Deposits held and insured by Republic Bank

Overview / Commentary
601 West Market Street
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.

Very Pleased With This Bank

Posted by: |

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

Posted by: |

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anywhere on their website, their customer service representative told us the following about the ways that money can be withdrawn from this account: The account does not offer any paper checks or a debit card.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

Posted by: |

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.

A Rotten Compamy.

Posted by: |

Shame on Memory bank. Signed up for a money market account and started with $200.
After six months, they changed the terms with out notification. and started charging 15$/month for my account because it was under $1000.
They racked up $150 in fees before I caught it.
They sent me email notifying me of other changes such as changes in the money market rates etc.
But NO notification via mail or email.



Data as of Q3 2021

Data displayed below is for insuring bank: Republic Bank
Learn why bank health matters

Health Grade Components

FDIC Certificate #23627
Year Established1982
Primary RegulatorFDIC
Profit Margin
Return on Assets - YTD1.49%
Return on Equity - YTD11.82%
Annual Interest Income$159.9MM
Assets and Liabilities
AssetsQ3 2021vs Q3 2020$6.18B$6.23B
LoansQ3 2021vs Q3 2020$4.32B$4.99B
DepositsQ3 2021vs Q3 2020$4.97B$5.09B
Equity CapitalQ3 2021vs Q3 2020$810.4MM$748.5MM
Loan Loss AllowanceQ3 2021vs Q3 2020$63.0MM$59.9MM
Unbacked Noncurrent LoansQ3 2021vs Q3 2020$20.9MM$21.1MM
Real Estate OwnedQ3 2021vs Q3 2020$1.8MM$2.1MM

Sorry, we do not have rate data for MemoryBank.


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

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