HMBradley, a US digital banking platform promising to help reward people for saving and positive financial behaviour, has officially launched.
The startup, which counts PayPal founder Max Levchin among its financial backers, is opening its virtual doors, enabling thousands of waitlist customers to set up a direct deposit to redeem sign-up bonuses.
Rather than reward those with the biggest balances or those that make the most transactions, HMBradley's model lets customers earn more interest the more they save.
The firm has four savings tiers, ranging from a 0.5% APY for customers that save between five per cent and 10% of their income, to a three per cent APY for those saving more than 20%.
To help customers meet their savings goals, the firm has built a Plans feature that lets them set targets and track spending. Account holders can set up automatic contributions to execute their Plans, and see just how much they’ve set aside each month.
Zach Bruhnke, CEO, HMBradley, says: “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.”