A New Chapter: High-Yield Deposit Account with NYCB

We started HMBradley with a vision: to create an incomparable banking experience with a personalized rewards structure that adjusts to you. We reward you for developing good financial habits and cheer you on as you achieve your goals, building trust along the way. We are lucky to have so many customers who have shared their feedback with us – thank you for your openness! Please continue to share your thoughts. We will continue to listen.

On September 29, 2022, we are launching a substantially simplified deposit program with our new sponsor bank, New York Community Bank (NYCB). 

Switching sponsor banks is a big step forward for HMBradley, and we couldn’t be more excited. Joining forces with NYCB means we can offer our customers a long-term foundation for continued growth – something we’ve been working toward since day one.


Back to basics 

Saving money is simply about spending less than you make. In order to do that, it helps to have an accurate picture of your income and your expenses. That’s why we’re rolling out cash flow trends, a tool to help you track and improve your savings rate over time. Cash flow trends will be available in the coming weeks to all customers who open an HMBradley Deposit Account with NYCB.

We will also be moving to a monthly cadence in order to better align with how people actually think about their money. This means that customers who open new HMBradley Deposit Accounts with NYCB will have the chance to reset their annual percentage yield (APY) monthly, rather than quarterly, allowing for exceptional flexibility in savings rate management. Customers with NYCB deposit accounts through HMBradley will also be able to earn interest on deposit balances of up to $250,000. 

APYs for NYCB accounts

This is what you want to know, so let's get into it:

  • Customers who open an HMBradley Deposit Account with NYCB will be rewarded with 1.00% APY just for signing up. There’s no need for a monthly direct deposit or requirement to save any deposits. 
  • Customers who make a direct deposit of at least $500 per month to their HMBradley Deposit Account with NYCB and maintain positive monthly cash flow (meaning that monthly deposits exceed monthly withdrawals, not including HMBradley Credit Card payments) will earn 2.00% APY in the following month. 
  • Customers who fulfill the requirements in the previous bullet point and also spend $500 per month on their HMBradley Credit Card will earn 3.00% APY in the following month.

    See HMBradley NYCB Deposit Account with NYCB Terms and Current APYs for more details.

If you happen to miss one of the requirements for earning your target APY in one month, no sweat! You’ll still earn 1.00% APY, and you can utilize our cash flow trends (once available) and financial insights tools to adjust your habits and work your way to a higher APY next month.


What does this mean for current customers with Hatch Bank deposit accounts? 

We are asking our current deposit accountholders to switch by opening HMBradley Deposit Accounts with NYCB and closing their deposit accounts at Hatch Bank. Don’t worry, though – switching to NYCB is as easy as clicking a few buttons within your account! As part of this transition, you will be prompted to review and accept a new Deposit Account Agreement and Disclosures. Once you’ve made the switch, you can transfer funds from your Hatch Bank account (including any funds in a Plan) to your new HMBradley Deposit Account with NYCB and close your account with Hatch Bank in just a few clicks. Your account with NYCB will have a new routing and account number, so make sure to redirect your direct deposit and all recurring ACH transfers to the new account.

It’s important to switch to an account with NYCB by October 31, 2022. After October 31, 2022, Hatch Bank will no longer process deposit or debit transactions. This includes ACH transfers, direct deposits, incoming wire transfers, mobile check deposits, debit card transactions, and ACH debits. If you do not open your new deposit account at NYCB by October 31, 2022, or reach out prior to that date to close your account, Hatch Bank will automatically close your deposit account. A check for any remaining balance over $1.00 will be mailed to your address on file.

Open an NYCB account by 10/31/2022 to get 3.00% APY or 2.00% APY

We are working hard to make this transition as seamless as possible. Customers who open an HMBradley Deposit Account with NYCB by October 31, 2022 may be eligible to earn either 3.00% or 2.00% APY until January 31, 2023. The direct deposit, positive cash flow, and credit card spend requirements, as applicable, are waived for these customers through December 31, 2022.

  • The APY for new NYCB accountholders who have an HMBradley Credit Card at the time the HMBradley Deposit Account with NYCB is opened is 3.00%. 
  • The APY for new NYCB accountholders who do not have an HMBradley Credit Card at the time the HMBradley Deposit Account with NYCB is opened is 2.00%.

Please see the NYCB Deposit Account Promotion for details.

In order to qualify for one of the higher APYs in February 2023 and thereafter, the direct deposit, positive cash flow, and the credit card spend requirements, as applicable, must be met in January 2023. You can review the specific requirements and current APYs here

Looking forward

We’ve got big plans for the future of HMBradley, and today, we are so excited to have a solid foundation upon which to continue building our flagship product. As we look toward developing new features and tools, we are also extremely appreciative of the many customers who have taken the time to share their perspectives and ideas with us. An exciting new chapter is beginning – we hope you’ll choose to be part of it!