Brio Direct Bank(2022)Review: Checking, Savings, and CDs with Excellent Rates?

Are you looking for a new banking institution? Brio Direct Bank may be worth checking out. This online Bank offers some of the highest interest rates on ch

ecking, savings, and CD accounts around. But are their products and services as good as they seem?

In this Brio Direct review, we’ll take a look at what this Bank has to offer and compare it to other popular institutions. So whether you’re looking to switch banks or just want to know more about Brio Direct, keep reading!

Brio Direct Bank Review Checking Savings and CDs with Excellent Rates
Brio Direct Bank Review Checking Savings and CDs with Excellent Rates

About Brio Direct Bank

Brio Direct Bank is a legal, FDIC-insured institution that has been in business since 1888. It is the online brand of Sterling National Bank, which is headquartered in New York. Brio Direct offers online options for saving money, with a few account choices that may fit your needs.

One thing to note about Brio Direct is that it is not a full-service bank. You cannot go into a physical branch to conduct transactions – everything must be done online. This may be a downside for some people, but for others, it can be a plus, as there are no monthly fees associated with BrioDirect accounts.

Banks have come a long way over the years. They have evolved from small, local institutions to national companies that offer a wide range of products and services. BrioDirect is one example of this evolution, and it offers some good options for online savings.

Now let’s take a look at what BrioDirect offers specifically.

BrioDirect offers two types of online accounts to help you save money: high-yield savings accounts and high-rate CDs. The Bank claims that creating an account online takes only a few minutes.

1. Brio Direct’s savings account

Here’s a rundown of Brio Direct’s savings account:

No monthly maintenance fees

One of the best features of Brio Direct is that it doesn’t charge any monthly maintenance fees. This means that you can continue to save money without worrying about extra costs.

Minimum deposit to open

The minimum deposit to open a Brio Direct savings account is $25. This is a relatively low amount, making it easy for people to start saving money.

The high yield savings rate

Brio Direct offers a high yield savings rate of 0.40%. This means that you can earn interest on your deposited funds at a higher rate than you would with most other banks.

FDIC-insured online savings Account

BrioDirect offers FDIC-insured online savings accounts, which is a great feature to have. This means that your deposited funds are insured up to $250,000 if BrioDirect were to go out of business. This provides peace of mind and added security for your deposited funds.

Mobile and online banking

BrioDirect also offers mobile and online banking. This means that you can access your account information and deposit funds anywhere and at any time. The Bank’s website is easy to navigate, so you can quickly find what you’re looking for.

One thing to note is that BrioDirect does not offer in-person customer service. If you need to speak to someone in person, you’ll need to visit another bank. However, Brio Direct offers 24/07 customer service via telephone and email, so you can always reach someone if you have any questions or concerns.

However, there are some drawbacks to Brio Direct. If withdrawals from your savings account exceed six per month, BrioDirect charges a $15 excessive withdrawal fee. Apart from that, Bank also charges $35 for each overdraft.

2. High-Yield Money Market Account

If you’re looking for a high-yield money market account, BrioDirect Bank is worth considering. The Bank offers an APY of up to 0.55%, significantly higher than the national average.

There are no monthly maintenance fees, making it a cost-effective option, and the low minimum amount to open an account makes it accessible to everyone.

However, there are a few fees to be aware of: a $10 fee for withdrawals from your account that exceed six per month and a $35 fee for each overdraft.

The FDIC protects your money up to $250,000 per account holder, so you can feel confident your funds are safe. BrioDirect Bank is a great option if you’re looking for a high-yield money market account with few fees.

However, if you have a savings account with BrioDirect and a checking account with Sterling National Bank, you want to open a money market account and CD with BrioBank. In this case, you are covered up to $250,000 for all your accounts.

3. High-Rate CDs

BrioDirect Bank offers high-yield CDs with interest rates higher than the national average.

The APY starts at 0.05%, and you’ll need a minimum of $500 to open an account. BrioDirect Bank offers high-yield CDs with terms ranging from 30 days to 60 months.

The nine-month CD has an APY of 0.30%, the five-month CD has an APY of 0.15%, and the 30-day CD has an APY of 0.05%. The highest rate is paid for BrioDirect’s three-month term, with an APY of 0.50%.

If you withdraw your deposit before your CD has matured, you will pay a penalty of between 30 days’ and 12 months’ interest. When your CD matures, you get a seven-day grace period during which you can deposit or withdraw funds without penalty.

If you make no changes, your account will renew for the same term length at the rate available at that time.

BrioDirect Bank is a great option for people who are looking for high-yield CDs with competitive interest rates. CD automatically renews upon maturity, but you have a seven-day grace period to withdraw funds after the CD matures.

BrioDirect Bank offers nine different term lengths so you can choose the one that best suits your needs. You can open an account with BrioDirect Bank online or by phone.

Alternatives of Brio Direct Bank

If BrioDirect Bank isn’t the right fit for you, there are a few other options to consider.

Ally Bank

Ally Bank is a good alternative if looking for a high-yield savings account or money market account. Ally Bank offers an APY of 0.50% on its money market account, while BrioDirect offers an APY of 0.55%.

Ally Bank doesn’t have any monthly maintenance fees, and it has a lower minimum deposit amount than BrioDirect.

Comparing savings accounts, BrioDirect offers a much lower APY of 0.40%, while Ally Bank offers an APY of 0.50%.

Ally Bank is a good alternative for people who are looking for high-yield savings accounts if they want to open an account with a lower minimum deposit.

TIAA Bank

TIAA Bank is a good option if you’re looking for a CD with a longer term. TIAA Bank offers an APY ranging from 0.35% to 1.10%. The APY is higher than BrioDirect for all terms except for the three-month CD, which has an APY of 0.50%.

However, TIAA bank offers various terms that BrioDirect doesn’t provide. For example, IntraFi® Network Deposits℠ – CD Option account1 (IntraFi CD) and Bump Rate CDs.

TIAA Bank is a good option for people who are looking for high-yield CDs with competitive interest rates and want to choose a CD with a longer-term.

BrioDirect Bank offers nine different term lengths so you can choose the one that best suits your needs. You can open an account with BrioDirect Bank online or by phone.

BrioDirect Bank Customer Reviews

BrioDirect Bank customer reviews are generally negative. The most common complaints are customer service, account fees, and the mobile app.

BrioDirect Bank Reddit Reviews

BrioDirect Bank has mixed reviews on Reddit. Some people are happy with the Bank’s high-yield CDs and online banking app while others complain about customer service and the mobile app.

One customer has said, money has vanished, and My account is no longer displayed in the app., and customer service has been zero help.’ Here are the screen captures of the conversation.

How to Open an account with Brio Direct Bank?

To open an account with BrioDirect Bank, you’ll need to provide your Social Security number, driver’s license number or state ID number, and date of birth. You’ll also need to fund your account with a minimum deposit of $25.

The whole process can be done online or over the phone. BrioDirect Bank doesn’t have any physical locations, so you won’t be able to visit a bank in person.

BrioDirect Bank Customer Service

BrioDirect Bank’s customer service is excellent. You can reach a human by phone at 877-369-BRIO, six days a week. Its customer contact center is open Monday through Friday, from eight in the morning to eight at night Eastern Standard Time. That’s excellent customer service. BrioDirect Bank also has a snail mail address that you can use to reach out if needed.

Mailing Address

Webster Bank

1 Jericho Plaza

Jericho, NY 11753

Attn: BrioDirect Deposit Operations

Wire Transfer Routing Information

Receiving Bank: Webster Bank

Bank address: Jericho, NY 11753

Routing/ABA#: 221970443

Clearing Account # 6700634271

Pros and Cons Explained

Now that you know a little more about BrioDirect Bank let’s check the pros and cons of BrioDirect Bank.

Pros

  • Low minimum deposit to Open: BrioDirect Bank has a low minimum deposit to open an account. You can open a checking, savings, or CD with BrioDirect Bank for as little as $100.
  • Competitive Rates: BrioDirect Bank offers excellent checking, savings, and CD products.
  • Convenient Online Banking: BrioDirect Bank’s online banking platform is convenient and easy to use. You can manage your account from anywhere with an internet connection.
  • No monthly fees: BrioDirect Bank has no monthly fees for checking, savings, or CD products.
  • Quick and easy to open an account online: BrioDirect Bank makes it easy to open one online. You can have a new version up and running in minutes.
  • Variety of term lengths for CDs: BrioDirect Bank offers a variety of term lengths for its CDs, giving you flexibility in how long you want to commit your money.

Cons

  • No physical locations: BrioDirect Bank does not have any physical locations. If you need to deposit cash or speak to someone in person, BrioDirect Bank is not the right Bank for you.
  • Limited account options: BrioDirect Bank only offers checking, savings, and CD products. If you’re looking for a wider variety of account options, BrioDirect Bank is not the right Bank for you.
  • Minimum $500 deposit required to open a CD: BrioDirect Bank requires a minimum $500 deposit to open a CD. If you don’t have at least $500 to deposit, BrioDirect Bank is not the right Bank for you.
  • Checking accounts don’t offer check writing: BrioDirect Bank’s checking accounts do not offer check writing. If you need to write checks, BrioDirect Bank is not the right Bank for you.

As you can see, BrioDirect Bank has a lot to offer its customers. However, it’s not the right Bank for everyone. Be sure to weigh the pros and cons before deciding if BrioDirect Bank is right for you.

Who is BrioDirect Bank Best For?

BrioDirect Bank is best for people who are looking for a low minimum deposit to open an account, excellent rates, no monthly fees, and a variety of term lengths for CDs.

BrioDirect Bank does not have any physical locations, so it is not the best Bank for people who need to deposit cash or speak to someone in person.

BrioDirect Bank is also not the best Bank for people who need to write checks, as its checking accounts do not offer this functionality.

BrioDirect Bank is best for people who are comfortable managing their accounts online and are looking for a simple, no-frills banking experience.

Final Thought: Is Brio Direct Bank Worth it?

Brio Direct Bank(2022)Review: Checking, Savings, and CDs with Excellent Rates?

BrioDirect Bank is a great option for those who crave simplicity and want to focus on their savings goals without too many distractions. The three-month CD offers one of the most competitive rates available as of March 4, 2022.

Editor's Rating:
4.7

If you’re someone who isn’t keen on a digital-only bank and are more comfortable with an option that has physical locations, then it would probably be best for you to look elsewhere.

But if you like straightforward and simple banking, BrioDirect may be perfect for you!

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