-mortar location.

If you’re someone who handles a lot of cash, depositing cash into your Bread Savings high-yield account might require an extra step.

You can deposit cash in a checking account and transfer it to your Bread Savings account or initiate a wire transfer (Bread Financial won’t charge you for incoming wire transfers).


You get all the requisite security features you’d expect from any reputable bank. That includes multi-factor authentication, internal monitoring that keeps watch 24/7 and up to $250,000 in deposit insurance per depositor for each ownership category from the Federal Deposit Insurance Corporation (FDIC).

Other Perks

Bread Savings keeps its interest rates competitive by tracking the rates offered by competitors and similar products. So while its rates are subject to change, that’s not necessarily a bad thing.

man doing online banking bread financial

Pros and Cons

  • High interest rates that compound every day
  • No unnecessary fees (you only pay for paper statements, outgoing wire transfers and official check requests)
  • Balanced security measures to safeguard your personal information and the money in your Bread Savings account
  • No monthly maintenance fees
  • Low minimum deposit to open an account (only $100)
  • The convenience of an online bank: You can contact Bread Savings by phone or app or find answers via the Bread Savings website
  • FDIC insurance

  • No physical branches, so cash deposits may require an extra step
  • No checking account options. This account doesn’t include debit cards or other checking tools.

How Does a Bread Savings Account Compare to Other Savings and CDs?

Good luck finding a traditional bank that’ll pay you a 5.15% APY like a Bread Savings high-yield savings account will.

Bread Financial offers CDs, too, and they constantly update their rates to stay competitive, so you’ll likely find higher interest rates with Bread Savings CDs, as well.

How to Open a Bread Savings Account

All you need is a few minutes and an internet connection to open a Bread Savings account.

You can go to the Bread Savings website or download the Bread Savings mobile app.

From there, just select the type of account you want, either a high-yield savings account or a certificate of deposit account, and enter a few details about yourself.

Once you connect a funding source and transfer at least $100 into your new high-yield savings account, you’ll immediately start to see that money grow.

Conclusion: Should You Open a High-Yield Account With Bread Savings?

You’ve probably already heard something about Bread Financial or Bread Savings, as the company is now well-established with an assortment of financial products with especially attractive terms.

Bread Financial offers loans, credit cards and business resources in addition to high-yield and CD accounts.

If you want to reach your savings goals faster, Bread Savings is a great choice. There’s a lot to like about its high-yield accounts, from the high-interest earnings to the absence of a monthly maintenance fee.

Ready to actually grow your savings? You only need a minute to open a high-yield savings account with Bread Savings.

*Annual Percentage Yield (APY): All APYs are accurate as of 10/27/2023. APYs are subject to change at any time without notice.

*FDIC insurance up to $250,000 per depositor for each ownership category.