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
9/30 - Savings Raised To 5.15% Apy And 1 Year CD Raised To 5.60% Apy
9/1 - 1 Year CD Is @ 5.50% Apy
8/4 - Bread Savings Raised To 5.00% APY
7/11 - Bread Savings Is Now 4.90% Apy
7/7 - Bread Increased 1 Year CD From 5.25% To 5.35% Apy
6/9 - Bread Savings Increased To 4.75% Apy And CD 1 Year Increased To 5.25% Apy
5/13 - .20 Bonus For Renewal Bread Financial
3/23 - Bread Financial Has Top 2-Year CD Offered By Internet Banks
3/22 - Bread Has Risen To 4.50% APY
3/7 - Bread Financial 1-Year CD Crosses Into Rate-Leading APY Territory
2/17 - Savings Raised To 4.25%; 1 YR CD Raised To 4.75%
2/3 - 5 Year Dropped To 4.25%
1/6 - Bread HYSA Rate Increased To 4.00% APY
11/22 - Bread Financial Has Across-The-Board CD And Savings Rate Increases
11/11 - On Their Web Site, High-Yield Savings 3.50%, CD Rates Up Too
10/28 - Bread High Yield Savings Increased To 3.00% APY
9/30 - Bread Financial Long-Term CDs Become Rate Leaders
9/30 - Bread Savings Increased To 2.90% APY
8/9 - Bread Financial CDs Have Large Rate Increases Yet Again
8/2 - Bread Has Risen (2.15% APY)
6/25 - Bread Financial Substantially Raises All CD and Savings Account Rates
6/25 - Bread Financial Takes National Lead In Multiple CD Durations - 4YR (3.30%), 3 YR (3.25%), 2 YR (3.00%), 1 YR (2.50%)
6/24 - Bread Financial Rate Increased To 1.65%
5/28 - Bread Financial Has Across-the-Board Rate Increases
5/27 - Bread Financial HYSA Up To 1.15% APY
4/22 - Bread Financial (Formerly Comenity Direct) Savings Rate Now 1.00% APY
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
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
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
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.
UPDATE:
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."
Data as of Q2 2023
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 57570 |
| Year Established | 2003 |
| Employees | 114 |
| Primary Regulator | FDIC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 6.96% |
| Return on Equity - YTD | 43.41% |
| Annual Interest Income | $1.32B |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q2 2023vs Q2 2022 | $11.79B$11.27B |
| Loans | Q2 2023vs Q2 2022 | $9.03B$8.83B |
| Deposits | Q2 2023vs Q2 2022 | $8.79B$7.52B |
| Equity Capital | Q2 2023vs Q2 2022 | $1.90B$1.65B |
| Loan Loss Allowance | Q2 2023vs Q2 2022 | $1.28B$1.13B |
| Unbacked Noncurrent Loans | Q2 2023vs Q2 2022 | $351.4MM$239.1MM |
| Real Estate Owned | Q2 2023vs Q2 2022 | $0$0 |