Bread Financial

Overview / Commentary
12921 S Vista Station Blvd
Draper, UT 84020

Bread Financial is the 145th largest bank in the nation. It was established in 2003 and as of June of 2023, it had grown to 114 employees. Bread Financial's savings rates are 10X the national average, and it has an A health rating.

Related Posts

Bread Financial Long-Term CD Rates On The Rise, Albeit Slowly - 10/30/2023

Bread Financial (former internet bank Comenity Direct) has raised its long-term CD rates. $1.5k minimum deposit, with $1 million cap for all accounts.

Savings Raised To 5.15% Apy And 1 Year CD Raised To 5.60% Apy - 9/30/2023

Bread is making some good moves here, Bask is behind. 1-year CD 5.60%;  2-year CD 5.15%; 3-year CD 4.85%;  4-year CD 4.65%;  5-year CD  4.65%

1 Year CD Is @ 5.50% Apy - 9/1/2023

It went from 5.40% apy to 5.50% apy for a 1 year CD.

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Reviews (125)

Great Savings Rates With No Issues

I think those posting negative reviews are just not used to dealing with on line only banks. I have been enjoying the high rate paid on my two accounts with Bread without any negative issues. One post I read here complained about the micro-deposits. Well, those are standard procedure at any on line bank to get things set up for money transfer between accounts, absolutely what is expected and it works seamlessly.

No Trouble Here Either

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Opened 5 yr CD Dec 7, no other previous relationship with Bread. Transferred the funds from Bank of America, since in my previous experience Plaid is dicey except with a few big banks. But as it was the Bread process was perhaps the quickest, smoothest I've experienced opening a CD. Perhaps trouble might come if you have to call?

No Troubles Here

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I have opened several CD's with Bread in the past few months. I'll agree their telephone response is not very fast. If I need something done I just leave a chat message and in a day or two they tell me what I need to do. After opening a CD I have added a joint owner and changed the interest to be sent monthly to an external account. I just fill out the requested form and mail it in and they make the change. As long as you stick with the basics they are fine. I know the EWP is high but what do you expect? The bank is going out on a limb to guarantee a rate and expects to be compensated if you don't live up to your end.

Good So Far... Just Opened Savings

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After reading mixed reviews I did notice that many of the negative ones are from people using their credit card service and most of those were not real recent so took a chance on their savings account.

After maybe opening accounts at 100 banks/CUs over the past years and learning to hate the process I have to say their signup was the quickest and easiest I ever did. Then I realized I didn't see info about a beneficiary, tried calling them but their lines were busy and I didn't want to wait so sent a message from my account. Sooner than I expected I got a reply and received the form for a beneficiary, filled it out and returned it. All went smoothly. Hope it stays that way. The ACH deposit I made showed up there in my account in 2 days!

Was tempted to give 5 stars but I rarely do that. May up it later if that's possible after I see how things go.

I've made several transfers in and out of the bank with no delays or issues, however I am having a problem getting anyone there to let me know about my beneficiary status. I uploaded a form as asked and then got a reply that it wasn't completed. Didn't see anything incomplete and got no response to questions about it, but uploaded it again... still can't get a response and calling is almost impossible for me as I have piss-poor cell signal here.

But they did finally respond apologizing for delays caused by their recent rate increases and unprecedented activity, which I can accept.

NOTE: RE $5000 outbound transfer limit they told me this....
"The current transfer limit is the default amount that is set for all accounts upon opening. After the account has been open for 90 days, a request for an online banking transfer limit increase can be submitted for up to $100K.

An ACH transfer may be initiated on your behalf by one of our associates in any amount up to the available balance in your account.

You will submit your request by calling us at 833-755-4354 or sending us a message here with the amount you would like to transfer along with the verified account you would like to have the funds transferred to."



Health Grade Components

FDIC Certificate #57570
Year Established2003
Primary RegulatorFDIC
Profit Margin
Return on Assets - YTD6.96%
Return on Equity - YTD43.41%
Annual Interest Income$1.32B
Assets and Liabilities
AssetsQ2 2023vs Q2 2022$11.79B$11.27B
LoansQ2 2023vs Q2 2022$9.03B$8.83B
DepositsQ2 2023vs Q2 2022$8.79B$7.52B
Equity CapitalQ2 2023vs Q2 2022$1.90B$1.65B
Loan Loss AllowanceQ2 2023vs Q2 2022$1.28B$1.13B
Unbacked Noncurrent LoansQ2 2023vs Q2 2022$351.4MM$239.1MM
Real Estate OwnedQ2 2023vs Q2 2022$0$0
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Bread Financial Savings Account Rates

5.15%$100$1mBread Savings High-Yield Savings Account

Bread Financial CD Rates

5.50%$1.5k$1m1 Year Bread Savings CD
4.95%$1.5k$1m2 Year Bread Savings CD
4.50%$1.5k$1m3 Year Bread Savings CD
4.25%$1.5k$1m4 Year Bread Savings CD
4.25%$1.5k$1m5 Year Bread Savings CD

Bread Financial is an Internet only bank and does not have branch locations. Its headquarters is located at 12921 S Vista Station Blvd - Draper, UT 84020

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