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 the regular checking category, the first year bonus APY of 1.50% and ongoing rate of 1.00% blows away the competition. The first year APY is also higher than any of the top nationally available 1-Year CD rates and all but a select few 2-Year CD rates. So, short term CD investors may also find the account appealing.
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 85,000 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.
Awesome Rate, STUPID Rules
Been banking with memory for several months now. Great rates, no hidden fees, but they have a couple of stupid rules.
1) It is impossible to add an authorized user AFTER you open an account. They will not do it because of “security” concerns. I guess they are the only bank on planet earth that cares about security, because everyone else can add authorized users without any issues. If you want to remove an authorized user you have to close the account and open a new one. The only exception is if the authorized user dies.
2) Their money market savings account is really a checking account in disguise. So if you select “savings” for an ACH transaction, your money won’t make it. You must select “CHECKING.” I don’t get why ACH cares and needs to make this distinction anyway, but the whole ACH needs to be modernized and revamped. (The UK’s ACH takes just a few minutes to move money between banking institutions.) I digress a bit, since the ACH has nothing to do with memory.
3) if you are going to apply, use a username that you don’t care about for the application process because you need a different username for your actual account once everything is approved.
Those are all of the strange things I have noticed so far. They used to put holds on my check deposits at the beginning, but they don’t do that anymore and it seemed like it used to take longer to complete and ACH than normal, but that all seems to have stopped now. I have had zero problems with software stability on iOS like others have stated. Maybe those bugs have been fixed. Also, their customer service is VERY friendly, but they can’t change bank policies, no matter how stupid they are.
Incompetent Bankers
I set up a money market account to draft my checking account (at another bank). I could not see the new bank account on my login and I called to see what the problem was. The phone rep told me the account would be visible and funded the next day. (The other bank's account had shown a withdrawal the day before I called.) The next day I called since the account was visible but not funded. I called again and they told me that it was 7 business days before I could see the money in the new account. There was no notice that they would hold the deposit for 8 days. So, they've demonstrated incompetence (two CSRs say different things) and greed (at holding deposits for 7 days.) Better to do business elsewhere.
Data as of Q2 2019
Health Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 23627 |
| Year Established | 1982 |
| Employees | 1089 |
| Primary Regulator | FDIC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 1.72% |
| Return on Equity - YTD | 14.41% |
| Annual Interest Income | $148.1MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q2 2019vs Q2 2018 | $5.72B$5.26B |
| Loans | Q2 2019vs Q2 2018 | $4.54B$4.18B |
| Deposits | Q2 2019vs Q2 2018 | $3.82B$3.57B |
| Equity Capital | Q2 2019vs Q2 2018 | $666.5MM$599.3MM |
| Loan Loss Allowance | Q2 2019vs Q2 2018 | $46.0MM$45.0MM |
| Unbacked Noncurrent Loans | Q2 2019vs Q2 2018 | $19.4MM$18.4MM |
| Real Estate Owned | Q2 2019vs Q2 2018 | $1.1MM$0 |
This section lists recent deals, promotions and rate changes submitted by our community within the past 90 days. Always verify official rates and promotions with the bank or credit union.
$15 Charge
Memory Bank Drops Rate From 2.45% To 2.25% & Adds New $15.00 FEE for Bal <$1000
"Due to the Federal Reserve’s recent reduction of the Federal Funds Rate by 0.25%, MemoryBank is decreasing the APY* on our Online Money Market Account by 0.20% APY*. Effective today, the rate will adjust to 2.25% APY*. No action is needed on your part and the new rate will be applied to your account automatically."
[That's swell of you MB, I get to enjoy the new lower rate with no action on my part. Thank goodness I did not have to call in and request it. Wooo!]
16 August 2019 notice on e-statement
[Today with the download of the new statement there is now a notice that a new fee will apply.]
"EFFECTIVE 9/16/19 A $15 BELOW BALANCE FEE WILL APPLY IF THE DAILY
BALANCE IS BELOW $1,000 AT ANY POINT DURING A STATEMENT CYCLE.
REFER TO http://bit.ly/ommtisa FOR MORE INFORMATION OR
CALL 1-877-757-3400 TO REQUEST A COPY OF YOUR ACCOUNT DISCLOSURES."
[Wow that was a short run with this place for me, been with them since Nov 2018. Time to move on to another financial institution without this ridiculous fee and limitations.]
Always verify rates and promotions with the bank or credit union. We are not MemoryBank; we are a rate comparison website and cannot provide official rates or promotions.
* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.
MemoryBank Money Market Rates
| APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS | |
|---|---|---|---|---|---|
| 2.25%* | - | $1m | Online Money Market Account | ||
| OTHER TIERS: 0.01% → $1m+ | |||||
MemoryBank Checking Account Rates
| APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS | |
|---|---|---|---|---|---|
| 1.40%* | - | $250k | EarnMore Checking Account | ||
| OTHER TIERS: 0.05% → $250k+ | |||||
MemoryBank is an Internet only bank and does not have branch locations. Its headquarters is located at 601 West Market Street - Louisville, KY 40202