BrioDirect is the online brand of Sterling National Bank, which was established in 1888 in New York. Anyone in the U.S. can sign up for one of BrioDirect’s online options for saving money. Although BrioDirect has just a few accounts available, you may find that they fit your needs.
This review primarily concerns BrioDirect’s online savings and CD accounts provided through Sterling National Bank.
Here’s what you should know about BrioDirect’s account offerings. Account details and annual percentage yields (APYs) are accurate as of May 27, 2022.
Account Basics
BrioDirect offers two types of online accounts to help you save: high-yield savings and high-rate CDs. The bank says it’s easy to open an account online in just a few minutes.
Savings
BrioDirect’s High-Yield Savings account offers 1.00% annual percentage yield, or APY. You can open the account with a $25 minimum initial deposit, and there’s no monthly fee. You must maintain a balance of at least $25 to earn interest. Interest is compounded daily and credited to your account once per monthly statement cycle.
The account charges $10 per excess transaction and a $35 overdraft/insufficient funds fee. And you can make up to six preauthorized transfers or withdrawals per statement cycle.
CDs
BrioDirect offers High-Rate CDs with terms ranging from 30 days to 60 months. You must deposit at least $500 to open a CD.
CD terms between 12 months and 60 months have an APY of 0.45%. The nine-month CD has an APY of 0.45%, the five-month CD has an APY of 0.15% and the 30-day CD has an APY of 0.05%.
If you withdraw your deposit before your CD has matured, you will pay a penalty of between 30 days’ and 12 months’ interest, whether or not you already earned that interest. When your CD matures, you get a seven-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.
Access on the Go
BrioDirect customers can use Sterling National Bank’s online banking platform and Personal Mobile Banking app to manage their accounts. The app allows you to deposit checks, and you can view your account balances with Instant Balance without needing to log in. Personal Mobile Banking is available for iOS and Android. The app is currently unrated on Google Play or on the App Store.
Customer service is available by phone Monday–Friday, from 8 a.m. to 8 p.m. ET, or Saturday, 8:30 a.m. to 3 p.m. ET.
Pros
- Competitive APYs for savings and CDs
- Variety of term lengths for CDs
- Quick and easy to open an account online
- Offers a mobile app
Cons
- Limited account options
- Savings balances under $25 don’t earn interest
- Minimum $500 deposit required to open a CD
- Limited customer service availability
How BrioDirect Stacks Up
BrioDirect’s simple slate of accounts makes it easy to determine which options are best for you and your savings. But while its interest rates are competitive, it doesn’t offer as many bells and whistles as many other online banks. BrioDirect is best for people who crave simplicity so they can focus on their savings goals without too many distractions.
Its three-month CD, however, offers one of the most competitive rates available as of November 13, 2020.
Frequently Asked Questions (FAQs)
Is my money safe with BrioDirect?
Yes, your deposits are FDIC insured (FDIC# 30337) by Sterling National Bank. The FDIC protects amounts up to $250,000 per depositor, for each account ownership category, in the event of a bank failure, and includes deposits with both BrioDirect and Sterling National Bank.
What do I need to open an account with BrioDirect?
You need a driver’s license, passport or state identification card, along with your Social Security number and mailing address. Your initial deposit can be made by ACH transfer from another checking or savings account, by wire transfer or by mailing a check.
Are there limits on how much I can withdraw from my BrioDirect accounts?
High-yield savings accounts are limited to $125,000 in outbound transactions per month, with a limit of $25,000 per transaction. Also, even though the government’s Regulation D rules have been relaxed in 2020, you can make no more than six convenient transfers and withdrawals per month without incurring excess transaction fees. If you withdraw funds from a CD that has not reached maturity, then interest penalties will apply.
