BrioDirect Unveils High-Yield Savings, 2.46% APY
To quote DA reader, redwilli1, “Has anyone heard of BrioDirect HYS 2.46% APY?”
BrioDirect, the new online division of Sterling National Bank, has unveiled its product line, which consists of a savings account and two short-term CDs. While not offering outstanding rates, the High-Yield Savings (2.46% APY), 9-month CD (2.30% APY), and 12-month CD (2.60% APY) are nonetheless competitive.
High-Yield Savings
- 2.46% APY on balances of $25 and above.
- A minimum collected daily balance of $25 required to earn stated APY.
- $25 minimum opening deposit.
- No monthly maintenance fee.
- $10 excess transaction fee per each transaction beyond the allowed six.
9- and 12-month CDs
| APY | MIN | MAX | INSTITUTION | PRODUCT | DETAILS |
|---|---|---|---|---|---|
| 1.00% | $500 | - | BrioDirect | High-Rate 12 Month CD | |
| 0.80% | $500 | - | BrioDirect | High-Rate 9 Month CD |
- $500 minimum deposit, with no stated balance cap.
- The stated APY is valid for 20 days following application approval.
- Interest is compounded daily and credited every three months.
- Credited interest can be withdrawn without penalty.
- Early withdrawal penalty is 90 days of dividends on the amount withdrawn.
- There is a 7-day grace period before a CD automatically renews.
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 incoming ACH transfers. For outgoing ACH transfers, the limit is $25k per transaction and $125k per month.
- There is no limit on the number of external banks that can be linked.
- ACH deposits and withdrawals initiated by your other banks are allowed.
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 Fort Worth, Texas, 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 Savings account and/or a CD 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 4.13% (excellent), based on March 31, 2019 data. In the past year, the Bank has increased its non-brokered deposits by $630.64 million, an excellent annual growth rate of 3.19%. 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. With 95 branch locations on Long Island and throughout the Hudson River Valley, Sterling National Bank has assets in excess of $29 billion and more than 586,000 customer accounts.
The choice of “brio” for the name of the new online division hopefully speaks to the Bank’s plans for product rates and services. Meaning vivacity or verve, “brio” was originally an Italian word that has been incorporated into English, with the same meaning.
How the High-Yield Savings Compares
When compared to 203 Savings Accounts tracked by DepositAccounts.com that are available nationwide, BrioDirect’s High-Yield Savings APY currently ranks fourth.
To look for the best Savings Accounts rates, both nationwide and state specific, please refer to our Savings Account Rates page.
How the CDs Compare
When compared to the similar length-of-term CDs tracked by DepositAccounts.com that are available nationwide and require a similar minimum deposit, BrioDirect’s 12-month CD APY currently ranks fourth.
When compared to 180 similar length-of-term CDs tracked by DepositAccounts.com that are available nationwide and require a similar minimum deposit, BrioDirect’s 9-month CD APY currently ranks fourth.
To search for the best CD rates, both nationwide and state specific, please refer to our CD rates table page.
The above rates are accurate as of 8/16/2019.
Also, I'm still at a loss as to why Northern Bank Direct's Money Market has been removed from the rankings?
"Rates for Northern Bank Direct are currently being reviewed."
However, this artlcle fails to mentions that the High-Yield Savings pays monthly, on the 15th, whereas the CDs pay quarterly. Worth noting you can draw the balance down to $0 after initial deposit and there's no fee; nor will they withhold any accrued interest from you on payday.
And Brio is the Online division of Sterling National Bank, with their operations & customer support in Jericho & Scarsdale, New York.
Not to mention, ...Brio's rate is now higher.
The above not withstanding, if there's ever any concern, or if you just wanna sleep better at night, you can always lock your TransUnion & Exquifax files (this is free, and very easy to do lock & unlock, even via a smartphone app), and you can always freeze your Experian file. Yes, Experian offers the much-more-convenient lock & unlock, but sadly they charge for this service. So, rather than pay Experian for lock & unlock, go with their freeze & unfreeze, which is free. I do exactly what I just wrote. And, when I know I am applying for something, I very quickly do unlocks and then re-locks, and unfreeze & re-freeze.
Signed,
Raisinets to your Goobers