https://www.hmbradley.com/ currently does, with the caveat that you have to save at least 20% of your direct deposits.

Interesting. Seems like you could work around the caveat by splitting your paycheck's direct deposit allocation between your checking account bank and HM Bradley, so that from their perspective you're saving 100% of your direct deposit.

Can already do this with normal bank account churning and make way more than 3%

Exactly what I’m doing! Uh... I hope they don’t catch on.

That's pretty cool, although I generally just want enough in my account to cover my monthly expenses, plus buffer. I want the excess going into investments. I don't want my balance growing from quarter to quarter. It looks like you get 0% if you keep a stable balance.

Wait what's the catch? It's insured and still able to give so much interest? Even CDs don't give anywhere close

People who make enough money to save 20% of their deposits probably aren’t going to bother with some convoluted system to earn a maximum of $3000 interest annually. You could make more with AMEX points.

You make amex points if you spend money. I barely spend anything I make (and whatever I spend mostly can't be on cards) so for people like me this will be ideal. Given the pandemic and wfh boom I doubt I'm alone. I'm also extremely averse to every speculative investment bin right now, so if someone guarantees coverage for 3% inflation I'll happily give them my money.

Here's a big one:

> We do not pay interest on account balances above $100,000

https://www.hmbradley.com/apys

That just means people with six figure savings won't use the service, it's still not clear how that helps them achieve profitability with such high interest rates

“Only” covers first 100k, has a bunch of other rules that make it impracticable

Really dissapointed in HN nowadays. Downvoted to hell and people telling me im wrong without doing any of their own research.

Maybe you could edit your comment now that multiple other commenters have shown that you're wrong? There are multiple companies offering 2-3% rn.

TMobile's bank is offering 4% on the first $3000 and 1% on anything after that and they treat it like a checking account with their own debit card.

It was going to be a total no brainer to move nearly all banking to them until I realized they block all automated financial tracking software. No budgeting with YNAB makes it a non starter for a checking account, but luckily YNAB can note transfers in automatically by looking at other accounts. When treated strictly as a basic savings its fine if my total cash on hand is missing the occasional interest payment.

> How APY works and what it means for you: As a T-Mobile MONEY customer you earn 4.00% annual percentage yield (APY) on balances up to and including $3,000 in your Checking Account per month when: 1) you are enrolled in a qualifying T-Mobile postpaid wireless plan; 2) you have registered for perks with your T-Mobile ID; and 3) at least $200 in qualifying deposits have posted to your Checking Account before the last business day of the month.

So it's a neat little discount on your T-Mobile bill.

That’s a bank account bonus not a real interest rate. I made 20% APR in 90 days for churning a PNC account by that logic, does that mean I can in turn make 20% on arbitrary deposits on a regular basis?

Sure there are, you just have to meet some requirements like direct deposit and minimum number of debit transactions.