Tech Insider

Our experts answer readers' banking questions and write unbiased product reviews (here's how we assess banking products). In some cases, we receive a commission from our partners; however, our opinions are our own. Terms apply to offers listed on this page.

Note: BrioDirect currently isn't offering checking or money market accounts. Only savings accounts and CDs are available right now.

BrioDirect Review: Overall Bank Rating

FeatureInsider rating (out of 5)
Savings4
Checking3.75
CD3.75
Money market account3.75
Trustworthiness4
Total4

BrioDirect Pros and Cons

ProsCons

 

  • High interest rate on a 1-year CD

  • Low minimum opening deposits on CDs

  • If you're looking for checking or money market accounts, you'll have to look else elsewhere (these accounts aren't being offered right now)
  • Other CD terms aren't as competitive as the 1-year option

About BrioDirect 

BrioDirect is an online-only division of Webster Bank. Customers have access to over 32,000 free ATMs through the MoneyPass ATM network. 

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 4.7 out of 5 stars in the Apple store and 3.9 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 Bank a B- rating because it received numerous customer complaints filed against the bank and hasn't resolved a complaint.

BBB ratings aren't the be-all and end-all, though. To see if BrioDirect is a solid choice for you, talk to current customers or read online customer reviews. 

The bank hasn't been involved in any recent public controversies. 

BrioDirect FAQs

Is BrioDirect legit? 

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.

Is Webster Bank the same as BrioDirect?

BrioDirect is an online brand of Webster Bank. Currently, BrioDirect only offers CDs. 

Is BrioDirect a good bank?

BrioDirect may be a good choice if you're comfortable with online-only banking and are specifically searching for a 1-year CD. It offers a competitive 1-year CD rate, and you only need BrioDirect High-Yield CD - Minimum Deposit to open an account. Generally, financial institutions require at least $1,000 to open a CD. 

BrioDirect Reviews

BrioDirect High-Yield Savings Account

The BrioDirect High-Yield Savings Account is great if you have at least BrioDirect High-Yield Savings Account - Minimum Deposit to open an account. It also has BrioDirect High-Yield Savings Account - Fees Display

BrioDirect Checking Account 

The BrioDirect Checking Account might be worth considering if you don't want to deal with monthly service fees or ATM fees. BrioDirect has a decent-sized ATM network, and you get up to $20 in out-of-network ATM fee reimbursements each month. 

The BrioDirect Checking Account isn't the best option if you overdraw from your account, though. BrioDirect charges a $35 overdraft fee if you have a negative balance that exceeds $5, and it doesn't have any overdraft protection.

BrioDirect High-Yield CD 

You might like BrioDirect if you're searching for a 1-year CD. There's a special promotional rate of BrioDirect 12 Month High-Yield CD - APY APY for the 1-year term, which is higher than 1-year CD rates at other banks.

BrioDirect CDs also only require a BrioDirect High-Yield Certificate of Deposit opening deposit. Other financial institutions may require at least $1,000 to get a CD.

BrioDirect High-Yield Money Market Account

You'll need a minimum of BrioDirect High-Yield Money Market Account - Minimum Deposit to open the BrioDirect High-Yield Money Market Account. If you're strictly searching for a competitive interest rate, the BrioDirect High-Yield Savings Account will likely be more appealing.

How BrioDirect Compares

BrioDirect vs. CFG Bank

Both BrioDirect and CFG Bank CD - Brand Name pay high CD rates on 1-year terms. However, CFG Bank pays higher interest rates on 18-month, 3-year, and 5-year terms. Keep in mind rates can fluctuate, so this may change in the future.

BrioDirect may be worthwhile if you're looking for an online bank that has CD variety. BrioDirect has more CD terms available than CFG Bank, including terms as short as 30 days.

Also, consider which types of bank accounts you'd like to open. CFG Bank money market accounts, checking accounts, and CDs can be opened online from anywhere in the US, but you'll need to go to a branch in Baltimore, Maryland, to open one of the bank's standard savings accounts.

CFG Bank Review

BrioDirect vs. Ally

Ally High Yield CD - Brand Name 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 and CDs.

If you want to open a CD, it'll be a toss-up based on which term length you want. BrioDirect has an appealing 1-year term, while Ally has strong 18-month and 9-month terms.

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. 

Ally Bank Review

Why You Should Trust Us: How We Reviewed BrioDirect

In our BrioDirect review, we rate checking accounts, savings accounts, CDs, and money market accounts by looking at features like minimum opening requirements, monthly service fees, and customer support available.

We'll also consider specific features for different types of bank accounts. For example, we look at early withdrawal penalties for CDs. Each account receives a rating between 0 and 5. Learn more about our  banking methodology and CD methodology.

Read the original article on Business Insider