HMBradley

The Sandbox Finance/Investments
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Anyone here using this? (Article from 2020: Los Angeles-based challenger bank HMBradley officially opens its virtual doors – TechCrunch)

It feels gimmicky and like the tiers will drop quickly, but I figure if they give me 3% for even a quarter, it will have been worth it to switch my EF that’s otherwise sitting at Ally earning 0.5% for the year, with a grand total of about 15 minutes work (except to talk about it in this thread :stuck_out_tongue: ).

My first direct deposit hit this week, so for the rest of this quarter, they’re paying me 1% on my balance, and next quarter (starting July 1), they are saying they’ll pay 3% on my balance (unless I lose my job, I’m not withdrawing any funds, so I’ll be well in excess of saving 20% of my deposits in this quarter).

HMBradley proposes to pay interest based on “how well you save”…

Savings Tiers are the way we reward our customers for saving. Your Savings Tier is calculated based on the percentage of your deposits that remain in your HMBradley account at the end of a calendar quarter. Simply put: the more you save, the higher your annual percentage yield (“APY”).

Our Savings Tiers have the following APYs:

  • Tier 1 ー3.00% APY: Saving ≥20% of deposits
  • Tier 2 ー2.00% APY: Saving 15% to <20% of deposits
  • Tier 3 ー1.00% APY: Saving 10% to <15% of deposits
  • Tier 4 ー0.50% APY: Saving 5% to <10% of deposits

In order to qualify for a Savings Tier, you must receive a direct deposit at least once per month and save at least 5% of your quarterly deposits. Saving less than 5% of your deposits will result in an APY of 0%. We do not pay interest on account balances above $100,000. We may prospectively change the interest rate in the Savings Tiers with advanced notice to you [see deposit agreement for details].

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Sounds too good to be true, but I’m def gonna look into it more. I’ve been procrastinating a high yield savings account for too long and this may be enough to finally do it.

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Raised my savings tier, so will be earning 3% this quarter.

Starting yesterday, they’re further incentivizing their credit card (3-2-1 rewards based on how you spend) by not counting payments to the credit card from the account against your calculation for savings tier.

Having $2500 monthly direct deposits and spending $100 on the card also increases the top tier to 3.5% (this was the original incentive, not counting the withdrawals to pay it is new).

I will have to spreadsheet out whether it’s worth it to open the new card. I’d have to revise where my bills get paid (and calculate the change in rewards), and then determine whether the increased interest on EF funds, plus what is currently going into my normal checking (0.10% interest) to pay those bills is large enough to be worth the hassle of changing everything, plus training my spouse on the change in cards to use. :crazy_face: