Editorial Review - Virginia

BrioDirect Review: Checking, Savings and CDs

BrioDirect offers excellent savings rates and doesn’t charge monthly fees; it’s a strong option for people who don’t need in-person services.

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Overall bank rating

BrioDirect
  • Savings

  • Money market

  • Checking

  • CD rates

  • Banking experience

  • Overdraft fees

4.0

NerdWallet rating 

The bottom line:

Online bank BrioDirect is operated by FDIC-insured Webster Bank. Similar to other online banks, BrioDirect offers highly competitive savings rates and doesn’t charge monthly fees. Customers can access thousands of ATMS for free and get reimbursed up to $20 for out-of-network ATM fees each statement cycle.

Editor's note: BrioDirect's checking account is not currently available to new customers.

Best for: Those who want high savings rates and access to a large, free ATM network, plus refunds on out-of-network ATM fees, and who aren’t likely to overdraft or need in-person services.

Pros

  • Access to a large network of free ATMs.
  • No monthly fees.
  • Competitive savings and CD rates.

Cons

  • Low interest on checking account; better rates available elsewhere.
  • $35 overdraft fee can be charged up to four times daily.

Full review

BrioDirect High-Yield Savings
BrioDirect High-Yield Savings

Savings

Deposits are FDIC Insured

5.0

/5
 NerdWallet rating 
APY
3.75%
With $1 min. balance for APY

BrioDirect offers a high-yield savings account that earns a stellar rate. You need $500 to open the account and there’s no monthly maintenance fee. BrioDirect also offers a strong money market savings account, but the savings account — with its low minimum and high yield — is what we used for the bank’s savings rating.

BrioDirect High-Yield Money Market Savings
BrioDirect High-Yield Money Market Savings

Money market

Deposits are FDIC Insured

4.5

/5
 NerdWallet rating 
APY
0.70%
With $0.01 min. balance for APY

BrioDirect’s high-yield money market account offers an interest rate of 0.70% APY. We considered only the main savings account for BrioDirect's overall rating, but this account is also competitive. You need $100 to open the account, which is less than what some other online banks require to open similar products.

Like most other online savings accounts, BrioDirect’s Money Market Savings Account doesn’t charge a monthly maintenance fee.

» Want to see more options? Check out NerdWallet’s best savings accounts

BrioDirect Checking
BrioDirect Checking

Checking

Deposits are FDIC Insured

4.5

/5
 NerdWallet rating 
APY
0.01%
With $0.01 min. balance for APY
Monthly fee
$0
Overdraft star rating
Not yet rated

Editor's note: BrioDirect's checking account is not currently available to new customers.

BrioDirect’s checking account option pays interest, though the rates (0.01% APY for balances under $25,000 and 0.10% APY for balances of $25,000 and over) are low compared with what other interest-bearing online checking accounts offer. You need $25 to open an account, and there’s no monthly fee.

BrioDirect customers have access to more than 32,000 MoneyPass fee-free ATMs across the country, plus up to $20 in refunds per statement cycle for out-of-network ATM fees.

One drawback to this account is the inability to write checks.

BrioDirect High-Yield CD
BrioDirect High-Yield CD

CD

Deposits are FDIC Insured

4.0

/5
 NerdWallet rating 
1-year APY
0.45%
3-year APY
2.45%
5-year APY
0.45%
Minimum deposit
$500

BrioDirect’s High Yield CDs offer competitive rates. You can use NerdWallet's rates tool to compare CD rates at other institutions.

You can open a CD with $500; that’s similar to what some online banks require, though others don’t require any minimum deposit to open a CD.

» Interested in the top options? Check out NerdWallet's list of the highest CD rates.

Banking experience

4.0

NerdWallet rating 

BrioDirect customer service is available by phone on weekdays from 8 a.m. to 8 p.m. Eastern time, and on Saturdays from 8:30 a.m. to 3 p.m. Eastern time. The website design is straightforward, and information about fees and rates is relatively easy to find. You can use the mobile app to deposit checks, pay bills, send money, and monitor activity and account balances.

Overdraft fees

2.0

NerdWallet rating 

At BrioDirect, no overdraft protection option is available, unlike many of its competitors. The bank’s overdraft fee is a steep $35, and the bank can charge it as often as four times per day if you overdraw your account by more than $5. The bank also charges an additional $35 for having a continuously negative balance; the fee kicks in on the sixth business day your account is overdrawn. Not all banks charge this fee.

BrioDirect High-Yield Savings
BrioDirect High-Yield Savings

Savings

Deposits are FDIC Insured

5.0

/5
 NerdWallet rating 
APY
3.75%
With $1 min. balance for APY

BrioDirect offers a high-yield savings account that earns a stellar rate. You need $500 to open the account and there’s no monthly maintenance fee. BrioDirect also offers a strong money market savings account, but the savings account — with its low minimum and high yield — is what we used for the bank’s savings rating.

Methodology

NerdWallet’s overall ratings for banks and credit unions are weighted averages of several categories: checking, savings, certificates of deposit or credit union share certificates, banking experience and overdraft fees. Factors we consider, depending on the category, include rates and fees, ATM and branch access, account features and limits, user-facing technology, customer service and innovation. The stars represent ratings from poor (one star) to excellent (five stars). Ratings are rounded to the nearest half-star.