BrioDirect - 0.60% Money Market Account - Are they reliable?

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teelainen
Posts: 501
Joined: Fri Feb 01, 2019 12:17 am

BrioDirect - 0.60% Money Market Account - Are they reliable?

Post by teelainen »

BrioDirect has a Money Market Account that is yielding 0.60%. This is the highest yield I have found anywhere for cash right now. Their website says that BrioDirect is powered by Sterling National Bank. Are they reliable? Does anyone have an account here?

Besides them, here are some other alternatives I have found as well. Are any of these better than BrioDirect?
  • Live Oak Bank - 0.60% Online Savings
  • Vio Bank - 0.57% HIGH YIELD ONLINE SAVINGS

Thanks.
vrr106
Posts: 354
Joined: Wed Feb 11, 2015 9:27 am

Re: BrioDirect - 0.60% Money Market Account - Are they reliable?

Post by vrr106 »

Are they reliable as in FDIC insured? Yes. Are they the most user friendly? No, they took forever to verify an external account to allow for transfers out, they don't put the tax statement online so you have to wait for the paper version, etc.
"It is not necessary to do extraordinary things to get extraordinary results"-Buffet| "Anytime that something is romanticized, you have to really question whether it exists"-Unknown
humblecoder
Posts: 1531
Joined: Thu Aug 06, 2020 8:46 am

Re: BrioDirect - 0.60% Money Market Account - Are they reliable?

Post by humblecoder »

Why don't you go with one of the big players, like Ally Bank (0.50%)? Is the extra tenth of a percent per year really worth going with another bank for which you have to ask "are they reliable"?

Just for context, if you have $100K, that extra tenth of percent would only net you an extra $100 per year. If the difference were in the tens of thousands, I might give another vendor a second look. But for that small difference, why bother taking a chance?
tashnewbie
Posts: 4284
Joined: Thu Apr 23, 2020 12:44 pm

Re: BrioDirect - 0.60% Money Market Account - Are they reliable?

Post by tashnewbie »

humblecoder wrote: Mon Apr 12, 2021 11:31 am Why don't you go with one of the big players, like Ally Bank (0.50%)? Is the extra tenth of a percent per year really worth going with another bank for which you have to ask "are they reliable"?

Just for context, if you have $100K, that extra tenth of percent would only net you an extra $100 per year. If the difference were in the tens of thousands, I might give another vendor a second look. But for that small difference, why bother taking a chance?
+1. Exactly what I was thinking. The juice is not worth the squeeze.

If you want to explore options that are paying more than 0.5% and are willing to jump through some hoops, this thread might be relevant: viewtopic.php?f=2&t=343300
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