Bread Savings, formerly known as Comenity Direct, has announced its current product offerings. The financial services division of Bread Financial provides personal and business banking products.
The high-yield savings account from Bread Savings offers a 4% APY. Interest is compounded daily and credited monthly. There are no monthly fees. The minimum opening deposit is $100. The account includes free ACH transfers, free online statements, free incoming wire transfers, and unlimited deposits via mobile check capture and ACH transfer.
Certificates of deposit are available with terms from three months to five years. Rates reach up to 4% APY. The minimum opening deposit for CDs is $1,500. No monthly maintenance fees apply. Interest on CDs is also compounded daily and credited monthly.
Bread Savings does not charge many fees. Specific service fees may apply in certain cases.
Key advantages include competitive CD and savings account rates, which are higher than national averages. Another pro is the absence of monthly maintenance fees, unlike many competitors.
Disadvantages include no physical branches or ATMs, as Bread Savings operates solely online. Product offerings are limited to high-yield savings accounts and CDs. Customers seeking other deposit products like free checking or money market accounts are advised to consider other banks.
Customer service is available by telephone on weekdays from 7 a.m. to 9 p.m. CT and on weekends and most holidays from 9 a.m. to 5 p.m. CT at 1-833-755-4354. Representatives can also be reached via secure message and mail.
A mobile app is available on the App Store and Google Play, with ratings of 4.7 and 4.6 stars respectively. The app allows customers to check account balances, transfer money, make deposits with mobile check capture, and perform other functions.
Bread Savings has committed to reducing its environmental impact. Initiatives include work-from-home programs and sustainable commuter options like electric vehicles, ride-sharing, and cycling. The company prioritizes reusing and repurposing electronics, managing energy, water, and paper consumption, and encouraging eco-friendly supplies, equipment, and systems.
Deposits are FDIC-insured up to $250,000 per depositor, per institution, per ownership category. The routing number is 124085325. Bread Savings is a division of Comenity Capital Bank, an FDIC-insured financial institution. The current rate for the high-yield savings account is 4% APY, described as one of the highest available today.