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BrioDirect High-Yield Savings review
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 1% APY. But it has limited deposit and withdrawal options.
1.00%
APY
$0
Fee
$25
Minimum deposit to open
Details
| Annual percentage yield (APY) | 1.00% |
|---|---|
| Fee | $0 |
| Minimum deposit to open | $25 |
| Minimum balance to earn interest | $25 |
| Interest compounding | Daily |
| Monthly transaction limit | 6 |
| Fee per transaction over the limit | $10 |
Review by
Michael Benninger
michael.benninger@finder.comMichael 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:
- Go to the provider’s site and follow the steps to apply.
- From BrioDirect’s website, click Apply now under High-Yield Savings.
- Click Get Started and enter your contact information, ID details and Social Security number.
- Submit your information to find out instantly whether your application is approved.
- 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 1% 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
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 0.25%, 0.15% and 0.3% APYs. Early withdrawal from a CD will cost you 90 days of interest.
Frequently asked questions
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