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