BrioDirect Unveils High-Yield Savings, 2.46% APY

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Availability: High-Yield Savings, 2.46% APY, $25 min deposit. 9-month CD, 2.30% APY, $500 min deposit. 12-month CD, 2.60% APY, $500 min deposit.

Availability: Internet bank

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

APYMINMAXINSTITUTIONPRODUCTDETAILS
2.46%$25-BrioDirectHigh-Yield Savings
Rates as of September 18, 2019.
  • 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

APYMINMAXINSTITUTIONPRODUCTDETAILS
2.50%$500-BrioDirectHigh-Rate 12 Month CD
2.20%$500-BrioDirectHigh-Rate 9 Month CD
Rates as of September 18, 2019.
  • $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  • Credited interest can be withdrawn without penalty.
  • Early withdrawal penalty is 90 days of dividends on the amount withdrawn.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.

Related Pages: savings accounts, 1-year CD rates, nationwide deals, Internet banks

Comments
Hearsay
Hearsay   |     |   Comment #1
No rate guarantee.......This will last for about 20 minutes. No thanks.
RichReg
RichReg   |     |   Comment #2
Agreed.
Also, I'm still at a loss as to why Northern Bank Direct's Money Market has been removed from the rankings?
Carpline
Carpline   |     |   Comment #4
It hasn't been removed, just temporarily hidden.
"Rates for Northern Bank Direct are currently being reviewed."
RichReg
RichReg   |     |   Comment #9
Seriously? How long does that take?
Anonymoose
Anonymoose   |     |   Comment #15
Seems to me if they're being reviewed whether it's automatically by the system or by a human the old rate should be left up until it's changed. Clearly the "old" rates may still be current, and if they're not listed no one will know about them. Your search is flawed if you don't see them. that can simply be handled with a disclaimer that I think is already there that says always check with the institution to make sure those rates are current. But they should never simply be missing unless there is some confirmed reason why.
Anonymoose
Anonymoose   |     |   Comment #16
IMO Northern is the best liquid account available right now. And it's not even listed when you search accounts by rates. That's not good for a site that you count on to help you find the best deals. It's been missing for how long now?
Mikey1
Mikey1   |     |   Comment #10
But what if it doesn’t last for 20 minutes and remains competitive for a few months? I understand the need to view opportunities with suspicion. All I’m saying is that they should have a chance to prove themselves. If they’re luring investors in with the intention of quickly cutting the rate we will all find out soon enough. It’s not like my recently opened Popular Direct is much different. All we can do is take a chance, monitor and adjust.
midas89
midas89   |     |   Comment #12
I know there is no certain answer as to which between BrioDirect (2.46) and Popular Direct (2.55), who is more likely to drop their rate quicker. Like you said, Mikey, all we can do is take a chance.
Mikey1
Mikey1   |     |   Comment #17
I was with EBSB quite awhile until they sneakily snuck their first decrease the day after I spoke to them on the phone and was told just to monitor my statements for rate changes. So I do tend to check my bank rates at least every few days. If we all watch and report changes promptly the damage from falling rates should be minimal.
Hearsay
Hearsay   |     |   Comment #14
Mikey1-I have a rate guarantee at one bank......and an add-on CD at a credit union. I'm insured against falling rates. And trust me.....they are falling like a stone.....will be below zero within a year.
max100
max100   |     |   Comment #3
high rates bad terms.
Foo
Foo   |     |   Comment #5
Interest every 3 months? No thanks
bankingar
bankingar   |     |   Comment #6
Why would this matter if it's being compounded daily? Typically I don't even consider this with CDs since I can't get the money w/o penalty until it matures anyway.
RichReg
RichReg   |     |   Comment #7
It doesn't matter.
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.
midas89
midas89   |     |   Comment #8
Sadly, PurePoint just dropped their savings rate to 2%...and I have a nice amount there. I'd transfer to BrioDirect if they offered a time guarantee, but they don't, and as Hearsay pointed out their 2.46% rate won't last.
deplorable 1
deplorable 1   |     |   Comment #11
The way things are going Redneck/AllAmerica will become the rate leader again just be keeping their rate steady.
Hearsay
Hearsay   |     |   Comment #13
They will drop it very soon if they have not already
Jik
Jik   |     |   Comment #18
If they do drop it hopefully they give out a months notice first like last time.
Mikey1
Mikey1   |     |   Comment #25
I just spoke to All America a few days ago. No rate cut this month (with statement closing 8/20). Their tradition has been to announce changes (up or down) at least a month ahead. So if you don’t see an announcement in the next week we are probably “safe” with 2.4% (and 3% on the account requiring 10 debits) thru 9/20.
deplorable 1
deplorable 1   |     |   Comment #26
Redneck/AllAmerica has a past history of keeping their rate either at the top or at least very competitive which is why I stay with them. Not to mention the ability to link a unlimited number of accounts for ACH transfers and top notch English/American based customer service.
#19 - This comment has been removed for violating our comment policy.

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