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