Brilliant Bank Review: Pros, Cons, And Alternatives

Brilliant Bank is an online-only bank, and a subsidiary of Equity Bank, which operates in four states and has over $5 billion in assets. 

Brilliant offers an online checking account, a high-yield money market account, and CDs with competitive APYs. 

However, is the $10 monthly maintenance fee on its checking account a turn-off for customers who have become accustomed to no-fee banking from online banks? We explore what Brilliant Bank has to offer in this full review. 

Brilliant Bank is a division of Equity Bank, which holds over $5 billion in assets and has locations in four states. Unlike its parent, Brilliant Bank is an online-only banking option. 

Deposits with Brilliant bank are protected with up to $250,000 of FDIC insurance, and you can manage all of your accounts through its mobile app, which is available for download on iOS and Android devices. Unfortunately, Brilliant doesn’t currently offer any borrowing products, such as credit cards, loans, or lines of credit. 

Brilliant Bank focuses on deposit products, offering a checking account, money market account, and certificates of deposit. We explore each of these products below.

Checking Account

Brilliant Bank’s online checking account takes about five minutes to set up. You’ll use the bank’s mobile app to manage the funds within your checking account.

The account comes with a monthly fee of $10. But you can have this fee waived if you maintain a minimum balance of $2,000. You’ll also need a minimum deposit of $100 to open the account. But on the positive side, Brilliant Bank doesn’t charge any ATM fees. 

Surge Money Market Account

Brilliant Bank’s Surge Money Market Account currently offers an APY of 5.35% for new depositors. That’s an impressive APY that can help you put your money to work for the long term. Although you’ll need to make a minimum deposit of $1,000, there is no maximum account limit.

If you store your savings in this money market account, your interest earnings will be credited on a monthly basis.

Certificates Of Deposit

Brilliant Bank offers three certificates of deposit with terms of three, nine, or 15 months. Here’s a look at the current yields. 

• You can earn 5.10% APY on three-month CDs. 
• You can earn 5.05% APY on nine-month CDs.
• You can earn 4.85% APY on 15-month CDs.

While these are undeniably competitive CD rates, it is possible to find higher yields elsewhere. For any of these terms, you’ll need to make a minimum deposit of $1,000. The maximum you can tuck into one of these CDs is $500,000. 

The fees you’ll encounter through this bank vary based on the accounts and services you use. For example, its checking account comes with a $10 monthly fee that is waived if you maintain a balance of at least $2,000. But if you open a CD, you’ll face early withdrawal penalties for removing your funds before the term matures. 

Brilliant Bank is one of many online banking options you can choose from. Here’s a look at how it stacks up.

Ally Bank offers a wider selection of banking products than Brilliant Bank. In addition to CDs and a money market account, you’ll find high-yield savings account options and many types of loan products. Unlike Brilliant Bank, Ally Bank doesn’t charge a monthly fee on its spending account. 

If you are looking for an interest-bearing checking account option, Consumers Credit Union might be a better option. You’ll have the ability to earn interest on the funds tucked into your checking account without breaking a sweat.

If you want to open an account with Brilliant Bank, the process starts by entering your zip code. From there, you’ll need to read the electronic disclosure agreement and confirm your acceptance.

Be prepared to provide your address, phone number, email, Social Security number, government-issued identification, and funding account information. Also, you must be a U.S. resident and at least 18 years old to apply. Once you submit your application, you may hear back within a few minutes. 

The funds you stash with Brilliant Bank are FDIC-insured. Essentially, this means your funds are protected against loss for up to $250,000 per account holder, per account type. With that, there is some peace of mind when choosing Brilliant Bank. 

If you need to get in touch with Brilliant Bank, you can call 833-605-1037 or email customerservice@brilliant.bank. Unfortunately, there isn’t too much feedback online from customers. With no Trustpilot reviews, it’s difficult to gauge what to expect from the customer service experience. 

Brilliant Bank offers straightforward account options for savers looking to stash their funds in a money market account or certificate of deposit. With relatively high APYs, these could be a useful addition to your financial framework. While the bank also offers a checking account, the lack of perks and a $10 monthly fee only make it a good option if you plan to keep at least $2,000 in your checking account to avoid the monthly fee.

If you are looking for a single bank to handle all of your financial needs, the bare-bones approach of Brilliant Bank probably won’t work for you. But if you are looking for a single account with a competitive APY, you might find what you are looking for through this bank.

Check out Brilliant Bank here >>