Bread Savings is the 139th largest bank in the nation. It was established in 2003 and as of September of 2024, it had grown to 126 employees. Bread Savings' savings rates are 8X the national average, and it has a B+ health rating.
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4/21 - Credit Cards W/ No Annual Fee, 5% Cashback On Gas Or Groceries
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
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.
Zero Issues
I have two accounts with Bread and have never had one problem of any kind when opening or since then either. Learn how to work with the website and internet or stick with full service banks that do everything for you but pay almost nothing in interest. It isn't complicated at all folks.
Never Had One Issue With My Two Accounts
My two accounts at Bread were opened with ease and I have been able to add and withdraw without incidence. Bread has been as easy to deal with as any internet bank I've used. It is my belief that all the negative reviews are due to user inability to understand or use the internet properly. It really isn't that complicated folks.
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 Q3 2024
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 57570 |
| Year Established | 2003 |
| Employees | 126 |
| Primary Regulator | FDIC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 2.27% |
| Return on Equity - YTD | 14.92% |
| Annual Interest Income | $2.11B |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q3 2024vs Q3 2023 | $12.59B$11.95B |
| Loans | Q3 2024vs Q3 2023 | $9.6B$9.08B |
| Deposits | Q3 2024vs Q3 2023 | $9.71B$9.06B |
| Equity Capital | Q3 2024vs Q3 2023 | $1.86B$1.94B |
| Loan Loss Allowance | Q3 2024vs Q3 2023 | $1.36B$1.29B |
| Unbacked Noncurrent Loans | Q3 2024vs Q3 2023 | $466MM$427.7MM |
| Real Estate Owned | Q3 2024vs Q3 2023 | $0$0 |