HMBradley evaluation: Make as much as 3% APY on a hybrid checking/savings account

 

Summary List Placement

• HMBradley (Member FDIC) is a hybrid savings and checking account that offers a competitive APY.
• The account is ideal for people who save a large percentage of their deposits.
• You can earn 0.50%, 1.00%, 2.00%, or 3.00% APY depending on the percentage you save.
• See Insider's picks for the best high-yield savings accounts »

Table of Contents: Masthead Sticky

As of July 2021, you can only open a new HMBradley account if a current customer refers you. This change does not impact existing customers.

The bottom line: HMBradley is a great choice if you can save at least 5% of what you earn and are comfortable keeping your checking and savings all in one place.

Should you use HMBradley?

You might like HMBradley if you ...	You might not like HMBradley if you ...
Are comfortable banking digitally Want to keep your checking and savings in one account Are looking for a high interest rate Can save a large percentage of your deposits	Aren't comfortable banking digitally Want separate checking and savings accounts Can't save at least 5% of your deposits Plan to keep more than $100,000 in your account

Checking and savings

Product Card 6021a29b4aea0c0011f4cd59

You may like HMBradley if you can save a decent amount of the money you deposit. You don't put the money into another savings account or savings bucket. Instead. HMBradley just monitors how much you deposit each quarter vs. how much you spend. It helps you keep track by displaying your percentage on your dashboard.

The more you save, the more you'll earn. Here are the savings tiers:

• Tier 1: Earn 3.00% APY when you save at least 20% of your deposits
• Tier 2: Earn 2.00% APY when you save 15% to 19.99% of your deposits
• Tier 3: Earn 1.00% APY when you save 10% to 14.99% of your deposits
• Tier 4: Earn 0.50% APY when you save 5% to 9.99% of your deposits

Even HMBradley's lowest tier (Tier 4) pays a high rate, comparable to or better than what some of the top high-yield savings accounts pay right now.

You won't earn any interest if you don't save at least 5% of your deposits, though. In this case, you may prefer to save with a company that pays the same interest rate no matter what.

How HMBradley works

HMBradley is an online banking platform with a hybrid checking/savings account. There are no physical branches, but you do have free access to over 55,000 ATMs nationwide.

HMBradley has a tiered interest rate system that rewards you for saving higher percentages of your deposits. You won't earn interest on balances over $100,000, though.

The HMBradley mobile app doesn't have many reviews yet. Of the existing online reviews, the app has 4.1 out of 5 stars in the Apple store and 3.6 out of 5 stars in the Google Play store.

You can chat live online with a customer support agent Monday through Friday, from 11:00 a.m. to 7:00 p.m. ET. Or send an email, and you should receive a response within 24 hours.

Your deposits are FDIC insured through HMBradley's partner bank, Hatch Bank. Deposits are insured for up to $250,000, or $500,000 for joint accounts.

Is HMBradley trustworthy?

The Better Business Bureau gives HMBradley's partner bank, Hatch Bank, an A- in trustworthiness. A good BBB rating signifies a company responds effectively to customer complaints, has honest advertising practices, and is transparent in how it handles business.

Hatch Bank doesn't have any recent public scandals. Between the good BBB score and strong public image, you may decide you're comfortable keeping your money with HMBradley.

How does HMBradley compare to similar accounts?

We're comparing HMBradley to two other banking platforms with hybrid checking/savings accounts: SoFi and One.

Standout feature High rates on balances up to $100,000	Standout feature Cash back	Standout feature Early direct deposit
APY Product Card 6021a29b4aea0c0011f4cd59	APY Product Card 5f3c4397243817088873cacb	APY Product Card 5fa321491e1b3547c2544012
Product Card 6021a29b4aea0c0011f4cd59	Product Card 5f3c4397243817088873cacb	Product Card 5fa321491e1b3547c2544012

HMBradley vs. SoFi Money

Like HMBradley, Product Card 5f3c4397243817088873cacb (Member FDIC) is a hybrid checking and savings account. Neither company requires an initial deposit or minimum balance, and neither charges fees.

 

You may prefer HMBradley if earning interest is your main priority. SoFi's highest rate is lower than what HMBradley pays, and unless you can deposit $500 per month, you'll earn just 0.01% APY. But if you can afford the $500 monthly deposits, you might like SoFi. These deposits qualify you to earn cash back with participating businesses.

HMBradley vs. One

Like HMBradley, the Product Card 5fa321491e1b3547c2544012 pays a tiered interest rate. Your preference to the two will probably depend on which company's savings structure appeals to you more.

 

One is a checking account that lets you put money in separate savings pockets, which could be useful if you like to keep your spending and savings money separate. One's rates are competitive with HMBradley's rates, but you'll only earn interest on balances up to $5,000 in your Save Pocket. And you can only contribute up to $1,000 per month to your Auto-Save Pocket, where it earns even more. So the account that will pay you the most interest will depend on how much you earn and how much you can save.

You may also prefer One if you want to receive your paychecks sooner. You can receive direct deposits up to two days early with One.

• Related Product Module: Related Product DepositRelated Content Module: More Savings Coverage

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