Bread Savings
Bread Savings (formerly Comenity Direct) does not offer checking accounts, but it does provide certificates of deposit and high-yield savings accounts. With no monthly fees and a respectable 3.50% annual percentage rate, the high-yield savings account has a $100 minimum opening deposit requirement. Bread SavingsTM CDs have strong APYs as well, and a $1,500 initial balance is required. CDs don't have monthly fees, but if a consumer withdraws money before the CD's term is up, there will be a penalty for the early withdrawal.
Although Bread Savings is an online-only bank without any physical locations, its customer support phone line is open every day of the week. Since frequent withdrawals aren't considered when designing the high-yield savings account, the only way clients can withdraw money is by transferring to a connected account. Longer customer wait times could result from tech migration: Bread Financial switched to a new third-party source for their core processing technology in June 2022. Some customers have been experiencing longer than usual hold times due to the increase in customer service calls.
Best for: You're looking for a web-only account with a respectable APY.
Pros:
- Solid rate on high-yield savings account.
- No monthly fees on savings or CDs.
- Online-friendly services.
Cons:
- No checking accounts available.
- Relatively high minimum opening balance for CDs.
- No ATMs or branches.
Website: https://savings.breadfinancial.com/
NerdWallet rating: 4.5/5.0
