A year ago, Sterling National Bank introduced its new online division, BrioDirect. The initial offerings included two short-term CDs (9-month and 12-month) and a savings account, which earned a competitive 2.46% APY. Unfortunately, the 2.46% APY lasted only about two months before a series of 12 rate drops began, resulting in today’s 0.95% APY.
In October 2019, BrioDirect added another nine CDs to the product line, including a 5-month CD. While the vast majority of BrioDirect’s CDs have middling rates, the 5-month’s 1.15% APY is currently the highest nationally available short-term CD rate.
The minimum opening deposit is $500 and can be funded through an ACH transfer, wire transfer, or check. The stated APY is guaranteed for 20 days following application approval. The early withdrawal penalty is 90 days of dividends on the amount withdrawn.
Unlimited beneficiaries can be named and equal shares will be assigned. Social Security numbers are required for all beneficiaries, 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.
Headquartered in Montebello, New York, 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.
Opening a CD can only be done online. At this time, only single and joint accounts are available, with no trusts permitted.
As an online division of Sterling National Bank, BrioDirect operates under Sterling National Bank’s FDIC Certificate. 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 5.45% (excellent), based on March 31, 2020 data. In the past year, the Bank has increased its non-brokered deposits by $642.48 million, an excellent annual growth rate of 3.15%. Please refer to our financial overview of BrioDirect/Sterling National Bank (FDIC Certificate # 30337) for more details.
Established 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 80 branch locations on Long Island and throughout the Hudson River Valley, Sterling National Bank has assets in excess of $30 billion and more than 550,000 customer accounts.
How the CD Compares
When compared to 191 similar length-of-term CDs tracked by DepositAccounts.com that are available nationwide and require a similar minimum deposit, BrioDirect’s 5-month CD APY currently ranks first.
|Interest Rate||CD Length of Term||Credit Union/Bank|
|1.15% APY||5-Month CD||BrioDirect|
|1.10% APY||6-Month Share Certificate||CommunityWide Federal Credit Union|
|1.00% APY||9-Month CD||Spectrum Credit Union|
The above rates are accurate as of 7/22/2020.
To search for the best CD rates, both nationwide and state specific, please refer to our CD rates table page.