Los Angeles-based challenger bank HMBradley officially opens its virtual doors
via TechCrunch
The Los Angeles-based digital challenger bank, HMBradley, opened its virtual doors to the public today, allowing the thousands of waitlisted would-be users to set up direct deposits and collect their sign-up bonuses.
The company is offering banking customers an up to 3% return on their savings based on the percentage they save of their quarterly deposits.
HMBradley also set up a new feature which allows users to save towards specific goals.
Backed by PayPal founder Max Levchin’s HVF Labs, along with Walkabout Ventures, Mucker Capital, Index Ventures, and Accomplice, to the tune of $3.5 million, HMBradley was designed to benefit savers, the company said.
Account holders with balances up to $100,000 can receive up to 3% annual percentage yields on their accounts. These account holders qualify by receiving one direct deposit and saving at least 5% of the total amount deposited in an account monthly.
HMBradley accounts are held through Hatch Bank, which is FDIC insured.
To qualify for the 3 percent rate, customers need to save over 20 percent of their income, account holders who save between 15 percent and 20 percent receive 2 percent of their cash per year, and those saving less than 15 percent but more than ten percent receive a 1 percent APY.
“We want to empower and protect every consumer financially to show them that a bank can be on their side, regardless of how much money they make,” said Zach Bruhnke, co-founder and CEO of HMBradley, in a statement.
Account holders have access to 55,000 fee-free ATMs around the country, mobile check deposit and around-the-clock support, the company said.
The company’s MasterCard comes with all of the standard features including zero liability protection and an ability to set up travel, fraud alerts, and cancel cards all through an online portal, the company said.