Brio Direct High-Yield Savings APY Bounds Upward

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Availability: High-Yield Savings, 2.15% APY, $25 minimum opening deposit.

Availability: Nationwide (internet bank)

DA reader, midas89, broke the news late Wednesday evening:

BrioDirect Bolts Out Front To 2.15% APY

With an increase of 35 bps, the BrioDirect High-Yield Savings’s (HYS) new 2.15% APY became the rate leader for nationally available savings/money market accounts for about a day.

APYMINMAXINSTITUTIONPRODUCTDETAILS
2.80%$1-BrioDirectBrioDirect Savings Plus
Rates as of October 1, 2022.

To quote midas89’s Forum post again,

[…] I know that you know the Fed increase just occurred today, which means another bank might wind up being even better […]

In the first draft of this blog post, the HYS was the rate leader; as I was editing the blog post, I discovered that the Merchants Bank of Indiana Money Market Savings (2.28% APY) had ousted the HYS from the rates pinnacle.

High-Yield Savings

  • 2.15% 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.
  • Free online statements, with a $5 fee for paper statements.

Funding and ACH Transfers

  • BrioDirect accounts can be funded through ACH transfer, wire transfer, or check.
  • There is no limit on the number of external banks that can be linked.
  • Once an account is established, BrioDirect allows you to make withdrawals and deposits initiated from an external bank.

As stated in the FAQs,

Standard outbound limits: Clients are eligible for standard outbound transfers up to $75,000 that are completed within 3 business days (provided that funds are available). These transfers must be submitted by 10PM ET/1AM PT for current day processing. Transfers submitted after this time are processed on the following business day. For standard outbound transfers, the client must wait until an outstanding transfer(s) that exceeds $75,000 has settled before another transfer can be made and the monthly limit on outbound transactions is $250,000. You may be eligible to transfer additional amounts in excess of these limits by calling our contact center at 877.369.BRIO.

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

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 can only be done online.

As stated on the first page of the online application,

Do not use the back button in your browser to navigate this application. You will be able to save your application along the way, use the 'Save Now & Finish Later' button found in the menu in the upper right corner of each page.

Bank Overview

As an online division of Webster Bank, BrioDirect operates under Webster Bank’s FDIC Certificate.

BrioDirect/Webster Bank has an overall health grade of "A+" at DepositAccounts.com, with a Texas Ratio of 2.46% (excellent), based on March 31, 2022 data. In the past year, the Bank has increased its non-brokered deposits by $26.47 billion, an excellent annual growth rate of 94.38%. Please refer to our financial overview of BrioDirect/Webster Bank (FDIC Certificate # 18221) for more details.

As BrioDirect’s website states, “Webster Bank operates under the trade name BrioDirect. This trade name is used by, and refers to Webster Bank, a single FDIC-insured bank.”

Accounts that are opened via briodirectbanking.com and marketed by BrioDirect are Webster Bank accounts. Deposits in these accounts are made with Webster Bank. For purposes of determining how much FDIC insurance is applicable to your accounts, you need to consider not only the BrioDirect online savings, CD, or checking accounts that you maintain, but also all other accounts you maintain at Webster Bank.

Almost eight months ago, Sterling National Bank (the original parent bank of BrioDirect) officially became part of Connecticut-based Webster Bank. According to a February 1, 2022 press release,

Webster Financial Corporation (NYSE: WBS) ("Webster") and Sterling Bancorp ("Sterling") jointly announced today the completion of their previously announced merger, creating one of the largest commercial banks in the Northeast. The combined company is a unique financial institution, with a differentiated funding base that includes HSA Bank, as well as consumer and commercial banking businesses.

Establishing in 1870 as Bristol Savings Bank, Webster Bank is currently the largest bank headquartered in Connecticut. With more than 200 branch locations in Connecticut, Massachusetts, New York, and Rhode Island, Webster Bank currently has assets in excess of $65 billion and more than 1.2 million customer accounts.

How the High-Yield Savings Account Compares

When compared to the nationally available Money Market Accounts and Savings Accounts tracked by DepositAccounts.com, that do not require large balances or direct deposit and do not have small balance caps, the BrioDirect High-Yield Savings APY currently ranks second.

To look for the best rates on liquid bank accounts, both nationwide and state specific, please refer to our Money Market Accounts Table and Savings Accounts Table.

The above information and rates are accurate as of 7/29/2022.

Related Pages: New York savings accounts, Boston savings accounts, Providence savings accounts, Hartford savings accounts, savings accounts, nationwide deals, Internet banks

Comments
decades
  |     |   Comment #1
Surpassed my two reward checking accounts that are still at 2%….money goes to the highest bidder
K9doug
  |     |   Comment #2
Trust me when I say that this online bank has the worst customer service I have ever seen. I bank at several different places, including other online banks. This one is the worst. Save yourself a lot of frustration! You will wait on hold and then eventually the phone call will just cut off. If you continue to call you will never speak with an actual, real, alive human being! Trust me and save yourself the frustration. Their attractive savings account rate is not worth the time you will spend waiting on the phone to never speak with a human being. This bank deserves zero stars for customer Service. Trust me. Thank you
BrioDirect High-Yield Savings APY Tops Nationwide Rate Charts
Availability: High-Yield Savings, 1.80% APY, $25 minimum opening deposit.

Availability: Nationwide (internet bank)

In 2019, DA reader, redwilli1, asked “Has anyone heard of BrioDirect HYS?”

As of yesterday, I think anyone who read DA’s Liquid Rates Summary knows exactly what the BrioDirect High-Yield Savings (HYS) account is: the new leader of the nationally available savings/money market account rate peloton. Following a rate increase of 65 bps, the HYS currently earns 1.80% APY on all balances. Since mid-May, the HYS has gained 140 bps in three rate increases.

High-Yield Savings

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BrioDirect Boosts Nationally Available High-Yield Savings Rate
Availability: High-Yield Savings, 1.00% APY, $25 min deposit.

Availability: Internet bank

In 2019, DA reader, redwilli1, asked “Has anyone heard of BrioDirect HYS 2.46% APY?”

At that time, BrioDirect, the new online division of Sterling National Bank (now Webster Bank), had unveiled its product line, which consists of the High-Yield Savings and two short-term CDs. While the product line has expanded to include a Money Market account and a total of twelve CDs, the rates have been mediocre following initial good (but not great) APYs.

BrioDirect recently raised the rates on...

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BrioDirect Offers New Tiered-Rate Money Market Account
Availability: High-Yield Money Market, 0.65% APY ($25k+), 0.25% APY (less than $25k), $100 minimum opening deposit.

Availability: Internet bank

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,...

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BrioDirect Offers Top Short-Term CD Rate
Availability: 5-month CD, 1.15% APY, $500 min deposit.

Availability: Internet bank

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...

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BrioDirect Unveils High-Yield Savings, 2.46% APY
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

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