Updated
Bread Savings CD rates will make you look twice, wipe your eyes, then look a third time in disbelief. This mobile bank offers some of the highest interest rates on CDs we've seen. The minimum deposit is fairly high ($1,500), but if you're okay locking a grand and a half up you could snag an excellent CD rate. Below we'll break down Bread Savings CD rates, stack them up against competitors, and see if it's right for you.
Bread Savings CD rates for 2024
Rates as of April 25, 2024
APY = Annual Percentage Yield
Bread Savings CD
Bottom Line
Comenity Direct CDs (the bank behind Bread Savings) are available in many of the most popular terms, making it a flexible high-yield CD to consider for differing needs. There's also no monthly maintenance fee. But its $1,500 minimum deposit is a little steeper than what some of its competitors charge.
MINIMUM DEPOSIT $1,500
| 1 Yr. APY | 2 Yr. APY | 3 Yr. APY | 4 Yr. APY | 5 Yr. APY |
|---|---|---|---|---|
| 5.25% | 4.65% | 4.25% | 4.15% | 4.15% |
Compare Bread Savings CD rates
Bread Savings CD rates are higher than the national average and can compete with bigger, more well-known financial institutions. Here's how Bread Savings CDs stack up against its competitors.
Rates as of April 25, 2024
| Bank & CD Offer | APY | Term | Min. Deposit | Next Steps |
|---|---|---|---|---|
Member FDIC.
| APY: 5.10% | Term: 10 Months | Min. Deposit: $0 | |
Member FDIC.
| APY: 4.70% | Term: 1 Year | Min. Deposit: $2,500 | |
| APY: 5.05% | Term: 1 Year | Min. Deposit: $1 | |
|
| APY: 5.15% | Term: 9 Months | Min. Deposit: $1 | |
Member FDIC.
| APY: 4.75% | Term: 1 Year | Min. Deposit: $500 |
Details on the Bread Savings CD
Bread Savings' CDs are an excellent choice if you can deposit more than $1,500 in a CD. To help you make the best decision, here are some pros and cons to consider.
Pros:
- Competitive CD rates for shorter terms
- No monthly fees
- FDIC insured
Cons:
- Minimum deposit of $1,500
- No CD term shorter than 12 months
- $15 bank check fee for withdrawals is higher than others
Bread Savings CD Review
Bread Savings CD offers a big punch for a reasonable minimum deposit. The APYs are extremely competitive, the term lengths are decently varied, and the $0 monthly fees are icing on the cake. That said, if you want a term shorter than 12 months, or you can't lock up $1,500, you'll have to consider one of Bread Savings' many CD competitors.
Who is a Bread Savings CD right for?
A Bread Savings CD is perfect for savers who have at least $1,500 and want a CD with a term that's greater than 12 months. It's also an excellent choice if you prefer online and mobile banking over brick-and-mortar banks.
Bottom line: Bread Savings CD rates
Read more about Bread Financial
Our CDs methodology
At The Motley Fool Ascent, certificates of deposit (CDs) are rated on a scale of one to five stars, primarily focusing on annual percentage yield (APY) and early withdrawal penalty fees. Our highest-rated CDs generally include competitive APYs without complex qualification tiers, low withdrawal fees, reliable brand trust and reputation, and ease of use.
Learn more about how The Motley Fool Ascent rates bank accounts.
FAQs
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You should get a Bread Savings CD if you want a high CD rate with no monthly maintenance fees. If you have substantial savings, you could even build a powerful CD ladder with different Bread Savings CDs.
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A Bread Savings CD is worth it if you have $1,500 to lock up for one to five years and want to earn more interest than the CD national average.
Our Banking Expert
Steven is a personal finance writer covering topics from mortgages to credit cards to market news. He has written for The Motley Fool Canada, Ramsey Solutions, Nerdwallet, Clever Real Estate, and other major outlets. Steven launched his writing career at the age of four with his first book, "Revenge of the Bad Guys." He currently lives in Portland, Oregon.
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