Personal Finance Banking Savings
Written by Sophia Acevedo; edited by Laura Grace Tarpley; reviewed by Evelyn He
Updated
- Overall Bank Rating
- Pros and Cons
- FAQs
- BrioDirect Reviews
- How BrioDirect Compares
- Why You Should Trust Us
Affiliate links for the products on this page are from partners that compensate us and terms apply to offers listed (see our advertiser disclosure with our list of partners for more details). However, our opinions are our own. See how we rate banking products to write unbiased product reviews.
BrioDirect High-Yield Savings Account
BrioDirect, FDIC Insured
Perks You must deposit at least $5,000 to open your account and maintain $25 to earn the disclosed APY.
Earn 5.30% APY when you open a new account with qualifying deposit. No monthly maintenance fees.
Fees
no monthly service fee
Annual Percentage Yield (APY)
5.30%
Minimum Opening Deposit
$5,000
Pros
- High interest rate
- No monthly service fees
Cons
- High minimum opening deposit
Insider’s Take
BrioDirect does offer a competitive savings account rate. The BrioDirect High-Yield Savings Account is great if you have at least $5,000 to open an account. It also has no monthly service fee.
Product Details
- Must maintain at least $1 in account to earn interest
- Interest compounded daily and deposited monthly
- FDIC insured
BrioDirect Review: Overall Bank Rating
| Feature | Personal Finance Insider rating (out of 5) |
| Savings | 4 |
| CD | 3.75 |
| Trustworthiness | 3.5 |
| Total | 3.75 |
BrioDirect Pros and Cons
| Pros | Cons |
|
|
About BrioDirect
BrioDirect is an online-only division of Webster Bank. Customers have access to over 32,000 free ATMs through the MoneyPass ATM network.
Customer service is available by phone from 8 a.m. to 8 p.m. ET on weekdays or 8:30 a.m. to 3 p.m. ET on Saturdays.
BrioDirect has 4.6 out of 5 stars in the Apple store and 3.8 out of 5 stars in the Google Play store.
BrioDirect accounts are FDIC-insured through Webster Bank. You may safely keep up to $250,000 in an individual bank account.
Is BrioDirect Trustworthy?
We use ratings from the Better Business Bureau so you can see how a bank addresses customer issues.
The BBB gave BrioDirect's parent company Webster Financial Corporation a B- rating because it received numerous customer complaints filed against the bank and hasn't resolved a complaint.
Webster Bank is undergoing a class-action lawsuit over a data breach. According to the lawsuit, nearly 200,000 customers were impacted, and plaintiffs claim the breach was due to Webster's lack of security. The lawsuit also states Webster didn't inform customers in a timely fashion. This case is still ongoing.
How BrioDirect bank products compare
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BrioDirect High-Yield Savings Account
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BrioDirect 1 Year High-Yield CD
-
BrioDirect High-Yield CD
Annual Percentage Yield (APY)
5.00%
Annual Percentage Yield (APY)
0.05% to 5.00%
BrioDirect, FDIC Insured
Start saving
BrioDirect, FDIC Insured Account
Start saving
On BrioDirect's website
BrioDirect FAQs
Is BrioDirect legit?
BrioDirect is a legitimate financial institution. Its bank accounts are provided by Webster Bank, which is an FDIC-insured financial institution. Up to $250,000 per depositor, per category is secure in a BrioDirect bank account.
Is Webster Bank the same as BrioDirect?
BrioDirect is an online brand of Webster Bank. Currently, BrioDirect only offers an online savings account and CDs.
Is BrioDirect a good bank?
BrioDirect may be a good choice if you're comfortable with online-only banking and are specifically searching for a 1-year CD. It offers a competitive 1-year CD rate, and you only need $500 to open an account. Generally, financial institutions require at least $1,000 to open a CD.
BrioDirect Reviews
BrioDirect High-Yield Savings Account
The BrioDirect High-Yield Savings Account is great if you have at least $5,000 to open an account. It also has no monthly service fee.
BrioDirect High-Yield Savings Account
BrioDirect, FDIC Insured
Perks You must deposit at least $5,000 to open your account and maintain $25 to earn the disclosed APY.
Earn 5.30% APY when you open a new account with qualifying deposit. No monthly maintenance fees.
Fees
no monthly service fee
Annual Percentage Yield (APY)
5.30%
Minimum Opening Deposit
$5,000
Pros
- High interest rate
- No monthly service fees
Cons
- High minimum opening deposit
Insider’s Take
BrioDirect does offer a competitive savings account rate. The BrioDirect High-Yield Savings Account is great if you have at least $5,000 to open an account. It also has no monthly service fee.
Product Details
- Must maintain at least $1 in account to earn interest
- Interest compounded daily and deposited monthly
- FDIC insured
BrioDirect High-Yield CD
You might like BrioDirect if you're searching for a 1-year CD. There's a special promotional rate of 5.00% APY for the 1-year term, which is higher than 1-year CD rates at other banks.
BrioDirect CDs also only require a $500 opening deposit. Other financial institutions may require at least $1,000 to get a CD.
BrioDirect High-Yield CD
Start saving
On BrioDirect's website
Insider’s Rating
3.75/5
Annual Percentage Yield (APY)
0.05% to 5.00%
Minimum Opening Deposit
$500
Pros
- Competitive interest rate, especially for 12-month, 18-month, and 2-year CDs
- $500 opening deposit
- Variety of short-term CDs
Cons
- No terms over 5 years
- Standard-to-high early withdrawal penalties
Insider’s Take
The bottom line: BrioDirect currently only offers CDs. Its 1-year CD term is competitive, but you'll likely find higher rates for other CD terms at other banks. Our best CD rates guide highlights financial institutions with the highest CD rates for each term.
Product Details
- Term lengths ranging from 30 days to 5 years
- Early withdrawal penalty of 30 days interest for 30-day terms; 90 days interest for terms of 12 months or less; 9 months interest for terms of 18 to 59 months; 12 months interest for terms of 60 months or more
- Interest is compounded daily, and deposited quarterly or at maturity
- FDIC insured
How BrioDirect Compares
BrioDirect vs. CFG Bank
Both BrioDirect and CFG Bank pay high CD rates on 1-year terms. However, CFG Bank pays higher interest rates on 18-month, 3-year, and 5-year terms. Keep in mind rates can fluctuate, so this may change in the future.
BrioDirect may be worthwhile if you're looking for an online bank that has CD variety. BrioDirect has more CD terms available than CFG Bank, including terms as short as 30 days.
Also, consider which types of bank accounts you'd like to open. CFG Bank money market accounts, checking accounts, and CDs can be opened online from anywhere in the US, but you'll need to go to a branch in Baltimore, Maryland, to open one of the bank's standard savings accounts.
CFG Bank Review
BrioDirect vs. Ally
Ally Bank has a variety of online bank accounts with zero monthly service fees. You can open a high-yield savings account, checking account, CD, or money market account at Ally. Meanwhile, BrioDirect has more limited options right now, since you can only get a savings account and CDs.
If you want to open a CD, it'll be a toss-up based on which term length you want. BrioDirect has an appealing 1-year term, while Ally has strong 18-month and 9-month terms.
You'll probably prefer Ally over BrioDirect if traditional banking hours don't work for you. Ally offers 24/7 customer support by phone and online chat.
Ally Bank Review
Why You Should Trust Us: How We Reviewed BrioDirect
In our BrioDirect review, we rate checking accounts, savings accounts, CDs, and money market accounts by looking at features like minimum opening requirements, monthly service fees, and customer support available.
We'll also consider specific features for different types of bank accounts. For example, we look at early withdrawal penalties for CDs. Each account receives a rating between 0 and 5. Learn more about our banking methodology and CD methodology.
Banking Editor
Sophia Acevedo is a banking editor at Business Insider. She is a banking expert, and has about three years of experience reviewing banking products and analyzing savings and CD trends.Sophia oversees Personal Finance Insider's banking vertical. She edits and writes bank reviews, banking guides, and banking, budgeting, and savings articles for the Personal Finance Insider team.Sophia joined Business Insider in July 2021. Sophia is an alumna of California State University Fullerton, where she studied journalism and minored in political science. She is based in Southern California.You can reach out to her on Twitter at @sophieacvdo or email sacevedo@businessinsider.com.Read more about how Personal Finance Insider chooses, rates, and covers financial products and services »Below are links to some of her most popular stories:
- Are banks open today? Here's a list of US bank holidays for 2024
- Best CD rates
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- Four reasons why your debit card might be denied even when you have money
Compliance and Operations Associate
Evelyn He is a Compliance and Operations Associate on the Personal Finance team to ensure content accuracy and editorial independence so readers get up-to-date and objective financial advice.The compliance team's mission is to provide readers with fact-checked and current stories so they can make informed financial decisions. The team also works to minimize risk for partners by ensuring language is clear, precise, and fully compliant with regulatory and partner marketing guidelines that align with the editorial team.
Top Offers From Our Partners
SoFi Checking and Savings Earn up to 4.60% APY on savings balances and up to a $300 bonus with qualifying direct deposit. FDIC Insured. There is no minimum direct deposit amount required to qualify for the 4.60% APY for savings. Members without direct deposit will earn up to 1.20% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 10/24/2023. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. To earn the $300 bonus, the customer must complete a direct deposit with a minimum initial deposit of $250 in a new SoFi Checking and Savings account within 45 days of clicking to qualify (offer expires 12/31/24).
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