HMBradley Review: Pros, Cons, and What We Like

Written by Bradon MatthewsUpdated: 29th Sep 2021
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What if you could simplify your banking by combining your checking and savings into one account?

The digital age has brought about many convenient and effort-sparing solutions in all fields of life. Banking is no exception.

But while many banks simply incorporate online account management, HMBradely has taken online banking a step further.

HMBradley combines your checking and savings into a single, easy-to-access account. With no physical locations, your banking is handled entirely online.

If you prefer simplicity in your banking and are comfortable going entirely digital, opening an account with HMBradley may be a great move for you.

“How is it possible,” I hear you asking, “that a checking and a savings accountcan be combined? Aren’t the two mutually exclusive?”

That’s a great question, one which we will explore in detail.

Let’s get into how HMBradley works, what it does well, and whether its hybrid account model is the right fit for you.

What is HMBradley?

HMBradley is a neobank that offers users a hybrid checking and savings account. While they are not the only bank to combine checking and savings accounts into one, they operate on a model that differs from their competitors in a few key aspects.

HMBradley utilizes a tiered interest rate. This means that you receive varying interest on your money depending on the amount you save.

HMBradley also functions entirely digitally. Rather than operating brick-and-mortar locations, your accounts are managed entirely online.

HMBradley Bank Review

That being, you aren’t left having to pay atm fees every time you need cash. They provide users with free access to 55,000 ATMs across the country.

With HMBradley, the goal is to provide the same basic functionality of a traditional, multi-account banking setup with the simplicity and convenience of the digital age.

How Does HMBradley Work?

If you’ve been using a bank at all, you’ve probably opted for direct deposit.

HMBradley operates exclusively through direct deposit. Because they are online-only, they currently do not support paper check deposits.

Once your account is set up and your money begins flowing, HMBradley analyzes your spending and saving habits to determine the interest rate you receive on your money.

There are four tiers available, each offering a different APY.

Each calendar quarter, your saving habits are reevaluated, with your new tier reflecting your habits in the last 3 months.

What Does HMBradley Offer Consumers?

One of the most appealing aspects of HMBradley is the high-interest rates you can earn. Their highest-tier offers a whopping 3 percent, significantly higher than many other banks.

Even their lowest tier provides you with a .5 percent APY. This is higher than many traditional savings accounts.

Additionally, HMBradley offers an incredibly simple-to-use format. All of your money goes into one account. No transfers, no fuss.

Your spending habits are automatically analyzed to assign your tier. This means you don’t have to worry about moving money around. You simply save what you want to save and let the bank do the rest.

Want to Compare Options? Explore the Best Online Banks

HMBradley Pros and Cons

Like all things finance, using HMBradley has its costs and benefits. Let’s take a look at the pros and cons so you can get a clearer picture.


  • High-interest rates
  • Free access to over 55,000 ATMs
  • No minimum balance
  • No monthly fees
  • Ability to set savings goals
  • Only 1 overdraft fee per day
  • Automatically qualify for a credit card


  • No brick-and-mortar locations
  • Not able to deposit paper checks
  • No online bill pay
  • Must receive a direct deposit each month
  • $35 overdraft fee
  • Only earn interest up to $100,000

HMBradley Features and Benefits

As you can see, there are a variety of beneficial features on offer with HMBradley. Let’s take a moment to look at a few of them up close.

Tailored Rewards

As previously discussed, the rewards you receive are tailored to your personal financial habits. The more you save, the more you earn on interest.

This gives you the flexibility to use your HMBradley account in the manner that you want. You can treat it as a savings account, aiming to reap the highest interest rate, or as a checking account, in which case you still earn interest, just less.

This allows you to stay flexible, avoid burdensome decision-making, and make your account responsive to your needs.

Boost Your Savings Tier

What’s great about the tier system is that you can move between tiers. This means you can use your account more as a traditional checking account one quarter, then focus on saving to switch back to the highest APY the next.

By allowing this transition, you always have the option to shift focus and maximize your returns.

Additionally, this has the added bonus of encouraging you to save when you can. By incentivizing saving, HMBradley can help you build stronger financial habits.

No Monthly Fees

Another beautiful feature of HMBradley is the complete absence of monthly fees.

You won’t have to pay for your account to remain open, and you’ll only ever have to pay a fee related to your cards if you have to replace them more than twice. Even then, it is a simple one-time fee.

No Minimum Opening Deposit Required

While many banks require you to have a minimum account balance or opening deposit, this isn’t the case with HMBradley.

All you have to do is set up your direct deposit, and you’re done. This means you can open an account regardless of your current financial standing and begin reaping the rewards of HMBradley’s high APY rates.

This can be a great reason to open an account, but you should be aware that you have to save at least 5 percent to receive any interest.

For this reason, the account may not be a good fit for you if you’re living paycheck to paycheck.

Organize Your Money

With a hybrid account, organizing your money is incredibly simplistic.

You don’t have to worry about segmenting out the money you’d like to save and the money you need to spend. All of your deposit goes into the same account. You spend what you need to and save the rest.

The result is that you automatically benefit from everything you save, even if it’s unexpected. In a more traditional setup, you’d have to monitor your accounts closely and move over any surprise savings to receive interest on them.

HMBradley allows you to benefit on all savings without a second thought.

Customize Your Savings Plan

In addition to automatically rewarding any savings, HMBradley allows you to set custom savings goals.

With a simple, easy-to-follow plan builder, HMBradley lets you map out how you’re going to reach the next tier. This gives you a path to follow to ensure your getting the most out of your savings.

If you’re looking to build better saving habits but don’t know where to start, HMBradley can provide a very straightforward path to better spending habits.

Automate Savings Capability

They even offer an automatic savings contribution feature, adding to the passive savings approach they’ve created.

Within their plan creation, they’ve implemented a feature that automates your saving towards specific goals.

You can set the amount you’d like to recurrently contribute and define what the money is for.

This makes them highly appealing to those looking to save up for big purchases without micromanaging or making guesses about their efficiency in doing so.

Large ATM Network

While they don’t have any physical branch locations, HMBradley is well aware that their customers need access to cash.

To make this as convenient as possible, they provide account holders free access to over 55,000 ATMs throughout the country.

In this way, their online-only model provides all of the convenience of going digital while avoiding the annoying fees you’d normally pay using out-of-network ATMs.

Their Mastercard gives you free access to ATMs in the STAR and Moneypass networks so you can access your cash when you need it.

HMBradley Credit Card

A recently added feature, HMBradley, now offers a credit card.

While every credit card comes with a wide variety of potential benefits, HMBradleys has a few particularly nice features.

For starters, your cashback rewards are tailored directly to your spending habits. You receive 3 percent cash back on your most-purchased category, 2 percent on your second, and 1 percent on your third.

This means you’re automatically making the most of your spending without even thinking about it.

Additionally, the credit card helps boost your APY. When you spend over $100 each month for the calendar quarter, HMBradley automatically boosts you up a tier the following quarter.

All of this means you’re being rewarded for the money you spend without even having to think about it.

Does HMBradley Have Any Fees?

HMBradley does not have any monthly fees.

It is completely free to set up and hold an account with them. You don’t have to pay for your card, they provide free access to a wide range of ATMs throughout the country, and your account is free as well.

That being, you will have to pay a fee if you overdraft. There is a once-daily fee of $35 on overdraft accounts.

You may also have to pay a fee if you need your card replaced more than twice. The fee for a new card after the second replacement is $10.

Overall, you can expect very minimal fees with an HMBradley account.

How to Open an HMBradley Account

Opening an account is simple and straightforward. That being, they are currently waitlist only, meaning you may have a slight delay in opening your account.

Here’s how to do it step-by-step:

  1. Go to HMBradley’s website.
  2. Click on “Product” and select “One Account.”
  3. Scroll down and click “Apply now.”
  4. Provide your email to join the waitlist.
  5. When you are provided with a confirmation code, return to the site and enter it.
  6. Provide HMBradley with your information.
  7. Set up direct deposit with your employer.

How Does HMBradley Compare to Other Banks?

Before you jump in, it’s a good idea to take a look at how HMBradley compares to other banks. The right fit for you will depend on your unique financial situation.

#1. HMBradley vs. Chime Bank

Both Chimeand HMBradley are online-only banks. Both are free of fees, and both offer access to a large number of ATMs.

Chime does have a slightly larger number of ATMs available, which is nice considering the reliance on ATMs inherent in online-only banking.

HMBradley and Chime Bank differ significantly in their approach to savings.

Where HMBradley focuses on absolutely minimizing the effort of saving, Chime adds just a bit more complexity to maximize effectiveness.

Chime isn’t a hybrid account. Instead, they offer an optional savings account.

Where HMBradley automatically applies interest to the hybrid account, Chime provides users with a couple of easy ways to build their savings.

The first of these is automatic deposits. Chime allows you to automatically route a percentage of your direct deposits into savings, meaning you only have to decide on an amount once, then you don’t have to think about it.

Additionally, Chime’s debit card has a round-up feature. When you use your card, Chime automatically rounds your purchase to the nearest dollar and transfers that difference into your savings. This is an easy way to help build savings over time.

>> More: Chime Bank Review

#2. HMBradley vs. Oxygen Bank

Oxygen is another online-only bank.

Like HMBradley, Oxygen functions through a tier system. Unlike HMBradley, Oxygen’s tier system is based on spending and deposits rather than simple saving habits. Oxygen’s higher tiers also involve annual fees

Oxygen offers 4 tiers. The lowest has a .25 percent APY, the highest is a 1.25 percent APY. While this is lower than the comparative HMBradley tiers, Oxygen does offer significant cashback, ranging from 2 to 6 percent.

Oxygen also offers a host of additional rewards such as extended warranty protection and a 2-month Netflix reimbursement.

Like HMBradley, Oxygen has no initial qualification for its lowest tier. That being, members need to have increasingly high monthly deposits to move up the tiers.

Overall, Oxygen is a more complex banking system with more qualifications needed when compared to HMBradley.

>> More: Oxygen Bank Review

#3. HMBradley vs. Aspiration Bank

Aspiration is another online bank that doesn’t use a hybrid account model. Instead, they offer investment and IRA opportunities. These more traditional saving methods are more complex than HMBradley’s model.

Aspiration’s online banking places a strong emphasis on sustainability. They plant a tree for every purchase and offer ways for account holders to offset their carbon footprint.

Like HMBradley, Aspiration provides free access to 55,000 ATMs across the nation.

Aspiration offers 2 tiers. The first tier, simply titled “Aspiration,” is a “pay what seems fair” account.

This means it can be free, though they encourage you to pay something annually. This tier 3-5 percent cash back on conscious coalition purchases, but no APY on savings.

The second tier is “Aspiration Plus.” This tier has an annual fee of $5.99, provides 10 percent cash back on conscious coalition purchases, and up to 1 percent APY on savings.

Aspiration is clearly more focused on environmental impact, whereas HMBradley is focused on making saving as easy as possible.

>> More: Aspiration Bank Review

#4. HMBradley vs. Chase Bank

Chase Bank is the first traditional bank on this list. Unlike HMBradley, Chase has physical locations.

This may be more convenient for those who need to do things like deposit paper checks with some regularity.

Chase Bank offers a wide variety of account types. While there is no hybrid account option, Chase offers a few savings and checking accounts, each with varying monthly fees and benefits.

Chases savings accounts offer varying APYs that are geographically dependant.

Making a comparison between HMBradley and CHase is difficult due to the drastically different natures of the two banks.

HMBradley is a tech startup focused on simplicity, whereas Chase is a large, traditional bank with all the associated complexities and features involved.

If you are someone looking to make managing your finances simple and straightforward, HMBradley will most likely be easier in all respects.

If you know what you’re doing and want access to all the benefits of a large bank, Chase might be a better fit.

#5. HMBradley vs. Current Bank

Like HMBradley, Current is an online-only bank. Current focuses on making banking accessible and affordable for everyone.

Current offers both a standard and premium account. The standard is free, while the premium costs $4.99 a month.

One of the major defining features of Current is its commitment to making banking transparent.

You receive notifications each time you spend money, detailing exactly how much you spent and where. Additionally, Current provides a map that points out places for you to earn cashback.

When it comes to savings, Current Bank takes a different approach than HMBradley. Like HMBradley, they offer savings goal planning. Unlike HMBradley, they do so by setting up automatic deposits into savings pods.

This means you set a given amount you’d like to deposit automatically at given intervals, rather than just receive interest on whatever you have in your account.

Additionally, Current offers roundups. When you use yourCurrent debit card, these round-ups are automatically deposited into your savings pods.

Both HMBradley and Current are great options for those looking to start saving without excess complexity.

HMBradley offers higher APYs and requires slightly less active attention, but Current isn’t particularly difficult to manage either.

>> More:Current Bank Review

Frequently Asked Questions

Before we wrap up, let’s take a brief look at some common questions regarding HMBradley.

Is HMBradley FDIC Insured?

HMBradley is indeed FDIC insured. Deposits are insured for up to $250,000 for single accounts and $500,000 for joint accounts. You can trust your money is safe when using HMBradley.

Is HMBradley or Chime Bank Better?

While the answer is contextual, Chime bank may be better for more people. They offer a larger number of in-network ATMs, something absolutely crucial in online-only banking, and their savings model adds minimal complexity while providing some solid benefits.

The automatic percentage-based savings is simple and builds strong saving habits, and the additional round-up feature is an incredibly easy way to further boost savings.

The answer will ultimately depend on your unique financial situation, but Chime is certainly worth exploring if HMBradley interests you.

Is it Safe to Use HMBradley?

It is very safe to use HMBradley. In addition to their FDIC insured status, they offer zero liability through Mastercard, meaning you won’t be held responsible for someone making unauthorized purchases.

Additionally, HMBradley uses industry-standard data encryption to protect your personal information. HMBradley is as safe as any other bank you may use.

Bottom Line: HMBradley Bank Review

HMBradley offers an incredibly simple way to start saving. Their high APYs and complete lack of fees make them a good option for those trying to build better financial habits without micromanaging their spending.

That being, there are drawbacks to online-only banking, such as the inability to deposit paper checks.

Like anything related to money, there are pros and cons to using HMBradley. Ultimately, the right bank depends on your needs.

Opening an HMBradley account may be a great choice, but you have to decide for yourself using the information provided here.

Bradon Matthews
Bradon Matthews

Bradon Mathews is a personal finance writer & product analyst with a breadth of experience. He enjoys analyzing market information and trends to help you make sense of the complex and ever-changing world of finance. His passion is providing practical advice so you can feel more confident managing your money. Bradon attended Colorado State University where he studied Philosophy.