BrioDirect Broadband CD Review

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Editor’s Note: The APYs listed in this article are current at the time of publication. They can fluctuate (up or down) when the Fed rate changes. CNBC will update as changes are made public.

A certificate of deposit (commonly known as a CD) is another type of savings account offered by banks and financial institutions where you can store your money.

CD terms vary, ranging from three months to five years, but it’s important that you choose a CD based on the term that works best for you. Once you deposit money into the account, you are locked into that interest rate and cannot access your money until the end of the CD term unless you waive any early withdrawal fees. .

For first-time savers who want to try a CD, a three-month CD makes the most sense because it only requires setting aside money for a short period of time. If you have short-term plans, like a big trip, a three-month CD can help you save (and grow) your money while keeping it out of reach so you’re not tempted to. spend.

The BrioDirect High-Rate CD ranks on CNBC Select’s list of Best CD Savings Accounts because with a fixed APY of 0.50%, it offers an interest rate more than seven times the national CD average on three months.

Below, we take a closer look at the BrioDirect High-Rate 3-Month CD by breaking down its Annual Percentage Yield (APY), Access to Your Money, Benefits, and Fees so you can decide if this account is worth it. savings is right for you.

BrioDirect Broadband CD Review

BrioDirect broadband CDs

Information about the BrioDirect High-Rate CD was independently collected by CNBC and was not reviewed or provided by the bank prior to publication. Sterling National Bank is a member of the FDIC.

  • Annual Percentage Yield (APY)

  • The minimum balance

    $500 to open and start earning interest

  • Monthly fee

  • Early Withdrawal Penalty Fee

    For the 3-month CD: 90 days of interest, whether earned or not


  • Above average APY
  • Interest compounded daily and credits at maturity
  • Low minimum balance
  • No monthly fees
  • The website is easy to navigate

The inconvenients

  • You can’t access your money until your CD runs out
  • Early Withdrawal Penalty Fee

APY BrioDirect Broadband CD

BrioDirect High-Rate CD currently offers a fixed APY of 0.50% on its three-month CD. With the national average rate for a three-month CD at 0.07% APY, according to the FDIC, that’s more than seven times the national average.

BrioDirect compounds the interest daily and credits it to your account at maturity (when your term is up). Note that when you have a CD duration of less than a year, the APY is still calculated as if you held that money in the account for a year. Generally, longer-term CDs — with a larger deposit and higher interest rate — will earn you the most money.

Access to your cash

BrioDirect is the digital arm of Sterling National Bank, which has branches in New York and New Jersey, but its CDs (and high-yield savings accounts) are only offered online.

As is the norm with traditional and high-yield CDs, users do not have access to their money until the validity period of their CD has expired (unless they withdraw early subject to penalty charges).

At the end of your three-month term, the high-rate BrioDirect CD automatically renews for another three-month period at the prevailing interest rate. To withdraw your money, account holders have a grace period of seven days after the due date to withdraw funds or deposit more without penalty.


The biggest advantage of banking with BrioDirect is that its website is easy to navigate. Although it seems obvious, not all online banks provide a seamless user experience.

To open an online CD account with BrioDirect, you need your driver’s license, passport or ID card and social security number. New customers can make their initial deposits by ACH payment from an existing checking or savings account, or by check or wire transfer.


The minimum deposit is $500 to open and start earning interest with a three-month BrioDirect High-Rate CD, which is the lowest for online CDs. There are no monthly maintenance fees, which is typical of CDs.

If you withdraw your money early, you will be hit with a penalty of 90 days of interest (essentially the interest earned over the entire 3 month term), whether or not you earned the interest.

At the end of the line

Our methodology

To determine which certificates of deposit (CDs) offer the best return on your money, CNBC Select analyzed dozens of CD accounts offered by online and physical banks, including major credit unions. We refined our ranking by considering only high yield or traditional CDs that offer competitive APY, or above average rates, as well as low minimum deposits requiring $1,000 or less to open an account and no fees. monthly maintenance (which is typical of CDs).

We have not included CDs offered by credit unions on this list, as well as specialized types of CDs like penalty-free CDs (for easy withdrawals), add-on CDs (for making additional contributions), CDs jumbo (for large deposits) and IRA. CD (for retirement).

When evaluating our top five CD accounts, we ranked the best in the following categories: 3-month CD, 6-month CD, 1-year CD, 3-year CD, and 5-year CD.

While the accounts we picked in this article consistently rank among the highest APY rates, we also benchmarked each CD account across a range of features, including early withdrawal penalties, website and mobile features. , insurance policies and customer reviews when available. We also considered users’ deposit options and how often interest accrues.

All CD accounts included in this list are FDIC insured up to $250,000 per person. If you open a joint CD account with a spouse, the insurance limit is doubled.

The rates and fee structures advertised by banks for their CD accounts are not guaranteed indefinitely. They are subject to change without notice and often fluctuate with the Fed rate. If you open a CD account, however, you are locked into this APY offered at account opening for the duration of the term.

Your earnings depend on the duration of the CD, the amount you deposit, the APY offered when opening the account and the associated fees. Generally, a longer term with a larger deposit and a higher interest rate will earn you the most money. Any early withdrawal may incur penalty fees which reduce your main balance/earnings.

To open a CD account for the first time in a bank, most banks and institutions require a deposit of fresh money, which means that you cannot transfer money that you already had in an account in this Bank.

Editorial note: Any opinions, analyses, criticisms or recommendations expressed in this article are those of Select’s editorial staff alone and have not been reviewed, endorsed or otherwise endorsed by any third party.

Jack L. Goldstein