Bread Savings™ High-Yield Savings account review

Who is it best for?

The Bread Savings™ High-Yield Savings account is best for customers who want a competitive interest rate. You’ll earn a whopping 5.15% APY no matter your balance, and there’s no monthly fee to eat into your earnings.

What makes it shine

Bread Savings™ High-Yield Savings has no monthly service fee and comes with a strong 5.15% APY on your entire account balance. ACH transfers are free, so you can move your money between external bank accounts. And incoming wire transfers also won’t cost a dime.

Where Bread Savings™ High-Yield Savings account falls short

There aren’t many downsides to the Bread Savings™ High-Yield Savings account. But like many bank accounts, you’ll need to meet an opening deposit requirement. Fortunately, Bread Savings only requires you to fund your new account with $100, which is relatively low compared to accounts with minimums as high as $2,500.

And new accounts are subject to special rules where funds from incoming ACH transfers aren’t available until 30 business days. This isn’t uncommon, but compared to Ally Bank’s savings account, it’s higher. Ally limits new users only on deposited checks, which are made available between two to five business days.

Customer service is primarily through the phone or by sending a message through your secure banking portal. Although live chat is a common communication method for digital banks, Bread Savings doesn’t support this yet, which isn’t surprising as it doesn’t have the most robust website or online user portal.

And like most savings accounts, the primary way to access your cash is by transferring funds to an external bank account. ACH transfers are free but generally take one to three business days to clear. If you prefer immediate access to your money, consider another savings account with an ATM card.

Compare Bread Savings to other savings accounts

Narrow down top savings accounts by APY, minimum opening deposit and more to find the best for your budget and financial goals. Select Compare for up to four products to see their benefits side by side.

Customer experience

Bread Financial is not accredited with the Better Business Bureau (BBB) and holds an F rating for a pattern of complaints. Most complaints involve Bread Financial’s credit cards, alleging that Bread Financial failed to post payments to accounts, dropped the ball on fraud cases and continuously billed for interest and late fees on closed accounts.

Most complaints filed with the Consumer Financial Protection Bureau cite issues withdrawing money from savings accounts that have been restricted due to suspicious activity. And despite submitting the requested documentation, customers still had problems accessing their money.

On the other hand, some Redditors have had good experiences with Bread’s High-Yield Savings account, stating that signing up was quick, the account is easy to use and citing an overall positive experience.