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BrioDirect Review: Tempting Rates, but a Questionable Service Record

Published June 7, 2024
Brittney Myers
By: Brittney Myers
Brittney Myers
Brittney Myers
Writer

Brittney started her writing career in the world of science, putting her physics degree to good use. Her journey into finance started with building her personal credit, but soon grew into a borderline obsession with credit cards and travel rewards. For the last 7 years, she has enjoyed the ability to share her expertise with readers, as well as the opportunity to interview companies and individuals making an impact on our financial lives. She wholly believe most problems can be solved with the right research -- and a good spreadsheet -- and she specializes in translating complex financial topics into actionable advice to help educate and empower readers.

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Our Banking Expert

Ashley Maready
Check IconFact Checked Ashley Maready
Ashley Maready
Ashley Maready
Writer and Editor

Ashley Maready is a former history museum professional who made the leap to digital content writing and editing in 2021. She has a BA in History and Philosophy from Hood College and an MA in Applied History from Shippensburg University. Ashley loves creating content for the public and learning new things so she can teach others, whether it's information about salt mining, canal mules, or personal finance.

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Many or all of the products here are from our partners that compensate us. It’s how we make money. But our editorial integrity ensures our experts’ opinions aren’t influenced by compensation. Terms may apply to offers listed on this page. APY = Annual Percentage Yield. APYs are subject to change at any time without notice.
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Member FDIC.

BrioDirect

Bottom Line

The interest rates for savings and promotional CDs at BrioDirect are highly competitive, and there are no monthly fees. However, feedback on BrioDirect's service and customer experience are questionable at best, with many reviewers reporting issues with transfers that leave their money in limbo.

Pros
  • Some very competitive APYs
  • No monthly account fees
  • Mobile banking app
  • FDIC insured
Cons
  • Longer-term CDs have less competitive rates
  • Online-only products with no in-person support
  • Customer service track record isn't strong
  • Limited selection of products

  • Our methodology for scoring banks and credit unions revolves around evaluating key aspects such as annual percentage yield (APY), brand reputation, fees and minimum requirements, and additional perks.

    These criteria are weighted differently across various account types, ensuring a comprehensive assessment that reflects the competitive landscape and economic conditions.

    We strictly feature products that offer federal insurance and high customer satisfaction, keeping our recommendations unbiased by advertiser influence. This robust evaluation process helps us generate balanced, reliable best-of lists that guide consumers to top financial products.

    Learn more about how The Motley Fool Ascent rates bank accounts.

Savings accounts

The High-Yield Savings Account from BrioDirect has a very flashy, very competitive APY (annual percentage yield). Plus, there are no monthly maintenance fees to eat into your earnings. Unlike some other accounts, however, there is no new account bonus. You're also dealing with an online-only account, so there are limited deposit, withdrawal, and customer service options.

Compare savings rates

Make sure you're getting the best account for you by comparing savings rates and promotions. Here are some of our favorite high-yield savings accounts to consider.

Account APY Promotion Next Steps
up to 4.60%
Rate info Circle with letter I in it. You can earn the maximum APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.
Min. to earn: $0
New customers can earn up to a $300 bonus with qualifying direct deposits!
4.25%
Rate info Circle with letter I in it. See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of April 11, 2024. Rates are subject to change at any time before or after account opening.
Min. to earn: $0
N/A
4.25%
Rate info Circle with letter I in it. 4.25% annual percentage yield as of June 27, 2024
Min. to earn: $1
N/A

Certificates of deposit

You have three different CD terms to choose from, but you'll need to opt for the shortest term if you want the best rate.

Promo 12-Month CD

By far the best CD rate from BrioDirect, the Promo 12-Month CD also has a pretty good rate compared to many of its 12-month CD competitors, too. Be absolutely certain you don't need your money during that 12 months, though: BrioDirect has a very harsh early withdrawal penalty that can eat into your principal if you haven't earned enough interest yet.

Another point to note is that this is a promo rate. Once the initial 12-month CD matures, you will be unlikely to receive the same promotional rate.

High-Yield 24-Month CD

This account has a so-so rate compared both to BrioDirect's other accounts and to its competitors. You can likely find higher rates from other banks offering 2-year CDs. Also keep in mind that this account is also subject to BrioDirect's aggressive early withdrawal penalty rules.

High-Yield 36-Month CD

This longer-term option features another lackluster rate compared to BrioDirect's savings and short-term CD rates. You can find better rates on 3-year CDs from many competitors. You'll also likely find more favorable early withdrawal penalties, should you need your money before the CD matures.

Compare CD rates

Rates as of June 7, 2024
Bank & CD Offer APY Term Min. Deposit Next Steps
APY: 4.70% Term: 1 Year Min. Deposit:  $2,500
Open Account for Discover® Bank CD
APY: 5.05% Term: 1 Year Min. Deposit:  $1
Open Account for
APY: 5.10% Term: 9 Months Min. Deposit:  $1
Open Account for

Is BrioDirect FDIC insured?

Yes, albeit indirectly. BrioDirect accounts are actually accounts with Webster Bank, N.A., which is FDIC insured. If you have accounts at Webster Bank directly, these accounts will all count toward your FDIC coverage limits.

Customer experience

Though the interest rates are great, the scores for customer experience aren't as good.

Customer reviews

There isn't a ton of customer feedback available online, but what's there isn't good. The bank behind BrioDirect, Webster Bank, has a low rating on multiple review sites, including Trustpilot. Folks aren't any happier on social media, where most of the (few) Reddit users who say they've used BrioDirect or Webster Bank have had issues with their accounts.

The largest problem seems to be money being lost during transfer (such as during initial funding). A few users have also complained that the bank didn't close their account when requested and that it took a long time to get their money back after closing an account.

  • Better Business Bureau rating: B-
  • Trustpilot rating: 2.5 out of 5.0

Customer service

It's hard to get objective opinions on customer service for any company online. The various users and reviewers who opined on customer service seemed less than pleased with their experience. One particular Reddit user who reported extensive back-and-forth with BrioDirect customer service said they were "rude" and repeatedly provided "many conflicting pieces of information."

Despite its ties to Webster Bank, BrioDirect customers can't go to Webster Bank for customer service. Instead, you need to contact BrioDirect customer service. This can be done by phone at: 877-369-2746 (weekdays, 8 a.m. to 8 p.m. ET, Saturday, 8:30 a.m. to 3 p.m. ET).

Mobile app

Reviews for BrioDirect's mobile banking app seem like a mixed bag. It may work better for Apple devices than Android, based on the disparity in ratings.

Fans of the app praise its speedy and easy-to-use interface. Folks with negative reviews cite issues creating an account, features that don't work consistently, and inability to open the app at times. App users also had similar complaints about "lost" money during transfers as reviewers from other sites.

  • App Store rating: 4.6
  • Google Play rating: 3.7

Relationship benefits

BrioDirect doesn't offer any special benefits or perks for having a certain relationship. You also don't get any special benefits for having a Webster Bank account.

Alternatives to BrioDirect

It's always a good idea to compare banking options, especially for banks with a dubious customer service reputation. Here are a couple places to start your comparison.

Discover® Bank

If you're looking for an online-only bank with award-winning customer service, check out Discover® Bank. You'll find lots of account options, including high-yield savings and CDs, all with competitive rates and low fees. You can also seamlessly manage everything from the very well-rated mobile app (for both Android and iOs).

LendingClub

You can find rates comparable to BrioDirect from LendingClub's high-yield savings account. Plus, LendingClub has very competitive rates on both short-term and long-term CDs. And while LendingClub is also an online-only bank, it has been around for decades and has a well-established reputation for excellent customer service.

Is BrioDirect right for you?

This bank may be a good option for you if:

  • You value a high rate over anything else.
  • You don't mind doing everything online.
  • You are willing to take a chance on a bank with a questionable service reputation.

FAQs

  • BrioDirect is FDIC insured through its parent bank, Webster Bank. BrioDirect also offers various security measures for its mobile app, including the option to set up face ID and multi-factor authentication.

  • BrioDirect is an online-only subsidiary of Webster Bank, which is a legitimate bank and member of the FDIC.

  • No, BrioDirect is online-only and has no physical branches. Additionally, its parent bank, Webster Bank, does not offer in-branch servicing for BrioDirect accounts.