At the beginning of the year, I wrote about MemoryBank, Republic Bank & Trust Company’s (Republic Bank) new internet division. MemoryBank initially only offered a single product, the EarnMore Account, which is a high-yield rewards checking account (RCA). When the EarnMore Account was first introduced, its APY was 1.50% on qualifying balances up to $250k, but that rate included a 0.50% APY bonus for the first year. According to a recent email sent to existing MemoryBank customers,
Because of great customers like you, the 1.5% APY is no longer just a limited
time promotional rate, it’s now your ongoing rate, even after your first year!
|1.50*%||-||$250k||MemoryBank||EarnMore Interest Checking Account|
|OTHER TIERS: 0.05% → $250k+|
Other than the new APY, nothing else about the EarnMore Account seems to have changed:
- Qualifying balances over $250k and non-qualifying balances still earn 0.05% APY.
- Minimum opening deposit is $50.
- There is no minimum balance requirement or monthly fee.
In addition, the qualifying requirements has also remained the same:
- At least one electronic deposit, including ACH transfers
- At least five debit card transactions, either in-person on online
- Receive online statements
There is one bothersome statement in the fine print on the promotion page that seems to directly contradict the wording in MemoryBank's email:
1.5% APY available to new EarnMore account customers meeting minimum activity requirements each statement cycle, on balances from $0.01 – 249,999.99.
A new customer is defined as not having an EarnMore account in the six months prior to date of account opening.
In a Live Chat, CSR stated, "Previously, the 1.5% APY was a promotional rate for the first 12 statement cycles. Now for new and existing customers that is the ongoing rate if all requirements are met each cycle." CSR stated she would let the appropriate person know about the error on the website.
Thanks to the DA reader who emailed me about the EarnMore Account's new on-going APY.
Availability and Account Application
Headquartered in Louisville, Kentucky, MemoryBank currently offers its product line to permanent residents of the U.S. and its territories, 18 years or older, who have a valid Social Security Number or Individual Taxpayer Identification Number (ITIN).
Applying for an EarnMore Account must be done online, using either a computer or a mobile device.
Funding a new account can be done with a credit card (maximum $500), debit card, or a U.S. checking or savings account.
As an internet division of Republic Bank, MemoryBank operates as under Republic Bank’s FDIC Certificate and shares its financial history.
MemoryBank/Republic Bank has an overall health grade of "A+" at DepositAccounts.com, with a Texas Ratio of 2.58% (excellent) based on June 30, 2017 data. In the past year, the Bank has increased its total non-brokered deposits by $299.81 million, resulting in an excellent growth rate of 10.88%. Please refer to our financial overview of Memory Bank/Republic Bank (FDIC Certificate # 23627) for more details.
How the EarnMore Account Compares
With the highest qualifying balance cap of all the nationally available Rewards Checking Accounts tracked by DepositAccounts.com, MemoryBank’s EarnMore Account (first year APY) offers the most earnings for balances of $65k to $250k.
Another way of looking at the EarnMore Account would be a comparison using the top nationally available Savings Accounts’ first year earnings with a $250k balance.
The above rates are accurate as of 11/28/2017.
To look for the best Reward Checking Account rates, both nationwide and state specific, please refer to our High Yield Reward Checking Account rates table. To look for the best Internet Checking Account rates, refer to our Checking Account rates table.