Brilliant Bank is an online-only division of Equity Bank which is a community bank headquartered in Kansas. Equity Bank operates in 51 locations across four states and manages over $5 billion in assets. With the launch of Brilliant Bank Equity Bank has expanded its coverage nationwide and offers FDIC-insured deposit accounts to customers .
FDIC insurance for Brilliant Bank is an extension of Equity Bank’s FDIC coverage. If you already have deposits with Equity Bank and are considering opening a CD or savings account with Brilliant Bank your coverage will be $250,000 across all deposit accounts held at both banks.
Brilliant Bank presently offers its fixed-rate CDs and variable-rate money market accounts some of the most competitive returns in the nation . They also provide bank accounts with digital expenditure tracking capabilities and transaction-free ATMs.
Competitive Deposit Account Offerings
Brilliant Bank focuses on offering two types of CDs and they are fixed-rate CDs and variable-rate money market accounts. Both options come with highly competitive yields . The minimum deposit required to open a Brilliant Bank CD is $1,000 and the maximum deposit allowed is $500,000. Regardless of the deposit size all accounts earn the same yield.
When we compare these CD rates to the national averages the current national average for a 6-month CD is 1.03% APY and for a 12-month CD, it is 1.54% APY as per FDIC data. However Brilliant Bank’s 9-month CD yield stands among the rate leaders with top yields from online banks and nationally available credit unions now surpassing 5.00% APY on approximately 12-month terms .
Important CD Details and Features
Your Brilliant Bank CD has a 10-day grace period after it matures during which you can decide whether to close it, change its conditions or take any other required measures before it automatically renews into a new CD with the same terms and the current APY.
In the event that you need access to the funds in your CD before its maturity an early withdrawal penalty will apply. The penalty is calculated as half of the interest that would have been earned on the withdrawn funds over the remaining term and is based on the current interest rate .
Brilliant Bank and its offerings provide competitive options for individuals who are seeking online deposit accounts and CDs. The highly competitive yields, suite of digital tools and favorable terms make it a compelling choice for customers looking to maximize their savings .