Many companies featured on Money advertise with us. Opinions are our own, but compensation and
in-depth research may determine where and how companies appear. Learn more about how we make money.

RBFried—Getty Images

A bank that wants you to save your money instead of spending it? We're listening.

A new online bank offering high-interest accounts has entered the financial arena, but with a twist: HMBradley, a digital banking platform, really wants to encourage its customers to save money. So it’s incentivizing good financial behavior by offering a 3% interest rate to people who save at least 20% of their income every month.

The basic premise of HMBradley’s new banking option is that you earn more interest the more money you save. Rather than rewarding higher account balances, the fintech start-up is rewarding customers who save a high portion of their take-home pay. So even if 20% of your income only equals $200 a month, you’ll still get the 3% interest rate, which is easily among the highest rates in banking today.

Customer interest rates with HMBradley are determined by the percentage of their salary they save quarterly. The levels of rates are called “Savings Tiers.” As long as you have at least one direct deposit set up with the bank and you save at least 5% of your quarterly deposits, you qualify for the interest rates below.

  • Tier 1 ー 3.00% APY: Saving ≥20% of direct deposits
  • Tier 2 ー 2.25% APY: Saving 15% to <20% of direct deposits
  • Tier 3 ー 1.50% APY: Saving 10% to <15% of direct deposits
  • Tier 4 ー 1.00% APY: Saving 5% to <10% of direct deposits

Keep in mind these are variable annual percentage rates, which means they're subject to change.

What are the differences between HMBradley and the top online banks like Ally and Goldman Sachs' Marcus? Among other things, HMBradley doesn't separate checking and savings accounts, so you only have one account that earns interest no matter how you use it, with no need to switch money between accounts.

All HMBradley customers will have access to over 55,000 STAR Network ATMs, where they'll be able to access cash or handle other banking transactions with no fees. Electronic bill pay will be available to customers too.

HMBradley is offering a bonus of up to $500 to new customers before it officially launches: sign up now and commit to saving a certain percentage of your income every month — the bank will give you a 3% interest rate on the amount of your salary you committed to depositing for each month you're on the waitlist, as well as 3% on any money you deposit in the first 30 days the account is open. If you wait until the platform goes live to sign up, all you need to do is open an account and set up one direct deposit within the first 60 days it launches.