Savings Tiers Terms and Current APYs
Savings Tiers are the way we reward our customers for saving. Your Savings Tier is calculated based on the percentage of your deposits that remain in your HMBradley account at the end of a calendar quarter. Simply put: the more you save, the higher your annual percentage yield ("APY").
Our Savings Tiers currently have the following APYs:
- Tier 1 – 3.00% APY: Saving at least 20% of your deposits
- Tier 2 – 2.00% APY: Saving between 15% and 19.99% of deposits
- Tier 3 – 1.00% APY: Saving between 10% and 14.99% of deposits
- Tier 4 – 0.50% APY: Saving between 5% and 9.99% of deposits
In order to qualify for a Savings Tier, you must receive a direct deposit at least once per month and save at least 5% of your quarterly deposits. Saving less than 5% of your deposits will result in an APY of 0%. We do not pay interest on account balances above $100,000. New accounts with confirmed direct deposit will earn a tier no lower than Savings Tier 3 for the first full calendar quarter after opening a deposit account. For an example of how Savings Tiers can work, please read our blog post Savings Tiers: Explained.