BrioDirect Review 2024

BrioDirect is an online-only banking platform that currently offers a high-yield savings account and several high-yield CDs.

BrioDirect Checking

BrioDirect does not have checking accounts at this time, though it has offered them in the past. Webster Bank, the platform’s parent institution, provides several checking options, but you must visit a branch or call the bank to open them. These are not included under the BrioDirect brand.

For the best checking accounts, consider other online banks—like Axos Bank and Discover—as well as credit unions such as PenFed Credit Union and Connexus Credit Union.

BrioDirect High-Yield Savings Account

The BrioDirect High Yield Savings Account earns 5.35% APY—one of the highest rates currently on the market—and doesn’t charge any monthly maintenance fees. But you must deposit at least $5,000 to open an account, which is considerably high for an online savings account.

If you can’t meet this deposit minimum, the best free savings accounts offer comparable rates. That said, you only need to maintain a balance of $25 to earn the maximum interest rate with BrioDirect, and all balances above this earn the same rate without a cap on earnings.

Interest for this account is compounded daily and credited to your account once per monthly statement cycle. You can make up to six preauthorized transfers or withdrawals per month, which is standard among savings accounts. If transactions over this limit are approved, you will pay a $10 fee for each one. This account also carries a $35 overdraft fee and a $5 fee for paper statements. Many online banks offer savings accounts that come closer than BrioDirect to being truly fee-free.

Money Market Account

You’ll no longer find a money market account with BrioDirect, but these accounts were previously available through the platform. You can, however, find many of the best money market accounts with digital banks, and credit unions also tend to provide competitive options.

CDs

BrioDirect High-Rate Certificates of Deposit are available in terms ranging from 30 days to 60 months. You must deposit at least $500 to open any CD.

BrioDirect’s CD rates vary, but they are generally much lower than the best CD rates and even typical rates. Many of the brand’s CD terms pay well below national averages, according to the FDIC. However, certain accounts can be more competitive, and it’s worth noting that the platform has a few uncommon term lengths to choose from, including three-month CDs and five-month CDs—though these, too, carry lackluster APYs.

Here’s a breakdown of BrioDirect’s current CD rates.

CD Term	APY
30 Days	0.05%
3 Months	0.25%
5 Months	0.15%
9 Months	0.30%
12 Months	5.35%
18 Months	1.35%
24 Months	2.30%
30 Months	0.45%
36 Months	2.45%
48 Months	0.45%
60 Months	0.45%

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Interest compounds daily and is credited to your account quarterly and at maturity.

If you withdraw your deposit before your BrioDirect CD has matured, you will pay an early withdrawal penalty of between 30 and 365 days’ interest, whether or not you have already earned that interest.

When your CD matures, you have a 10-day grace period during which you can deposit or withdraw funds without penalty. If you make no changes, your account will renew for the same term length at the rate available at that time.

Early withdrawal penalties are common with CDs. If you need more flexibility, a no-penalty CD is often a better choice.

BrioDirect does not offer additional products, services or tools not already mentioned. It’s a lean digital banking company geared toward saving, and it has one of the most bare-bones platforms we’ve seen.

BrioDirect stands out for its simplicity and high rates. With only two types of accounts, it is not a full-service institution, but its savings APY regularly lands among the top rates available.

BrioDirect offers online and mobile banking but does not operate any physical branches. Its mobile app is available for both Android and Apple devices. Currently, BrioDirect mobile has a 3.7-star rating on Google Play and a 4.6-star rating on the App Store.

Notably, the app features many budgeting and spend-tracking tools. It provides personalized financial insights to notify you of changes in your spending habits and upcoming bills, and you can categorize your transactions to budget more effectively and see where you might be overspending. It has many of the features of a budgeting app in a mobile banking app.

Customer service is available Monday through Friday from 8 a.m. to 8 p.m. ET and Saturday from 8:30 a.m. to 3 p.m. ET. You can call 877-369-2746 for general support.

BrioDirect does not charge monthly maintenance fees for its high-yield savings or CD accounts, but various fees apply for certain activities. BrioDirect banking fees include:

• Early account closing fee: $25 (within 90 days)
• Abandoned account fee: $20
• Insufficient funds and overdraft fee: $35
• Stop payment fee: $30
• Incoming wire transfer fee: $15
• Outgoing wire transfer fee: $35 for domestic transfer and $45 for international transfer
• Excess withdrawal fee: $10
• Paper statement fee: $5

Note that all of these fees are charged by Webster Bank and may also apply to other deposit products with the institution.

BrioDirect often has one of the best high-yield savings account rates on the market, and some of its CD rates may land among the top rates available as well. Overall, it might be a good fit for you if you want to keep things simple with your savings while earning a competitive interest rate.

That said, BrioDirect isn’t a full-service online bank. You can’t open a checking account or money market account, as you can with digital banks like Ally Bank or Quontic Bank, and available account options are limited. The $5,000 opening requirement for its savings account is also on the high side.

If you have less than $5,000 to save, consider UFB Direct’s Secure Savings account instead. It has a $0 opening deposit requirement and pays up to 5.25% APY on all balance tiers.

Compared to other banks, there are fewer reviews for BrioDirect on consumer platforms. For example, the company does not have a Trustpilot page or BBB profile separate from Webster Bank.

Ratings that are available for the brand are mixed. The mobile banking app, for instance, has a high rating of 4.6 stars on the App Store but a less impressive rating of 3.7 stars on Google Play. On both platforms, many satisfied users report positive experiences with the bank’s simple integration and intuitive features, and dissatisfied users commonly point to buggy deposit and transfer functionality and lack of information about accounts as sources of their frustrations.