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no monthly service fee
5.00%
$5,000
- High interest rate
- No monthly service fees
- High minimum opening deposit
BrioDirect does offer a competitive savings account rate. The BrioDirect High-Yield Savings Account is great if you have at least $5,000 to open an account. It also has no monthly service fee.
- Must maintain at least $1 in account to earn interest
- Interest compounded daily and deposited monthly
- FDIC insured
Business Insider's personal finance team compared BrioDirect to the best online banks and found it to be a standard offering.
BrioDirect has one of the best high-yield savings accounts for earning a competitive interest rate, but if you're looking for any other type of bank account to open it won't be a good fit. BrioDirect used to offer CDs, but it is no longer offering any at the moment. When reaching out to customer support, it also isn't clear whether CDs will be offered soon in the future.
About BrioDirect
BrioDirect is an online-only division of Webster Bank. You can currently open a 5% interest savings account with BrioDirect. The online institution doesn't offer other bank accounts at this time, though.
Customer service is available by phone from 8 a.m. to 8 p.m. ET on weekdays or 8:30 a.m. to 3 p.m. ET on Saturdays.
BrioDirect has 4.6 out of 5 stars in the Apple store and 4.2 out of 5 stars in the Google Play store.
BrioDirect accounts are FDIC insured through Webster Bank. You may safely keep up to $250,000 in an individual bank account.
Is BrioDirect Trustworthy?
We use ratings from the Better Business Bureau so you can see how a bank addresses customer issues.
The BBB gave BrioDirect's parent company Webster Financial Corporation a B- rating because it received numerous customer complaints filed against the bank and hasn't resolved a complaint.
Webster Bank is undergoing a class-action lawsuit over a data breach. According to the lawsuit, nearly 200,000 customers were impacted, and plaintiffs claim the breach was due to Webster's lack of security. The lawsuit also states Webster didn't inform customers in a timely fashion. This case is still ongoing.
BrioDirect Pros and Cons
BrioDirect Pros
- One of the top high-yield savings rates available among online banks
- Extended customer support availability on weekdays
- Solid mobile app ratings
BrioDirect Cons
- High minimum opening deposit is required for its high-yield savings account
- No other bank account options
- Other banks may offer more customer support on weekends
- 2023 lawsuit regarding a data breach
BrioDirect High-Yield Savings Account Review
The BrioDirect High-Yield Savings Account pays 5.00% APY, which is one of the most competitive interest rates available right now. BrioDirect's savings rate even stands out among other online banks, because not many financial institutions offer 5% APY.
The BrioDirect High-Yield Savings Account is great if you have at least $5,000 to open an account. It also has no monthly service fee.
BrioDirect Alternatives
BrioDirect vs. CFG Bank
If you're looking for a place to grow your savings, the CFG Bank High Yield Money Market Account is comparable to the BrioDirect High-Yield Savings Account. The money market account offers 4.80% APY and only requires a $1,000 minimum opening deposit.
CFG Bank also may be a better fit if you want to open other types of bank accounts. CFG Bank has money market accounts, checking accounts, and CDs that can be opened online from anywhere in the U.S., but you'll need to go to a branch in Baltimore, Maryland, to open one of the bank's standard savings accounts.
If you want to avoid monthly service fees though, the BrioDirect High-Yield Savings Account will likely be a better choice than the CFG Bank High Yield Money Market Account.
The CFG Bank High Yield Money Market Account has a $10 monthly service fee unless you keep $1,000 or more in your account daily. The BrioDirect High-Yield Savings Account has no monthly service fee.
BrioDirect vs. Ally
Ally Bank has a variety of online bank accounts with zero monthly service fees. You can open a high-yield savings account, checking account, CD, or money market account at Ally. Meanwhile, BrioDirect has more limited options right now, since you can only get a savings account.
The Ally Savings Account offers a rate of 4.00% APY, though. If you are specifically searching for a high interest rate, BrioDirect's savings account will likely be more appealing.
You'll probably prefer Ally over BrioDirect if traditional banking hours don't work for you. Ally offers 24/7 customer support by phone and online chat.
BrioDirect vs. Jenius Bank
Jenius Bank is an online-only division of SMBC MANUBANK. BrioDirect's savings account offers a slightly higher interest rate, but you'll need $5,000 to open an account.
If you don't have that much money to deposit upfront, you may prefer Jenius Bank's high-yield savings account. The Jenius Savings Account offers 4.80% APY and has a $0 minimum opening deposit.
Why You Should Trust Us: How We Reviewed BrioDirect
Our mission at Business Insider is to provide thoroughly researched, helpful content to help you make smart decisions about your money.
Business Insider's personal finance team is editorially independent. You can read our editorial standards page if you want to know more about how we write reviews for different products.
For our BrioDirect review, we used our bank account methodology to rate the bank's high-yield savings account. We analyzed the following categories: minimum deposit, monthly service fees, interest rate, customer support, mobile app, and ethics of the bank. For each category, we assigned a score of zero to five. Then, we averaged these numbers to determine our bank account rating.
All bank accounts have a scale of 0 to 5 stars. Bank accounts that receive a one-star rating require significant improvement. Accounts that receive a five-star rating are considered to be top-tier options.
BrioDirect FAQs
BrioDirect is a legitimate financial institution. Its bank accounts are provided by Webster Bank, which is an FDIC-insured financial institution. Up to $250,000 per depositor, per category is secure in a BrioDirect bank account.
BrioDirect is an online brand of Webster Bank. Currently, BrioDirect only offers an online savings account.
BrioDirect may be a good choice if you're comfortable with online-only banking and are specifically searching for a high-yield savings account. The BrioDirect High-Yield Savings Account pays 5.00% APY, which is significantly higher than both brick-and-mortar and online banks.
