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As of July 2021, you can only open a new HMBradley account if a current client recommends you. This change does not affect existing customers.
Advantages and disadvantages
Checking and Savings
Annual Percentage Yield (APY)
0.125% to 1.00% APY
Minimum deposit amount
Nothing
- Solid APY
- No minimum opening deposit
- No monthly service fees
- No out-of-network ATM fees
- Get pre-approved for a credit card
- Only 1 overdraft fee per day
- No physical branch
- No interest earned if you save less than 5% of your deposits
- No interest earned on balances over $100,000
- Does not reimburse you if an out-of-network ATM provider charges a fee
- $35 overdraft fee
Read our review
- Hybrid Chequing and Savings Account
- 55,000 free ATMs in the STAR network
- Savings Tiers: Earn 1% APY when you save at least 20% of your deposits; 0.50% APY for 15% to 19.99% of your deposits; 0.25% APY for 10% to 14.99% of your deposits: 0.125% APY for 5% to 9.99% of your deposits
- Earn 3x the amount of interest on your deposit account if you have the HM Bradley credit card, receive at least $1,500 in direct deposits to your account each month, and spend $100 on your credit card (new customers can open accounts and accept invitation card credit before 03/31/2022)
- You won’t earn interest when you save less than 5% of your deposits or on balances over $100,000
- Receive monthly pre-approved HMBradley credit card offers
- Interest compounded daily, paid monthly
- FDIC insured by Hatch Bank
You might like HMBradley if you can save a decent amount of the money you deposit. You do not put the money in another savings account or in a savings basket. In place. HMBradley simply monitors the amount you deposit each quarter versus the amount you spend. It helps you keep track by displaying your percentage on your dashboard.
The more you save, the more you earn. Here are the savings levels:
- Level 1 : Earn 1.00% APY when you save at least 20% of your deposits
- Level 2: Earn 0.50% APY when you save 15% to 19.99% of your deposits
- Level 3: Earn 0.25% APY when you save 10% to 14.99% of your deposits
- Level 4: Earn 0.125% APY when you save 5% to 9.99% of your deposits
HMBradley
However, you will not earn any interest if you do not save at least 5% of your deposits. In this case, you may prefer to save with a company that pays the same interest rate no matter what.
Another thing to keep in mind is that you can earn 3 times the amount of interest on your deposit account if you have the HM Bradley credit card. Current customers must make at least $1,500 in direct deposits to the account each month and spend $100 on your credit card (new customers can open accounts and accept a credit card invite by 3/31/2022 )
How HMBradley Works
HMBradley is an online banking platform with a hybrid checking/savings account. There are no physical branches, but you 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. However, you will not earn interest on balances over $100,000.
The HMBradley mobile app doesn’t have many reviews yet. Among existing online reviews, the app has 3.9 out of 5 stars in the Apple Store and 3.4 out of 5 stars in the Google Play Store.
You can chat live online with a customer service agent Monday through Friday, 11:00 a.m. to 7:00 p.m. ET. Or send an e-mail, and you should receive a response within 24 hours.
Your deposits are FDIC insured through HMBradley’s partner bank, hatch bank. Deposits are insured up to $250,000 or $500,000 for joint accounts.
Is HMBradley trustworthy?
The Better Business Bureau gives HMBradley’s partner bank, hatch banka B+ rating. A good BBB rating means a business responds effectively to customer complaints, has honest advertising practices, and is transparent in how it conducts its business.
Hatch Bank has no recent public scandals. Between the good BBB score and a strong public image, you may decide that you are comfortable keeping your money with HMBradley.
How does HMBradley compare to similar accounts?
We compare HMBradley to two other banking platforms with hybrid checking/savings accounts: SoFi and One.
HMBradley vs. SoFi Money
Like HMBradley, SoFi Money (Member FDIC) is a hybrid checking and savings account. Neither company requires an initial deposit or minimum balance, and neither charges a fee.
You may prefer HMBradley if earning interest is your main priority. SoFi’s top rate is lower than what HMBradley pays, and unless you can deposit $500 a month, you’ll only earn 0.01% APY. But if you can afford the $500 monthly deposits, you might like SoFi. These deposits allow you to earn money from participating companies.
HMBradley against a
Like HMBradley, Account One pays a tiered interest rate. Your preference for the two will likely depend on which company savings structure interests you most.
One is a checking account that lets you put money into separate savings pockets, which can be useful if you want to keep your spending and savings 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 autosave pocket, where it earns even more. So which account pays you the most interest will depend on how much you earn and how much you can save.
You can also prefer One if you want to receive your paychecks sooner. You can receive direct deposits up to two days earlier with One.
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