Posted by William Charles on September 27, 2019
Savings Accounts

Published on September 27th, 2019 | by William Charles

27

Brio Direct Bank – 2.3% APY High Yield Savings Account

Update 10/10/19: Rate has been reduced from 2.46% to 2.3% APY.

Offer at a glance

  • Interest Rate: 2.3%
  • Minimum Balance: $25
  • Maximum Balance: $250,000 (FDIC limit)
  • Availability: Nationwide
  • Hard/soft pull: Unknown
  • ChexSystems: Unknown
  • Credit card funding: Unknown
  • Monthly fees: None
  • Insured: FDIC

The Offer

Direct link to offer

  • Brio Direct is offering 2.46% APY on their high-yield savings account.

Avoiding Fees

This account has no monthly fees to worry about

Our Verdict

This is the current highest basic savings account rate. I think this is a new offering, so not sure if the rate will remain competitive or not (always a concern when rate chasing). We also don’t know if it’s a hard or soft pull to open.



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Barry
Barry

Any data points regarding on whether or not this is a soft or hard pull?

Kevin
Kevin

I opened a couple CDs with them two weeks ago, no hard pull for those, perhaps that’s indicative of their savings account. I’d like to do a savings account as well, but the rate has yet to change since the Fed cut so I feel like it’s coming soon enough.

Ralph Hendry-Wabel
Ralph Hendry-Wabel

Does that mean they do a hard pull?

I/we authorize Sterling National Bank to obtain a consumer report or other report on me/we in connection with this application and for any other lawful purpose under the Fair Credit Reporting Act.

Midnight
Midnight

Every bank is required to tell you this. You won’t know until it actually goes through. Most banks process as soft but some do a hard pull.

Ralph Hendry-Wabel
Ralph Hendry-Wabel

Thanks for clarity…giving it a try it’s under review in the next 3 days

wilsonhammer
wilsonhammer

You can always leave it frozen, apply, and let it work itself out later

Ralph Hendry-Wabel
Ralph Hendry-Wabel

Indeed…thanks for the hint

desert rat
desert rat

Can you fund with a credit card?

Rick
Rick

Unfortunately no, unless they changed it.

Mikey
Mikey

I encourage everyone to refer to recent Popular Direct and East Boston Savings Bank comments. You will fully understand how you can get burned. You’ll also appreciate what William Charles refers to as “rate chasing”. To be clear, make sure your exit strategy is in place when opening one of these. It’s not always the dream account you are fooled into anticipating. And I’ll be more than happy to endorse this bank if you’re still getting anything near 2.46% by Thanksgiving.

danny
danny

its like a value trap stock w/ a large dividend

Ralph Hendry-Wabel
Ralph Hendry-Wabel

Fully agree and always important to monitor the rate. Some banks communicate rate changes some do not. VioBank so far still had the highest at 2.42% but most banks dropped it to the 2% area. If Brio drops, time to move money

Av
Av

I agree too many accounts were offering up to 2.6% a year only for a month and after that it was reduced to a rate similar to other only stable online banks. I belive it doesn’t worth it. Its better to get a bank account bonus. If you a lot of money it will be better that you put in a no penalty CD or a short term. Remember that open an account takes times for setup plus another 1-3 days for a bank transfer.
If the account remains with the same interest rate for 2 months that means that you basically lose your time if you get another bank with 2% it will be cents of a dollars profit for around 1 hours of your time.

Epicetus
Epicetus

I’m curious what bank with high yield savings account you do endorse (I just completed an easy deposit to popular direct and am looking for second and third banks)

Joe
Joe

Soft pull. Opened a few weeks ago.

James
James

I like hard pulls!

Rick
Rick

It’s a soft pull

Girish Singhania
Girish Singhania

Total direct bank has 2.6 percent cd for 24 months. Fdic

Max
Max

For my balances it’s a $10 annual difference in interest with Vio. At some point you just have to stop. They’ll come down from 2.46 after a month or two of leading the pack like this. They’ve been there for a long time and if Vio had to cut, so will Brio.

Davis
Davis

I didn’t write down my account number and there doesn’t appear to be any way to figure that out on their website to fund the account. Been waiting 30 min and counting to get it…

John
John

After Wealthfront dropping their rates so quick I’m tired of chasing these high rates. After my next interest posts I’m gonna transfer all my funds to Marcus or Barclays and leave it there.

al
al

What you need to do is find a reputable bank or in my case credit union which will match other banks rates for a specific duration than visit this site again to find out what is the best rate and repeat. This is what I have done so far and it has worked out well.

mark
mark

how do u get the bank to rate match, send them a PM?

Al
Al

Yes, just reference one or two banks rates and ask them to match it. The worse they can say is no. In my case i told them match or i’m taking my money with me and they matched the last two times. next month I’ll be going through this again as they do 4 month matches since rates are subject to change. They are not dumb, they are making a lot of money off my account and for them to match up to 2.4-2.6% is not a big deal to them.

midas89
midas89

BrioDirect dropped to 2.30% APY this morning

Joe A
Joe A

Are there fees for transferring money out of my account?

veeRob

Any DP’s on being Chex sensitive, yet?

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