BrioDirect Offers New Tiered-Rate Money Market Account
About 18 months ago, Sterling National Bank introduced its new online division, BrioDirect. The original product line consisted of the High Yield Savings account and two short-term CDs. Initially offering a competitive rate (2.46% APY), the High-Yield Savings began a long series of rate drops within two months of its debut. As of three weeks ago, the High-Yield Savings was earning 0.40% APY. At some point after Christmas, BrioDirect stopped accepting new applications for the High-Yield Savings account.
As the High-Yield Savings was quietly being phased out, BrioDirect added the High-Yield Money Market, which currently earns 0.65% APY on balances of $25k+ and 0.25% APY on balances of less than $25k. The minimum opening deposit is $100.
| APY | MIN | MAX | INSTITUTION | PRODUCT | DETAILS |
|---|---|---|---|---|---|
| 0.65*% | $25k | - | BrioDirect | High-Yield Money Market Account | |
| OTHER TIERS: 0.25% → Up to $25k | |||||
BrioDirect’s High-Yield Money Market landing page contains a great deal of helpful information including,
Are there transaction limitations with the BrioDirect high-yield money market account?
Yes. Like all money market accounts, you may only make up to six (6) surcharge-free withdrawals or transfers from your account per statement cycle. (If you exceed that limit, a $10 fee applies.)
Does the BrioDirect high-yield money market charge account maintenance fees?
No. There is no minimum balance fee, monthly maintenance fee, wire-in fee.
Can I access my money market funds via debit card?
You can link your money market account to your BrioDirect checking account’s MasterCard® debit card for even greater convenience.
Does the BrioDirect high-yield money market offer checks?
No, this account does not offer checks.
Funding and ACH Transfers
- Any BrioDirect account can be fund through ACH transfer, wire transfer, or check.
- There is a limit of $500k per transaction for ACH transfers.
- There is no limit on the number of external banks that can be linked.
- Once an account is established, BrioDirect’s online banking platform allows you to set up withdrawals and deposits initiated from an external bank.
Beneficiary Information
- Unlimited beneficiaries can be named, with equal shares assigned.
- Social Security numbers are required, along with DOB, address, and profession.
- Naming beneficiaries cannot be done using the online application. A Beneficiary form will be mailed to you and needs to be returned notarized and “in its original form” via snail mail.
Availability
Headquartered in Montebello, New York (Rockland County), BrioDirect offers its product line nationwide to US citizens and resident aliens (18 years or older), who have a US mailing address and a valid Social Security number, through an online application.
At this time, only single and joint accounts are available, with no trusts permitted.
Opening a High-Yield Money Market account can only be done online.
Bank Overview
As an online division of Sterling National Bank, BrioDirect operates under Sterling National Bank’s FDIC Certificate.
As BrioDirect’s website states, “Sterling National Bank operates under the trade name BrioDirect. This trade name is used by, and refers to, a single FDIC-insured bank.”
BrioDirect/Sterling National Bank has an overall health grade of "A+" at DepositAccounts.com, with a Texas Ratio of 3.76% (excellent), based on September 30, 2020 data. In the past year, the Bank has increased its non-brokered deposits by $2.4 billion, an excellent annual growth rate of 11.74%. Please refer to our financial overview of BrioDirect/Sterling National Bank (FDIC Certificate # 30337) for more details.
Establishing in 1888 as Provident Savings, A Federal Savings and Loan Association, Sterling National Bank is currently the eighth largest bank headquartered in New York State and the 68th largest bank in the country. With 80 branch locations on Long Island and throughout the Hudson River Valley, Sterling National Bank has assets in excess of $30 billion and nearly 545,000 customer accounts.
How the High-Yield Money Market Compares
When compared to the Money Market accounts tracked by DepositAccounts.com that are available nationwide and require a large balance, BrioDirect’s High-Yield Money Market APY currently ranks fourth.
| Interest Rate | Account Name | Credit Union/Bank |
|---|---|---|
| 0.80% APY | Ascent Money Market ($25k min) | Customers Bank |
| 0.75% APY | Money Market ($100k min) | Service Credit Union |
| 0.68% APY | High Yield Money Market ($25k min) | CFG Bank |
| 0.65% APY | High-Yield Money Market ($25k min) | BrioDirect |
The above rates are accurate as of 1/13/2021.
To look for the best Money Market accounts rates, both nationwide and state specific, please refer to our Money Market Account Rates page.
