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The Bread Savings account has one of the highest annual percentage yields (APYs) that we've found -- over 11 times higher than the national average. The Bread Savings account is best for those who want a competitive APY that is FDIC insured, and are comfortable with online banking.
In this expert review, we'll cover the Bread Savings account and help you decide if this savings account is right for you.
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Bread Savings
Bread Financial is worth checking out if you want a high interest rate on your savings. Its high APYs on savings accounts and CDs as well as reasonable deposit requirements make the bank appealing to those with high or low balances. But you will need a checking account elsewhere to get cash when you need it.
We recommend comparing high-yield savings account options to ensure the account you're selecting is the best fit for you. To make your search easier, here's a short list of standout accounts.
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Account | APY | Minimum Deposit |
---|---|---|
Bread Savings | 5.15% | $100 |
Bread Financial's high-yield savings account earns a very high rate, meaning generous returns on your saved cash. You will need $100 to open the account, however -- but won't be penalized if your balance falls before that.
High APY: APY is an important factor when choosing a high-yield savings account. The Bread Savings account earns one of the highest APYs offered by any financial institution that we've found. In addition, when you transfer money into your new account from another bank, your Bread Savings account will immediately start earning a high APY.
No monthly service fees: There are no monthly account maintenance fees, ACH transfer fees, or fees for incoming wire transfers.
No minimum balance: You won't be charged a fee if you fall below the account opening minimum.
$100 minimum opening balance is required: To take advantage of the high APY, you will need to maintain the $100 minimum balance in your savings account that was required at account opening.
No physical branch access: Bread Financial is an online-only bank with no physical branches. Bread may not be the best fit for you if you prefer to bank in person.
No debit card: Debit cards and checks aren't offered because a Bread Savings account isn't designed for frequent withdrawals.
Bread currently has no physical branches, but you can fund your account and withdraw money quickly and easily in a few different ways.
There are several ways to fund your account. Funds can be deposited into a Bread Savings account via standard ACH transaction or wire transfer. ACH transfers can be initiated online or through the app.
Customers can also link an external account and initiate an ACH transfer. They can also fund their Bread Savings account by having their payroll provider set up direct deposit and automatically receive their paycheck on payday.
To access the funds in a Bread Savings account, account holders can initiate an ACH transfer to a linked external bank account via the account dashboard in the Bread website or mobile app.
There is a $25 outgoing wire transfer fee and $15 fee for each official check. Bread does not offer a debit card or regular checks for account holders.
At The Motley Fool Ascent, we rate savings accounts on a five-star scale (1 = poor, 5 = best). We evaluate all savings accounts across four main criteria: annual percentage yield (APY), brand and reputation, fees and minimum requirements, and perks that really make a difference -- think ATM access, linked checking accounts, or even branch access.
Our scores are weighted as:
Learn more about how The Motley Fool Ascent rates bank accounts.
Bread Financial is a fintech company that offers the Bread High-Yield Savings account through Comenity Capital Bank, which is part of Bread Financial. Accounts at Bread are FDIC insured.
Bread doesn't have brick-and-mortar locations and is fully online. Its low overhead is what allows it to offer highly competitive rates.
Bread is an online-only bank that doesn't have brick-and-mortar locations.
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