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.
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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!
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 2018
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 23627 |
| Year Established | 1982 |
| Employees | 1013 |
| Primary Regulator | FDIC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 1.67% |
| Return on Equity - YTD | 14.66% |
| Annual Interest Income | $132.0MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q2 2018vs Q2 2017 | $5.26B$4.95B |
| Loans | Q2 2018vs Q2 2017 | $4.18B$3.89B |
| Deposits | Q2 2018vs Q2 2017 | $3.57B$3.23B |
| Equity Capital | Q2 2018vs Q2 2017 | $599.3MM$563.9MM |
| Loan Loss Allowance | Q2 2018vs Q2 2017 | $45.0MM$37.9MM |
| Unbacked Noncurrent Loans | Q2 2018vs Q2 2017 | $18.4MM$15.8MM |
| Real Estate Owned | Q2 2018vs Q2 2017 | $0$300.00K |
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 | |
|---|---|---|---|---|---|
| 1.85%* | - | $1m | Online Money Market Account | ||
| OTHER TIERS: 0.01% → $1m+ | |||||
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