HMBradley Review: Hybrid Checking/Savings Account With a Competitive Interest Ra...
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HMBradley Review: Hybrid Checking/Savings Account With a Competitive Interest Rate
Our experts answer readers' banking questions and write unbiased product reviews (here's how we assess banking products). In some cases, we receive a commission from our partners; however, our opinions are our own. Terms apply to offers listed on this page.
The bottom line: HMBradley is a good choice if you are comfortable keeping your checking and savings all in one place. If you would prefer to open separate checking and savings accounts, our best online banks guide includes options with distinct checking and high-yield savings accounts.
HMBradley: Pros and Cons
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HMBradley Account
The HMBradley Account may be a good option if you don't want to worry about monthly service fees. You also might like HMBradley if you'd like to earn a high interest rate.
The more you save, the more you'll earn. Here are the savings tiers:
- Tier 1: Earn 2.00% APY when you open the HMBradley Account with New York Community Bank
- Tier 2: Earn 3.60% APY when you make a qualifying direct deposit of $500 and maintain a positive cash flow (a positive cash flow means the amount of money you deposit into your account should be more than your outgoing transactions each month)
- Tier 3: Earn 4.20% APY when you make a qualifying direct deposit of $500, maintain a positive cash flow, AND spend $500 monthly on an HMBradley Credit Card.
One downside to this account you won't be able to deposit cash or deposit checks remotely. To add money to your account, you'll have to initiate transfers from an external bank account.
How HMBradley Works
HMBradley is an online-only banking platform with a hybrid checking/savings account.
In September 2022, HMBradley announced that it would be launching a new deposit program with its new partner bank, New York Community Bank. HMBradley is now ready to accept new customers, so you see the platform's products and services by signing up for an HMBradley Profile.
The HMBradley mobile app has 3.6 out of 5 stars in the Apple store and 3.1 out of 5 stars in the Google Play store. The app currently doesn't currently offer a mobile check deposit feature.
You can chat live online with a customer support agent Monday through Friday, from 9 a.m. to 5 p.m. PT. Or send an email, and you should receive a response within 24 hours.
Your deposits are FDIC insured through HMBradley's new partner bank, New York Community Bank. Deposits are insured for up to $250,000, or $500,000 for joint accounts.
Is HMBradley Trustworthy?
The Better Business Bureau gives HMBradley's partner bank, New York Community Bank, an F rating because it hasn't responded to a customer complaint and it's received a few customer complaints on the BBB website.
A good BBB rating doesn't necessarily guarantee your relationship with a company will be perfect. You may want to talk to current customers or read online customer reviews to see if HMBradley is a good option for you.
New York Community Bank doesn't have any recent public scandals.
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HMBradley Account
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SoFi Checking and Savings
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One account
HMBradley vs. SoFi Checking and Savings
Like HMBradley, SoFi Checking and Savings is a hybrid checking and savings account. Neither company requires a minimum balance and neither charges monthly service fees.
HMBradley offers a potentially higher interest rate, but you'll need to maintain a positive cash flow, have an HMBradley credit card, and receive $500 or more in direct deposits. If you don't meet the requirements at HMBradley to earn the highest interest rate, you may prefer SoFi. SoFi Checking and Savings pay 1.20% to 3.75% APY if you set up a direct deposit of any amount.
HMBradley vs. One
Like HMBradley, the One account pays a tiered interest rate. Your preference between 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. However, HMBradley's rates are potentially more competitive than One's rates. To earn the highest rate at HMBradley, you'll need to maintain a positive cash flow, have an HMBradley credit card, and receive $500 or more in direct deposits. At One, you can earn up to 3% APY if you had money in Auto-Save and Save Pockets as of August 8, 2022, or up to 1% APY if you're a newer user — but there are account limitations.
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.
HMBradley: Frequently Asked Questions
HMBradley is an online-only banking platform. It has a hybrid checking/savings account.
HMBradley is an online banking platform, not a bank. However, the HMBradley Account is FDIC insured through the platform's banking partner, New York Community Bank.
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