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.
Related Posts
8/16 - Memory Bank Drops Rate From 2.45% To 2.25% & Adds New $15.00 FEE for Bal <$1000
3/13 - MemoryBank Nudges Online Money Market To 2.45% APY
3/9 - Memorybank Raised Money Market Rate From 2.4% APY To 2.45% APY
1/8 - MemoryBank Online Money Market Now Earns 2.40% APY
1/8 - Memorybank Incrreases Money Market From 2.30% APY To 2.40% APY
12/7 - Memory Bank Boosts Online Savings To 2.30% APY
10/15 - Memorybank Boosts Online Money Market To 2.25% APY
9/28 - MemoryBank Boosts Online Money Market Rate
7/19 - MemoryBank Debuts Online Money Market
5/21 - MemoryBank EarnMore Account (Standard Checking) Rate
Very Pleased With This Bank
I opened a savings at 2.25%. Took like (2) days but an easy process. I found out they had a checking at 1.60% with no debit requirements to get this rate so I opened it too! Representatives are very friendly and I recommend this Bank. The Mobile App works great and recognizes face recognition.
Online Money Market Account - Restrictions
Even though it is not stated anywhere on their website, their customer service representative told us the following about the ways that money can be withdrawn from this account: The account does not offer any paper checks or a debit card. Outgoing wire transfers are not allowed without special approval from their management. Outgoing ACH transfers are allowed, with limits of $2000 per day and $8000 per 30-day period, for the initial 30 days. After the initial 30 days, you can request that these limits be raised to a maximum of $10,000 per day and $20,000 per 30-day period. You can also withdraw money using one of the ATMs in the networks they participate in, or by requesting that a free cashier's check be mailed to you. Total withdrawals on this account, without incurring fees, are limited to 6 per statement cycle.
There Are Better Options
Good luck trying to get an account opened in a reasonable amount of time. I opened an account here. It was a very slow process. Since then, the process has slowed considerably. I recommended the bank to a friend that finally got her account opened in three weeks. Another friend got an email that simply said that they were unable to open an account. There was no explanation. He opened an account with another bank with the same deposit requirements and interest rate. That process took two days.
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 2023
Health Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 23627 |
| Year Established | 1982 |
| Employees | 1031 |
| Primary Regulator | FDIC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 1.86% |
| Return on Equity - YTD | 13.31% |
| Annual Interest Income | $100.2MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q1 2023vs Q1 2022 | $6.06B$6.34B |
| Loans | Q1 2023vs Q1 2022 | $4.70B$4.35B |
| Deposits | Q1 2023vs Q1 2022 | $4.84B$5.12B |
| Equity Capital | Q1 2023vs Q1 2022 | $839.4MM$808.9MM |
| Loan Loss Allowance | Q1 2023vs Q1 2022 | $96.1MM$71.7MM |
| Unbacked Noncurrent Loans | Q1 2023vs Q1 2022 | $16.6MM$17.0MM |
| Real Estate Owned | Q1 2023vs Q1 2022 | $1.5MM$1.7MM |