HM Bradley operates as a fintech software platform that runs on top of the infrastructure provided by its partner bank. The company plans to end its business partnership with Hatch Bank in October 2022 while moving to New York Community Bank (NYCB). HMB customers need to establish a new NYCB bank account before October ends. The HMB interest rate structure modification includes a temporary special benefit available for their existing customer base. Detailed review below.
Rate tiers
Rate tiers
NYCB offers interest on balances up to $250,000 while Hatch Bank previously paid up to $100,000. The rates for the next month are determined by the current monthly activities. The latest rate tiers for this account include the following requirements:
1.00% APY
The HMBradley Deposit Account with NYCB provides all new customers with a 1.00% APY interest rate. No other requirements.
2.00% APY
NYCB customers who make at least $500 in direct deposits to their HMBradley Deposit Account with NYCB each month and maintain monthly funds flowing into the account (without HMBradley Credit Card payments) will earn a 2.00% APY in the next month.
3.00% APY
HMBradley customers who meet both 2.00% APY conditions and spend $500 monthly with their HMBradley Credit Card will earn 3.00% APY in the following month.
Positive monthly cash flow depends on all account transactions except withdrawals through the HMB credit card. The calculation of “positive monthly cash flow” includes all deposits including incoming transfers made from personal bank accounts. The balance of funds leaving your account counts as spending regardless of whether you move money to another personal bank account that you own. The HMB credit card spending does not impact their calculations while they encourage this card usage through reward points.
The monthly financial pattern at HMBradley needs all money to enter the system without net withdrawals. On the one hand, this condition stands apart from regular banking rules but on the other hand, it presents an impossible challenge to maintain indefinitely. Although you maintain good saving habits you should consider moving funds from your savings to purchase stocks, ETFs, real estate and other assets.
Credit card details
The HMBradley credit card operates as an invite-only system where their income estimate for you depends on your deposit amounts although they allow you to self-report your income. Invitations are not guaranteed. Users need to enable their “One Click Credit” service that performs TransUnion credit report checks to allow the company to market products (soft inquiries). People with frozen TransUnion credit files will not receive invitations from HMBradley. A hard inquiry becomes necessary when you apply for the card.
As of October 2022 HM Bradley credit card users will obtain flat 1.5% cash-back rewards without any annual fees during monthly billing. Before its transformation, the HMBradley rewards card operated as a complex system. Offering three different rates dependent on category types and requires a $60 annual fee (which is waived during the first year) but now functions as a basic rewards credit card with 1.5% cash back and no annual fee.
Additional features
The new NYCB accounts do not have detailed information available regarding adjustments to their standard features.
ATM rebate policy
The company currently provides no debit cards as part of its account benefits. The implementation of this change occurs with a sense of haste.
The following sequential guide reveals how to start an account with HMBradley.
Understanding HMBradley’s features
Potential members should understand the full features offered by HMBradley through their signup process.
The interest rates increase when you put a portion of your income into separate savings accounts.
The single account at HMBradley functions as both a checking and savings platform. Better interest rates await customers who use direct paycheck deposits. The HMBradley credit card enables users to achieve maximum rewards when customers use it.
Manage your account
You can monitor savings and spending activities together with deposit entries through the mobile application. You can establish automatic transfers between your external bank account through the system. Check your monthly qualification requirements to ensure continuous access to high Annual Percentage Yields (APY).
Withdraw & transfer money
ACH transfers: Move money to and from external bank accounts.
The Bill Pay feature allows account holders to pay their bills directly through their HMBradley account.
Debit card purchases: Use your linked card for everyday transactions.
Final thoughts
People who save money will find HMBradley suitable because it provides high interest rates which vary according to their financial behavior. You can obtain the greatest advantages from this account by activating the direct deposit feature and trying to save at least twenty percent of your monthly earnings.
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