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877-757-3400
601 West Market Street
Louisville, KY 40202

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

MemoryBank’s Internet Checking Account with a First-Year 1.50% APY - 1/24/2017

Republic Bank & Trust Company recently launched an internet bank called MemoryBank with an internet checking account called the EarnMore Acccount.

Reviews (1)

Excellent New Bank

Posted by: mrvirgo | Apr 21, 2017

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.



Health
A+

Health Grade Components

Overall
FDIC Certificate #23627
Year Established1982
Employees938
Primary RegulatorFDIC
Profit Margin
Return on Assets - YTD1.01%
Return on Equity - YTD8.83%
Annual Interest Income$173.8MM
Assets and Liabilities
AssetsQ4 2016vs Q4 2015$4.81B$4.22B
LoansQ4 2016vs Q4 2015$3.79B$3.30B
DepositsQ4 2016vs Q4 2015$3.26B$2.62B
Equity CapitalQ4 2016vs Q4 2015$542.0MM$479.3MM
Loan Loss AllowanceQ4 2016vs Q4 2015$32.9MM$27.5MM
Unbacked Noncurrent LoansQ4 2016vs Q4 2015$16.1MM$21.9MM
Real Estate OwnedQ4 2016vs Q4 2015$1.4MM$1.2MM
Rates
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*APY shown includes first year bonus of 0.50% APY

MemoryBank Checking Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
1.50%*-$250kEarnMore Interest Checking Account
OTHER TIERS: 0.05% $250k+
Locations

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