Did this coupon
work for you?
work for you?
Popular
Advertiser Disclosure
BrioDirect High-Yield Savings Account: Earn 5.35% APY
BrioDirect is offering 5.35% APY with their High-Yield Savings account. No monthly fee.
Details:
*Annual Percentage Yield (APY) is accurate as of 5/2/2024. Rate is subject to certain terms and conditions. You must deposit at least $5,000 to open your account and maintain $25 to earn the disclosed APY. Rate and APY may change at any time. Fees may reduce earnings.
Slickdeals may be compensated by BrioDirect
Details:
- No monthly maintenance fee.
- $5,000 minimum to open.
- $25 minimum to earn APY
- Keep track of your savings with online and mobile banking
- Provided by Webster Bank, N.A. ("Webster Bank"), an insured FDIC institution.
*Annual Percentage Yield (APY) is accurate as of 5/2/2024. Rate is subject to certain terms and conditions. You must deposit at least $5,000 to open your account and maintain $25 to earn the disclosed APY. Rate and APY may change at any time. Fees may reduce earnings.
Slickdeals may be compensated by BrioDirect
Created 05-02-2024
at 12:12 PM
by EfficientGame645 | Staff
in
Finance
If you purchase something through a post on our site, Slickdeals may get a small share of the sale.
Recommended Deal Alerts For You
What are Deal Alerts?
Want more deals like this?
Create a deal alert for Finance.
Add Deal Alert for Finance
These responses are not provided or commissioned by the bank advertiser.
Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser.
It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered.
Opinions expressed here are the author's alone, not those of any bank, credit card issuer, airline or hotel chain, and have not been reviewed, approved or otherwise endorsed by any of these entities.
52 Comments
Your comment cannot be blank.
Sign up for a Slickdeals account to remove this ad.
Our community has rated this post as helpful. If you agree, why not thank thegman230
How does it compare to Wealthfront?
Our community has rated this post as helpful. If you agree, why not thank JohanM1228 | Staff
How does it compare to Wealthfront?
BrioDirect is an online brand of Webster Bank (FDIC insured), which has been around for almost 90 years and has 177 branch stores across the country (in case that's a benefit to you). Wealthfront is online only and not technically a bank. They distribute your money to banks that are FDIC insured, so you're covered that way.
I think both are good options, so it comes down to your personal preferences. I would opt for the higher rate if there's no major differentiator between the two products (and your money is insured), but that's just me. Some people prefer to go with a known brand they trust and will sacrifice interest in return. American Express Savings, for example, are popular despite only offering 4.25%.
You can see a listof other popular option over on our personal finance site at https://money.slickdeal
Our community has rated this post as helpful. If you agree, why not thank onlycash
How does it compare to Wealthfront?
My only complaint with them is how they handle beneficiaries.
You have to send them a "special" message formatted just the way they want it. They don't have an online form or a PDF to make it easier.
On top of that, I can't get them to acknowledge in a formal way that my beneficiaries have been properly assigned.
I don't think it's too much to ask that they send me either a message, or an email, or god forbid a USPS letter showing me the beneficiary info they have on file.
They just want you to take their word for it. As anyone who's dealt with an estate after a person has died will tell you, it's pretty important that you get these details done, and done correctly.
As far as they're concerned, I have to wait till I'm dead to find out they did it incorrectly.
I'm thinking seriously of walking away from them because of this.
Rant over.
.
Federal money market funds are not FDIC insured but are invested in government instruments that are arguably just a secure if not more secure than FDIC.
Sign up for a Slickdeals account to remove this ad.
If you need to withdraw all your money at once you can not
I've messed with this at length.
Brio has the best APY but they aren't offering checking, its strictly a savings account, so you will want to link this to your current banking institution to transfer funds in and out. I don't use webster and they are not a good regional choice for me; the separation of business is interesting at best
If you have a decent sum of funds you want to set aside and don't need to get ahold of within 3-5 business days, then it might be a good fit.
Keep your eye on them recently they had an account changeover to get the best rate, rather than raising the APY for existing customers people had to create a new account and transfer funds. I was told this was a once in 10yrs thing.
All together I think Brio is crap, but is a necessary evil, it's not convenient but it's safer than a money market and its more liquid than a CD.
If you want convenience, checking and a high rate savings look at CIT bank @ 5%, if you want a real host of options in one place, maybe Sofi @4.5%.
I have parked some money over at American Express and I've been thinking about this. Do you have any insight as to when???
Accounts at institutions that are FDIC insured or credit unions insured by NCUA are covered up to $250,000 per depositor. If you have more than $250,000 to park, use multiple banks.