Brio Direct Bank – 2.1% APY High Yield Savings Account

Update 1/5/2020: Rate has been reduced to 2.1% APY from 2.3% APY (not 100% sure when this change occurred).

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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Yep
Yep

Be warned: I opened this account to get the 1.8% which is marginally higher than CIBC, SoFI, etc. I initiated a $70,000 transfer at account opening, which they IMMEDIATELY withdrew from one of the other high interest bank accounts. However, they are now trying not to pay interest on it for a WEEK since they took it from the other bank. That is significant loss on large transfers. and highly unethical IMO.

if anyone knows recourse for that, please lmk. I will experiment with a push transfer from a bank that reliably transfers quickly.

midas89
midas89

After it posts, call them complain. With the significant amount you deposited, figure out how much interest you lost and ask them for a courtesy credit. You might need to have a manager contact you.

And in the future, always open new accounts with the smallest amount possible. Wait to get the account number and then push in the big money from your external bank, as I did. No hold time once Brio gets it, and it usually posts next business day and interest begins to accrue that day.

Good luck.

John
John

How did you know they are not going to pay interest on it? They may put a hold on it so that you cannot use the money right now, but they may still pay you the interest because the money is in your account IMO.

Schmekel
Schmekel

Brio has a new product as of this week – Money Market Savings.

With 25k minimum it pays 0.65% APY.

Beit-n-Switch
Beit-n-Switch

Now 0.45%

Chris
Chris

Rate is 0.65 now, I’m closing this account out, there’s no point in keeping it.

midas89
midas89

Rate dropped to 1.10% APY

midas89
midas89

Brio dropped to 1.55%

Bruce
Bruce

Brio is now 1.65%

midas89
midas89

Brio dropped to 1.85%

Schmekel
Schmekel

Brio Direct site showing 2.00% APY for their High Yield Savings account.
My account shows 1.98% which must be the rate, with an APY of 2.00%.

pjb4
pjb4

Why does bottom of page says this at Brio Link when we click?
“In the event of withdrawal before stated maturity, an early withdrawal penalty will be imposed.”

thoughts?
Thanks!