At HMBradley, we think banking should be a personalized experience, not the same one-size-fits-all approach you get from other banks. You don’t earn the same salary or spend nearly as much on model trains as your Uncle Joe, so why is your bank paying you both the same interest rate?
That’s why we created Savings Tiers – our way of rewarding customers with different types of saving behaviors. Each of our four Savings Tiers represents the amount a customer saves every calendar quarter and rewards them with a corresponding rateAPY1
What are the different Savings Tiers?
HMBradley deposit account customers2 who qualify3 fall into one of four Savings Tiers based on the percentage of their deposits they save in the previous quarter. In order to qualify for a Tier and earn interest, you must receive at least one direct deposit each month and save at least 5% of your quarterly deposits.
- Customers who save 20% or more of their quarterly deposits will be in Tier 1.
- Customers who save between 15% and 20% quarterly will be in Tier 2.
- Customers who save between 10% and 15% quarterly will be in Tier 3. All new customers begin in Tier 3.
- Customers who save between 5% and 10% quarterly will be in Tier 4.
- Saving below 5% will result in no earned interest.
For current APYs associated with each Tier, please check our up to date APY table.
How do we calculate your Savings Tier?
The more you save with HMBradley, the more you can earn. Each quarter, we compare the money you deposited to your HMBradley account with all of the money you spent or transferred out of your account. The percentage that remains determines your Savings Tier and the associated interest rate you’ll enjoy3 throughout the following quarter.
For example, let’s say that in one quarter, you deposit $20,000. This amount could include direct deposits from your employer (or other sources), plus any other deposits such as transfers from another bank. In that same quarter, you spend $18,000 – or just transferred it out of your account.
At the end of the quarter, you had net savings of $2,000, which is 10% of your $20,000 in deposits. This puts you in Tier 3 at the start of the following quarter and for the subsequent three months.
We know that everyone’s financial situation is different and ever-changing, which is why we believe banking should be personalized, not one-size-fits-all.You and Jane probably have different incomes, saving priorities, and spending habits, and HMBradley has the tools to help you and each of our customers take control of their personal finances. Each customer is unique, and we are committed to helping you unlock your specific potential to earn more interest on the money you save.