Deposits held and insured by Republic Bank

Overview / Commentary
601 W. Market St.
Louisville, KY 40202
Deposits held and insured by Republic Bank

MemoryBank is a new online banking platform that launched in the fall of 2016. The bank features one headliner product - its EarnMore Interest Checking Account. This account is a compelling hybrid between a reward checking account (RCA) and a standard personal checking account.

Like other reward checking accounts, you must meet a few basic requirements to earn the top APY, though the EarnMore account's requirements are lighter than most RCAs. Furthermore, unlike typical RCAs, the EarnMore account allows you to earn a high rate on balances up to $250K. Some other banks offer a higher rate on their RCAs, but these accounts typically carry with them more stringent monthly requirements and also much lower balance caps for the top rates - often between only $5,000 - $20,000. So, in this sense, the EarnMore account is more comparable to a standard personal checking account.

In addition to offering competitive yields, MemoryBank has the distinction of an online platform with national availability, to go along with an extensive ATM network of over 92,000 ATMs. It also allows customers to use non-network ATMs at no charge, although it does not reimburse fees charged by the bank who owns the ATM. Also, like most online banks, MemoryBank does not charge customers any monthly fees, and the EarnMore Account has no minimum balance requirements.

Deposits at MemoryBank are held and FDIC-insured by its parent bank, Republic Bank and Trust Company of Louisville, KY.

Reviews (1)

Low Rate, Hard To Get Money Out

Never will put money in memory bank again. Lured in with high rate, then lowered rate almost to nothing without notification. Only allow $2k transfer out and $10k limit per month. Will wire transfer more and charge you $30 to get your money!


Data as of Q1 2024

Data displayed below is for insuring bank: Republic Bank
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Health Grade Components

FDIC Certificate #23627
Year Established1982
Primary RegulatorFDIC
Profit Margin
Return on Assets - YTD1.82%
Return on Equity - YTD13.83%
Annual Interest Income$130.5MM
Assets and Liabilities
AssetsQ1 2024vs Q1 2023$6.87B$6.06B
LoansQ1 2024vs Q1 2023$5.22B$4.7B
DepositsQ1 2024vs Q1 2023$5.46B$4.84B
Equity CapitalQ1 2024vs Q1 2023$895.7MM$839.4MM
Loan Loss AllowanceQ1 2024vs Q1 2023$108.7MM$96.1MM
Unbacked Noncurrent LoansQ1 2024vs Q1 2023$21.4MM$16.6MM
Real Estate OwnedQ1 2024vs Q1 2023$1.5MM$1.5MM

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MemoryBank is an Internet only bank and does not have branch locations. Its headquarters is located at 601 W. Market St. - Louisville, KY 40202

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