HMBradley (HMB) is currently offering Tire 1 if you join through a valid referral link and make first direct deposit. This is super easy and fast compared to how one typically gets Tire 1. It might be worthwhile to carefully look at the referral link since some users seem to be limited in how many people they can refer for this promotion.
This is newsworthy because HMB can give 3% APY on up to $100k which is a huge limit compared to its competitor. For example, Porte, although it has monetary signup bonus, it only gives 3% APY on up to $15k.
What are the Tires?
You reach a tire status based on how much you saved per month for the previous quarter. Each tire is associated with certain APY. The current setup is as follows:
- Tire 1 – saving at least 20% – gives 3% APY
- Tire 2 – saving at least 15% – gives 2% APY
- Tire 3 – saving at least 10% – gives 1% APY
- Tire 4 – saving at least 5% – gives 0.5% APY
Essentially, if you start with, say Tire 3, you need to save 20% per month for the quarter to get bumped to tire 1 in next quarter. But during the current promotion, if you join through referral you can get instant boost to tire 1.
Closing Thoughts
If allowed by your employer, I suggest splitting a small portion of your DD, say $15, into HMB and not moving that money.
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[…] worth noting that you can easily get 3% through various fintech like Porte ($50 signup bonus) , HMB, or One Finance ($50 signup bonus) or even 5% if you hardcore shop for better rates and go on about […]