BrioDirect Reviews USA
This article explains all you need to know about BrioDirect.
BrioDirect Pros
* Low minimum deposit — A BrioDirect money market account starts at $100. The minimum amount for a certificate of deposit (CD) is $500.
Keeping a particular amount of money on hand to avoid monthly fees is no longer necessary. It’s also not a long list of requirements. Accounts with zero balance or unfunded can be closed after 20 days.
* Easy bank – BrioDirect is very easy: Applicants can apply online for one of four deposit accounts.
BrioDirect Cons
* Higher rates on CDs elsewhere – BrioDirect’s money market and CD rates are competitive and above average. Depending on the CD duration, you may be able to obtain even better CD rates from other digital banks that exclusively offer deposit accounts.
For Whom Is BrioDirect?
BrioDirect Bank should appeal to clients that like to bank online and don’t need to visit a physical facility. It may be ideal for individuals who:
* Want to open a CD with a modest minimum deposit
* Want to open a money market account without monthly fees * Don’t want to be overwhelmed with options
So, what is BrioDirect Bank?
BrioDirect offers FDIC-insured deposit accounts for customers looking to save money and earn income.
SAVINGS
BrioDirect Bank’s high-yield savings account pays 0.40 percent annual percentage yield (APY).
No monthly fees, and only $25 to get started.
While there are no monthly fees and no minimum deposit, there are a few fees to be aware of: $10 for each withdrawal over six per month and $35 for each overdraft.
However, if you already have a deposit with BrioDirect’s parent bank, Sterling National Bank, you should be aware that the $250,000 is spread across all of your accounts with both banks. Your accounts at Sterling National Bank are covered up to $250,000, while your accounts at BrioBank are covered up to $250,000. If you have joint accounts, the insured sum doubles to $500,000.
Money Market Account
BrioDirect Bank’s money market account offers up to 0.55 percent APY (as of March 30, 2022).
There’s no monthly cost and a $100 minimum to get started.
While there are no monthly fees and no minimum deposit, there are a few fees to watch out for: a $10 fee for withdrawals above six per month and a $35 fee for overdrafts.
While the FDIC guarantees up to $250,000 per account holder, existing BrioDirect customers should note that the $250,000 covers all deposit accounts with both banks. Your accounts at Sterling National Bank will be insured up to $250,000 if you open money market and CD accounts at BrioBank. If you have joint accounts, the insured sum doubles to $500,000.
CDs
BrioDirect Bank’s high-yield CDs may be a tempting method to save money that you won’t need for a long time. CDs normally pay greater interest rates than savings or checking accounts, and the longer the period, the higher the rate.
BrioDirect offers 30-day to 5-year CDs with greater interest rates than the national average. The APY starts at 0.05 percent,4 and the minimum deposit is $500. Your account may be cancelled after 20 days if you fail to fund it or if the balance falls below $500.
BrioDirect Bank’s CDs automatically renew. You can transfer the funds to another account or withdraw them. After the CD matures, you have a seven-day grace period to do so. If you need to remove funds from your CD before the maturity date, you will be penalized.
BrioDirect Bank Support
Customers can reach a human at 877-369-BRIO, seven days a week. Monday through Friday, 8:00 a.m. to 8:00 p.m. EST, and Saturday, 8:30 a.m. to 3 p.m. You can also write to BrioDirect Bank.
BrioDirect Bank: How to Bank
You can apply and open an account online, just as internet banks. Your driver’s license, a government-issued ID (e.g., passport, state-issued ID), Social Security number, and contact information are required. You can make an initial deposit via wire transfer, cheque, or external bank transfer.
BrioDirect: Conclusion
BrioDirect Bank is a simple method to save money. The interest rates are competitive, and the minimum balance is modest. If you prefer a bank with physical locations over a digital-only bank, you should look elsewhere.
Thanks for taking the time to read this blog post on BrioDirect.
