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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.









Details



Pros Cons







Hybrid checking and savings account

55,000 free ATMs in the STAR network

Savings tiers: Earn 3% APY when you save at least 20% of your deposits; 2% APY for 15% to 19.99% of your deposits; 1% APY for 10% to 14.99% of your deposits: 0.50% for 5% to 9.99% of your deposits

You won't earn interest when you save less than 5% of your deposits, or on balances over $100,000

Receive monthly, preapproved HMBradley credit card offers

Interest compounded daily, paid monthly

FDIC insured through Hatch Bank






Pros


High APY

No minimum opening deposit

No monthly service fees

No out-of-network ATM fee

Get pre-approved for a credit card

Only 1 overdraft fee per day



Cons


No physical branch locations

No interest earned if you save under 5% of your deposits

No interest earned on balances over $100,000

Doesn't reimburse you if an out-of-network ATM provider charges a fee

$35 overdraft fee
















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





HMBradley



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.
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 4.5 out of 5 stars in the Apple store and 3.7 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.
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.
We're comparing 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 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 One account 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.
Laura Grace Tarpley is the associate editor of banking and mortgages at Personal Finance Insider, covering mortgages, refinancing, bank accounts, and bank reviews. She is also a Certified Educator in Personal Finance (CEPF). Over her four years of covering personal finance, she has written extensively about ways to save, invest, and navigate loans.
















Disclosure: This post is brought to you by the Personal Finance Insider team. We occasionally highlight financial products and services that can help you make smarter decisions with your money. We do not give investment advice or encourage you to adopt a certain investment strategy. What you decide to do with your money is up to you. If you take action based on one of our recommendations, we get a small share of the revenue from our commerce partners. This does not influence whether we feature a financial product or service. We operate independently from our advertising sales team.

Source: Business Insider

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