MemoryBank, a DepositAccounts.com advertiser, 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.
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Excellent New Bank
I am very favorably impressed by Memory Bank.
Friday, April 14, 2017 funded account with credit card which was instantly
opened subject to approval
Monday, April 17 account approved giving me online access to all features
The website is very easy to navigate and user friendly; there's even a
tally of interest earned each day of the month
Wednesday April 19 3 free paper checks arrive
Friday April 21 ATM debit card arrives. Activated and selected PIN
of my choice with the same call
Friday swiped card at a supermarket showed up in account as debit
immediately
I have made several calls to the phone support and the reps have all be very knowledgeable, friendly and have answered my questions to my satisfaction.
They speak American English which is a plus.
I linked my account to Mint and it worked perfectly.
If you are looking for a liquid account with a bank that seems to go the extra mile, try Memory Bank.
Worst. Application. Process. Ever!
I have had several high-interest "internet" accounts for many years. MemoryBank is by far the WORST application process that I have encountered. See the other reviews concerning the userid/password/"application account"/real account confusion, the re-entry of data, and the necessity to have the external funding account verified TWICE -- once by the application process, and then again by the account process even after "instant acceptance". I did not DARE select the "securely login to my bank account" option despite the security assurances on-screen...this baking site is so not ready for prime-time that such a mistake would be akin to painting a target on oneself for identity theft!
I'll finish the process, because the deal was good. Will get no more than required deposits until they prove my observations and fears unfounded!
New To Me!
Opened this account 4/17/18. It must be very secure because it took me 2 days of talking on the phone and chatting online with people to finally get this account set up on line and money deposited in it. I was referred by Tax Act and it offered cash back if I made minimum monthly deposits. I plan on doing that so I'll be holding back on a 5 star rating after I see how committed they are to their promises. I do like the website. If you pay attention and look carefully you can easily navigate to where you need to go. Staff have treated me in a very professional matter. Furthermore... I think it's a good idea to build up credit with a young company!
Horrible Service
at first everything went smooth got an account opened asap. I was pretty pleased, then my job took awhile to get direct deposit set up and I had my monthly fee come on there I went online thought I could use my pre-paid card to get money on the the account like I did when I opened the account but wasn't able to so I called the bank and they let me know I could use what is called pop and get money on the account so I tried that and still wasn't able to get money on the account. So another month went by and still direct deposit hadn't been set up at my job yet, so another monthly fee on my account and still no way to get money on the account so it wouldn't be delinquent. Then my job gets direct deposit set up and I hadn't received nothing in the mail that the account had closed received a bank statement on 12/16/17 showing what I owed so I had my job deposit the check and then I go online and see they closed the account after my check had already been sent to deposit in the account. I call them and the first person I spoke with was very nice and was really trying to help me out. She explained about the 12.96 that was owed on the account and I told her yes I knew and had tried to get that taken care of and pretty much learned that unless you have your check directly deposited in the account it is almost nearly impossible to get money in there. She tried to see if they could open up a different account for me and her supervisor said no. Not sure why because if they would take notes properly they would have known that I tried to get money in there to take care of the -12.96. SO since her supervisor wouldn't let me open up a different account since there other one was closed she promised me that as soon as they received my check they would deduct the -12.96 and then issue a check and send it overnight to me. well that was on Wednesday of 12/20/17 here it is 12/27/17 and I called the bank and now being told that they deposited the check on the 12/21/17 and that it can take up to 7 to 10 business days to get my check which I was not told that on 12/20/17. Their excuse was well that was a different department and we have no control over that. I told them COMMUNICATION GOES A LONG WAY AS WELL AS TAKING GOOD NOTES WHEN A CUSTOMER CALLS. That they could have sent the check overnight like promised but hey it isn't anything they have to worry about for it isn't their bills not getting paid. If I were you I would not bank with this bank there are other ones out there that I am being told that is a lot easier getting your money into the account without having to go through hoops.
Data as of Q1 2018
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 23627 |
| Year Established | 1982 |
| Employees | 1003 |
| Primary Regulator | FDIC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 2.16% |
| Return on Equity - YTD | 18.91% |
| Annual Interest Income | $73.8MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q1 2018vs Q1 2017 | $5.07B$4.66B |
| Loans | Q1 2018vs Q1 2017 | $4.01B$3.68B |
| Deposits | Q1 2018vs Q1 2017 | $3.82B$3.44B |
| Equity Capital | Q1 2018vs Q1 2017 | $589.3MM$558.4MM |
| Loan Loss Allowance | Q1 2018vs Q1 2017 | $52.3MM$42.4MM |
| Unbacked Noncurrent Loans | Q1 2018vs Q1 2017 | $16.1MM$17.0MM |
| Real Estate Owned | Q1 2018vs Q1 2017 | $160.00K$1.4MM |
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 Checking Account Rates
| APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS | |
|---|---|---|---|---|---|
| 1.60%* | - | $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