BrioDirect is offering 5.30% APY with their High-Yield Savings account. No monthly fee.
Thanks to staff member EfficientGame645 for finding this deal.
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 9/17/2024. 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.
Written by
Edited September 23, 2024
at 03:20 PMby
BrioDirect is offering 5.30% APY with their High-Yield Savings account. No monthly fee.
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.
The APY dropped 0.05% on 6/4/24, 5.35% --> 5.30%
*Annual Percentage Yield (APY) is accurate as of 6/4/2024. 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.
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5.30% APY
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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.
be aware that they have a weekly withdrawal limit.
If you need to withdraw all your money at once you can not
I haven't used them personally, but a coworker of mine has and he said they're solid. Not just the rate, but ease of use, mobile app, customer service etc. was great. Wealthfront looks like a solid option as well, but it's technically not a HYSA. At least not in the traditional sense since it has checking account features built into it as well.
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%.
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.
.
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HYSA are compounded daily in most cases. T-Bills are purchased at a discount for a set payment at maturity. If you reinvest your T-Bills for one year APY, then may equal this rate. Overall, the HYSA options don't lock your capital away and compounding interest pays a few bucks more.
T-bills are exempt from state and local taxes, so if you live in a high tax state, an HYSA has to have a bit higher return than a T-bill to off-set the additional tax burden. They are less liquid, to be sure, but if this is money you would let sit for between 4 and 52 weeks a T-bill is a very safe investment where you are guaranteed the rate for the specified term. An HYSA rate can change at any time.
That said, if this is money you're just trying to earn interest on but may still need access to unexpectedly, you're better off with the HYSA or other interest bearing account at a bank.
Won't fiat currency be useless when the whole economic structure collapses? Oh wait, I'm bringing logic to the table. Silly me.
That's why you should give me your money in exchange for FatBucks. When the economy collapses and dollars are worthless you can give your FatBucks back to me for canned beans.
That's why you should give me your money in exchange for FatBucks. When the economy collapses and dollars are worthless you can give your FatBucks back to me for canned beans.
I'm willing to invest 10k into FatBucks™, only on the condition they utilize blockchain technology.
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If you need to withdraw all your money at once you can not
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
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.
.
Sign up for a Slickdeals account to remove this ad.
Our community has rated this post as helpful. If you agree, why not thank chickenfarmer
Avoid dealing with new unknown banks, unnecessary delays on funding and transactions , and easy tax filing using one less 1099.
https://finance.yahoo.c
If true then forget it. Hard pull to let them hold MY money?!?
Yep it's at the end of the account opening process.
HYSA are compounded daily in most cases. T-Bills are purchased at a discount for a set payment at maturity. If you reinvest your T-Bills for one year APY, then may equal this rate. Overall, the HYSA options don't lock your capital away and compounding interest pays a few bucks more.
It depends.
T-bills are exempt from state and local taxes, so if you live in a high tax state, an HYSA has to have a bit higher return than a T-bill to off-set the additional tax burden. They are less liquid, to be sure, but if this is money you would let sit for between 4 and 52 weeks a T-bill is a very safe investment where you are guaranteed the rate for the specified term. An HYSA rate can change at any time.
That said, if this is money you're just trying to earn interest on but may still need access to unexpectedly, you're better off with the HYSA or other interest bearing account at a bank.
Sign up for a Slickdeals account to remove this ad.
I'm willing to invest 10k into FatBucks™, only on the condition they utilize blockchain technology.
5.4 for more than $5mil deposit. People with that kind of money wont be reading your post
Huh? The link shows they have 6 tiers. Anything under $250k also sees the 5.4% rate
What's the limit that you can buy? Tbill is only $10,000 per person
I think you're thinking of I-bonds for the $10k limit. I'm fairly certain you can buy up to $10,000,000 in T-bills and other marketable securities.
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You're right on the i-bonds! May we have the links to the t-bills and other market securities? I looked but am not sure. TIA!