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
1.25%$25-BrioDirectHigh-Yield Savings
Rates as of June 2, 2020.
  • 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
1.00%$500-BrioDirectHigh-Rate 12 Month CD
0.80%$500-BrioDirectHigh-Rate 9 Month CD
Rates as of June 2, 2020.
  • $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  • Credited interest can be withdrawn without penalty.
  • Early withdrawal penalty is 90 days of dividends on the amount withdrawn.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
  |     |   Comment #1
No rate guarantee.......This will last for about 20 minutes. No thanks.
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
  |     |   Comment #4
It hasn't been removed, just temporarily hidden.
"Rates for Northern Bank Direct are currently being reviewed."
RichReg
  |     |   Comment #9
Seriously? How long does that take?
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
  |     |   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
  |     |   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
  |     |   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
  |     |   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
  |     |   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
  |     |   Comment #3
high rates bad terms.
Foo
  |     |   Comment #5
Interest every 3 months? No thanks
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
  |     |   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
  |     |   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
  |     |   Comment #11
The way things are going Redneck/AllAmerica will become the rate leader again just be keeping their rate steady.
Hearsay
  |     |   Comment #13
They will drop it very soon if they have not already
Jik
  |     |   Comment #18
If they do drop it hopefully they give out a months notice first like last time.
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
  |     |   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.
RichReg
  |     |   Comment #27
The article mentions 'no limit on the number of external banks that can be linked'.
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.
Gave up
  |     |   Comment #28
This bank acts like you are applying for a loan instead of a cd. Tried numerous times, gave up. Bush league ??
NewAccountApp
  |     |   Comment #29
Does Brio have limits to external ACH transfers initiated from another bank? Just want to make sure the limits apply to their own transfers. Thanks.
midas89
  |     |   Comment #30
NewAccountApp, the good news for you is that there is no restriction on the withdrawal amount if initiated from your external bank (other than the external bank’s own restriction, of course). The bad news is that there’s no way the current interest rate can be maintained. It’s gonna drop. It’s just a matter of when.
NewAccountApp
  |     |   Comment #33
Thanks midas89!
NewAccountApp
  |     |   Comment #38
You were correct about the rate drop. It happened!
IMAGOOBER!
  |     |   Comment #31
I just submitted an application for a savings account in which I was required to provide the most personal and sensitive information I've ever been asked online, yet the application was promptly declined. I immediately called the number provided for answering questions, and after holding quite a long time for a representative to speak to me, I was told he would not be able to answer any questions regarding my application. What a mistake on my part. I wish I had not so readily provided that kind of personal info. You had better think twice before you do what I did.
midas89
  |     |   Comment #32
IMAGOOBER!, BrioDirect contracts with a 3rd-party financial company to do the applications. Fiserv is one such company. The middleman processing company uses 3rd-party companies, such as LexisNexis as one example, to pull up info about you it can match with your answers. First of all, I assure you, the middleman companies like LexisNexis and Experian, etc., already know all that personal info you provided. Thus, I would not worry about any private info you provided.

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
Jason
  |     |   Comment #34
i dont trust a press release ... anyone have a link to fdic website that shows brio is on there?
midas89
  |     |   Comment #35
BrioDirect is owned by Sterling National Bank. I assure you, SNB is FDIC insured, as is BrioDirect.
midas89
  |     |   Comment #37
BrioDirect dropped to 2.30% APY this morning
Frustrated
  |     |   Comment #36
I opened an account with them last week. It took a while to open an account like everybody stated since there were a lot of questions. Then I did an initial deposit and brio took the money the next day from the other bank but did not deposit into my brio account till 5-6 days later. After I did an initial deposit, I made another external transfer a couple days after. After a few days logging in online to check the status of the transfer, I was no longer able to log in. I called their customer service number and was told my account has been locked and they needed a copy of my driver license with a copy of the other bank's statement to unlock it. This is ridiculous. I never had such issues nor such information requested from other banks. I also asked why wasn't I notified about this or why no one contacted me. They couldn't answer me and stated this was from the security department but when I asked to speak to the security department, the rep stated that they won't speak to me. I told them all this information was verified previously since the transaction is the same from the initial deposit (same bank) just a larger deposit and that the initial deposit has been verified along with the originating bank. I told them I refuse to send them the additional information and need someone to speak to me about or I will close my account with them.
bear32
  |     |   Comment #39
I'd stay away from this bank. Try calling them and you'll see what I'm talking about. 30 minutes to get the runaround.
disgusted customer
  |     |   Comment #40
stay away from this bank--they lure you in with a high interest rate and then shortly after start dropping it- everytime i try to make a transaction on line, it locks me out and tells me to call a number where i have to wait a minimun of 30 minutes to get through to a person--this morning it was 1 hours and 10 minutes--i asked the agent to process the transaction for me and she said she couldnt, and told me i would have to wait until the computers were back up and she didnt know when that would be-- she then hung up on me--as soon as i can i am withdrawing all of my money from this bank and put it somewhere local where i can get my hands on it when i need it--ps even when you do transrer it, it takes several days for them to get it over to the other bank

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