Brotspar Review 2022: Competitive high yield but no control

Bread Savings does not have physical locations, but customer service hours for telephone inquiries are 7:00am CST to 9:00pm CST weekdays. Representatives are also available on weekends between 9:00 am CST and 5:00 pm CST.

All deposits at Bread Savings are FDIC insured up to $250,000 per customer. Prices and fees are current as of November 28 and are subject to change.

Offers to save on bread

Bread Savings offers high-yield savings and limited-fee CDs, including no monthly maintenance fees.

Savings account with high return

Bread yielding savings

• APY: 3.5%
• Fees:
  • Monthly maintenance fee: $0
  • ACH transfers: $0
  • Incoming transfers: $0
  • Outgoing transfer: $25
  • Official check application: $15
  • Paper Statement Request: $5
• Minimum deposit at opening: $100
• Minimum balance required: While the bank encourages customers to keep at least $100 in the account to take advantage of the interest-earning potential, there is no penalty for going below that balance.

The APY on High Yield Savings is a floating rate and may rise or fall with market changes. It’s also important to note that Bread Savings doesn’t offer debit cards and checks associated with its savings accounts, as the accounts aren’t designed for frequent withdrawals. There is a $1 million maximum deposit limit per account and a $10 million limit per customer.

Certificates of Deposit

• APY:
  • 1 year: 4.5%
  • 2 years: 4.5%
  • 3 years: 4.5%
  • 4 years: 4.65%
  • 5 years: 4.75%
• Fees:
  • Monthly maintenance: $0
  • Outgoing transfer: $25
  • Official check application: $15
  • Request for paper extract: $5
• Prepayment Penalty:
  • Terms shorter than 1 year: 90 days simple interest
  • Terms 12 months to 3 years: 180 days simple compounding
  • Terms from 4 years: 365 days simple compounding
• Minimum deposit at opening: $1,500

Once a CD of Bread Savings has been opened funds can only be added on the due date during which you have a 10 day window to make additional contributions. Additionally, there is a 10-day window to withdraw the funds or close the CD on the due date with no penalty. CDs automatically renew on the due date if no funds are withdrawn.

Other services Bread savings offers

While Bread Savings doesn’t offer any other services, Bread Financial, its parent company, offers a few additional options.

• Bread rental: Bread offers loans up to $35,000 with no processing fees. Interest rates are as low as 5.99%. The loan term is 24 to 72 months.
• Bread Buy now Pay later: Bread Financial also offers a “buy now, pay later” service that can be used by customers when shopping online or in a store. This service offers installment payments for purchases with interest from 0%.
• Bread cashback credit card: Bread’s cashback card offers unlimited 2% cashback on purchases. There are no award caps or opt-in requirements, and there is no annual fee associated with the card.

Bread saving platform and customer support

The Bread Savings mobile app allows customers to make deposits and withdrawals, check balances and contact customer service representatives.

Customer service representatives are available by phone seven days a week. They are available weekdays from 7:00am CST to 9:00pm CST. Representatives are also available on weekends between 9:00 am CST and 5:00 pm CST. Messages can also be sent to the bank through their secure online platform or sent through the mail to their offices in Columbus, Ohio.

Pros and cons of saving bread

As with any bank, there are pros and cons to consider when considering bread saving.

Pro: Competitive APY on savings and CDs: Brotsparen offers a generous 3.5% APY while CD APYs jump to 4.75%.

Pro: Minimum Fees: Brotsparen keeps account fees to a minimum for both its savings and CDs. There are no monthly maintenance fees, ACH transfers and incoming transfers are free on both accounts.

Cons: Limited account options. The most obvious downside to saving bread is that the bank only offers two types of accounts, which may not be suitable for all types of customers.
Disadvantage: No stationary locations. As with other online-only banks, there are physical branches that you can visit as a Bread Savings customer.
Cons: High initial deposit requirements for CDs. A minimum deposit of $1,500 is required to open a CD.
Con: No debit card or checks with savings accounts. Access to funds in a savings account is limited. Funds must be transferred from the account to another linked bank account.

frequently asked Questions

Is Bread Savings a reputable bank?

Yes, Bread Savings is an FDIC-insured bank.

How do I withdraw money from bread savings?

Debit cards and checks are not available with Bread’s high-yield savings. Funds must be transferred to a linked bank account.

What do I need to open a bread savings account?

To open a Bread Savings account, you must be at least 18 years old, be a United States citizen or resident alien, have a valid US government-issued Social Security number, and have a US address. A minimum deposit of $100 is also required.