HMBradley Review 2023

HMBradley Review 2023

HMBradley: A Comprehensive Review of the Hybrid Checking/Savings Account

HMBradley is an online-only banking platform that offers a unique hybrid checking/savings account. In this comprehensive review, we will delve into the pros and cons of this account, the features it offers, and how it compares to other similar options in the market.

HMBradley: Pros and Cons

The HMBradley Account is a good choice for those who prefer to keep their checking and savings accounts in one place. It eliminates the worry of monthly service fees and offers a high interest rate as you save more. However, it’s essential to consider the trade-offs before making a decision.

One significant advantage of the HMBradley Account is its interest rate tier system. Depending on your financial behavior and spending habits, you can earn different interest rates:

• Tier 1: Earn 3.15% APY when you open the HMBradley Account with New York Community Bank.
• Tier 2: Earn 4.20% APY when you make a qualifying direct deposit of $500 and maintain a positive cash flow.
• Tier 3: Earn 4.70% APY when you make a qualifying direct deposit of $500, maintain a positive cash flow, AND spend $500 monthly on an HMBradley Credit Card.

It’s important to note that this account has limitations when it comes to depositing cash or checks remotely. To add money to your account, you’ll need to initiate transfers from an external bank account.

About HMBradley

HMBradley is an online-only banking platform that recently partnered with New York Community Bank for its deposit program. Before this partnership, the company utilized Hatch Bank for its deposit accounts.

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The HMBradley mobile app has received mixed reviews, with a rating of 3.5 out of 5 stars in the Apple store and 3.0 out of 5 stars in the Google Play store. However, it currently lacks a mobile check deposit feature, which could be a drawback for some users.

When it comes to customer support, HMBradley offers online chat support during weekdays, from 9 a.m. to 5 p.m. PT. Alternatively, you can send an email and expect a response within 24 hours.

Trustworthiness and Security

Deposits with HMBradley are FDIC-insured through their partner bank, New York Community Bank, for up to $250,000, or $500,000 for joint accounts. This provides peace of mind and ensures the safety of your funds.

It’s worth mentioning that the Better Business Bureau gives New York Community Bank an A- rating but notes that the bank has not responded to two customer complaints. While a good BBB rating doesn’t guarantee a flawless experience, it’s recommended to read customer reviews and seek the opinions of current customers to determine if HMBradley is the right choice for you.

Methodology: How We Reviewed HMBradley

In conducting this review, we utilized our comprehensive bank account methodology. At Personal Finance Insider, we consider various factors to rate bank accounts on a scale from zero to five stars. For HMBradley, our evaluation included the interest rate tier system, ATM network size and fees, overdraft protection options, minimum opening deposits, monthly service fees, customer support availability, and mobile app ratings, given its combination of checking and savings features.

HMBradley FAQs

Here are some frequently asked questions about HMBradley:

Q: How does HMBradley compare to SoFi Checking and Savings?

Like HMBradley, SoFi Checking and Savings offer a hybrid account with no minimum balance requirement or monthly service fees. However, HMBradley potentially offers a higher interest rate with its tiered system, which rewards positive financial behavior. On the other hand, SoFi Checking and Savings pay up to 4.40% APY with direct deposit, regardless of other requirements.

Q: How does HMBradley compare to ONE?

ONE, another fintech company, also offers a hybrid checking/savings account with a tiered interest rate. Choosing between HMBradley and ONE will depend on which interest rate structure appeals to you more. ONE allows you to earn up to 5.00% APY on savings balances up to $100,000, while HMBradley offers a tiered APY ranging from 3.15% to 4.70%. Additionally, ONE provides the advantage of receiving direct deposits up to two days early.

In conclusion, HMBradley’s hybrid checking/savings account offers an attractive interest rate tier system and eliminates monthly service fees. However, its limitations regarding remote check and cash deposits, along with mixed reviews of its mobile app, should be taken into consideration. By comparing HMBradley to other similar options in the market, such as SoFi Checking and Savings and ONE, you can determine which account aligns best with your banking needs and preferences.

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