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Steven is a personal finance writer covering topics from mortgages to credit cards to market news. He has written for The Motley Fool Canada, Ramsey Solutions, Nerdwallet, Clever Real Estate, and other major outlets. Steven launched his writing career at the age of four with his first book, "Revenge of the Bad Guys." He currently lives in Portland, Oregon.
Bread Savings CD rates will make you look twice, wipe your eyes, then look a third time in disbelief. This mobile bank offers some of the highest interest rates on CDs we've seen.
The minimum deposit is fairly high ($1,500), but if you're okay locking a grand and a half up you could snag an excellent CD rate.
APY = Annual Percentage Yield
Comenity Direct CDs (the bank behind Bread Savings) are available in many of the most popular terms, making it a flexible high-yield CD to consider for differing needs. There's also no monthly maintenance fee. But its $1,500 minimum deposit is a little steeper than what some of its competitors charge.
| 1 Yr. APY | 2 Yr. APY | 3 Yr. APY | 4 Yr. APY | 5 Yr. APY |
|---|---|---|---|---|
| 5.15% | 4.60% | 4.25% | 4.15% | 4.05% |
A high-interest savings account offers rates competitive with the best CDs accounts, but without having to lock your money away for months or even years at a time. Here are some top-rated high-yield savings account options from our experts.
| Account | APY | Promotion | Next Steps |
|---|---|---|---|
Open Account for SoFi Checking and Savings
On SoFi's Secure Website.
Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
up to 4.60%²
Rate info
You can earn the maximum APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.
Min. to earn: $0
|
New customers can earn up to a $300 bonus with qualifying direct deposits!¹
|
Open Account for SoFi Checking and Savings
On SoFi's Secure Website. |
Open Account for Capital One 360 Performance Savings
On Capital One's Secure Website.
Rating image, 4.00 out of 5 stars.
4.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
4.25%
Rate info
See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of April 11, 2024. Rates are subject to change at any time before or after account opening.
Min. to earn: $0
|
N/A
|
Open Account for Capital One 360 Performance Savings
On Capital One's Secure Website. |
Open Account for American Express® High Yield Savings
On American Express's Secure Website.
Rating image, 4.00 out of 5 stars.
4.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
4.25%
Rate info
4.25% annual percentage yield as of August 23, 2024
Min. to earn: $1
|
N/A
|
Open Account for American Express® High Yield Savings
On American Express's Secure Website. |
Bread Savings CD rates are higher than the national average and can compete with bigger, more well-known financial institutions. Here's how Bread Savings CDs stack up against its competitors.
| Bank & CD Offer | APY | Term | Min. Deposit | Next Steps |
|---|---|---|---|---|
Member FDIC.
| APY: 4.60% | Term: 1 Year | Min. Deposit: $2,500 |
Open Account for Discover® Bank CD
On Discover Bank's Secure Website. |
Member FDIC.
| APY: 5.20% | Term: 10 Months | Min. Deposit: $2,500 |
Open Account for
On Secure Website. |
Member FDIC.
| APY: 5.10% | Term: 6 Months | Min. Deposit: $500 |
Open Account for
On Secure Website. |
Bread Savings CD offers a big punch for a reasonable minimum deposit. The APYs are extremely competitive, the term lengths are decently varied, and the $0 monthly fees are icing on the cake.
That said, if you want a term shorter than 12 months, or you can't lock up $1,500, you'll have to consider a different bank.
| Minimum Deposit | $1,500 |
|---|---|
| Range of Term Lengths | 1 to 5 years |
| Compounding Schedule | Daily |
| Early Withdrawal Penalty | 180 days of simple interest (1 years - 3 years CD), 365 days of simple interest (4 years or longer) |
| Grace Period | 10 days |
To help you make the best decision, here are some pros and cons to consider.
Applying for a Bread Savings CD only takes a few minutes.
Go to the Bread Savings website and navigate to the Certificates of Deposit (CD) section.
Review the available CD terms and interest rates, and choose the one that best fits your savings goals.
If you're a new customer, create a Bread Savings account. If you're an existing customer, log in to your account.
Enter required personal details, including your:
Submit the application and choose your funding method, such as a transfer from an existing bank account.
Once your application is approved, you will receive a confirmation email. Your CD account will be set up, and the funds will be transferred.
A Bread Savings CD is perfect for savers who have at least $1,500 and want a CD with a term that's greater than 12 months. It's also an excellent choice if you prefer online and mobile banking over brick-and-mortar banks.
At The Motley Fool Ascent, certificates of deposit (CDs) are rated on a scale of one to five stars, primarily focusing on annual percentage yield (APY) and early withdrawal penalty fees. Our highest-rated CDs generally include competitive APYs without complex qualification tiers, low withdrawal fees, reliable brand trust and reputation, and ease of use.
Learn more about how The Motley Fool Ascent rates bank accounts.
You should get a Bread Savings CD if you want a high CD rate with no monthly maintenance fees. If you have substantial savings, you could even build a powerful CD ladder with different Bread Savings CDs.
A Bread Savings CD is worth it if you have $1,500 to lock up for one to five years and want to earn more interest than the CD national average.
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent, a Motley Fool service, does not cover all offers on the market. The Ascent has a dedicated team of editors and analysts focused on personal finance, and they follow the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands.
