Brilliant Bank Debuts Rate-Leading Luminary Money Market - Expired

Thanks to DA reader, sethw, for the Forum post announcing the new Luminary Money Market Account offered by Kansas-based Brilliant Bank, the internet division of Equity Bank. Currently earning 5.25% APY, a Luminary Money Market Account requires a $1k minimum opening deposit, with a $500k maximum deposit and/or balance. While the 5.25% APY applies to all balances, there is a $10 monthly service fee should the balance fall below $2k.

The fine print on the Savings page reads,

Brilliant Bank’s Luminary Money Market is a variable rate money market with initial Annual Percentage Yield available for new depositors only.

Based on sethw’s Forum post, a comment by DA reader, Sanger, and my conversation with CSR, current account owners just have to request their Magnetic MMA be converted to a Luminary MMA earning 5.25% APY.

Sanger

Hi, I saw that this morning! I went to check my account and saw they were advertising the new rate and called them they already gave me the new rate what a deal.

The original Brilliant Bank MMA (aka Electric) made its debut in August 2022 with an initial 2.25% APY. In a series of seven rates increases between August 2022 and March 2023, a total of 205 bps were added. When the Magnetic MMA was introduced at the end of March, it offered 4.65% APY, 35 bps higher than the Electric MMA rate. The Magnetic MMA 4.65% APY was in effect when the Luminary MMA debuted this week.

Availability and Account Opening

As an internet division of Equity Bank, Brilliant Bank offers its product line through an online banking platform to U.S. citizens/resident aliens (18 years or older), who live anywhere in the U.S., with the exception of Arkansas, Kansas, Missouri, and Oklahoma (determined by Zip Code).

Opening a Luminary Money Market Account must be done online.

Brilliant Bank is one of the newest internet banks and just celebrated its first anniversary in May. The website has not changed since Brilliant Bank opened its virtual doors, which means a detailed FAQ page or a Truth-in-Savings disclosure are still not available. (The information provided on the MMA landing page is minimal, at best.) Forum posts (in August and September) on the Brilliant Bank MMA by DA reader, rockies, are insightful, replete with information.

The following information was confirmed in a conversation with CSR yesterday.

• Minimum opening deposit is $1k.
• Minimum $2k balance to avoid $10 monthly service charge.
• Maximum deposit/balance of $500k.
• Interest is credited monthly.
• Unlimited check writing.
• ATM/debit card is available, with no ATM fees nationwide.
• Free online banking and mobile banking.
• Initial and subsequent funding can be done by ACH, wire, or check (mobile deposit).
• $5k daily/monthly limit on outgoing/incoming ACH transfers initiated by Brilliant Bank. (The monthly time frame is a calendar month, not a rolling 30-day period.)
• There is a $2.55 charge for external transfers initiated by Brilliant Bank. No charge for outgoing transfers initiated by an outside financial institution.
• Unlimited beneficiaries can be designated. Social Security numbers are not required when naming beneficiaries, but are required should a disbursement occur.

Bank Overview

As an online division of Equity Bank, Brilliant Bank operates under Equity Bank’s FDIC Certificate and shares its financial history.

Equity Bank/Brilliant Bank has an overall health grade of “B+” at DepositAccounts.com, with a Texas Ratio of 3.41% (excellent), based on March 1, 2023 data. In the past year, the Bank’s total non-brokered deposits have decreased by -$387.52 million, a below average annual growth rate of -8.83%. Please refer to our financial overview of Equity Bank/Brilliant Bank (FDIC Certificate # 25858) for more details.

With assets of nearly $5 billion and more than 147,000 customer accounts, Equity Bank is currently the fourth largest bank in Kansas. Established in 1985 as the National Bank of Andover, the bank rebranded as Equity Bank, A National Association in 2003, with the Equity Bank name adopted in 2012. Between 2006 and 2021, Equity Bank acquired 14 banks in four states: Kansas (7), Missouri (3), Oklahoma (3), and Arkansas (1).

How the Luminary Money Market Account Compares

When compared to the Money Market Accounts and Savings Accounts tracked by DepositAccounts.com that are available nationwide and do not require large balances, direct deposit, or have small balance caps, the Brilliant Bank Luminary Money Market Account APY currently ranks first.

The above information and rates are accurate as of 6/1/2023.

To look for the best rates on liquid bank accounts, both nationwide and state specific, please refer to our Money Market Accounts Table and Savings Accounts Table.