As I noted in yesterday’s Latest Liquid Bank Account Summary, Kansas-based Brilliant Bank is one of two internet banks offering the current top rate (2.61% APY) on nationally available money market accounts.
Brilliant Bank is a very young bank, having opened its virtual doors in May, with the Money Market Account added to the product line little more than a month ago. Two Forum posts (August and September) on the Brilliant Bank Money Market Account by DA reader, rockies, are insightful and contain a lot of information, which is quite helpful because the Brilliant Bank website does not provide a detailed FAQs or Truth-in-Savings disclosure. The information provided on the Money Market Account landing page is minimal, at best. The following was obtained in a conversation with a CSR. (NB, some of what I was told, e.g. $500k max balance, differs from what rockies was told.)
- 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)
- No dollar amount limit on outgoing/incoming ACH transfers initiated by Brilliant Bank*
- Unlimited beneficiaries can be designated and Social Security numbers are not required.
*I do not have a lot of confidence in the statement about no limits on ACH transfer initiated by Brilliant Bank. After the conversation with CSR ended, I read the following on the Money Market Account landing page, making me wonder if this was what she was referring to:
Can I Transfer Money From A Money Market Account Into A Different Checking Or Savings Account?
You can transfer money from a money market account to another account via your Brilliant Bank mobile app, which gives you full control over your finances.
As the new 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 portions of Arkansas, Kansas, Missouri, and Oklahoma (determined by the online application using Zip Code as the determinant).
Opening a Money Market Account (referred to as the “Electric Money Market” on the application) must be done online.
Recent reviews of the account opening process by two DA readers, whawk and aloo, are on opposite ends of the satisfaction spectrum:
Open Account Without Issues And FDIC Checked
I opened an account with Brilliant Bank with[out] any problems. The process actually went better than other banks that I applied.
I also checked with FDIC where the customer service informed me that Brilliant Bank is insured by FDIC.
I am happy and just set up ACH to transfer funds to start earning higher interests than other banks.
I started an application few days back but put it on hold looking at some reviews. Decided to finish it today, but they denied it saying they can't find my information in Chex systems which I thought was very weird. Called them and got a very rude agent kept repeating like a broken record that your application is denied. Good riddance with this bank.
There is often a tradeoff between great rates and easy account management/well-trained customer service. New and small players often have many more issues as compared to the well-established online banks. Caveat emptor.
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 “A” at DepositAccounts.com, with a Texas Ratio of 5.39% (excellent), based on June 30, 2022 data. In the past year, the Bank has increased its total non-brokered deposits by $525.64 million, an excellent annual growth rate of 15.44%. Please refer to our financial overview of Equity Bank/Brilliant Bank (FDIC Certificate # 25858) for more details.
With assets in excess of $5 billion and more than 152,000 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 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 Money Market Account APY currently shares the top spot with the UFB Direct Rewards Savings Account and Rewards Money Market Account..
|APY||Account Name||Credit Union/Bank|
|2.61%||Money Market ($1k min/$500k max)||Brilliant Bank|
|2.61%||UFB Rewards Savings (no min/no max)||UFB Direct|
|2.61%||UFB Rewards Money Market (no min/no max)||UFB Direct|
|2.60%||Digital Money Market ($2.5k min/$500k max)||TotalDirectBank|
|2.55%||High Yield Money Market ($1k min/no max)||CFG Bank|
|2.50%||High Yield Savings Account – via SaveBetter ($1 min/no max)||Liberty Savings Bank|
The above information and rates are accurate as of 9/8/2022.