BrioDirect Bank review 2024: Above-market interest rates on savings accounts and CDs
BrioDirect offers high-yield savings accounts and CDs at competitive rates but with limited product options.
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Updated October 23, 2024, 5:22 PM EDT
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Gabriela Walsh is a Certified Educator in Personal Finance® and a personal finance editor at Red Ventures. Her previous work experience includes various editorial positions at FinanceBuzz. She combines her understanding of language and literature with her commitment to delivering content that empowers others to build healthy money management skills.
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If you’re looking to maximize your savings with minimal fees, BrioDirect, a subsidiary of Webster Bank, might be worth considering. It’s an online-only bank with high yields but limited account options, which include a high-yield savings account and CDs.
BrioDirect customers enjoy high APYs and few fees and requirements. However, the bank doesn’t offer debit cards, ATM access, cash deposits, or in-person banking, so customers can only bank online.
Fox Money rating: 7.0/10
BrioDirect offers competitive rates, particularly on its high-yield savings account. However, its limited product range and lack of typical banking services like checking accounts or loans may not suit everyone’s needs.
BrioDirect Bank rates and products
BrioDirect Bank keeps things simple with two main products: a high-yield savings account and CDs.
Savings account
- APY: 5.15%
- Minimum initial deposit: $5,000
- Monthly fees: $0
The BrioDirect High-Yield Savings Account offers an impressive 5.15% APY (as of October 2024), significantly higher than the national average. Here’s what you need to know:
- No monthly fees or minimum balance requirements
- Requires a balance of at least $25 to earn interest
- No tiered interest rates — earn the same high rate on your entire balance
You can deposit via the mobile app or ACH transfer from an external bank account. You can link up to five external accounts, but the names on both accounts must match. BrioDirect has an external transfer limit of $25,000 every three business days and a monthly limit of $100,000.
While the high APY is appealing, the $5,000 minimum initial deposit might be a hurdle for some savers. However, if you can meet this requirement, you’ll be hard-pressed to find a higher rate elsewhere. Remember that this APY is variable and can change at any time.
Applying for an account online with a state-issued ID and your Social Security number takes only a few minutes.
Pros
- Competitive APY
- No monthly fees
- Mobile deposit
- FDIC-insured
Cons
- High initial deposit requirement
- No branch access
- No ATM access
CDs
- APY: 2.30% to 4.50%
- Terms: 12, 24, or 36 months
- Minimum initial deposit: $500
BrioDirect offers three high-yield CD options, each with a low $500 minimum deposit requirement. Each term has a fixed rate, and the 12-month CD is a promotional CD only available to new customers.
Be aware of early withdrawal penalties — equal to three months of interest for the 12-month CD and nine months for the 24- and 36-month CDs.
The CDs automatically renew at maturity for the same term you initially chose, but you have a 10-day grace period after maturity to withdraw your funds penalty-free.
Pros
- High promotional rate on 12-month CDs
- Easy to open
- Low minimum opening deposit
Cons
- High early withdrawal penalty
- Limited term selection
BrioDirect Bank banking experience
As an online-only bank, BrioDirect’s digital platform and customer experience are crucial to your banking experience. Fortunately, BrioDirect does well in both categories.
Online and mobile banking platform
BrioDirect uses the Webster Bank app, which is available for iOS and Android devices. It has a 4.6/5-star rating on iOS and 4.2/5 stars on Google Play.
The user-friendly platform allows you to make mobile deposits, set up ACH transfers with up to five external banks, check balances and transaction history, and manage your accounts.
Recent user reviews mention minor inconveniences after the latest update, such as the mobile deposit feature no longer automatically capturing check images. While not deal-breakers, these small issues might frustrate some users.
Customer service
You can reach BrioDirect’s customer service at 877-369-BRIO. Representatives are available Monday through Friday from 8 a.m. to 8 p.m. EST and Saturday from 8:30 a.m. to 3 p.m. EST.
While the lack of online chat or local branches might be disappointing, the extensive customer service hours help compensate for this limitation
Account security
Since BrioDirect is an offshoot of Webster Bank, you get the same FDIC coverage of $250,000 per depositor, so your money is safe in the unlikely event of a bank closure. However, keep in mind that this is in combination with any accounts you hold at Webster Bank.
BrioDirect also ensures the safety of your information when banking on the mobile app with multi-factor authentication, Face ID, and security questions.
How BrioDirect Bank compares
BrioDirect has limited offerings, but the APYs on its high-yield savings account surpass most other savings accounts on the market.
While other online banks, like Ally Bank, have other products such as checking accounts and loans, their interest rates don’t touch the APY BrioDirect offers on its high-yield savings account.
However, if you’re looking for a more comprehensive online banking solution, you’d be better off opening an account at their parent company, Webster Bank, or looking elsewhere.
Is BrioDirect Bank right for you?
If you value high interest rates on your savings and have at least $5,000 to open an account, BrioDirect could be for you. While you can’t bank in person and can only access cash via an external transfer, it’s a good fit for anyone saving for a significant financial goal who doesn’t need frequent access to their funds.
It isn’t the best option if you prefer to bank in person or you want one bank for your checking and savings accounts, as BrioDirect only offers savings accounts and CDs.
How we rated this bank
Every bank review we publish has undergone a rigorous editorial process to ensure accuracy and objectivity. Learn more about our methodology here.
The bottom line
BrioDirect offers some of the highest savings rates in the market. With no monthly fees and a low minimum balance requirement to earn interest, it’s a cost-effective choice for savers. However, the high initial deposit requirement on the savings account, lack of ATM access, no cash deposits, and limited product range are significant drawbacks.
If you’re comfortable with online-only banking and have a substantial amount to save, BrioDirect’s high-yield savings account or 12-month promotional CD could be excellent tools to grow your savings.