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BrioDirect High-Yield Savings Account: Earn Expired

5.30% APY
+71 Deal Score
125,978 Views
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:
  • 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.


Slickdeals may be compensated by BrioDirect
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Original Post

Written by
Edited September 23, 2024 at 02:20 PM by
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.

Slickdeals may be compensated by BrioDirect
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Created 05-02-2024 at 12:12 PM by EfficientGame645
in Finance BrioDirect Banking - Bank Advertiser
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Score +71
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5.30% APY
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.

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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%.

You can see a listof other popular option over on our personal finance site at https://money.slickdeals.net/best-savings-accounts/
·
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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Joined Jan 2008
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> bubble2 727 Posts
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Diz
05-23-2024 at 02:59 PM.
05-23-2024 at 02:59 PM.
Quote from AmusedScent305 :
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=fH-R41VHQCixQQXF

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.
I just watched the YouTube video you linked in this post to refresh my memory on this and cannot understand how anyone can possibly want to continue doing business with Vanguard when there are so many similar and better options out there.

Edited to add, and then I just watched this one by the same person - https://www.youtube.com/watch?v=eCWDPR8rk3c

I'd be really curious to know how many people are exiting out of Vanguard entirely.
1
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Last edited by Diz May 23, 2024 at 03:23 PM.
Joined Apr 2017
L5: Journeyman
> bubble2 978 Posts
188 Reputation
publicpersona
05-23-2024 at 06:23 PM.
05-23-2024 at 06:23 PM.
Quote from Diz :
I forgot to mention the mandatory account closure fee that Vanguard will be implementing as well -- I think it'll be $100. And that'll be assessed even if you withdraw everything, just leave $1.00 (or $0.00) in the account, and then close it down the road for housekeeping purposes.
I believe the account closure fee is only if you want to transfer in kind. If you liquidate your funds, and ACH your settlement out, there is no fee. Of course in a taxable account, you may not want to realize gains/losses at that point in time.
Reply
Joined Dec 2011
L6: Expert
> bubble2 1,653 Posts
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jjl212
05-24-2024 at 10:43 AM.
05-24-2024 at 10:43 AM.
Raisin is the way to go.
Reply
Joined Jan 2008
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> bubble2 727 Posts
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Diz
05-24-2024 at 01:51 PM.
05-24-2024 at 01:51 PM.
Quote from jjl212 :
Raisin is the way to go.
No, it's not.
1
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Joined Aug 2015
L3: Novice
> bubble2 123 Posts
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Acid409
05-26-2024 at 12:25 AM.
05-26-2024 at 12:25 AM.
Quote from publicpersona :
If you already have a brokerage account somewhere, or even if you don't, consider just using a federal money market fund. VMFXX at Vanguard, for example, has a compounded yield of 5.27 now, and similar at Fidelity and Schwab. Some of the earnings may be tax-free in your state as well.

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.

Anything similar for webull by chance?
Reply
Joined Apr 2017
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> bubble2 978 Posts
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publicpersona
05-26-2024 at 06:01 AM.
05-26-2024 at 06:01 AM.
Quote from Acid409 :
Anything similar for webull by chance?
Sorry, I'm not familiar with webull at all.
Reply
Joined Feb 2004
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> bubble2 534 Posts
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DjScibbity
05-26-2024 at 06:18 AM.
05-26-2024 at 06:18 AM.
Quote from Diz :
No, it's not.

Why isn't Raisin the way to go? I've been using it for a few months and it seems solid. Are there better places? What makes them better?
Reply

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Joined Jun 2014
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> bubble2 263 Posts
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slicksterdealster
05-26-2024 at 07:28 AM.
05-26-2024 at 07:28 AM.
Quote from publicpersona :
If you already have a brokerage account somewhere, or even if you don't, consider just using a federal money market fund. VMFXX at Vanguard, for example, has a compounded yield of 5.27 now, and similar at Fidelity and Schwab. Some of the earnings may be tax-free in your state as well.

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.

What is the fidelity equivalent?
Reply
Joined Apr 2017
L5: Journeyman
> bubble2 978 Posts
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publicpersona
05-26-2024 at 10:31 AM.
05-26-2024 at 10:31 AM.
Quote from slicksterdealster :
What is the fidelity equivalent?
I think SPAXX although it is now just a hair under 5% while VMFXX is at 5.4%.

https://www.fidelity.com/mutual-f...rket-funds
Reply
Joined Jan 2008
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> bubble2 727 Posts
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Diz
05-26-2024 at 11:10 AM.
05-26-2024 at 11:10 AM.
Quote from DjScibbity :
Why isn't Raisin the way to go? I've been using it for a few months and it seems solid. Are there better places? What makes them better?
It's a FinTech. That's all you need to know. Exit now before your money is frozen or worse, lost entirely due to a bankruptcy.
2
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Joined Jan 2008
L5: Journeyman
> bubble2 727 Posts
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Diz
05-26-2024 at 11:11 AM.
05-26-2024 at 11:11 AM.
Quote from publicpersona :
I think SPAXX although it is now just a hair under 5% while VMFXX is at 5.4%.

https://www.fidelity.com/mutual-f...rket-funds
FDRXX and FZDXX ($10k+) are the equivalents to VMFXX. SPAXX is the default core fund for the Fidelity Cash Management Account, which is essentially a checking account.
Reply
Joined Dec 2011
L6: Expert
> bubble2 1,054 Posts
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shaolinwookie
05-26-2024 at 11:34 AM.
05-26-2024 at 11:34 AM.
Quote from publicpersona :
If you already have a brokerage account somewhere, or even if you don't, consider just using a federal money market fund. VMFXX at Vanguard, for example, has a compounded yield of 5.27 now, and similar at Fidelity and Schwab. Some of the earnings may be tax-free in your state as well.

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.
i think it is FDIC insured actually
Reply
Joined Apr 2017
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> bubble2 978 Posts
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publicpersona
05-26-2024 at 06:44 PM.
05-26-2024 at 06:44 PM.
Quote from shaolinwookie :
i think it is FDIC insured actually
No. You might be thinking of SOIC insured. FDIC only applies to banks and savings institutions.
Reply
Joined Feb 2004
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DjScibbity
05-26-2024 at 06:53 PM.
05-26-2024 at 06:53 PM.
Quote from Diz :
It's a FinTech. That's all you need to know. Exit now before your money is frozen or worse, lost entirely due to a bankruptcy.
The banks they use are all FDIC insured though, so should be protected if they (or any individual account within it) goes bankrupt right? Per their FAQ: Raisin customers' funds are held in a custodial account with the bank or credit union that is providing your selected savings product(s). All financial institutions on the Raisin platform are insured by either the FDIC or NCUA, so your funds are held at a federally insured institution at all times and are eligible for deposit insurance up to institutional limits (typically $250,000 per depositor, per institution).

Also, Because Raisin is not a bank and your money is always handled by a federally insured financial institution, in the unlikely event that Raisin goes out of business, our FDIC-insured custodian bank would simply return any funds you have in our platform to your external linked bank account. Our custodian banks keep records of all funds held in our platform for added security.
Im genuinely curious though if there are risks Im not aware of per above?
Reply

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Joined Jan 2008
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> bubble2 727 Posts
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Diz
05-26-2024 at 08:22 PM.
05-26-2024 at 08:22 PM.
Quote from DjScibbity :
The banks they use are all FDIC insured though, so should be protected if they (or any individual account within it) goes bankrupt right? Per their FAQ: Raisin customers' funds are held in a custodial account with the bank or credit union that is providing your selected savings product(s). All financial institutions on the Raisin platform are insured by either the FDIC or NCUA, so your funds are held at a federally insured institution at all times and are eligible for deposit insurance up to institutional limits (typically $250,000 per depositor, per institution).

Also, Because Raisin is not a bank and your money is always handled by a federally insured financial institution, in the unlikely event that Raisin goes out of business, our FDIC-insured custodian bank would simply return any funds you have in our platform to your external linked bank account. Our custodian banks keep records of all funds held in our platform for added security.
Im genuinely curious though if there are risks Im not aware of per above?
Yes, there are. Look up what has just happened with similar "FDIC insured" fintechs that relied on Synapse Brokerage LLC, which just filed for bankruptcy. Many people are currently very much screwed, or at the least, have a lot of money in limbo. Will they get their money back? Probably, but not definitely, and it surely doesn't look like it'll be a quick process if they do.

Why put yourself through the stress and hassle? Some people literally can't even pay their bills because they thought their funds in these "FDIC insured" fintechs were safe. There are better options.
2
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