Banking » Reviews » BrioDirect CDs Review (2024)
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BrioDirect CDs Review (2024)

BrioDirect offers a variety of CD Terms, but only 12-month CDs offer a high CD rate, while the rest have less competitive rates.
Author: Lorraine Smithills
Lorraine Smithills

Writer, Contributor

Experience

Lorraine is a freelance finance writer with years of experience in the banking sector and after a successful career in one of the largest retail and commercial financial services providers. She has a passion for helping people with less financial confidence to get control of their money through budgeting, saving, and responsible credit practices.
Interest Rates Last Update: April 15, 2024
The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.
Author: Lorraine Smithills
Lorraine Smithills

Writer, Contributor

Experience

Lorraine is a freelance finance writer with years of experience in the banking sector and after a successful career in one of the largest retail and commercial financial services providers. She has a passion for helping people with less financial confidence to get control of their money through budgeting, saving, and responsible credit practices.
Interest Rates Last Update: April 15, 2024

The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.

We earn a commission from our partner links on this page. It doesn't affect the integrity of our unbiased, independent editorial staff. Transparency is a core value for us, read our advertiser disclosure and how we make money.

BrioDirect CDs

CD APY Range

0.05% – 5.00%

Minimum Deposit

$500

Terms

30 day – 60 month

Our Rating

3.8
3.8/5

BrioDirect CDs

CD APY Range

0.05% – 5.00%

Minimum Deposit

$500

Terms

30 day – 60 month

Our Rating

3.8
3.8/5

BrioDirect Certificates (CDs) Rates

When it comes to CD terms, BrioDirect offers a variety, but if you're aiming for the greatest CD rates, your options are limited. Take the 12-month CD, for instance, which boasts an APY of 5.00%. This rate stands as the pinnacle of BrioDirect's offerings and is highly competitive across the board.

However, the situation changes for other terms. For longer-term CDs like the 4-year (0.45% APY), you'll find better rates at other banks and credit unions. Similarly, even for shorter terms like 6-month CDs, alternative institutions outshine BrioDirect in terms of rates.

Term
APY
3 Months
0.25%
9 Months
0.30%
12 Months
5.00%
18 Months
1.35%
24 Months
2.30%
36 Months
2.45%
48 Months
0.45%
60 Months
0.45%

Does BrioDirect Offer Savings Accounts?

BrioDirect offer only CDs, and unlike many other online banks – it doesn't offer option for high-yield savings accounts or money market accounts.

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Manage Your Account With BrioDirect Mobile App

The BrioDirect mobile app provides a convenient and user-friendly way to access and manage your finances on the go. Here are some key features and benefits of the app:

  1. Dynamic Dashboard: Upon logging in, you are greeted with a personalized dashboard that gives you a quick overview of your financial accounts and transactions. This includes accounts and transactions from both BrioDirect and any other financial institutions you have linked to the app. It allows you to stay updated and manage your finances efficiently.

  2. Shortcuts for Transactions: Similar to other bank's mobile apps, it offers time-saving shortcuts for making transfers, deposits, and payments. This streamlines the process and makes it easier and quicker to perform essential financial tasks.

  3. Financial Insights: The app includes a personalized Financial Insights tool that analyzes your financial patterns. It empowers you to take control of your spending habits by helping you understand where your money is going. It also suggests ways to save money, providing valuable insights for better financial management.

  4. Link External Bank Accounts: You can link external bank accounts with your BrioDirect accounts in the app. This feature provides a comprehensive 360-degree view of your finances, allowing you to see all your accounts in one place. It facilitates automated financial planning and enables you to create integrated budgets for managing your finances effectively.

  5. Budgeting and Spending Tools: The app offers budgeting and spending features to simplify money management. You can visualize your income versus spending, making it easier to track and manage your money. Real-time alerts can be set up for payment reminders, low balances, budgets, and more, ensuring you stay on top of your financial activities.

How To Open Account?

Opening a BrioDirect account is a simple process, requiring basic personal information and the completion of an online application.

To open a BrioDirect account, follow these steps:

  1. Visit the BrioDirect website and complete the online account application, which only takes a few minutes.

  2. Gather the necessary documents, including your contact information, driver's license, passport or state ID, and Social Security number.

  3. Make an initial deposit by choosing one of the following methods: a. Use an automated clearinghouse (ACH) payment from your existing checking or savings account, which is the easiest option. b. Fund your account via check or wire transfer. Additional information can be found on the BrioDirect website.

  4. If you have any questions about how ACH works, call 877.369.BRIO to speak with a client service representative.

 

About BrioDirect

BrioDirect is an online banking brand that operates under Webster Bank, which is a FDIC-insured financial institution. They aim to provide customers with a convenient and user-friendly banking experience, allowing them to manage their finances securely from anywhere using online and mobile banking tools. 

Here are some important points to note:

  • Your deposit account is provided by Webster Bank, and you become a Webster Bank client when you open a BrioDirect account.

  • Your deposits with BrioDirect are FDIC insured by Webster Bank in accordance with FDIC standards. 

  • If you already have a deposit account with Webster Bank, it will impact your FDIC insurance coverage. You need to consider all the accounts you maintain with Webster Bank, including BrioDirect online savings, CD, or checking accounts.

How We Rate Certificates of Deposits: Our Methodology

The Smart Investor team has thoroughly examined certificate of deposit (CD) offerings from various banks, considering multiple factors to provide a comprehensive evaluation. Here's how we rated them across four key categories:

  • CD Rates (50%): We meticulously analyzed the interest rates offered by each bank on their certificate of deposit (CD) products. Higher ratings were awarded to banks offering competitive rates that provide maximum returns for customers' investments. Factors such as the yield curve, current market conditions, and consistency of rates were considered to assess the attractiveness of each bank's CD rates.

  • CD Features (30%): This category evaluated the features associated with each bank's certificate of deposit offerings. Factors considered include the variety of terms available, early withdrawal penalties, minimum deposit requirements, and any additional features or benefits. Higher ratings were given to banks offering a diverse range of CD terms, reasonable early withdrawal fees, and flexible options to meet customers' investment needs.

  • Customer Experience (10%): A positive customer experience is paramount, even when investing in CDs. We assessed each bank's performance in this area, considering factors such as the ease of opening a CD account, the responsiveness of customer service, and overall user satisfaction. Higher ratings were assigned to banks with efficient account opening processes, helpful customer support, and a track record of satisfying customers.

  • Bank Reputation (10%): The reputation of a bank is a critical consideration when investing in CDs. We evaluated each bank's reputation based on factors such as financial stability, regulatory compliance, and public perception. Higher ratings were given to banks with a solid reputation for reliability and trustworthiness, ensuring customers' investments are safe and secure.

By considering these categories and assigning appropriate weights to each, our review aims to provide valuable insights to help individuals make informed decisions when investing in certificate of deposits.

Compare CD Rates

Lorraine Smithills

Lorraine Smithills

Lorraine is a freelance finance writer with years of experience in the banking sector and after a successful career in one of the largest retail and commercial financial services providers. She has a passion for helping people with less financial confidence to get control of their money through budgeting, saving, and responsible credit practices.
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Savings Rate: 5.21% APY
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Savings Rate: 4.45% APY
Minimum Deposit:
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Savings Rate: 4.50% APY
Minimum Deposit:
$100
 
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