Written by Ali Cybulski | Published on 10/30/2024
BrioDirect is the online brand of Webster Bank, an institution backed by the Federal Deposit Insurance Corp. (FDIC). The online bank currently offers only one product: a high-yield savings account.
The account requires a $5,000 opening deposit, and savers must maintain a $25 balance to earn an annual percentage yield (APY) of 4.30%. Make the initial deposit with an Automated Clearing House (ACH) payment from another checking or savings account or with a check or wire transfer. The account has no monthly maintenance fee.
You can move money between your high-yield savings account and another account, adding up to five external accounts for transfers. But you must be listed as an owner on each account.
You can transfer up to $25,000 within three business days and up to $100,000 monthly. Additional limits may apply for security reasons. You may be able to increase your transfer limits by contacting customer service at 877-369-2746.
Manage your account anytime and anywhere using online and mobile banking. Make deposits through the mobile banking app, available in the Google and Apple app stores. You can also view transactions, pay bills and more.
The bank also provides free electronic statements for tracking your transactions, or you can pay $5 for paper statements.
For live help with your account, reach BrioDirect's Client Service Telephone Center at 877-369-2749 from 8 a.m. to 8 p.m. Eastern time Monday through Friday and from 8:30 a.m. to 3 p.m. ET Saturday.
BrioDirect pros and cons
Pros:
• Generous APY
• No monthly maintenance fee
• Live customer service team
Cons:
• Just one banking product
• Steep opening deposit for savings account
• Customer service available only by phone six days weekly
Long-Time Customer, Never An Issue (Knock Wood)
I ran across this site doing some research and noticed a low satisfaction for BrioDirect, which surprised me. Only posting to want to balance some of the hyper-negative reviews with my own experience. I have used online banks for years generally because of the higher interest rates than my local bank which pays 0.01%. The trade-off with online banks has always been the 3-business day wait to see your money show in the destination account and no store-front to talk with customer service. I have rarely needed customer support and contacted Brio Direct once without any issues. But I'm not rating Customer Service based on one interaction. Everything else - fees, competitiveness, min balance, online experience has been as expected. My savings has earned a very competitive rate. I think I'm no exception that I tend to review institutions when frustrated, so I'm taking the time to acknowledge other's frustrations as documented, however my experience has been positive, for what it's worth.
OK Bank For Me
When their rates fell behind I pulled my funds all out no problem . When their rates went to the top again I deposited funds again
Brio Direct Interest Rate Not Shown Under Account Info
Very easy to open account. But no answers the phone and I want the current interest rate posted with my account information. They need to take guidance from Marcus and Ally Bank. You open those accounts, and your interest rate is clearly shown. Additionally, since there is virtually no phone or email support, how will I know when rates change. I get email and text notifications from Marcus and Ally. Webster and Brio Direct need to fix this or I will be moving on. There are plenty of offers for higher interest rate online savings to be found. SO GET IT TOGETHER!!! Not that anyone will probably read this from Brio Direct or Webster. Their lack of communication is cause for concern!!!!
Banking Nightmares
For the love of banking, stay far away from this terrible bank. From day one, they placed obstacles in my way to conduct the simplest of banking activities. Fred Flinstone's banking system was more modern than Websters.
They denied me access to my six-figure BrioDirect account just because I changed my email account. They're telling me that my account is frozen because they can't verify me!!!!!!
The Karens running their 'fraud' department anointed themselves with powers to deny access to your funds for any reason whatsoever. You'll be stuck for weeks, and getting them to release my hard-earned funds has been a nightmare and still is. I wish I had read the negative reviews here because they're all so true. Less than zero stars.
Data as of Q1 2025
Health Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 18221 |
| Year Established | 1870 |
| Employees | 4408 |
| Primary Regulator | OCC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 1.18% |
| Return on Equity - YTD | 9.85% |
| Annual Interest Income | $975MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q1 2025vs Q1 2024 | $80.21B$76.09B |
| Loans | Q1 2025vs Q1 2024 | $52.41B$50.7B |
| Deposits | Q1 2025vs Q1 2024 | $65.84B$61.07B |
| Equity Capital | Q1 2025vs Q1 2024 | $9.63B$9.13B |
| Loan Loss Allowance | Q1 2025vs Q1 2024 | $713.3MM$641.4MM |
| Unbacked Noncurrent Loans | Q1 2025vs Q1 2024 | $612.8MM$298.4MM |
| Real Estate Owned | Q1 2025vs Q1 2024 | $0$102K |