The benefits explained
- Low minimum deposit requirements – To open a BrioDirect money market account, all you need is $100. If you wish to place a larger amount in a certificate of deposit (CD), the minimum amount is $500.
- No monthly fees – You won’t have to worry about keeping a certain amount of money on hand at all times to avoid account fees. You also don’t have to meet a litany of criteria to get these fees waived. However, for CDs, if your balance is zero or your account is not funded, BrioDirect may close your account after 20 days.
- Hassle-free banking – BrioDirect is supreme in its simplicity: it offers four deposit accounts, an online application process, and simple fees and rates.
Disadvantages Explained
- Higher rates for CDs elsewhere – BrioDirect’s rates for its money market accounts and CDs are competitive and above the national average. However, since online banks are known to offer higher interest rates than their traditional competitors, you can probably find even more impressive CD rates at some of the other digital banks that only offer deposit accounts, depending on the duration of the CD.
Who is BrioDirect for?
BrioDirect Bank should appeal to customers who are comfortable with online banking and don’t need to walk into a physical location. This might be particularly suitable for those who:
- You want to open a CD with a low minimum deposit
- You want to open a money market account without worrying about monthly fees
- I don’t want to be paralyzed by a myriad of choices
- You want to work with a bank backed by an established financial institution
What does BrioDirect Bank offer?
BrioDirect offers Federal Deposit Insurance Corporation (FDIC) guaranteed deposit accounts for those looking for a safe place to store their savings and earn interest.
High yield savings
BrioDirect Bank’s High Yield Savings Account has a competitive 2.15% Annual Percentage Yield (APY). You won’t have to worry about paying monthly fees and you’ll need $25 to get started.
While there’s no monthly maintenance fee and the minimum amount to open makes it accessible, there are a few fees if you’re not careful: a $10 fee for withdrawals from your savings that exceed six per month and $35 for each overdraft.
While the FDIC protects your money up to $250,000 per account holder, If you’re an existing customer of BrioDirect’s parent bank, Sterling National Bank, you’ll need to consider that the $250,000 is split across all of your deposit accounts for both banks. For example, if you have a savings and checking account with Sterling National Bank and want to open a savings and CD account with BrioBank, you will be covered for up to $250,000 for all of your accounts. Since it’s per person, if you share joint accounts with someone, the covered amount doubles to $500,000.
High Yield Money Market Account
BrioDirect Bank’s Money Market Account has competitive rates of up to 0.70% Annual Percentage Yield (APY) (as of August 2, 2022). You won’t have to worry about paying monthly fees, and there’s a $100 minimum to get started.
While there are no monthly maintenance fees and the low minimum amount to open makes it accessible, there are a few fees if you’re not careful: a $10 fee for withdrawals from your account that exceed six per month and $35 for each overdraft.
And while the FDIC protects your money up to $250,000 per account holder, if you’re an existing customer of BrioDirect’s parent bank, Sterling National Bank, you’ll need to consider that the $250,000 is split across all your deposit accounts for both banks. . For example, if you have a savings and checking account with Sterling National Bank and want to open a money market account and CD with BrioBank, you will be covered for up to $250,000 for all of your accounts. Since it’s per person, if you share joint accounts with someone, the covered amount doubles to $500,000.
high-speed CDs
BrioDirect Bank’s high-yield CDs can be an attractive way for you to put away money that you don’t need to touch for a while. CDs generally offer higher interest rates than a standard savings or checking account, and you will generally find that the longer the term of the CD, the higher the interest rate.
BrioDirect offers CDs with terms ranging from 30 days to five years, with interest rates above the national average. APY starts at 0.05%, and you will need a minimum of $500 to open. If you neglect to fund the account or allow the balance to fall below $500, your account may be closed after 20 days.
Note that BrioDirect Bank CDs automatically renew at maturity. You will have to choose to transfer the funds to another account or withdraw them. However, once the CD has matured, you have a seven-day grace period to do so. If you need to withdraw money from your CD before the maturity date, you will be hit with an early withdrawal penalty.
BrioDirect’s pricing for its high-yield CDs is as follows:
| BrioDirect Bank High Yield CD Rates | |
|---|---|
| Term | APY |
| 30 days | 0.05% |
| Three months | 0.25% |
| Five months | 0.15% |
| Nine months | 0.30% |
| One year | 0.45% |
| One year special | 1.80% |
| eighteen months | 1.35% |
| Two years | 2.30% |
| Thirty months | 0.45% |
| Three years | 2.45% |
| Four years | 0.45% |
| Five years | 0.45% |
The fees for BrioDirect Bank CDs are:
| BrioDirect High Yield CD Early Withdrawal Penalties | |
|---|---|
| Term | Sadness |
| 30 days or less | 30 days of interest, earned or not |
| 1 year or less | 90 days of interest, earned or not |
| 18 months or more but less than five years old | 9 months interest, earned or not |
| 5 years or more | 12 months interest, earned or not |
BrioDirect Bank Customer Service
Potential and current customers can reach a human by phone at 877-369-BRIO, six days a week. Its customer contact center is open Monday through Friday, 8:00 a.m. to 8:00 p.m. EST and 8:30 a.m. to 3:00 p.m. EST on Saturday. You can also contact BrioDirect Bank by post.
How to bank with BrioDirect Bank
As with online banks, you can apply for and open an account online. The process is quite simple and the application process can take a few minutes. You’ll need to have the standard information handy: your driver’s license, government-issued ID (e.g., passport, state-issued ID), your social security and your contact details. You can make an initial deposit by external wire transfer through another bank, wire money, or send a check.
Verdict
BrioDirect Bank is a simple and direct way to park your money to save. Interest rates are competitive and the minimum to open an account is low. If you’re someone who doesn’t like a digital-only bank and is more comfortable with an option that has physical locations, then you’d probably be better off looking elsewhere.
Methodology
Investopedia is dedicated to providing consumers with unbiased and comprehensive bank reviews. We collected over 20 data points from over 80 banks, including available products, interest rates, fees and affordability, to ensure that our content helps users make the right decision for their savings and banking needs.