The New 3% APY High Yield Savings Account That’s Turning Heads.
Yep! You Read That Right!
A new FinTech information systems company, HMBradley, is shaking up the High Yield Savings account industry with a whopping 3% interest rates. In a time where Federal Reserve Chairman Powell, has decreased interest rates to 0%, hearing a bank offering their customers 3% is unheard of. Especially since according to Bankrate, the current High Yield Savings account average interest rate is between 0.40%-0.61% for the month of May 2021.
So How Does One Get A 3% APY Rate?
HMBradley doesn’t require any minimum deposit amounts, instead they work along your current financial habits, and create a system that rewards good financial health.
To get started, you would need to provide your direct deposits information to your employer, so that your income goes into the checking account. Once you have that linked, a percentage of your paycheck needs to go into your savings account every pay cycle. At the end of the quarter, if the total of your savings rate, is a certain percentage, you get rewarded a higher than average savings rate.
Currently, if you are able to save between 5% and 10% of your income, then you would receive the industry average interest rate.
Everyone, starts at 1% when creating an account, meaning you would be required to maintain a savings rate between 10% and 15%, in order to remain at that level.
If you save between 15% and 20%, you will be rewarded a 2% interest rate. And, if you save 20% and beyond, you will be rewarded a 3% interest rate.
Due to the current climate of high yield savings account. As long as you save 10% of your income, you will receive over industry average interest rate in your savings account.
Other Extraordinary Features of HMBradley
Another innovative financial product, HMBradley brings to the table is their credit card. They have a 3-tier cashback system, that runs from 1% to 3% and instead of applying for a credit card that decides what that cashback package looks for you, they curate it after you.
Using your data in your spending habits, HMBradley provides cashbacks that best benefit you, as the consumer. Every quarter, the company does a full analysis of your spending habits and provides rewards that fits your individual needs.
For example, if you spend most of your income on travel plans, you would receive 3% cashback on those expenses. If you, enjoy going out to eat but it’s not your highest expense, they would provide 2% cashbacks. Allowing, the consumer to be in control of their finances.
In addition, if you spend $100 minimum every month on this credit card, HMBradley will increase your savings tier, by one level for the next quarter.
What’s So Great About This?
Since according to the Consumer Price Index Report (CPI), inflation averages about 2–3% year after year, this savings plan will provide an opportunity for people to save and their money to hold value again in a savings account.
It will provide consumers the data necessary to fully understand their financial health. From their expenses, to how they save, and reward them for making financial decisions that benefits them.
Instead of linking your checking accounts to your Intuit Mint Account, the whole process will be right in front of you. Able to understand your budget, how to reduce spending habits, and build reports for personal finance.
Learn more and create an account today here.
