HMBradley

HMBradley is a digital banking platform that offers its customers a high-yield savings account with an annual percentage yield (APY) of up to 4.7%. The company's key product offering is a NOW (Negotiable Order of Withdrawal) account that provides an attractive interest rate of 3% on savings when customers meet certain conditions. This APY is significantly higher than the industry average, allowing HMBradley to effectively incentivize customers to save more.

The platform's unique feature is that it rewards customers for developing sound financial habits by linking the interest rate to their savings and spending behavior. Customers can earn interest of up to 3.5% on the entire balance in their account by meeting criteria such as receiving a direct deposit, maintaining a positive cash flow, and spending a certain amount on their credit card each month. This 3.5% rate applies to the first USD 100,000 deposited in the account.

HMBradley's business model operates through a partnership with New York Community Bank (NYCB), a division of Flagstar Bank, where the customer deposit accounts are maintained. The company has also partnered with Thought Machine to leverage its cloud-native core banking platform, Vault Core, which enables HMBradley to streamline its operations and deliver personalized financial products and services to customers.

In March 2023, HMBradley announced a strategic partnership with Thought Machine, adopting its Vault Core platform to eliminate the waitlist and open new accounts for the first time in over 16 months. This partnership allows HMBradley to offer its existing and prospective customers a more personalized and efficient banking experience.

Key customers and partnerships

HMBradley has partnered with New York Community Bank (NYCB), a division of Flagstar Bank, which will maintain the customer deposit accounts. The company has also partnered with Thought Machine, a leading banking technology provider, to leverage its configurable cloud-native core banking platform, Vault Core. This partnership enables HMBradley to quickly create and build new products while overcoming challenges and expanding its operations.