What are Savings Tiers?

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 have the following APYs:

  • Tier 1 ー3.00% APY: Saving ≥20% of deposits
  • Tier 2 ー2.00% APY: Saving 15% to <20% of deposits
  • Tier 3 ー1.00% APY: Saving 10% to <15% of deposits
  • Tier 4 ー0.50% APY: Saving 5% to <10% 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. We may prospectively change the interest rate in the Savings Tiers with advanced notice to you [see deposit agreement for details]. 

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. To illustrate the Savings Tiers, if you deposited $4,000 in your account during a quarter and withdrew $3,000 during that quarter, the percentage of deposits that remained in your account was 25% [($4,000 - $3,000) / $4,000 = .25 or 25%]. In this example, we would assign Savings Tier 1 to your account for the next quarter.

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