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BrioDirect High-Yield Savings Account: Earn Expired
5.30% APY
Update: This popular deal is still available.
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:
Slickdeals may be compensated by BrioDirect
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.
Slickdeals may be compensated by BrioDirect
Original Post
Written by
Edited September 23, 2024
at 02:20 PM
BrioDirect is offering 5.30% APY with their High-Yield Savings account. No monthly fee.
Details:
*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.
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 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.
Slickdeals may be compensated by BrioDirect
Created 05-02-2024
at 12:12 PM
by EfficientGame645
in
Finance
BrioDirect Banking - Bank Advertiser
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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.
.
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Is this it?
https://www.treasurydir
https://www.treasurydir
Yes, that's the correct page for info on T-Bills. If you go up one level, you'll be able to find pages for the rest of the marketable securities here:
https://www.treasurydir
If you're buying through a Treasury Direct account, it's pretty simple. Link a bank account to TD account, go to Buy Direct tab, select type of security to buy, select the auction date and duration of security you want to buy, put in the amount to buy (minimum $100) and select whether to reinvest and for how long and whether to deliver the earnings at maturity back to your TD account or your bank account and click confirm.
Keep in mind you buy T-Bills at a discount. So if you buy a $100 T-bill with a 52-week duration, you'll see $95 come out of your bank today and a year from now they will deposit $100 (the face value) into your account.
I haven't bought any through a brokerage, so I'm not 100% sure how state/local tax works in that scenario, so you might lose some earnings that way. You should consider purchasing through a tax advantaged account like an IRA if you aren't buying straight from Treasury Direct.
I usually use Fidelity
https://www.treasurydir
If you're buying through a Treasury Direct account, it's pretty simple. Link a bank account to TD account, go to Buy Direct tab, select type of security to buy, select the auction date and duration of security you want to buy, put in the amount to buy (minimum $100) and select whether to reinvest and for how long and whether to deliver the earnings at maturity back to your TD account or your bank account and click confirm.
Keep in mind you buy T-Bills at a discount. So if you buy a $100 T-bill with a 52-week duration, you'll see $95 come out of your bank today and a year from now they will deposit $100 (the face value) into your account.
I haven't bought any through a brokerage, so I'm not 100% sure how state/local tax works in that scenario, so you might lose some earnings that way. You should consider purchasing through a tax advantaged account like an IRA if you aren't buying straight from Treasury Direct.
Someone said T-bills are not exempt from STATE and LOCAL tax, so your profit is less, so that brings to my next question : Would you buy T-bills or CDs with a current rate of 5.4% or so? Anyone can chime in.
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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.
No, T-Bills ARE exempt from state and local tax. That may change if you buy through a brokerage account though, depending on your state. I don't want to derail this thread further since we've strayed into T-Bills vs. CDs on a deal about an HYSA, though, so I think that the Finance forums here would be a better resource for your questions. That said, for the same APY over the same term, assuming a conventional CD that doesn't let you bump rates or add to it or call it without penalty, the T-Bill is a better deal IMO.
Thank you for the information, Financial Master!
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USFR's performance has also been surpassing that of VMFXX for multiple months in a row now. It may only be by about 0.1%, but when you're talking hundreds of thousands of dollars in an investment, it's significant, not to mention the compounding effect. I track a bunch of Money Market Funds & Treasury Bill ETFs weekly, at the least. I was enjoying my run with VMFXX and VUSXX for about a year until I learned about ETFs like SGOV and most recently, USFR.
USFR's performance has also been surpassing that of VMFXX for multiple months in a row now. It may only be by about 0.1%, but when you're talking hundreds of thousands of dollars in an investment, it's significant, not to mention the compounding effect. I track a bunch of Money Market Funds & Treasury Bill ETFs weekly, at the least. I was enjoying my run with VMFXX and VUSXX for about a year until I learned about ETFs like SGOV and most recently, USFR.
SPAXX YTD 1.96% 7-Day 4.96%
VMFXX YTD 2.08% 7-day 5.27%
SPAXX YTD 1.96% 7-Day 4.96%
VMFXX YTD 2.08% 7-day 5.27%
Think they were talking about USFR vs VMFXX. In which case, when I looked them up on Morningstar yesterday, the yields were showing 5.30% and 5.27% with expense ratios of 0.15% and 0.11% respectively.
That said, even with the changes Vanguard is making, I think if you're happy with them, the biggest reason to jump ship would be to secure a bonus like the one RobinHood offers (3%) or to try to "send a message" (which, good luck with that as a single investor with less than $100 million invested). Most, if not all of the new fees they're introducing are avoidable or wouldn't apply to your average person:
https://youtu.be/QLBZoqTtQZ4?si=
For people who open accounts like this Brio one to follow higher interest rates, what is the threshold where it is "worth" the hassle of switching to you? Assuming, of course, that you're moving far less than the FDIC limit of $250k.
That said, even with the changes Vanguard is making, I think if you're happy with them, the biggest reason to jump ship would be to secure a bonus like the one RobinHood offers (3%) or to try to "send a message" (which, good luck with that as a single investor with less than $100 million invested). Most, if not all of the new fees they're introducing are avoidable or wouldn't apply to your average person:
https://youtu.be/QLBZoqTtQZ4?si=
For people who open accounts like this Brio one to follow higher interest rates, what is the threshold where it is "worth" the hassle of switching to you? Assuming, of course, that you're moving far less than the FDIC limit of $250k.
https://portfolioslab.c
I won't keep money in SPAXX in Fidelity. I was just pointing out that the main limitation for why I never considered using Fidelity as my main checking account is because a fund such as SPAXX wasn't available for the core (at least for me). My funds will be in USFR, and if I need additional funds for an unforeseen reason, I will sell some, wait the T+1 for settlement, convert to SPAXX, and use the Fidelity Cash Management Account debit card or ACHs to withdrawal. I'm actually not sure yet if auto-deductions from USFR are possible if I don't have funds in SPAXX because I'm still mid-process of finalizing this set-up. But I also don't intend on needing to do this because I also have an HYSA with CFG Bank that's been at 5.25% for a long while and I've enjoyed my relationship with them. I understand some HYSAs have paid slightly better, but given the no state/local taxes aspect with USFR in the Fidelity CMA, I've transitioned 95% of my monthly expenditure cash into USFR.
I don't have a particular threshold. I've been consolidating all kinds of accounts throughout the past year and Vanguard just very recently put me over the edge to leave when it came to buy USFR through them (transferring out of VMFXX), I could only procure through their mobile app (not on desktop), the settlement date was 3x that of what it was with Fidelity, and I could only buy whole shares. I've also had much less enjoyable interactions with them over the phone and via messaging.
I opened this Vanguard Roth IRA 23 yrs ago when I was just getting started and it was time for me to move on. I'm not detracting from VMFXX...I just wanted to mention another option that I personally have found to work better for me (USFR), and why I think it does.
You make good points about Vanguard that I need to look into.
and
poppybank.com [poppy.bank] at 5.5% APY
Both are FDIC insured and don't have to jump through hoops to get that rate.
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You make good points about Vanguard that I need to look into.
Fortunately, many of their competitors will reimburse the ACAT fee if your transfer is large enough, so if you do decide to exit Vanguard, I would *not* recommend going the route above (leaving a minimal amount there) and instead, take advantage of a transfer offer that some have advertised and move it all, or talking to an advisor at your new brokerage once completed for the reimbursement.
I toyed around in RobbingHood after the market tanked shortly post the initial COVID outbreak and will never give them any business again after the crap they pulled with the meme stocks. I didn't get stuck in that mess, but talk about screwing over your customers.