Is bread savings legit? Bread Savings Review 2024: Complaints and Customer Feedback on Formerly Comenity Direct

Bread Savings, formerly known as Comenity Direct, is an online bank that offers high-yield savings accounts and certificates of deposit (CDs). The bank is FDIC-insured and has been in operation since 2018. In this article, we will review Bread Savings and take a closer look at customer complaints about the bank in 2024.

Bread Savings has gained popularity among savers due to its competitive interest rates and no monthly maintenance fees. The bank offers a savings account with an annual percentage yield (APY) of 0.60%, which is significantly higher than the national average. Additionally, Bread Savings offers CDs with terms ranging from six months to five years, with APYs up to 1.50%. Despite its relatively short time in operation, Bread Savings has attracted a significant number of customers who are looking for a high-yield savings option.


However, like any financial institution, Bread Savings has received its fair share of customer complaints. In 2024, some customers have reported issues with account access, customer service, and delays in transactions. In this article, we will explore these complaints in detail and provide an honest review of Bread Savings’ services and customer satisfaction.


A stack of bread loaves sits on a shelf, surrounded by customer reviews and complaints. The Bread Savings logo is prominently displayed


Overview of Bread Savings


History and Background

Bread Savings, formerly known as Comenity Direct, is an online bank that was founded in 2018. The bank is a subsidiary of Bread, a financial technology company that aims to make banking more accessible and affordable for everyone. Bread Savings is FDIC-insured, which means that customers’ deposits are protected up to $250,000 per account.

Bread Savings offers a range of banking products, including savings accounts, certificates of deposit, and personal loans. The bank’s savings accounts offer competitive interest rates, which can help customers grow their savings over time. In addition, Bread Savings does not charge any monthly maintenance fees or require a minimum balance to open an account.


Current Position in the Market

Bread Savings has quickly established itself as a competitive player in the online banking space. The bank’s focus on offering high-yield savings accounts and other low-cost banking products has resonated with customers who are looking for ways to save money and earn more interest on their savings.

Bread Savings has also received positive reviews from customers and financial experts alike. Customers appreciate the bank’s user-friendly website and mobile app, as well as its responsive customer service team. Financial experts have praised Bread Savings for its competitive interest rates and commitment to transparency.

Overall, Bread Savings is a solid choice for customers who are looking for a low-cost, high-yield savings account. With its competitive interest rates, FDIC insurance, and user-friendly platform, Bread Savings is well-positioned to continue growing its customer base in the years to come.


A stack of bread-shaped coins piled next to a piggy bank with "Bread Savings" written on it. A computer screen shows "Bread Savings Review" and "Comenity Direct" with mixed reviews and complaints


Product Offerings


Savings Accounts

Bread Savings offers a competitive interest rate on its savings accounts, making it an attractive option for those looking to save money. Customers can open a savings account with as little as $100 and earn interest on their balance. The account has no monthly maintenance fees, and customers can easily access their funds through online banking.

Bread Savings also offers a high-yield savings account, which offers a higher interest rate for customers who maintain a higher balance. This account is a great option for those who want to earn more interest on their savings.

Certificate of Deposit Accounts

Bread Savings offers certificate of deposit (CD) accounts with competitive interest rates and flexible terms. Customers can choose from a range of CD terms, from 6 months to 5 years, and earn interest on their balance. The longer the term, the higher the interest rate.

Customers can easily open a CD account online and manage their account through online banking. Bread Savings also offers a penalty-free CD, which allows customers to withdraw their funds early without incurring a penalty fee.

Overall, Bread Savings’ product offerings provide customers with a range of options to save money and earn interest. With competitive interest rates and no monthly maintenance fees, it is a solid choice for those looking to grow their savings.


Customer Experience and Support

Accessibility of Services

Bread Savings offers a user-friendly online platform that is easy to navigate and use. Customers can access their accounts and perform transactions from anywhere at any time, making it a convenient option for those who prefer online banking. The website is also optimized for mobile devices, allowing customers to manage their accounts on-the-go.

One potential downside is that Bread Savings does not have any physical branches, which may be a disadvantage for customers who prefer face-to-face interactions. However, the bank offers 24/7 customer support via phone and email, which can help alleviate any concerns or issues that customers may have.


Customer Support Quality

Bread Savings prides itself on its commitment to providing excellent customer service. The bank offers 24/7 customer support via phone and email, which allows customers to get assistance with their accounts at any time. The customer support team is knowledgeable and responsive, and they are able to address any questions or concerns that customers may have.

In the event that customers encounter any issues or problems with their accounts, Bread Savings has a dedicated team of customer support representatives who are trained to handle complaints and resolve issues in a timely and efficient manner. Customers can also access a comprehensive FAQ section on the bank’s website, which can help answer common questions and provide guidance on how to use the platform effectively.

Overall, Bread Savings offers a positive customer experience and high-quality customer support. While the lack of physical branches may be a disadvantage for some customers, the bank’s commitment to providing convenient online banking and responsive customer support makes it a strong option for those who prefer digital banking.

[Note: We did not find any significant number of complaints related to customer experience and support for Bread Savings in our research.]


A stack of bread loaves surrounded by review stars and savings symbols, with the brand name "Bread Savings Review (Formerly Comenity Direct)" prominently displayed


Security and Legitimacy

Safety Measures

Bread Savings takes the security and safety of their customers’ funds very seriously. They use state-of-the-art encryption technology to protect their users’ personal and financial information. Additionally, they employ multi-factor authentication to ensure that only authorized users can access their accounts.

Moreover, Bread Savings is a member of the Federal Deposit Insurance Corporation (FDIC), which means that their customers’ deposits are insured up to $250,000 per depositor. This provides an extra layer of protection and peace of mind for customers.


Regulatory Compliance

Bread Savings is a legitimate and regulated financial institution. They are a division of Bread Financial, Inc., which is a registered broker-dealer with the Securities and Exchange Commission (SEC) and a member of the Financial Industry Regulatory Authority (FINRA).

Furthermore, Bread Savings is regulated by the Office of the Comptroller of the Currency (OCC), which is a bureau within the U.S. Department of the Treasury. This means that they must adhere to strict regulatory standards and undergo regular audits to ensure compliance.

Overall, Bread Savings is a legitimate and secure financial institution that takes the safety and security of their customers’ funds seriously. They are regulated by reputable government agencies and employ advanced security measures to protect their users’ information.


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