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High Yield Savings Account
Earn 3.00% APY
Enjoy high-yield savings with as little as $100 today! *
4.9 Average Google Rating
Finally, a savings account that lets your money work smarter.
We reward you for banking with us, not the other way around.
FDIC Insured up to $250,000
Your investment is secure and protected.
THE EXPERIENCE YOU DESERVE
Security
With FDIC insurance and real-time alerts, you can rest assured knowing your money is safe.
Simplicity
Our team is passionate about making things easy for you so you can focus on what's important to you.
Commitment
We strive to offer exceptional service and support, helping our clients reach their goals.
Savings Accounts
See how we compare
Dare to earn more? Our savings account beats the average county rate by 4 times!
Compare our Savings APY with other Tennessee banks.
Brighton Bank
3.00%
BANK TENNESSEE
1.50%
FIRST CITIZENS NATIONAL BANK
0.85%
INSOUTH BANK
0.50%
PATRIOT BANK
0.25%
BANK OF RIPLEY
0.25%
FIRST SOUTH FINANCIAL
0.20%
SIMMONS BANK
0.02%
REGIONS BANK
0.01%
Earn 6X the national average savings rate for your money. *
With a competitive rate, no monthly maintenance fee option when selecting e-statements, and tools to amplify your savings, the Brighton Bank Savings Account is designed for growth. Join the many who trust Brighton Bank for a brighter financial future.
APY
3.00
Start Earning
With Brighton Bank Today
Testimonials
What our clients are saying
Savings Account
Compare our Savings APY with some of the top national banks. *
Annual Percentage Yield
Brighton Bank
3.00%
TD Bank
0.02%
Bank of America
0.01%
USAA
0.01%
Chase
0.01%
TRUIST
0.01%
TRACK YOUR SAVINGS ON-THE-GO
Easy Account Transfers
Move your funds among connected Brighton Bank accounts to benefit from a competitive savings rate.
Mobile Check Deposit
Deposit checks at your convenience from anywhere. Simply snap a photo of the check using your phone.
Multiple Accounts
Create multiple high-yield Savings accounts, each dedicated to a different financial goal.
Custom Tracking
Stay informed and in control with custom alerts and notifications, ensuring you're always up-to-date on your account activity.
Download the Brighton Bank App
Start exploring (and enjoying) everything we have to offer.
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What information do I need to provide to open an account?You will need to provide: Your full name Social Security number Date of birth Residential street address Contact information (email and phone number) Transfer information for your initial deposit
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Can I open a joint account?Yes, you can open a joint account. You will need to provide the personal information and identification documents for all account holders.
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How long does it take to open a new account online?Opening an account online usually takes about 5-10 minutes, provided you have all the necessary information and documents on hand. After you upload your documents, our New Account Opening Team will review them, which generally takes between 1 to 3 business days.
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What documents are required for identity verification?You will need to provide two forms of ID: Primary ID Options (Choose at least one): Driver’s license, state-issued ID card, military ID card, passport, alien ID card, Canadian driver’s license, concealed carry license, or green card. Secondary ID Options (Only for the second form of ID): Property tax bill, utility bill, financial reference, financial statement, insurance card, Social Security card, student ID card, voter registration card, state license, W2, 1099, paystub, bank statement, credit card, insurance bill, birth certificate, firearm license, or organization membership. Signature Card: Upload an ink-signed copy of the Signature Card, which you can find on your Final Steps to Complete Account Application Page.
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Will the old website URL still work?Yes, the old website URL will still work. However, after November 30th, 2023, it will automatically redirect you to our new digital address at bankbrighton.com.
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Will my login credentials remain the same?Absolutely, your login credentials remain unchanged. You can access your account with your current username and password.
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How do I access my account details on the new site?Accessing your account from anywhere on our new Brighton Bank website is now easier than ever. No matter where you are on the site, the option to log in to your account is always within reach. Here's how: Top Menu Bar As you navigate through our website, you'll notice a constant feature on the top-right corner of your screen: a 'Log In' Call-to-Action button. This button stays visible and accessible regardless of the page you are viewing. Clicking on it will take you directly to the login page, where you can enter your credentials to access your account. See the screenshot below. Home Page Login Alternatively, from the home page of our website, you can find a dedicated 'Login Field.' This field provides you with two button options: 'Log In' for personal and business accounts. Depending on the type of account you hold with us, select the appropriate button, enter your login details, and you're in! We've implemented these options to ensure that accessing your account is always straightforward and hassle-free, no matter where you are on our website. We're committed to making your online banking experience with Brighton Bank smooth and convenient every step of the way.
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Can I still find and download my bank statements as I used to?Yes, you can still find and download your bank statements. Simply log into your account and go to the 'Statements' section.
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Can I still use the bank's mobile app?Yes, you can continue using our mobile app as usual. Any changes to our website will not affect the mobile app."
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Why did the bank change its website?Our commitment to providing the best online banking experience prompted us to upgrade our website. The new design is more user-friendly, efficient, and has added security features for enhanced safety.
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What changes are coming to the client desktop portal login?Our desktop portal is getting a visual refresh on October 24th, 2023, to reflect our updated branding colors and theme. While the layout and links will stay the same, ensuring a seamless transition, you’ll notice a fresh, new look that aligns with our brand's evolution.
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Is the new website safe and secure?Absolutely. We understand the importance of keeping your personal and financial data secure, which is why we have implemented enhanced security protocols on our updated website. These measures are designed to protect your information from any potential threats or unauthorized access, giving you peace of mind when using our services. We take your privacy seriously and are committed to ensuring the highest level of security for all our users.
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Are there any differences in how I make payments or transfers on the new website?No. The process of making payments and transfers remains the same.
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Will my banking activities be disrupted during this transition?No, all your banking activities and transactions will continue as usual during this transition. We've made sure the changeover is seamless for our customers.
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Will I still be able to access the same features and services on the new website?Yes, all the services and features you are familiar with are available on the new website. In fact, we've added some new features to make your banking experience even better, such as: Improved Navigation: Clearer menus and site map, intuitive layout, and easy-to-find links, making the website more user-friendly. Accessible Menu: Our new website now features a comprehensive accessibility menu, a significant step towards ensuring an inclusive and enjoyable browsing experience for all our clients. We understand the importance of creating a website that's easily navigable and readable for everyone, regardless of any visual, hearing, motor, or cognitive impairments. The accessibility menu is designed with this in mind and includes options such as text size adjustment, high contrast mode, and keyboard navigation. Faster Load Times: Optimized site performance to ensure pages load faster, providing a more efficient browsing experience. Updated Content: Refreshed and updated content, including more detailed information about our products and services and helpful resources such as blog posts and articles on financial education. Responsive Design: The new website design is fully responsive, providing an optimal viewing experience across a wide range of devices (from desktop computer monitors to mobile phone screens). FAQ Section: A comprehensive FAQ section to provide instant answers to common customer queries and concerns.
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How can I get help if I encounter issues on the new website?We're here to help. If you encounter any issues, you can reach out to our customer service team through the 'Contact Us' link on our website or call our helpline number (901) 476-5353.
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What updates can I expect on the mobile app?Our mobile app is getting some enhancements on October 24th, 2023. While the core layout and design will remain the same, we are introducing updates to improve design aesthetics and bolster security measures. If you would like to access these updates, you can do so through your iOS or Android App Store. Despite the fresh look and improved security, the functionality and layouts you're familiar with will remain unchanged.
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Are there any new features or services that I should know about?Yes, we have introduced some new features to enhance your online banking experience, including: Improved Navigation: Clearer menus and site map, intuitive layout, and easy-to-find links, making the website more user-friendly. Accessible Menu: Our new website now features a comprehensive accessibility menu, a significant step towards ensuring an inclusive and enjoyable browsing experience for all our clients. We understand the importance of creating a website that's easily navigable and readable for everyone, regardless of any visual, hearing, motor, or cognitive impairments. The accessibility menu is designed with this in mind and includes options such as text size adjustment, high contrast mode, and keyboard navigation. Faster Load Times: Optimized site performance to ensure pages load faster, providing a more efficient browsing experience. Updated Content: Refreshed and updated content, including more detailed information about our products and services, and helpful resources such as blog posts and articles on financial education. Responsive Design: The new website design is fully responsive, providing an optimal viewing experience across a wide range of devices (from desktop computer monitors to mobile phone screens). FAQ Section: A comprehensive FAQ section to provide instant answers to common customer queries and concerns.
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Has the bank's URL or digital address changed?Yes, our new website address is now bankbrighton.com. After November 30th, you'll be automatically redirected to the new address if you visit our old website.
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How can I access online customer support on the new website?Getting in touch with us at Brighton Bank is straightforward and easily accessible from any page on our website. There are two main ways you can find our 'Contact Us' page: Phone Icon on Top Menu Bar No matter where you are on our website, look towards the top menu bar. You'll notice a phone icon that serves as a quick link to our 'Contact Us' page. Just a single click on this icon will take you directly to our contact page. This page is a treasure trove of useful contact information for all our departments, providing phone numbers and email addresses to ensure you can connect with the appropriate team in a flash. 'About Us' Dropdown Menu An alternative route is also available via our top menu bar. Select 'About Us' from the various options. A drop-down menu will appear; within this menu, you'll find the 'Contact Us' option. Clicking on 'Contact Us' will redirect you to the same comprehensive contact page. Footer Link Alternatively, at the bottom of every page on our website, you'll find a footer with various links. One of these links is labeled 'Contact Us'. Click on this link to directly navigate to the same contact page. We've placed these options strategically to ensure you're never more than a few clicks away from getting the help or information you need. We're here to assist you, and we've made connecting with the right department at Brighton Bank as straightforward as possible.
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Are there notary services and medallion signature guarantees available?Yes, Brighton Bank provides notary services to its clients.
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Is there check-writing access on the account?Yes
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Is there a minimum deposit amount to open a Brighton Bank Interest Checking Account?The minimum deposit amount required to open a new Interest Checking Account and to qualify for the 1.00% APY for Consumer Interest Checking is $1,000.00.
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Is there a limit on the number of transactions I can make per month?As a client of Brighton Bank, you have no limits on the number of monthly transactions for your interest checking account.
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How much are monthly service fees for Brighton Banks Interest Checking Accounts?If you have an interest checking account at Brighton Bank, you will only have to pay a monthly service fee if you choose to receive print mail statements. These fees can vary from $10 to $30. However, you can avoid these fees completely by selecting our $0 monthly service e-Statement option.
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Can I set up direct deposit and automatic payments/transfers?Yes
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How much money can I have in a Brighton Bank checking account?Typically, there won't be a limit to how much money you can keep in a Brighton Bank checking account. However, the FDIC sets limits for the amount of funds in deposit accounts that are FDIC insured.
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Does a checking account come with a debit card?After your application for a checking account with Brighton Bank is approved, you will receive your debit card. The Brighton Bank debit card is equipped with a chip for added security and is contactless for ease of use. Simply tap your card to make fast and convenient purchases. You can use your debit card at millions of merchants globally.
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Is there online banking, mobile banking, and mobile check deposit available?Brighton Bank offers online banking, mobile banking, and mobile check deposits.
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How do I receive my bank card?Once your account is approved, Brighton Bank will mail you a bank card.
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Why should I open a checking account?Having a checking account is a convenient option to access your money. With this account, you can deposit your paycheck automatically and make online bill payments. Additionally, it can aid in keeping track of your spending by monitoring account balances online or via the Brighton Bank Mobile app.
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What is the minimum deposit needed to open the account?To open a new Interest Checking Account, a minimum deposit of $1,000 is required.
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How do I open a new checking account?To apply, visit our Brighton, Tennessee branch in person. Our team will assist you in selecting the perfect account package, gather necessary personal information like your address and social security number, verify your identity and guide you in choosing a funding option. We look forward to helping you!
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What is a checking account?A checking account is a type of bank account that allows you to deposit and withdraw money conveniently. It also enables you to make online payments, transfer funds to other accounts, and deposit checks using the Brighton Bank Mobile app. Additionally, with a checking account from Brighton Bank, you can write checks for the funds available in your account.
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What is the interest rate on the account?The annual percentage yield (APY) for an interest checking account is currently 1.00%. However, please note that the rate is adjustable and subject to change at any time. Interest Checking Disclaimer The following describes the terms that apply to participation in the Brighton Bank Plus Consumer Interest Checking offered by Brighton Bank, Member FDIC. Additional terms, conditions, and third-party fees for internet, messaging, or data plans may apply. Rate Information: This Account is an interest-bearing account. The interest rate on the account is 1.00%, with an annual percentage yield of 1.00%. The interest rate and annual percentage yield may change. Interest begins to accrue on the business day you deposit noncash items (for example, checks). Interest will be compounded monthly and will be credited to the account monthly. Closing the account before the designated interest crediting date will result in the forfeiture of any accrued interest. Please be advised that the Institution reserves the right to adjust the account's interest rate as deemed appropriate. Annual Percentage Yields are current as of 11/1/2024. Minimum Deposit: The minimum deposit amount required to open a new account and to qualify for the 1.00% APY for Consumer Interest Checking is $1,000.00. Minimum Balance: The minimum balance amount required to qualify for the 1.00% APY for Consumer Interest Checking is $1,000.00. Balance Information: We use the daily balance method to calculate the interest on the account. This method applies a daily periodic rate to the principal in the account each day. You must maintain a minimum balance of $1,000.00 in the account each day to obtain the disclosed annual percentage yield. Limitations: You must deposit $1,000.00 to open this account. Monthly Account Service Fees: At Brighton Bank, we offer a no-account fee option for clients who choose to receive their account statements electronically. Clients opting for Electronic Statements will not be subject to monthly account service fees. Clients not selecting the Electronic Statements option will be charged a monthly account service fee of $15 if the account's daily balance falls below $1,000.00 any day of the month. This fee covers the additional administrative costs associated with printing, mailing, and delivering paper statements to your designated address. For members who choose a Non-Electronic Paper Statement option, account fees can influence the total amount of earnings on the account. When fees are applied to your account, they are deducted from your account balance, which can subsequently decrease the amount of money available to earn interest. As a result, the total earnings on your account may be reduced. Our account fee policy is subject to change at any time. Please note that the Annual Percentage Yields (APYs) stated here are accurate as of 11/1/2024 but are subject to change at any time. *14x based on FDIC monthly interest checking rates as of 11/1/2024. *Brighton Bank is a member of the FDIC and does not provide more than $250,000 of FDIC insurance per legal category of account ownership, as described in the FDIC's regulations. *Top National Bank APYs presented in this table have been provided by My Bank Tracker, with accuracy up to 11/1/2024.
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Are there limits on withdrawals and transfers?There are no limits on withdrawals and transfers through a Brighton Bank checking account.
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Are there any ATM fees if I use an out-of-network ATM?Brighton Bank does not charge out-of-network ATM fees to our clients. However, it's important to remember that out-of-network ATMs may have separate transaction fees that they may charge.
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Is there a minimum balance I need to maintain to avoid fees?There is no minimum balance required in order to avoid fees or maintain an account.
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Can I link multiple accounts together?Yes, multiple bank accounts can be linked together as long as they are under the same Tax ID number.
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Is the account FDIC insured? What are the coverage limits?Brighton Bank is a member of the FDIC, and the coverage limit is $250,000.
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What debit card comes with the account?Brighton Bank offers debit cards through Mastercard.
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Can I access my checking account information online or via a Mobile App?By opening a checking account with Brighton Bank, you can easily access your account information through your computer or mobile browser and through the Brighton Bank Mobile app. With Brighton Bank Online or the Mobile App, you'll have access to the following benefits: Access your account balances quickly wherever you are. Make bill payments. Set up real-time notifications for your account balance and activity. And more …
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What are the monthly service fees or maintenance fees for the account?Brighton Bank offers zero-cost maintenance fees for clients who choose online banking through eStatements. For clients who choose to receive paper statements in the mail, the minimum monthly maintenance fee is $15
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What is a checking account?A checking account is a type of bank account that allows you to deposit and withdraw money conveniently. It also enables you to make online payments, transfer funds to other accounts, and deposit checks using the Brighton Bank Mobile app. Additionally, with a checking account from Brighton Bank, you can write checks for the funds available in your account.
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How much are monthly service fees for Brighton Banks Interest Checking Accounts?If you have an interest checking account at Brighton Bank, you will only have to pay a monthly service fee if you choose to receive print mail statements. These fees can vary from $10 to $30. However, you can avoid these fees completely by selecting our $0 monthly service e-Statement option.
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Is there a minimum deposit amount to open a Brighton Bank Interest Checking Account?The minimum deposit amount required to open a new Interest Checking Account and to qualify for the 1.00% APY for Consumer Interest Checking is $1,000.00.
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How do I open a new checking account?To apply, visit our Brighton, Tennessee branch in person. Our team will assist you in selecting the perfect account package, gather necessary personal information like your address and social security number, verify your identity and guide you in choosing a funding option. We look forward to helping you!
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Can I access my checking account information online or via a Mobile App?By opening a checking account with Brighton Bank, you can easily access your account information through your computer or mobile browser and through the Brighton Bank Mobile app. With Brighton Bank Online or the Mobile App, you'll have access to the following benefits: Access your account balances quickly wherever you are. Make bill payments. Set up real-time notifications for your account balance and activity. And more …
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Why should I open a checking account?Having a checking account is a convenient option to access your money. With this account, you can deposit your paycheck automatically and make online bill payments. Additionally, it can aid in keeping track of your spending by monitoring account balances online or via the Brighton Bank Mobile app.
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How much money can I have in a Brighton Bank checking account?Typically, there won't be a limit to how much money you can keep in a Brighton Bank checking account. However, the FDIC sets limits for the amount of funds in deposit accounts that are FDIC insured.
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Does a checking account come with a debit card?After your application for a checking account with Brighton Bank is approved, you will receive your debit card. The Brighton Bank debit card is equipped with a chip for added security and is contactless for ease of use. Simply tap your card to make fast and convenient purchases. You can use your debit card at millions of merchants globally.
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How do I track my balance, interest earned, and account activity?You can easily track all savings account details by logging into online banking or using our mobile banking app. Here you can monitor your balance, view all transactions, see interest earned to date, set up alerts, and more.
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Is there a minimum balance I need to maintain to avoid fees?Yes, at Brighton Bank, we provide a convenient way for you to avoid monthly account service fees. If you opt to receive your account statements electronically, you will not be charged any monthly service fees. For those who prefer paper statements, a monthly service fee of $15 will apply unless you maintain a minimum daily balance of $100.00. Choosing electronic statements through our online banking service is a simple and effective way to ensure that you are not subject to these fees.
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Can I link the savings account to my current checking account?Yes, you can link your new Brighton Bank savings account to your existing checking account. This makes transfers between the two quick and convenient. Just stop by any branch or call customer service to link the accounts.
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Is my money FDIC insured by the bank?Yes, all savings accounts at Brighton Bank are FDIC insured up to $250,000 per depositor. This means your money is protected in the event Brighton Bank fails.
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What is the minimum opening deposit amount?To open an interest savings account at Brighton Bank, you'll need to make a minimum opening deposit of $100.
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Can I set up direct deposit or automate transfers into the account?Absolutely! You can directly deposit your paycheck, Social Security benefits, or other regular income into your Brighton Bank savings account. You can also set up recurring automatic transfers from your checking account into savings on any schedule you choose. Just contact us to get these convenient options established.
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How do I open a new Savings account?To get started, you can visit our Brighton, Tennessee office in person or click on the Open New Account tab below. Our team will assist you in selecting the perfect account package, gathering necessary personal information like your address and social security number, verifying your identity, and guiding you in choosing a funding option. We look forward to helping you!
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Are statements mailed monthly or accessed online only?Brighton Bank offers online eStatements as well as the option to receive paper statements in the mail. You can enroll in eStatements through online banking and access your statements anytime.
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Can I set up direct deposit or automate transfers into the account?Yes, you can use direct deposit and automatic recurring transfers to and from your Brighton Bank savings account. This allows you to easily contribute to your savings on a regular schedule. Just speak to one of our bank experts to set up these convenient options.
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Can I manage the account online or only in person?Our savings accounts can be managed by using our online banking and mobile app. This includes monitoring your balance, statements, interest earned, and transaction history.
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What is a savings account?A savings account is a type of bank deposit account that allows you to earn interest on the money you save over time. With a savings account, you can deposit funds any time and withdraw your money when needed.
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How do I open a new Savings account?To apply, visit our Brighton, Tennessee branch in person. Our team will assist you in selecting the perfect account package, gather necessary personal information like your address and social security number, verify your identity and guide you in choosing a funding option. We look forward to helping you!
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Is there a monthly maintenance or service fee? How can I avoid it?Yes, at Brighton Bank, we provide a convenient way for you to avoid monthly account service fees. If you opt to receive your account statements electronically, you will not be charged any monthly service fees. For those who prefer paper statements, a monthly service fee of $15 will apply unless you maintain a minimum daily balance of $100.00. Choosing electronic statements through our online banking service is a simple and effective way to ensure that you are not subject to these fees.
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What is the minimum opening deposit amount?To open an interest savings account at Brighton Bank, you'll need to make a minimum opening deposit of $100. This deposit can be made by cash, check, or transfer from another bank account.
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What is a savings account?A savings account is a type of bank deposit account that allows you to earn interest on the money you save over time. With a savings account, you can deposit funds any time and withdraw your money when needed.
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Is my money FDIC insured by the bank?Yes, all savings accounts at Brighton Bank are FDIC insured up to $250,000 per depositor. This means your money is protected in the event Brighton Bank fails.
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How much should I put down for a downpayment?Deciding how much to put down for a down payment on a home is a significant decision and varies greatly depending on each individual’s financial situation and long-term goals. At Brighton Bank, we recognize that there's no one-size-fits-all answer to this question. A down payment can range widely, with different implications for your mortgage terms, monthly payments, and the need for Private Mortgage Insurance (PMI). A larger down payment might result in more favorable loan terms and lower monthly payments, but it also means more upfront cash. Conversely, a smaller down payment increases accessibility to homeownership for many, yet might result in higher ongoing costs. Our approach at Brighton Bank is to work closely with you to understand your financial circumstances, homeownership goals, and future plans. We believe in crafting a mortgage solution that aligns with your personal and financial objectives, providing guidance and information to help you make an informed decision about your down payment. Whether you are a first-time homebuyer, looking to upgrade, or investing in property, our goal is to help you determine the right down payment amount that suits your unique situation. We invite you to discuss your options with our team of experts, who can provide insights and tools to assist you in making a decision that feels right for you. Remember, the right down payment is the one that fits your financial landscape and supports your homeownership journey.
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How do I get pre-approved for a mortgage?Getting pre-approved for a mortgage with Brighten Bank is a straightforward and efficient process. To begin, simply click on our 'Start Pre-Approval Process' call-to-action (CTA) below. This will lead you to our free online digital mortgage application, which is designed to be user-friendly and comprehensive. Completing this application is the first step in understanding what you can qualify for in terms of a mortgage loan. Once your application is submitted, one of our Home Loan Experts will reach out to you. They will be available to answer any additional questions you may have and to guide you through the next stages of your mortgage journey. Our team is dedicated to providing you with personalized support and expert advice every step of the way. Start your journey towards homeownership today with Brighton Bank!
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Private mortgage insurance vs mortgage insurancePrivate Mortgage Insurance (PMI) Private Mortgage Insurance (PMI) is a type of insurance policy that many lenders require borrowers to purchase when they are obtaining a mortgage and their down payment is less than 20% of the home's value or purchase price. The purpose of PMI is to protect the lender in case the borrower defaults on the loan. Here are some key points about PMI: Required for Low Down Payments: PMI is typically required for conventional loans when the borrower puts down less than 20%. Cost: The cost of PMI varies depending on the down payment amount and credit score of the borrower, but it is usually between 0.5% to 1% of the entire loan amount annually. Payment Method: PMI can be paid as a monthly premium added to your mortgage payment, as a one-time upfront premium at closing, or a combination of both. Cancellation: Borrowers can request to cancel PMI when their mortgage balance falls to 80% of the original value of the home. Lenders are required to automatically terminate PMI when the balance reaches 78%. Not a Permanent Cost: It's important to remember that PMI is not a permanent part of your mortgage payment. Once you've built enough equity in your home, you can eliminate this cost. Benefit for Homebuyers: While PMI adds to the monthly mortgage expense, it allows many people to become homeowners sooner because they don't have to wait until they have a full 20% down payment. In essence, PMI increases the likelihood of obtaining a mortgage for those who have less cash available for a down payment, but it does add to the cost of the loan until sufficient equity is built in the property. Mortgage Insurance for FHA Loans Mortgage Insurance Premium (MIP) is a type of insurance required on all FHA loans to protect lenders in the event that a borrower defaults on their mortgage. This insurance is mandated by the Federal Housing Administration (FHA) and is required for the life of the loan in many cases, especially for those who put down less than 10%. Here are some key points about FHA Mortgage Insurance Premiums (MIP): Required for All FHA Loans: Unlike conventional loans where PMI is only required with a down payment of less than 20%, MIP is mandatory for all FHA loans, regardless of the amount of the down payment. Cost: The cost of MIP consists of an upfront premium and an annual premium. The upfront premium is typically 1.75% of the loan amount, which can be financed into the mortgage. The annual premium varies between 0.45% to 1.05% of the loan amount, depending on the loan term, loan amount, and the initial loan-to-value ratio (LTV). Payment Method: The annual MIP is paid monthly and is included in the mortgage payment. The upfront MIP is usually financed into the loan amount and paid as part of the mortgage. Duration: For loans with an initial LTV of 90% or less, MIP is required for 11 years. For loans with an initial LTV greater than 90%, MIP must be paid for the entire life of the loan, making it a permanent cost unless the loan is refinanced to a conventional loan. Cancellation: Unlike PMI on conventional loans, MIP on FHA loans cannot be canceled based solely on reaching a certain equity level. The only ways to remove MIP are by refinancing to a conventional loan without PMI, paying off the mortgage, or selling the home. Benefit for Homebuyers: Although MIP adds to the overall cost of the mortgage, FHA loans allow buyers to purchase a home with a lower down payment (as low as 3.5%). This makes homeownership more accessible to more people, particularly first-time homebuyers and those with lower credit scores. In summary, while MIP increases the cost of an FHA loan, it facilitates homeownership for individuals who might not qualify for a conventional mortgage due to limited cash for a down payment or lower credit scores. It’s an essential component of the FHA loan program, which aims to make affordable housing accessible to as many people as possible.
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What are the different types of mortgages available?Mortgages come in a variety of formats to cater to diverse needs. Fixed-Rate mortgages offer consistent interest rates throughout the loan term, while Adjustable-Rate Mortgages have interest rates that can vary. Specialized options include FHA Loans for lower down payments, VA Loans for veterans, and USDA Loans for rural homebuyers. Jumbo Mortgages cater to high-priced homes beyond conforming loan limits, and Reverse Mortgages allow seniors to convert home equity into cash. Other types include Interest-Only, Home Equity Loans, HELOCs, and Construction Loans. The right mortgage depends on the borrower's goals, financial situation, anticipated time in the home, and market conditions. Each has its benefits and drawbacks, and it's crucial to consult with financial professionals to make an informed choice.
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How much can I afford to borrow?Determining how much you can afford to borrow for a mortgage is a nuanced process that depends on several key factors. These include your income, existing debts, property taxes, homeowner's insurance, and your personal homeownership goals. At Brighten Bank, we understand that every prospective homeowner's situation is unique. That's why we recommend a detailed and personalized approach to developing a specific plan and budget that aligns with your individual circumstances and objectives. To provide you with the most accurate and tailored advice, we offer a complimentary custom consultation. By starting this process with us, you'll be connected with one of our home loan experts who will work closely with you to understand your needs and guide you towards making the best decision for your future. Let's get started on shaping your homeownership journey with Brighton Bank's expertise and support.
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What is a good credit score for getting a mortgage?A FICO credit score above 740 is considered excellent, offering the best mortgage rates and terms. Scores between 700-739 are viewed as very good, often securing competitive rates, while scores from 670-699 are deemed good but might not fetch the most favorable rates. Fair scores range from 580-669, with potential for higher interest rates and limited lending options; 620 is the safe number, and scores below 580 are seen as poor, making mortgage approval challenging. However, factors like debt-to-income ratio, employment history, down payment amount, and more also influence mortgage decisions beyond just the credit score.
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How do I add a new question & answer?To add a new FAQ follow these steps: 1. Manage FAQs from your site dashboard or in the Editor 2. Add a new question & answer 3. Assign your FAQ to a category 4. Save and publish. You can always come back and edit your FAQs.
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How do I edit or remove the 'Frequently Asked Questions' title?You can edit the title from the FAQ 'Settings' tab in the Editor. To remove the title from your mobile app go to the 'Site & App' tab in your Owner's app and customize.
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Can I insert an image, video, or GIF in my FAQ?Yes. To add media follow these steps: 1. Manage FAQs from your site dashboard or in the Editor 2. Create a new FAQ or edit an existing one 3. From the answer text box click on the video, image or GIF icon 4. Add media from your library and save.
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Do you really need private mortgage insurance in Arkansas?In Arkansas, as in other states, Private Mortgage Insurance (PMI) is typically required by lenders when homebuyers make a down payment of less than 20% of the purchase price. This insurance protects lenders in case borrowers default. While some loans, like VA loans, don't necessitate PMI, others, such as FHA loans, have their distinct insurance prerequisites. PMI can be canceled once the loan-to-value (LTV) ratio reaches 78%, reducing the monthly mortgage cost. However, its initial inclusion can range from 0.3% to 1.5% of the original loan amount annually. Although PMI increases the cost, it allows many buyers to purchase homes without a full 20% down payment. Consulting with a local mortgage specialist can provide clarity on PMI specifics for your situation.
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What is the average mortgage in Arkansas?The average mortgage amount in Arkansas stands at $129,383.
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What factors influence the median home price in Arkansas?The median home price in Arkansas is influenced by several intertwined factors. Primary among these is the balance of supply and demand, where increased demand over available homes drives prices up. Economic health, marked by factors such as unemployment rates and wage growth, plays a role, as do mortgage interest rates; lower rates often boost buying power and home prices. The state's population growth, driven in part by its job market, naturally escalates housing demand. Local policies, including development restrictions and zoning laws, can impact housing supply, while the inherent desirability of an area, based on schools, amenities, and infrastructure developments, can elevate prices. External factors like real estate speculation, foreign investment, and environmental considerations, such as Arkansas water availability, also weigh in. These elements collectively shape the dynamics of the Arkansas housing market.
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Do I have enough cash for a downpayment for a mortgage in Arkansas?To determine if you have sufficient cash for a down payment for a mortgage in Arkansas, first identify your desired home's price range. Traditional mortgages often need a 20% down payment, but some loans may require as little as 3.5%. Calculate the necessary down payment by multiplying the home's price by the down payment percentage. Compare this to your savings. Additionally, factor in closing costs, which can be 2% to 5% of the loan amount, and consider keeping an emergency fund separate from your home expenses. Consulting with a financial advisor or mortgage specialist can provide tailored guidance.
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What is the average monthly mortgage payment in Arkansas?Homeowners in Arkansas, on average, make a mortgage payment of $984 each month, which is approximately $175 below the national average.
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How much mortgage can I afford in Arkansas?To determine how much mortgage you can afford in Arkansas, start by calculating your Debt-to-Income Ratio (DTI), aiming for 43% or less. Your monthly income before taxes, along with monthly liabilities like loans and credit card payments, are crucial. When considering a mortgage, remember that monthly payments include the principal, interest, property taxes, homeowner's insurance, possibly Private Mortgage Insurance, and potentially Homeowner Association fees. The size of your down payment, current interest rates, and the loan term (e.g., 15 vs. 30 years) will also influence your affordability. It's wise to use online mortgage calculators for a quick estimate, but for a precise figure, seek pre-approval from a lender. Always factor in Arkansas-specific expenses, such as property taxes and insurance rates, and ensure the mortgage amount aligns comfortably with your budget.
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Are there different types of CDs available?Yes, we offer various types of CDs. Please check our website or contact us for more information.
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What is a Certificate of Deposit (CD)?A CD is a type of savings account that holds a fixed amount of money for a fixed period of time, such as one year, during which time it earns interest. In exchange for keeping the money in the CD, the bank pays interest at a higher rate than a regular savings account.
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Is there a renewal option at the end of the term?Yes, CDs can be automatically renewed. You'll be notified before the maturity date to discuss your options.
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What happens if I need to withdraw my money before the CD matures?Should you choose to withdraw any portion of the principal before the CD reaches its maturity date, be aware that a penalty will apply. This penalty entails the forfeiture of all interest accrued up to the point of withdrawal.
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Are CD earnings taxable?Yes, the interest earned on CDs is subject to federal (and sometimes state) taxes.
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What happens at the end of my CD’s term?At the end of your CD’s term, you can either renew it or withdraw the principal and the interest.
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What documentation do I need to open a CD?You'll need a government-issued ID, Social Security number, and funding information to open a CD.
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How can I monitor the progress of my CD?You can track your CD's performance through online banking or by contacting our customer service.
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Is there a grace period for the renewal of the CD?You will have 10 calendar days after the maturity date to withdraw funds without penalty. If you do not withdraw the funds, each renewal term will be for an identical period of time as the original term.
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Can I add more money to my CD after opening it?Typically, you cannot add funds to an existing CD once it has been opened. However, you can open additional CDs at any time.
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Can I withdraw my funds before the maturity date?Early withdrawal is possible but may incur penalties. Please refer to our terms and conditions for more details.
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Are there any fees associated with opening a CD at Brighton Bank?No, there are no fees to open a CD with us.
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Is my money safe in a CD?Yes, CDs are a safe investment as they are FDIC insured up to the legal limit.
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How will I know when my CD is maturing?We will notify you prior to the maturity date with details on your options.
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How is the interest on a CD calculated?Brighton Bank uses the daily balance method to calculate the interest on the account. This method applies a daily periodic rate to the principal in the account each day. Interest on a Certificate of Deposit (CD) starts to accumulate from the business day on which you make a deposit with non-cash items, such as checks. This initiates the interest-earning process immediately following such deposits. For the CDs we offer, the interest rate is fixed, meaning it remains constant throughout the duration of the CD term, ensuring a predictable return on your investment. Interest earned on a CD with our institution does not compound; that is, interest generated over the CD's term does not earn additional interest. When the CD matures, the accrued interest is paid out. You have the flexibility to receive this payment either by a check mailed to you or through a direct deposit into another account you designate, providing convenience in how you access your earnings. The fixed interest rate on our CDs is determined at the beginning of the term and is influenced by the initial deposit amount and the term length of the CD. Since our rates are fixed, you benefit from the security of knowing exactly how much interest you will earn by the end of your CD's term, allowing for more precise financial planning and stability in your investment returns.
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Are the funds in a Money Market Account insured?Yes, Money Market Accounts are insured by the FDIC up to $250,000 per depositor.
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What is the current Annual Percentage Yield (APY)?Brighton Premier Checking - Money Market Account Rate Information: This Account is an interest-bearing money market account. If the daily balance is $5,000.00 or less, the interest rate paid on the entire balance in your account will be 2.00% with an annual percentage yield (APY) of 2.02%. If the daily balance is more than $5,000.00, but less than $25,000.01, the interest rate paid on the entire balance in your account will be 2.00% with an annual percentage yield (APY) of 2.02%. If the daily balance is more than $25,000.00, but less than $50,000.01, the interest rate paid on the entire balance in your account will be 2.00% with an annual percentage yield (APY) of 2.02%. If the daily balance is more than $50,000.00, but less than $100,000.01, the interest rate paid on the entire balance in your account will be 2.00% with an annual percentage yield (APY) of 2.02%. If the daily balance is more than $100,000.00, the interest rate paid on the entire balance in your account will be 2.00% with an annual percentage yield (APY) of 2.02%. The interest rate and annual percentage yield (APY) may change. At our discretion, we may change the interest rate on the account at any time. Interest begins to accrue on the business day you deposit noncash items (for example, checks). Interest will be compounded monthly and will be credited to the account monthly. If the account is closed before interest is credited, you will not receive the accrued interest. Balance Information: We use the daily balance method to calculate the interest on the account. This method applies a daily periodic rate to the principal in the account each day. You must maintain a minimum balance of $2,500.00 in the account each day to obtain the disclosed annual percentage yield (APY). *The interest rate(s) and APY disclosed are accurate as of 11/01/2024. For current rates, please contact us at 901-476-5353 or visit our branch located at 7663 Hwy 51 South, Brighton, TN 38011.
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What is a Money Market Account?A money market account is a type of deposit account offered by banks. It is designed for savers who seek a balance of liquidity and higher interest earnings compared to regular checking accounts. Money market accounts provide a competitive interest rate, making them attractive to those looking to maximize their savings without locking funds into longer-term investments like CDs.
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Are there any fees associated with the Money Market Account?At Brighton Bank, we aim to provide a Money Market Account with an optimal blend of earnings potential, flexibility, and value. To that end, there are no monthly maintenance or account fees simply for having the Money Market open, as long as you maintain the $2,500 minimum daily balance requirement to earn interest. This allows your money to grow unencumbered by unnecessary fees. Fees associated with our Money Market Accounts are: Account Fees: A service charge of $15.00 will be imposed every monthly statement cycle unless you maintain a minimum daily balance of $2500.00. Excessive Withdrawal Fee: Any withdrawal in excess of 6 per month, a $5.00 fee will be imposed per each subsequent debit. Fees may reduce earnings.
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How do I open a Money Market Account with Brighton Bank?Opening a Money Market Account with Brighton Bank is quick and easy through one of our convenient methods: In Person: Visit us at our Brighton, TN office location at 7663 Highway 51 S, Brighton, TN 38011, to open your account with the assistance of one of our friendly bank representatives. We'll help you complete any paperwork and get your account set up right away. Online: Simply click the Open New Account link below to get started online. Provide some basic information and one of our staff members will contact you to get started. We look forward to helping you open your account and start earning competitive interest rates on your money today! Please visit us at our office, click the link to get started online, or call (901) 476-5353 for assistance.
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Are there any minimum balance requirements or limitations?You must deposit $2,500.00 to open this account. You may make six (6) transfers from your account each four (4) week or similar period, if by preauthorized or automatic transfer, or telephone (including data transmission) agreement, order or instruction or by check, draft, debit card or similar order (including POS transactions), made by the depositor and payable to third parties. Transfers and withdrawals made in person, by messenger, by mail, or at an ATM are unlimited.
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Who can I contact for more information about Money Market Accounts at Brighton Bank?For more detailed information, contact Brighton Bank directly by phone at 901-476-5353, online through our Contact Us page on our website, or by visiting our branch at 7663 Highway 51 S, Brighton, TN 38011.
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Savings Disclaimer
The following describes the terms that apply to participation in the Brighton Bank Consumer Interest Savings Account offered by Brighton Bank, Member FDIC.
Rate Information: Brighton Banks Savings Account is an interest-bearing account. The interest rate on the account is 2.97%, with an annual percentage yield of 3.00%.
The interest rate and annual percentage yield may change. Interest begins to accrue on the business day you deposit noncash items (for example, checks). Interest will be compounded quarterly and will be credited to the account quarterly. Closing the account before the designated interest crediting date will result in the forfeiture of any accrued interest. Please be advised that the Institution reserves the right to adjust the account's interest rate as deemed appropriate.
Daily Balance Method: We use the daily balance method to calculate the interest on the account. This method applies a daily periodic rate to the principal in the account each day. You must maintain a minimum balance of $100.00 in the account each day to obtain the disclosed annual percentage yield.
Brighton Bank Savings Account's Annual Percentage Yield (APY) is variable and may change at any time after the account is opened.
Minimum Deposit: The minimum deposit to open a new Brighton Bank Savings Account and qualify for a 3.00% APY is $100.00.
Minimum Balance: The minimum balance amount required to qualify for the 3.00% APY for Consumer Interest Checking is $100.00.
Balance Information: We use the daily balance method to calculate the interest on the account. This method applies a daily periodic rate to the principal in the account each day. You must maintain a minimum balance of $100.00 in the account each day to obtain the disclosed annual percentage yield.
Limitations: You must deposit $100.00 to open this account. You may make six (6) transfers from your account each four (4) week or similar period, if by preauthorized or automatic transfer, or telephone (including data transmission) agreement, order or instruction, or by check, draft, debit card or similar order (including POS transactions), made by the depositor and payable to third parties. Transfers and withdrawals made in person, by messenger, mail, or at an ATM are unlimited.
Excessive Withdrawal Fee: A $5.00 per withdrawal fee will be imposed after the sixth withdrawal of the month.
Monthly Account Service Fees: At Brighton Bank, we offer a zero monthly account service fee option for clients who choose to receive their account statements electronically through E-statements. Clients opting for Electronic Statements will not be subject to monthly account service fees. Clients not selecting the Electronic Statements option will be charged a $15 monthly account service fee for every statement cycle unless a client maintains a minimum daily balance of $100.00 or elects E statements through online banking.
This fee covers the additional administrative costs associated with printing, mailing, and delivering paper statements to your designated address. For members who choose a Non-Electronic Paper Statement option, account fees can influence the total amount of earnings on the account. When fees are applied to your account, they are deducted from your account balance, which can subsequently decrease the amount of money available to earn interest. As a result, the total earnings on your account may be reduced. Our account fee policy is subject to change at any time.
Please note that the Annual Percentage Yields (APYs) stated here are accurate as of 11/01/2024 but are subject to change at any time. It is important to keep in mind that fees may also affect your earnings.
Additional terms, conditions, and third-party fees for internet, messaging, or data plans may apply.
*Brighton Bank is a member of the FDIC and does not provide more than $250,000 of FDIC insurance per legal category of account ownership, as described in the FDIC's regulations.
* 6x National Average based on FDIC monthly interest savings rates as of 11/01/2024.
* Top National Bank APYs presented in this table have been provided by My Bank Tracker, with accuracy up to 11/01/2024
* 4x the Tipton County, TN Average savings account is based on a comparative analysis of monthly interest savings rates available in Tipton County, TN, as reported by the S&P Global Capital IQ Report as of 10/21/2024. This comparison includes only banks with physical offices within Tipton County, Tennessee, and is subject to change as new data becomes available.
It is important to note that comparisons of savings account rates are only one aspect of choosing a bank. Other factors, such as minimum down payment requirements, monthly service fees, and other account terms and conditions, can significantly impact the overall value and suitability of a savings account for your individual needs. These factors vary significantly among banks and can influence the overall cost or benefit of a savings account beyond its interest rate alone.
The information provided is intended for informational purposes only and should not be considered as a comprehensive market survey. Rates and terms are subject to change, and the presented comparison may not reflect the most current offerings in the market. We strongly encourage customers to consult with a bank representative to obtain the most up-to-date information and to discuss how our banking products can best meet their financial needs, taking into consideration all relevant factors beyond just the interest rate.
Bank APY
Savings Disclaimer
Tipton, FDIC, MyBaker
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