Bread Financial Review 2023

Bread Financial logo

Bread Financial

9.0 rating

Expert Take

Bread Financial (previously Comenity) is an excellent option for those looking to earn a high-interest rate on a savings account. The current APY is as good as you’ll find anywhere online, and with some savvy features and an easy-to-use platform, it’s well worth considering.


  • Mostly Fee Free
  • Great Savings Rates
  • Solid Customer Support


  • No ATM
  • No Sign-Up Bonus

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at Bread Financial

If you’re looking for an online-only bank with a seriously high-yield savings account, you need to check out Bread Financial.

With one of the highest APYs you’re likely to find, plus a ton of cool features, it’s well worth your consideration.

Of course, there’s more to choosing a banking partner than big numbers and fancy tech, so you’ve come to the right place if you want to learn more.

In this post, we’ll unpack all of the things that newly-minted Bread Financial brings to the party.

To start, here’s a quick background on what Bread Financial is, and what it has to offer its customers.

What is Bread Financial?

Formerly known as Comenity Direct and Alliance Data, Bread Financial is a tech-forward financial services company based out of Columbus, Ohio.

The company’s main offerings are digital banking products, such as savings accounts, credit cards, and personal loans.

Let’s take a closer look at the banking features you can expect when you sign up.

Bread Financial Features

Online Banking

Like any good fintech, Bread Financial comes with plenty of online financial tools.

You can monitor your bank account, credit cards, and loan balances, and make transfers whenever you need to.

You can easily access everything from your laptop or tablet, and if you prefer to bank on your smartphone, there’s also a mobile app.

Mobile App

With the Bread Financial mobile app, you can take advantage of all of the online tools and features from your smartphone with ease.

It’s available on both Apple and Android, and you can access it once you sign up for any Bread Financial products.

So far, the app has garnered solid acclaim in the App Store, where it has a 4.5-star rating (out of 5). However, it isn’t faring as well in the Google Play Store where it’s earned just 3.3 stars (out of 5).

Bread Financial Savings Accounts

Bread Savings

Bread High-Yield Savings is the company’s flagship consumer product. The current annual percentage yield (APY) is 5.00% with no minimum balance requirements to earn the rate, and you can open a new account with a minimum deposit of $100.

Along with the highly-competitive interest rate, there’s no monthly maintenance fee, plus free ACH transfers, free incoming wire transfers, and unlimited mobile check deposits.

Certificate of Deposit

If you’re looking for a longer-term online savings account, you might want to consider a Bread Savings CD account, which comes with Bread’s highest overall savings rate.

You can choose between term lengths ranging from one to five years, and enjoy a maximum CD rate if you opt for the shorter terms.

To open a Bread CD, you need to make an initial deposit of at least $1,500. Of course, if you pull your money out before the end of your term, there’s an early withdrawal penalty.

But otherwise, your CD terms don’t include any hidden fees. Here’s the full breakdown for each term length:

Product APY Min Deposit
1 Year CD5.50%$1,500
2 Year CD5.00%$1,500
3 Year CD4.75%$1,500
4 Year CD4.50%$1,500
5 Year CD4.50%$1,500

Bread Financial Credit Cards

The Bread Cashback™ American Express® Credit Card

bread cashback amexWhen it went by Comenity, Bread Financial was best known for its private-label company credit cards.

But under the new name, the company now offers The Bread Cashback™ American Express® Credit Card.

When you use your Card for purchases, you’ll earn unlimited 2% cash back. There are no complicated categories to keep up with.

You can redeem these earnings as a statement credit or direct deposit to your bank account.

There’s no annual fee and no foreign transaction fees.

Company Credit Cards

Despite the new name, Bread Financial also continues to offer a ton of different company credit cards. These cards cover a wide range of options, from retail and travel (e.g., Bed, Bath & Beyond) to professional sports teams (e.g., the Chicago Bears Extra Points Visa Credit Card).

We don’t have quite enough time in this post to cover each of the cards that Bread has to offer, but you can search for the perfect one on the Bread Financial website.

Bread Financial Lending

Bread Loans

If you’re looking to consolidate credit card debt or work toward improving your credit score, you might want to consider taking out a loan.

Bread Loans are issued at up to $35,000, and repayment terms range from 24 to 72 months. There are no origination fees, and APRs start at just 5.99%.

Plus, there’s no hard inquiry required to apply for a Bread Loan, so your credit score won’t take a hit just for inquiring.

To get started, all you need is some basic personal and financial information, and Bread will let you know what kind of rate you’re likely to pay.

Bread Pay

If you’d rather not take out a full loan but still want some spending flexibility, you can also consider Bread Pay, which basically a Buy Now Pay Later feature.

Bread Pay comes with flexible payment terms, and depending on your credit score, you can take advantage of an APR as low as 0%.

Bread Pay is available for both in-store and online purchases, and you can set it to auto-pilot with convenient automatic payments.


Overall, Bread Financial is on par with most online-only banking options, and you won’t have to worry much about fees.

There are no monthly maintenance or low balance fees, and you’ll find that many of the other charges you see from traditional banking just aren’t here.

In fact, there are only three account fees that you can expect to run into. Take a look:

  1. Paper Statement Request: $5 per request
  2. Official Check Request: $15 per request
  3. Outgoing Wire Transfer: $25 per wire

Otherwise, you can consider Bread a fee-free platform. If you’re looking to avoid pesky charges at every turn, Bread is a winner.

Getting Started

To sign up for an account with Bread, just head to the website, click “Open Account”, and you can get the ball rolling.

The entire process shouldn’t take more than a few minutes, as long as you come prepared with information like your Social Security number, address, and bank account numbers.


From an online security standpoint, Bread is well-equipped with top-of-the-line encryption technology, plus advanced password security, multi-factor authentication, and more.

The website also provides extensive advice on how you can do your part to protect your accounts and information. As always, you should reach out immediately if you’re worried that your account has been compromised.

Customer Support

When you need the help of a customer service representative, you have a few different options. If you want to give Bread a call, the phone number is 1-855-796-9632, which is available during daytime business hours.

Otherwise, you can start a secure chat online, or browse through the site’s FAQs for help with common problems. So far, Bread’s customer support seems to be working well, as shown by the company’s excellent 4.7-star rating (out of 5) on Trustpilot.

Pros and Cons


  • Great savings rates
  • Mostly fee-free
  • Tons of credit card options
  • Solid customer support


  • No checking account or Money Market account
  • Limited account features
  • No sign-up bonus
  • No ATM access



Chime is a leading neobank, and it offers a variety of deposit accounts. From a high-yield savings account to easy-to-use online checking, the online-only bank has everything you’re likely to need. If you’re looking for more of a full-service option, it might be a better fit.

Marcus by Goldman Sachs

Marcus, like Bread, keeps it fairly simple by sticking to a high-yield online savings account, as well as personal lending. Its rates are always extremely competitive, and you can count on the reliability of a brand name like Goldman for any of your financial needs.

Frequently Asked Questions

Is Bread Financial FDIC-insured?

Yes, Bread Financial is a member-FDIC financial institution. This means that any deposits you make into your Bread account are protected for up to $250,000 in the event that the bank fails.

Who owns Bread Financial?

Bread Financial is its own publicly-traded company. The company as it stands today is the result of multiple mergers and acquisitions. In the past, it went by the names of Comenity Direct and Alliance Data.

Did Comenity change its name?

Yes and no. Comenity still exists, but it’s now a subsidiary of Bread Financial. If you’re familiar with Comenity and its offerings, you can expect more of the same from Bread.

Is Bread Financial right for you?

Bread Financial is an excellent option for those looking to earn a high-interest rate on a savings account. The current APY is as good as you’ll find anywhere online, and with some savvy features and an easy-to-use platform, it’s well worth considering.

That said, the main drawback is that Bread isn’t a one-stop personal finance shop. There’s no checking or money market account available, so you’ll need to look elsewhere for certain financial needs. With this in mind, you should think of Bread as a complement to your overall financial strategy rather than a sole banking partner.

However, if you’re already well-suited for your checking needs, Bread comes with plenty of products and features to like. Overall, I’d recommend it for those with a good chunk in savings who are looking to grow that money safely. Plus, it’s an attractive option if you’re in need of a personal loan or a new credit card.

Now that you know what to expect from Bread as a banking partner, the next move is up to you. Whether you choose to sign up or not, you’re already improving your financial life by doing your due diligence.