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Bread Savings’ CD APY rates is as high as 4.50%. This is noticeably higher than traditional banks—as an online bank, it has lower overhead costs and can pass the savings along to customers.
The company doesn’t charge any hidden fees or for monthly maintenance. Where many traditional banks have special deals and offers for new customers, Bread shows its appreciation for loyal account holders by offering CD renewal rates that are higher than the basic rates. This dedication to customer satisfaction places Bread Savings among the best online banking companies for those seeking high-yield savings options.
Compared to the lengthy application process you might face with traditional banks, Bread lets you open a CD account online in minutes.
You’re able to manage your entire account online and handle everything from monitoring account activity to transferring funds and making mobile deposits. You can also link your Bread account to external bank accounts to fund your CDs and savings account.
In addition to CDs, Bread Savings offers a high-yield savings account. While Bread Savings doesn't offer credit cards or personal loans, you can access these via Bread Financial, along with business payment solutions. As an online bank, Bread Savings doesn’t offer any physical branches, debit cards, or ATM access.
Bread provides customer support over the phone at 833-755-4354. Operating hours are 7am-9pm (CT) on weekdays and 9am-5pm (CT) on weekends and holidays. You can also send a secure message via your online banking account.
The website is user-friendly and contains a comprehensive FAQs section covering security, opening an account, CDs, savings accounts, and more. The site also contains resources like a financial tips blog and savings calculators.
It’s straightforward to open a CD account online. The application process is streamlined and involves filling out an online form with your personal details and account funding information, and then transferring in at least $1,500 to get started.
To be eligible to open an account, you need to
Bread’s customer service reviews are mixed, with some mentioning unhelpful support and inconsistent responses. While it only has a 1.9 rating on Trustpilot, other reviews found across the web were more positive, with many customers praising how easy the company is to deal with.
The Bread Savings app is available on both Apple and Android devices. It lets you view transactions, monitor balances, make transfers, and deposit checks. You can also customize the interface to your liking and reach out to Bread support right in the app via a secure messaging platform.
The app has thousands of reviews and holds a 4.6 rating on the Apple App Store and 4.2 on the Google Play Store. Many reviewers praise how straightforward and intuitive the app is, but some mention that it performs slowly at times.
Bread uses a variety of security measures to protect your information from hackers and fraud. This includes SSL encryption on its website, biometric authentication, and around-the-clock system monitoring to watch for fraud. It also has FDIC insurance of up to $250,000 per account, so you can have peace of mind that your funds are safe, even if the bank fails.
The company has a detailed privacy policy that covers the information it collects, how it’s collected, and how it’s used and shared.
Bread Savings offers high-interest online CDs that are a great choice for investors who want better rates than traditional banks provide. There are no monthly maintenance fees and no hidden fees to worry about. Applying online is easy, and the company has comprehensive online resources to help answer any questions you might have.
If you’re able to afford the $1,500 minimum opening deposit and are okay with the lack of physical branches and ATM access, these CDs are a safe and reliable option to build up your savings.
This review was created using information from the Bread Savings website, Trustpilot, and other review sites, as well as the Google Play Store and Apple App Store pages for the Bread Savings app.
