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BrioDirect High-Yield Savings Account
- Our Rating 5/5 How our ratings work
- APY4.85%
*Annual Percentage Yield (APY) is variable and is accurate as of 11/15/2024. Rate is subject to certain terms and conditions. You must deposit at least $5,000 to open your account and maintain $25 to earn the disclosed APY. Rate and APY may change at any time. Fees may reduce earnings.
- Minimum
Deposit Required$5,000
BrioDirect's Direct High-Yield Savings Account offers customers one of the highest interest rates on the market. While its minimum opening deposit requirement is higher than average, all balances over $25 earn its disclosed APY.
Top in Class APY
If you’re looking for a place to stash some cash, the BrioDirect™ High-Yield Savings account offers one of the highest annual percentage yields (APYs) currently available. The online bank doesn’t charge a monthly service fee, though there is a high initial deposit requirement.
However, the bank may not be a good fit if you want to manage all of your money with one financial institution or have easy access to cash transactions. Here’s what you need to know if you’re on the fence about this account.
Pros
- Strong APY
- Helpful customer service support
- No monthly maintenance fee
Cons
- Relatively high minimum opening deposit requirement
BrioDirect High-Yield Savings Features
BrioDirect, an online division of Webster Bank, N.A., offers a lot of the basic features you might expect from an online savings account, including a high return on your savings and minimal fees and requirements. But like some other online banks, BrioDirect doesn't offer some key features that would make it easier to manage your money and access funds when you need them.
Interest Rate
The BrioDirect High-Yield Savings account offers a solid 4.85% APY on your money, beating out many other top high-yield savings account options. You do need to meet a minimum deposit requirement of at least $5,000 to open the account, but you will only need to maintain an ongoing bala
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No Monthly Fee
BrioDirect doesn't charge a monthly maintenance fee, so you don't need to worry about ongoing costs eating into your return. Some savings accounts may charge a monthly fee if you don't meet certain balance or deposit requirements.
Access to Cash
To deposit money into a BrioDirect High-Yield Savings account, you can transfer funds from an external b
Unfortunately, the only way to withdraw money from the account is by transferring
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FDIC Insured
When you open a BrioDirect High-Yield Savings account, your funds are held with Webster Bank, w
Mobile and Online Banking
You can manage your account online or through the BrioDirect mobile app. The bank's mobile app is unique in that it allows you to link external accounts and see balances a
What's more, the app will analyze your spending and provide financial insights to help you manage your money better.
Other BrioDirect Products
While BrioDirect's parent company offers checking accounts, the online bank only offers a high-yield savings account and certificates of deposit (CDs). If you want a bank that also offers a checking account for simpler management and quicker transfers, you'll need to look elsewhere.
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BrioDirect High-Yield CDs
The online bank offers CD terms ranging from 30 days to five years, giving you a lot of flexibility. However, the bank only offers competitive rates on its 12-month term.
Keep in mind that BrioDirect requires a minim
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How to Open a BrioDirect High-Yield Savings Account
If you feel like BrioDirect is right for you, you can open an account online in a matter of minutes. If you're already a BrioDirect customer, you can sign in, and the bank will prefill some of the application details.
Otherwise, you'll need to provide the following information for you and a joint account holder (if applicable):
- Citizenship status
- Email address and phone number
- Full name
- Residential address
- Date of birth
- Social Security number
- Security word for online banking
- Driver's license, state ID or passport
- Employment status
- Expected monthly deposits, withdrawals, and wire transfers
Once you review and agree to the account terms and submit your application, you should receive a response within seconds. If you're approved, you'll get information on how you can fund the account and start earning interest.
How Does the BrioDirect High-Yield Savings Account Stack Up?
The BrioDirect High-Yield Savings account offers an APY that's tough to beat. Here's how it compares to some of the other best high-
| Account | APY | Minimum deposit required | Learn More |
|---|---|---|---|
|
|
4.85%
*Annual Percentage Yield (APY) is variable and is accurate as of 11/15/2024. Rate is subject to certain terms and conditions. You must deposit at least $5,000 to open your account and maintain $25 to earn the disclosed APY. Rate and APY may change at any time. Fees may reduce earnings. |
$5,000 | Open Account |
|
|
4.31%
UFB Direct breaks balances into five tiers, but, currently, there is only one interest rate. |
N/A | Open Account |
|
|
4.55%
Earn 4.55% APY on balances over $5,000. Balances of less than $5,000 earn 0.25% APY. Annual Percentage Yield is accurate as of November 13, 2024. Interest rates for the Platinum Savings account are variable and subject to change at any time without notice. |
$100 | Open Account |
Is a BrioDirect High-Yield Savings Account Right for You?
While BrioDirect doesn't offer the highest APY currently available, it's close. What's more, the bank's minimum balance to earn interest is lower than other banks that may offer higher returns, but you
That said, there are other online banks that offer easier access to your cash, either through an ATM card or an associated checking account with no transfer delays. Depending on how you want to use the account, it may be worth it to accept a slightly lower interest rate in exchange for more flexibility.
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The Bottom Line
If you're looking to maximize the interest you earn on your savings, it's hard to go wrong with the BrioDirect High-Yield Savings account. With that said, it's best to use the account for savings that you don't need ready access to, such as a down payment fund or another financial goal with a predictable target date.
Ready to open an account? Start here.
While you can also use it as an emergency fund, keep in mind that accessing your cash can take a few days. If you want a savings account from a financial institution that also offers checking accounts to keep all of your money under one proverbial roof, you may need to look elsewhere.
The good news is that you're not married to one bank account. If your priorities change or you find a better deal elsewhere, it's often easier to switch to a new savings account than a checking account.
Ben Luthi
Ben Luthi is a personal finance and travel writer and credit card expert. He has a degree in finance from Brigham Young University and worked in financial planning, banking and auto finance before writing full-time for NerdWallet and Student Loan Hero. Ben is now a full-time freelance writer and enjoys traveling and spending time with his two kids. His work has appeared in several publications, including U.S. News & World Report, USA Today, Money, Success and Slickdeals.
