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BrioDirect High-Yield Savings review

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There’s no monthly fees — but you can’t deposit or withdraw cash.

As the digital brand of Sterling National Bank, BrioDirect offers an FDIC-insured high-yield savings account. With this savings account, you won’t need to worry about keeping a minimum balance to earn the 0.7% APY. But it has limited deposit and withdrawal options.

0.70%

APY

$0

Fee

$25

Minimum deposit to open

Details

APY0.70%
Fee$0
Minimum deposit to open$25
Minimum balance to earn interest$25
Interest compoundingDaily
Monthly transaction limit6
Fee per transaction over the limit$10
More Info

Expert review

Michael Benninger

Review by


Michael Benninger is a personal finance writer at Finder. He is a former credit analyst and longtime freelancer whose articles have been published by Intuit, Blinkist, Business Insider and the Los Angeles Times. Michael graduated from Rowan University with a bachelor’s degree in business administration. When he’s not writing, you can usually find him watching movies, enjoying the outdoors or boarding planes to distant destinations.

Expert review

BrioDirect’s high-yield savings account is ideal if you’re looking for an account with no minimum balance requirements to start earning interest.

But if you’re hoping to deposit or withdraw cash from your account on an ongoing basis, BrioDirect isn’t right for you. If having instant access to cash is important to you, you’ll want to look for a savings account that comes with an ATM card like Alliant’s High-Rate Savings account or a money market account that works like a checking and savings account.

What are the benefits of the BrioDirect High-Yield Savings account?

This account is FDIC insured and has no monthly fees. It also offers the following perks:

  • Low minimum deposit. You only need $25 to open the account and there’s no minimum balance required to earn the interest rate.
  • Online banking. Manage your account online from anywhere.

What should I look out for?

The BrioDirect High-Yield Savings account has its drawbacks:

  • No cash options. Like most savings accounts, it doesn’t come with a debit or ATM card. If you want to deposit or withdraw cash, you’ll need to transfer your money to an account that does.
  • $10 transaction fee. Although you can withdraw money by transferring it to another account, it will count toward Regulation D’s six-monthly withdrawal limit. If you pass this limit, you’ll pay $10 for each transaction.
  • Mediocre APY. Although 0.7% APY is higher than the national average, you can find a higher rate elsewhere.
  • Slow initial deposit. Your initial $25 deposit may take up to a week, according to BrioDirect customers.

Compare with other savings accounts

$
$
months
Name Product Interest rates (APY) Fee Minimum deposit to open Interest earned
American Express® High Yield Savings
0.60%
$0
$0
Enjoy no monthly fees and a competitive APY with this online-only savings account. Accounts offered by American Express National Bank, Member FDIC.
Axos Bank High Yield Savings
0.61%
$0
$250
No monthly maintenance fees. No minimum balance requirements. Interest compounded daily.
Aspiration Spend & Save Account

1.00% on $0 to $10,000 but you’ll need to be enrolled in Aspiration Plus and make at least $1,000 in debit card purchases a month
$0 per month or $7 per month for Aspiration Plus ($5.75 per month if you pay annually)
$10
Deposits are fossil fuel-free and insured by the FDIC. Enjoy a spend and save combo account with unlimited cash back rewards and a $100 bonus when you spend $1,000 in your first 60 days.
CIT Bank Money Market
0.60%
$0
$100
A savings account with a higher-than-average rate and minimal fees.
SoFi Money
0.25%
$0
$0
SoFi Money® is a cash management account that charges no account fees to save, spend, and earn cash back rewards when you spend on brands you love.
Chase Savings
0.01%
$5 per month
(can be waived)
$0
A simple savings account with low, waivable monthly fees and a $150 signup bonus when you meet deposit and balance requirements.
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Compare up to 4 providers

How do I open an account?

Open a savings account with BrioDirect in five steps:

  1. Go to BrioDirect’s website, and click Apply now under High-Yield Savings.
  2. Click Get Started and enter your contact information, ID details and Social Security number.
  3. Submit your information to find out instantly whether your application is approved.
  4. If your application is approved, connect a bank account and deposit at least $25.

Eligibility

To open a savings account with BrioDirect, you’ll need to satisfy the following eligibility criteria:

  • At least 18 years old
  • US citizen
  • Social Security number
  • Residential address in the US

Required information

The application process requires you to enter personal and financial information, including:

  • Full name
  • Email address
  • Date of birth
  • Home address
  • Social Security number
  • Number and expiration date from a passport, driver’s license or state-issued ID
  • Routing and account number for the account you’re transferring deposit from

How do I deposit or withdraw my money?

There are three ways to transfer funds into and out of your account:

  • ACH transfers. Move money from another account online.
  • Checks. You can use the camera on your smartphone or tablet to deposit an endorsed check.
  • Wire transfers. Use BrioDirect’s routing and clearing account numbers to initiate a wire transfer.

What other savings options does BrioDirect offer?

Besides high-yield savings accounts, BrioDirect offers two other ways to help you build your wealth.

  • High-Rate 12-Month CDs. Open a one-year CD earning 0.45% APY for just $500 — that’s a significantly lower investment than what many other institutions require.
  • High-Rate CDs. CDs are also available in terms of three, five and nine months, and they respectively offer 0.5%, 0.65% and 0.3% APYs. Early withdrawal from a CD will cost you 90 days of interest.

Frequently asked questions

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