Banking » Reviews » Brilliant Bank CDs And Savings Review (2024)
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Brilliant Bank CDs And Savings Review (2024)

Brilliant Bank CDs offers competitive CD rates but has only 3 terms, which makes a choice less attractive overall due to limited flexibility
Author: Baruch Mann (Silvermann)
Baruch Mann (Silvermann)

Writer, Contributor

Experience

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor.  Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more.
Interest Rates Last Update: April 15, 2024
The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.
Author: Baruch Mann (Silvermann)
Baruch Mann (Silvermann)

Writer, Contributor

Experience

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor.  Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more.
Interest Rates Last Update: April 15, 2024

The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.

We earn a commission from our partner links on this page. It doesn't affect the integrity of our unbiased, independent editorial staff. Transparency is a core value for us, read our advertiser disclosure and how we make money.

Brilliant Bank CDs And Savings

CD APY Range

4.85% – 5.10%

Minimum Deposit

$1,000

Our Rating

4.2
4.2/5

Money Market APY

up to 5.35%

Brilliant Bank CDs And Savings

CD APY Range

4.85% – 5.10%

Minimum Deposit

$1,000

Our Rating

4.2
4.2/5

Money Market APY

up to 5.35%

Brilliant Bank Certificates (CDs) Rates

Brilliant Bank CDs offers highly competitive CD rates compared to other banks and credit unions. The minimum deposit required is reasonable – only $1,000 to open a CD account.

Term
APY
3 Months
5.10%
9 Months
5.05%
15 Months
4.85%

The interest rate is very competitive, and the rates for 3-month and 9-month CDs are among the highest in these categories.

While the interest rates offered are competitive, the limited number of terms available can pose significant drawbacks for investors. Firstly, those seeking to capitalize on higher long-term CD rates are deprived of that option. In this case, the longest maturity date is only 15 months, whereas other financial institutions provide CDs with terms of 4 or even 5 years.

Another drawback is the restricted flexibility. For instance, implementing a CD laddering strategy becomes much more challenging and time-consuming when dealing with only three different terms. Conversely, other banks and credit unions offer a wider range of options, with over 10 different terms to choose from, facilitating the execution of such strategies.

Brilliant Money Market Accounts

The Brilliant Bank Money Market Account is a high-yield savings account that consistently offers a higher rate than traditional savings accounts. The APY is impressive (up to 5.35%) and there is $1,000 minimum deposit.

Minimum Deposit
APY
$1,000
up to 5.35%

One key distinction between a Money Market Account and a traditional savings account is that Money Market Accounts often include check-writing features. It's important to inquire about any limitations associated with these features.  While the rate is good, the best HYSA rates may be even higher.

If you prioritize both spending flexibility and saving, a money market account can provide you with the advantages of both a savings and checking account.

With the Brilliant Bank mobile app, you have the ability to transfer funds from your money market account to another account, offering you complete control over your finances. To access the Brilliant Bank mobile app, simply download it from the App Store or the Google Play Store.

Brilliant Checking Account

The Brilliant Bank Checking Account is a flexible deposit account that allows you to deposit and withdraw money whenever necessary. You can conveniently access your funds through digital banking, checks, debit cards, and ATMs. While checking accounts typically don't provide significant interest, they offer unlimited transactions.

Key Features:

  • Minimum opening deposit: $100
  • Monthly service charge: $10
  • Balance required to avoid the monthly charge: $2,000
  • FDIC insured: Yes

Open your Brilliant Bank Checking Account today and begin saving by downloading our mobile app now.

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About Brilliant Bank

Brilliant Bank is an online-only banking institution that specializes in providing deposit accounts.

With a user-friendly mobile app available for both Apple and Android devices, Brilliant Bank empowers individuals to take control of their finances and work towards their financial goals. Depending on your specific financial needs, Brilliant Bank offers a range of account options to choose from.

 It is fully supported by Equity Bank, an FDIC-insured institution with a substantial $5 billion in assets and physical branches across four states.

How We Rate Certificates of Deposits: Our Methodology

The Smart Investor team has thoroughly examined certificate of deposit (CD) offerings from various banks, considering multiple factors to provide a comprehensive evaluation. Here's how we rated them across four key categories:

  • CD Rates (50%): We meticulously analyzed the interest rates offered by each bank on their certificate of deposit (CD) products. Higher ratings were awarded to banks offering competitive rates that provide maximum returns for customers' investments. Factors such as the yield curve, current market conditions, and consistency of rates were considered to assess the attractiveness of each bank's CD rates.

  • CD Features (30%): This category evaluated the features associated with each bank's certificate of deposit offerings. Factors considered include the variety of terms available, early withdrawal penalties, minimum deposit requirements, and any additional features or benefits. Higher ratings were given to banks offering a diverse range of CD terms, reasonable early withdrawal fees, and flexible options to meet customers' investment needs.

  • Customer Experience (10%): A positive customer experience is paramount, even when investing in CDs. We assessed each bank's performance in this area, considering factors such as the ease of opening a CD account, the responsiveness of customer service, and overall user satisfaction. Higher ratings were assigned to banks with efficient account opening processes, helpful customer support, and a track record of satisfying customers.

  • Bank Reputation (10%): The reputation of a bank is a critical consideration when investing in CDs. We evaluated each bank's reputation based on factors such as financial stability, regulatory compliance, and public perception. Higher ratings were given to banks with a solid reputation for reliability and trustworthiness, ensuring customers' investments are safe and secure.

By considering these categories and assigning appropriate weights to each, our review aims to provide valuable insights to help individuals make informed decisions when investing in certificate of deposits.

Compare CD Rates

Picture of Baruch Mann (Silvermann)

Baruch Mann (Silvermann)

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor.  Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more.
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