Last month we announced some changes to both our Savings Tier Boost Promotion and our Savings Tiers APYs.
Thank you to everyone who took the time to share your feedback with us. As some of our earliest customers, your opinions and insights are incredibly valuable to the HMBradley team.
As feedback rolled in from all of you, two themes really stood out.
- We needed to simplify how to qualify for a Savings Tier Boost the first quarter you get an HMBradley Credit Card.
- Requests that we lower the $2,500 direct deposit requirement to make the Savings Tier Boost Promotion more accessible.
Based on your feedback, we are making the following improvements to our Savings Tier Boost Promotion:
Savings Tier Boost waiver for new Credit Card customers
If you get a new HMBradley Credit Card¹ in any quarter, you will automatically receive a Savings Tier Boost in each of your HMBradley Deposit Accounts in the following quarter. The direct deposit and credit card spend requirements of the Savings Tier Boost will be waived for the quarter in which you open an HMBradley Credit Card. This waiver applies to new credit card customers only and to just the one quarter following the opening of the credit card. We may modify or cancel this waiver anytime on a prospective basis.
As a new HMBradley Credit Card customer, to earn a threefold increase (3x) in the APY² on your HMBradley Deposit Account for one quarter following the opening of the credit card, you must meet the following requirements:
- Have an active HMBradley Deposit Account;
- Qualify for a Savings Tier in your HMBradley Deposit Account; and
- Claim your HMBradley Credit Card invitation³ by the last day of any given quarter.
Direct Deposit requirement for the Savings Tier Boost Promotion
Secondly, we are lowering the Direct Deposit requirement for the Savings Tier Boost Promotion to $1,500 a month from $2,500.
The reduced Direct Deposit requirement will apply to all qualifying direct deposits received since the start of Q1 2022 (January 1, 2022).
To summarize, the adjusted requirements for existing HMBradley Credit Card customers to earn a Savings Tier Boost in the next quarter are as follows:
- Have an active HMBradley Deposit Account and an HMBradley Credit Card in good standing;
- Qualify for a Savings Tier in your HMBradley Deposit Account;
- Receive $1,500 in direct deposits each month to your HMBradley Deposit Account; and
- Spend $100 every billing period on the HMBradley Credit Card.
We initially set a benchmark of $2,500 in monthly direct deposits because this corresponds to an annual income of around $35,000 a year, which maps approximately to real median personal income in the United States. We’ve decided to revisit these requirements based on your feedback to more properly take into account such factors as 401K contributions and federal and state income taxes.
We believe, and always have, that everyone deserves access to financial platforms that will put your money to work as you watch your wealth grow. We hope that these updates will make it easier for even more people interested in using HMBradley as their primary financial institution to take advantage of the unique rewards and benefits we have to offer.
Direct Deposit Requirement and Joint Accounts
Finally, each HMBradley Deposit Account on its own must meet the monthly $1,500 direct deposit requirement. Those customers who have both an individual account and a joint account must make $1,500 monthly direct deposits into each account separately to satisfy this requirement.
Please continue to share your thoughts and opinions with us about how we can further improve HMBradley’s products. We value your feedback and suggestions greatly.