Finder is committed to editorial independence. While we receive compensation when you click links to partners, they do not influence our content.

BrioDirect High-Yield Savings review

Last updated:  

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

finder.com’s rating: 4.4 / 5.0

★★★★★

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 0.4% APY. But it has limited deposit and withdrawal options.

0.40%

APY

$0

Fee

$25

Minimum deposit to open

Details

Annual percentage yield (APY)0.40%
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

More Info

Avatar

Review by


Michael Benninger is a staff banking writer at Finder. He is a former credit analyst and longtime freelancer whose articles have been published by Intuit, Business Insider and the Los Angeles Times. Michael is passionate about all facets of personal finance and has written hundreds of articles about money management during the past decade.

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.

How do I open a BrioDirect High-Yield Savings account?

Open a savings account with BrioDirect in five steps:

  1. Go to the provider’s site and follow the steps to apply.
  2. From BrioDirect’s website, click Apply now under High-Yield Savings.
  3. Click Get Started and enter your contact information, ID details and Social Security number.
  4. Submit your information to find out instantly whether your application is approved.
  5. 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

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.
  • Interest rate. Although 0.4% APY is higher than the national average, you can find higher rates 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 Annual percentage yield (APY) Fee Minimum deposit to open Interest earned
American Express® High Yield Savings
Finder Rating: 4.6 / 5: ★★★★★
American Express® High Yield Savings
0.40%
$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.
Aspiration Spend & Save Account
Finder Rating: 3.8 / 5: ★★★★★
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 $15 per month for Aspiration Plus ($12.50 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.
Chime Savings
Finder Rating: 4.6 / 5: ★★★★★
Chime Savings
0.50%
$0
$0
Grow your savings automatically with recurring transfers, round-ups on debit card purchases and 0.5% APY.
Axos Bank High Yield Savings
Finder Rating: 4 / 5: ★★★★★
Axos Bank High Yield Savings
0.61%
$0
$250
No monthly maintenance fees. No minimum balance requirements. Interest compounded daily.
Discover Online Savings Account
Finder Rating: 4.6 / 5: ★★★★★
Discover Online Savings Account
0.40%
$0
$0
Take advantage of a high-interest online savings account with no fees, no minimums and more.
UFB Direct High Yield Savings
Finder Rating: 3.6 / 5: ★★★★★
UFB Direct High Yield Savings
0.20%
$0
$100
Earn an APY when your balance is higher than $10,000 with this no-monthly-fee savings account.
loading

Compare up to 4 providers

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 0.6% 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 0.25%, 0.15% and 0.3% APYs. Early withdrawal from a CD will cost you 90 days of interest.

Frequently asked questions

Checking account ratings

★★★★★ — Excellent

★★★★★ — Good

★★★★★ — Average

★★★★★ — Subpar

★★★★★ — Poor

We analyze top checking accounts and rate them one to five stars based on factors that are most important to you. These factors include: monthly fees, the ease at which monthly fees can be waived, the breadth of ATM access, ATM and overdraft fees, and customer service.

Read the full methodology of how we rate checking accounts.

Ask an expert

You are about to post a question on finder.com:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our finder.com Terms of Use and Privacy and Cookies Policy.
Go to site