Brio Direct Bank Review 2022: Competitive APYs on savings and CDs, but no checking account option and steep fees for funds transfers

Mia Taylor
·5 min read

Brio Direct is an online bank that is a sub-brand of Webster Bank. All accounts opened with Brio are provided by Webster, which is an FDIC-insured bank. Brio offers three primary products—savings and money market accounts and certificates of deposit. Its accounts feature competitive APYs as high as 3.75% on savings and as much as 4% on CDs. Though the money market APY is less generous at just 0.70% and the bank does not currently offer a checking account.

Though Brio Direct’s mailing address is in Jericho, New York there are no physical bank branch locations. However, Brio representatives are available Monday through Friday from 8 a.m. EST until 8 p.m. EST and from 8:30 a.m. until 3 p.m. EST on Saturday.

All rates and fees are current as of November 29 and are subject to change.

Brio Direct offerings

Brio Direct offers high-yield savings and high-yield money market accounts with no monthly maintenance fees. Its CDs are available in terms ranging from 30 days to 60-months.

High-yield savings account

Brio Direct high-yield savings

  • APY: 3.75%

  • Fees

    • Monthly maintenance fee: $0

    • Paper statement fee: $5

    • Withdrawal or ACH transfer fee: First 6 withdrawals or transfers are free. After that a $10 fee per transaction applies

  • Minimum opening deposit: $500 must be deposited within 20 days of opening account

  • Minimum monthly balance: $0

The APY on Brio’s high-yield savings account is variable and can increase or decrease based on market conditions.

Money market accounts

Brio Direct money market account

  • APY: 0.7%

  • Fees

    • Monthly maintenance fee: $0

    • Inbound wire transfer fee: $0

    • Withdrawal or ACH transfer fee: First 6 withdrawals or transfers are free. After that a $10 fee per transaction applies

    • E-statements: $0

    • Overdraft fee: $35

  • Minimum opening deposit: $100

  • Minimum monthly balance: $0

Brio Direct’s money market accounts do not offer checks, which combined with the limit of six withdrawals and transfers per month, can make accessing funds in this account more challenging.

Certificates of deposit

Brio Direct CDs

Brio Direct’s standard CD APY is 0.45% but the bank is currently offering a promotional high-yield CD rate of 4.0% for new accounts only. CDs renew automatically at their maturity date but the bank provides a 7-day grace period to deposit or withdraw funds with no penalty.

  • APY:

    • 30-day: 0.05%

    • 3-month: 0.25%

    • 5-month: 0.15%

    • 9-month: 0.3%

    • 12-month: 0.45%

    • Promo 12-month high-yield CD: 4.0%

    • 18-month: 1.35%

    • 24-month: 2.30%

    • 30-month: 0.45%

    • 36-month: 2.45%

    • 48-month: 0.45%

    • 60-month: 0.45%

  • Fees:

    • Monthly maintenance fee: $0

  • Early withdrawal penalty: Varies based on CD term

    • 30 days or less: 1 month interest

    • 12 months or less: 3 months interest

    • At least 18 months but less than 60 months: 9 months interest

    • 60 months or more: 12 months interest

Minimum opening deposit: $500

Other services Brio Direct offers

Brio Direct does not offer any other services. However, its parent institution, Webster Bank offers a variety of additional banking products including:

  • Checking accounts

  • Savings accounts

  • Loans

  • Credit cards

  • Debit cards

  • CDs

The Brio Direct platform and customer support

Brio Direct offers mobile banking through an app that allows users to make transfers, deposits, and payments. The app also includes features designed to help manage spending including providing analysis of financial patterns and budget review. In addition, the app can be used to set alerts for payment due dates and low account balances. External accounts can be linked to the Brio Direct mobile app.

Brio customer service representatives can be reached via phone Monday through Friday from 8 a.m. until 8 p.m. EST. They can also be reached on Saturdays between 8:30 a.m. EST and 3 p.m. EST.  The bank can also be reached via mail at its Jericho, New York business address.

Pros and cons of Brio Direct

If you are considering banking with Brio Direct, here are some of the pros and cons to keep in mind.

Pro: Competitive APY on savings and CDs. The APY on Brio’s savings is a generous 3.75% while its promotional high-yield CD is an industry-leading 4.0%.

Pro: No monthly maintenance fees. None of the Brio accounts include maintenance fees.

Con: Limited account options: Brio only offers three types of financial products, which may be limiting for some potential customers.

Con: Steep fee for making excessive withdrawals. Customers pay $10 per transaction for making more than six transfers from Brio’s money market or savings account per month.

Con: No checks with money market accounts. Brio’s money market account does not provide checks, another factor that can be limiting in terms of accessing funds.

Frequently asked questions

Is BrioDirect FDIC insured?

BrioDirect is the online brand of Webster Bank, which is an FDIC-insured institution. Deposit accounts with Brio Direct are provided by Webster Bank, and account holders are Webster Direct clients.

How do I open an account online with BrioDirect?

To open an account you simply need to complete an online application, which takes just a few minutes. You will need to provide contact information, a driver's license, passport or state I.D. and a Social Security number.

Does BrioDirect have an app?

Yes, BrioDirect has a mobile app.

This story was originally featured on Fortune.com

More from Fortune: The American middle class is at the end of an era Sam Bankman-Fried’s crypto empire ‘was run by a gang of kids in the Bahamas’ who all dated each other The 5 most common mistakes lottery winners make Sick with a new Omicron variant? Be prepared for this symptom