Advertisement
Canada markets closed

  • S&P/TSX

    22,244.02
    +20.35 (+0.09%)
     

  • S&P 500

    5,537.02
    +28.01 (+0.51%)
     

  • DOW

    39,308.00
    -23.90 (-0.06%)
     

  • CAD/USD

    0.7349
    +0.0002 (+0.03%)
     

  • CRUDE OIL

    83.73
    -0.15 (-0.18%)
     

  • Bitcoin CAD

    75,156.28
    -5,192.88 (-6.46%)
     

  • CMC Crypto 200

    1,149.96
    -111.23 (-8.82%)
     

  • GOLD FUTURES

    2,369.40
    0.00 (0.00%)
     

  • RUSSELL 2000

    2,036.62
    +2.75 (+0.14%)
     

  • 10-Yr Bond

    4.3550
    0.0000 (0.00%)
     

  • NASDAQ futures

    20,411.50
    0.00 (0.00%)
     

  • VOLATILITY

    12.26
    +0.17 (+1.41%)
     

  • FTSE

    8,241.26
    +70.14 (+0.86%)
     

  • NIKKEI 225

    40,837.80
    -75.85 (-0.19%)
     

  • CAD/EUR

    0.6788
    -0.0004 (-0.06%)
     

BrioDirect Review 2023: High Yield Savings & CDs

Dawn Allcot
·6 min read

BrioDirect is a 100% online financial institution that offers high-yield savings products through Webster Bank. Your funds can earn up to 5.35% and are insured by the Federal Deposit Insurance Corp.

Quick Take

BrioDirect is an online-only financial services company backed by Webster Bank, N.A. It offers high-yield savings and CDs.

  • PROS

    • Competitive interest rates

    • No monthly maintenance fees

    • Easy to deposit funds

    • Live customer service representatives

  • CONS

    • Must have an account at another bank or credit union to transfer money out of the account

    • No debit card

    • No checking account option

BrioDirect Overview

BrioDirect is a simple, straightforward online financial services company offering excellent rates on CDs and a high-yield savings account. You’ll need a second bank account to take advantage of BrioDirect’s interest rates, since the account does not offer a debit card for cash withdrawals. The only way to withdraw money is via ACH transfer to an existing bank account.

Key Features

These are some of the features of BrioDirect.

APY: 5.0

BrioDirect has APYs on savings and CDs that rival some of the best you can find. Right now, you can earn a 5.35% annual percentage yield with a BrioDirect high-yield savings account. You can also earn 5.35% with a Promo 12-month CD. You can open a CD with as little as $500.

ADVERTISEMENT

BrioDirect has a choice of CDs with terms from 30 days at 0.05% up to 60 months. Not many banks or credit unions offer 30-day CDs, although it would be wiser to stash that money in a BrioDirect savings account at the same APY and preserve instant access to your money. However, if you want to resist the urge to spend the money and don’t mind a low APY, a 30-day CD might be a good choice.

Take a look at the other CD options BrioDirect offers in the chart below.

Term

APY

30 Days

0.05%

3 months

0.25%

5 months

0.15%

9 months

0.30%

12 months

5.35%

18 months

1.35%

24 months

2.30%

30 months

0.45%

36 months

2.45%

48 months

0.45%

60 months

0.45%

Fees: 5.0

BrioDirect does not have any monthly maintenance fees and there is no fee to open a savings account or CD. Be aware that, as with most banks, early withdrawal penalties may apply if you close out a CD before the term ends.

Customer Service: 4.9

Unlike many online financial service companies, BrioDirect has a client service telephone number. The phone lines are open from 8 a.m. to 8 p.m. ET Monday through Friday, and from 8:30 a.m. to 3 p.m. ET on Saturdays.

Mobile Banking: 5

BrioDirect has a mobile app that allows you to view at a glance your BrioDirect account as well as activity in any other linked bank accounts. Use the app to make transfers, deposits and payments. The Financial Insights Tool analyzes your spending and saving patterns across accounts to help you learn how to manage your money better.

How BrioDirect Stands Out

BrioDirect has several stand-out features. For starters, it is backed by a brick-and-mortar bank that is insured by the FDIC up to the maximum allowable limits. Its customer service lines are open 12 hours a day on weekdays, meaning it’s likely you’ll be able to reach a live person when you need one.

Finally, BrioDirect offers a vast range of CDs, plus a high-yield savings with a yield that is close to the highest you’ll find.

Comparable Online Savings Bank Options

See how the competitors stack up against BrioDirect.

VIO Bank

VIO Bank is an online-only savings bank offering a money market account with a 5.25% APY. The bank also has a high-yield savings with an APY of 1.10%, compounded daily. Finally, VIO has a variety of CD products, with terms ranging from six months to 120 months with corresponding APYs from 5.21% to 2.71%.

VIO’s 5.21% CD only ties up your money for six months, compared to a full year at BrioDirect. So if you’re looking for a high APY with a shorter term, VIO could be your best choice. VIO also has higher APYs for longer term CDs, up to 120 months. Both banks require a $500 minimum opening deposit for CDs.

Ally Bank

Ally Bank is an online-only bank with high-yield savings, money market and CD accounts, as well as a checking account option. Ally is currently offering a 4.25% APY on savings, which is more than a point lower than BrioDirect. You also have a money market option, yielding 4.40%.

Ally Bank offers CDs ranging from three months to five years. The APY varies depending on the term. A 12-month CD currently delivers a 5.00% APY on all balance tiers.

If you’re looking to open a spending account with the same bank as your high-yield online savings, Ally offers this option. But if you’re in the market for highest-yield savings or a 12-month CD with a low minimum opening deposit, BrioDirect may be the way to go.

How To Apply

If you’ve decided BrioDirect is your best choice to build an emergency savings or set aside cash for a big event, it’s easy to apply. You’ll need a smartphone to receive text messages, your mailing address, Social Security number and a valid form of ID such as a driver’s license, passport or non-driver state ID.

  1. Decide the type of account you want.

    1. Visit www.briodirectbanking.com and click the purple “apply now” button for a CD or high-yield savings account.

    1. Answer a series of questions.

    1. Once your account has been approved, you can fund it via ACH transfer from another bank account, send a wire transfer or mail a paper check.

Who BrioDirect Is Best For

If you’re interested in a high-yield savings account or one-year CD, along with the capabilities to manage all your financial accounts from a single app, BrioDirect may be the best financial institution for you.

Final Take

BrioDirect offers high-yield savings and CDs, perfect for customers who want a no-frills, no-fee, online savings option.

BrioDirect FAQ

Here are the answers to some of the most frequently asked questions about BrioDirect.

Is BrioDirect legit?

BrioDirect is a legitimate, secure online savings bank backed by Webster Bank, Member FDIC.

Is BrioDirect covered by the FDIC?

Funds in your BrioDirect account are insured by the FDIC up to the federal limit of $250,000 per account type, per account holder, which means that joint accounts are insured up to $500,000. Funds held in Webster Bank also apply to these coverage limits.

What bank owns BrioDirect?

BrioDirect is owned by Webster Bank, NA, member FDIC, with headquarters in Jericho, NY, and brick-and-mortar branches across Connecticut, Massachusetts, Rhode Island and Long Island and the New York metropolitan area.

More From GOBankingRates

Our in-house research team and on-site financial experts work together to create content that’s accurate, impartial and up to date. We fact-check every single statistic, quote and fact using trusted primary resources to make sure the information we provide is correct. You can learn more about GOBankingRates’ processes and standards in our editorial policy.

This article originally appeared on GOBankingRates.com: BrioDirect Review 2023: High Yield Savings & CDs