HMBradley Is Offering 3% APY Based on Your Savings Behavior

The pandemic’s effect on the economy has led the Federal Reserve to cut its benchmark interest rate to almost zero to stave off a recession. While this is great for borrowing, those with cash are less pleased. The annual percentage yield (APY) for a high-yield savings account last year was hovering around 2 to 2.5%. Today, it’s half that, at best. It looks like the historically low rates are here until 2022. 

[ Read: The Best Savings Accounts in 2020 ]

Finding somewhere to park your cash and gain a decent return to keep up with inflation is hard right now. Fortunately, HMBradley, a new digital bank using fintech to disrupt the traditional banking model, is running a promotion offering a high interest rate of 3% APY on your direct deposit income — if you’re willing to adjust your savings habits. 

How do the rate tiers work for me? 

As HMBradley explains, “Banking is old, building is new.” To take advantage of the industry-topping interest rate, you’ll need to get into a savings mindset to grow your bottom dollar. Most banks award you with an APY based on the balance you hold in your savings account. HMBradley uses fintech to do things differently — you’ll be awarded an interest rate based on your savings habits. 

The bank will track your direct deposit and spending activity to assign you to a savings tier. Everyone starts at Tier 3 to earn a 1% APY. You’ll move up or down four tiers based on how much money you set aside in savings:

  • Tier 1: Earn 3.0% APY when you save at least 20% of your income
  • Tier 2: Earn 2.0% APY when you save at least 15% of your income
  • Tier 3: Earn 1.0% APY when you save at least 10% of your income
  • Tier 4: Earn 0.5% APY when you save at least 5% of your income

The savings rate is based on all deposits and withdrawals 

HMBradley’s high-yield savings program is based on your banking activity. The digital bank will need to track your banking activity, such as direct deposit and spending transactions, to calculate your savings rate and award you with an APY tier. To qualify, you’ll need to follow steps that make tracking your spending and savings activity possible. The process is fairly simple and HMBradley will not check your credit to approve you for a bank account. To get started:

  • Apply for an account online
  • Download the HMBradley mobile app from the Apple Store or Google Play
  • Set up direct deposit 
  • Save at least 20% of your income to maximize your APY earnings

[ Read: The Best Money Market Account Rates for 2020 ]

HMBradley will monitor your spending and review your rate of savings quarterly. Depending on the percentage of savings you put aside, you’ll earn between 0.5% to 3.0% APY.

Additional features

HMBradley aims to make the process flexible and hassle-free. There are a few features you should take advantage of to earn the most out of your savings. 

HMBradley credit card

Sign up for an HMBradley credit card to boost your earnings potential. You can earn 3% cash back for your most frequent expenses paid with the card, 2% for the second-largest spending categories and 1% back on all other purchases. Also, spend at least $100 per month on the card and you’ll get boosted to the next higher-earning tier the following quarter.

Savings Tier rewind

Everyone faces a month or two when your expenses are greater than your savings. HMBradley awards customers with Savings Tier Rewinds you can use to reset your current Savings Tier to the previous quarter’s. This will come in handy if you drop down a Savings Tier. You’ll still earn the best rate and have a full three months to get back on track.

Automatic savings

Pay your savings account first. You can set up automatic contributions through the digital bank website or app, so the moment your direct deposit comes in, a portion is transferred to your savings account.

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Cynthia Paez Bowman

Contributing Writer

Cynthia Paez Bowman is a finance, real estate and international business journalist. Her work has been featured in Business Jet Traveler, MSN,, and

She owns and operates a small digital marketing and public relations firm that works with select startups and women-owned businesses to provide growth and visibility. Cynthia splits her time between Los Angeles, California, and San Sebastian, Spain. She travels to Africa and the Middle East regularly to consult with women’s NGOs about small business development

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  • Andrea Perez
    Andrea Perez
    Personal Finance Editor

    Andrea Perez is an editor at The Simple Dollar who leads our news and opinion coverage. She specializes in financial policy, banking, and investing.