HMBradley checking account

[billy]

I'm wondering if anyone is using HMBradley checking account?

[friedmmj]

I'm wondering if anyone is using HMBradley checking account?

Yes I’ve had one for a couple months now.  No issues so far.  The account is actually with Hatch Bank.  They pay 3% interest up to 100k deposits.  FDIC insured.  You need to jump through a couple hoops to get the 3% nothing too crazy

[terran]

For those of you who are curious, here's the rules for getting their various rates: https://www.hmbradley.com/apys

It seems like you'd have to be saving quite a bit into the account to get the top rate, so it really only works if you're trying to build your cash savings. Maybe there's a way to game the system though?

[friedmmj]

For those of you who are curious, here's the rules for getting their various rates: https://www.hmbradley.com/apys

It seems like you'd have to be saving quite a bit into the account to get the top rate, so it really only works if you're trying to build your cash savings. Maybe there's a way to game the system though?

Pretty simple actually.  You just need to have this account for accumulation and not the one you use for spending.  Set up a small direct deposit if your employer allows you to have multiple direct deposit allocations for your pay.

[terran]

For those of you who are curious, here's the rules for getting their various rates: https://www.hmbradley.com/apys

It seems like you'd have to be saving quite a bit into the account to get the top rate, so it really only works if you're trying to build your cash savings. Maybe there's a way to game the system though?

Pretty simple actually.  You just need to have this account for accumulation and not the one you use for spending.  Set up a small direct deposit if your employer allows you to have multiple direct deposit allocations for your pay.

That only works if you want to build your cash savings, correct? If you're satisfied with the amount of cash you have and are generally spending or investing anything that comes in it wouldn't really work?

[friedmmj]

For those of you who are curious, here's the rules for getting their various rates: https://www.hmbradley.com/apys

It seems like you'd have to be saving quite a bit into the account to get the top rate, so it really only works if you're trying to build your cash savings. Maybe there's a way to game the system though?

Pretty simple actually.  You just need to have this account for accumulation and not the one you use for spending.  Set up a small direct deposit if your employer allows you to have multiple direct deposit allocations for your pay.

That only works if you want to build your cash savings, correct? If you're satisfied with the amount of cash you have and are generally spending or investing anything that comes in it wouldn't really work?

You could link you existing savings account to this one and simply transfer money over as you see fit so that you are not adding to your overall cash position.  You do need to have a monthly direct deposit to qualify for the interest rate but there is no minimum to the amount.  Be aware that they do not pay any interest on any portion of your balance over $100k.

[billy]

I just got some more info about then regarding referral promo.

Per the terms of the Black Friday promotion, new customers who sign up with a referral link will earn 0% APY (no Tier) until they have their first Direct Deposit at which point they'll be entered into Tier 1 (3% APY) when they have their first Direct Deposit (instead of Tier 3, which is what happens without the promotion). You must have a Direct Deposit in December to qualify for this benefit.

If you are not able to open the account and set up direct deposit before December 31st, there would be no benefit to you using the referral link, although the person who referred you would still earn a Tier Rewind.

Without the promotion, all new customers begin in Tier 3 when the first direct deposit is posted, which corresponds to an interest rate of 1% APY. All customers start here because we don't yet know what your savings rate is, which is one of the main factors in determining your next Savings Tier.

To qualify for Savings Tiers you need to have at least 1 direct deposit per month and save at least 5% of your total deposits.

See our FAQ for information on when Tiers update: https://faq.hmbradley.com/hc/en-us/articles/360039135651-When-does-my-Savings-Tier-update-

[billy]

I'm wondering if anyone is using HMBradley checking account?

Yes I’ve had one for a couple months now.  No issues so far.  The account is actually with Hatch Bank.  They pay 3% interest up to 100k deposits.  FDIC insured.  You need to jump through a couple hoops to get the 3% nothing too crazy

Have you called and spoke to CS? They don't have a # listed, but they told my in email phone # is for customers, I just want to make sure I can speak to someone.

[friedmmj]

I'm wondering if anyone is using HMBradley checking account?

Yes I’ve had one for a couple months now.  No issues so far.  The account is actually with Hatch Bank.  They pay 3% interest up to 100k deposits.  FDIC insured.  You need to jump through a couple hoops to get the 3% nothing too crazy

Have you called and spoke to CS? They don't have a # listed, but they told my in email phone # is for customers, I just want to make sure I can speak to someone.

No, I haven't had the need to contact them urgently.  However, there were a few times I emailed them with a question and they got back to me within 12-24 hours.  One of those times was when I was unable to login and it freaked me out a bit that they didn't have a live person to call at that time.

[DaMa]

I have a monthly $62 pension.  So if I put my $30k emergency fund here, and direct deposited the pension, I'd be getting 3%?

I might have to do this.  I think I'm down to .5% on my Ally account.

[friedmmj]

Yes, but you wouldn't get the 3% right away.  You would get it starting the first day of the calendar quarter after you meet the requirements of the direct deposit as well as the requirement to withdraw no more than 80% of the total deposits that quarter.  This ""test" applies each subsequent quarter.  So, once you break that requirement, you would get knocked back to 1% and have to wait to get back to 3%.

https://www.hmbradley.com/blog/savings-tiers-explained

[DaMa]

I have to go find the form to change my direct deposit.  No way it would be done by 12/31.   I have to MAIL it in.