MemoryBank Nudges Online Money Market To 2.45% APY

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Deal Summary: Online Money Market Account, 2.45% APY on balances up to $1 million, $50 minimum opening deposit

Availability: Nationwide (internet bank)

While this week’s addition of 5 bps is a modest increase, the new 2.45% APY puts MemoryBank’s Online Money Market Account (OMMA) near the top for nationally available money markets. Added to the product line about nine months ago, the OMMA has added a total of 60 bps in four rate increases. The 2.45% APY applies to balances between $0.01 and $1 million, with balances over $1 million continuing to earn 0.01% APY.

APYMINMAXINSTITUTIONPRODUCTDETAILS
2.45*%-$1mMemoryBankOnline Money Market Account
OTHER TIERS: 0.01% $1m+
Rates as of July 17, 2019.

OMMA Details

  • $50 minimum opening deposit
  • No checking writing ability
  • Unlimited in-person withdrawals/transfers at any Republic Bank branch (FL, IN, KY, OH, TN)
  • No monthly maintenance fees, but there is a $3 monthly fee for paper statements
  • $10 Excess Transaction Fee for each transaction beyond the six allowed per statement cycle

Thanks to DA reader, timnok, for his continued Forum posts about MemoryBank.

EarnMore Checking

When Republic Bank launched its MemoryBank internet division in early 2017, it offered only one product: EarnMore Checking, a rewards checking account that earned 1.50% APY on balances up to $250k. Two years later, the EarnMore is now a standard checking account, earning 1.60% APY on balances up to $250k. While there has only been one rate increase in the past two years, this is typical for the standard checking accounts offered by internet banks. For example, the checking accounts at Ally Bank and Alliant Credit Union haven’t had a single rate increase for years, even during the recent rising rate climate.

APYMINMAXINSTITUTIONPRODUCTDETAILS
1.60*%-$250kMemoryBankEarnMore Checking Account
OTHER TIERS: 0.05% $250k+
Rates as of July 17, 2019.

ACH Transfers

From a Live Chat:

  • For the first 30 days following account opening, there is a default limit of $2k per day and per transaction, and $8k per rolling 30 days, when initiating a transfer through MemoryBank’s online banking.
  • After the first 30 days, a limit increase can be request. There are two standardized limit levels: Tier 2 – $5k per transaction and per day, and $10k per rolling 30 days, and
    Tier 3 – $10k per transaction and per day, and $20k per rolling 30 days.
  • There is no dollar limit on transfers initiated through another bank.
  • Up to five accounts may be linked at one time.
  • ACHs typically take 2-3 days.
  • ACH transfers are free, with the exception of Next Day transfers ($3 fee).
  • No holds are placed on incoming transfers, except for the initial account funding, which may take up to 5-7 business days.

Beneficiaries

Yet another Live Chat:

Me: Can beneficiaries be designated for the MMA?

    CSR: Yes, you can add a beneficiary to your Money Market account.

Me: How do you do that? There's no mention in the FAQ or on the online application how to actually do it. How many beneficiaries can be named? And are Social Security numbers required?

    CSR: You won't add them during the application process. They will be added after you're approved and an account is open with us. There's no limit to beneficiaries, however you can't specify how the funds are splits. Each beneficiary will get equal parts.

    We will ask for you to send the following information: Name, address, phone number, social, date of birth, email address, and Driver's License information if applicable.

Me: Can you tell me what types of Trust accounts can be opened?

    CSR: We can do revocable or qualified income trusts, and we're only able to use a social security number.

Availability

At the beginning of 2017, Republic Bank launched MemoryBank with a single product – EarnMore Interest Checking Account. The product line was expanded in July 2018 with the introduction of the Online Money Market Account. 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 Online Money Market Account or an EarnMore Checking 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 U.S. checking or savings account.

Bank Overview

As an internet division of Republic Bank, MemoryBank operates 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 2.45% (excellent) based on December 31, 2018 data. In the past year, the Bank has increased its total non-brokered deposits by $435 million, resulting in an excellent growth rate of 14%. Please refer to our financial overview of Memory Bank/Republic Bank (FDIC Certificate # 23627) for more details.

As stated in the Online Money Market Account Truth-in-Savings disclosure,

MemoryBank deposits are not separately insured by the FDIC beyond the
applicable FDIC insurance coverage available at Republic Bank & Trust Company.

Currently the largest bank in Kentucky with assets of $5.23 billion, Republic Bank’s roots lie in the 1977 acquisition of an “80+ year old Shelby County, Kentucky bank, renamed Republic Bank of Shelby County – Shelbyville.” The Republic Bank & Trust Company was founded in 1982, and began 35-year journey of expansion and acquisitions. While Republic Bank’s primary market area is Kentucky, stretching from Lexington to Louisville, the Bank has established a presence in the Cincinnati, Ohio, southeast Indiana, the Tampa-St. Pete metro area in Florida, and Nashville, Tennessee.

How the Online Money Market Account Compares

When compared to 177 Money Market accounts tracked by DepositAccounts.com that are available nationwide and not limited by large minimum balances or low balance caps, MemoryBank’s Online Money Market Account APY currently ranks second.

The above rates are accurate as of 3/13/2019.

Looking for the best MMA rates, either nationwide or in your state? Please refer to our Money Market Accounts rates table page.

Related Pages: money market accounts, checking accounts, nationwide deals, Internet banks

Comments
TRAX
TRAX   |     |   Comment #1
Great marketing strategy.......Come in just under the top rates for the exact same account type. Yes.......by all means!!! I now MUST switch from Redneck at 2.50% to get this account!!
DCGuy
DCGuy   |     |   Comment #5
If you want to move your money from OK over to KY, then you MUST open an account and transfer out.
unagi
unagi   |     |   Comment #6
Does Redneck have a linked checking at 1.6%? Also, isn't there some kind of goofy balance cap there like 50k for the 2.5?
willy12
willy12   |     |   Comment #7
No.They offer a 3% RCA that pays 3% but it's not required.
Yes, $50k limit for the 2.5%. And transfer limits.

Susquehanna pays 3% but has its own issues.
MemoryBank Online Money Market Now Earns 2.40% APY
Deal Summary: Online Money Market Account, 2.40% APY on balances up to $1 million, $50 minimum opening deposit

Availability: Nationwide (internet bank)

Seven months ago, MemoryBank (an internet division of Republic Bank) unveiled its Online Money Market Account (OMMA), which initially earned 1.85% APY. By the end of the year, the APY had risen to 2.30% following two rate increases. An additional 10 bps were added this morning, with the OMMA now earning 2.40% APY on balances up to $1 million; balances over $1 million continue to...

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MemoryBank Nudges Online Money Market Rate Upward
Deal Summary: Online Money Market Account, 2.30% APY on balances up to $1 million, $50 minimum opening deposit

Availability: Nationwide (internet bank)

Republic Bank’s internet division, MemoryBank introduced its Online Money Market Account (OMMA) in July, with an initial 1.85% APY. 40 bps were added in September and another 5 bps were added yesterday. The OMMA now earns 2.30% APY on balances between $0.01 and $1 million, with balances over $1 million earning 0.01% APY.

Basic information about the OMMA includes,

  • $50 minimum opening deposit
  • No checking...
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MemoryBank Boosts Online Money Market Rate
Deal Summary: Online Money Market Account, 2.25% APY on balances up to $1 million, $50 minimum opening deposit

Availability: Nationwide (internet bank)

In July, MemoryBank (an internet division of Republic Bank) added an Online Money Market Account (OMMA), with an 1.85% APY. That rate was raised today to 2.25% APY on balances between $0.01 and $1 million; balances over $1 million earn 0.01% APY.

A few facts about the OMMA:

  • $50 minimum opening deposit
  • There is no checking writing ability
  • No monthly maintenance fees, although there is a $3...
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MemoryBank Debuts Online Money Market
Deal Summary: Online Money Market Account, 1.85% APY on balances up to $1 million

Availability: Nationwide (internet bank)

It’s been about 18 months since Republic Bank introduced its new internet division, MemoryBank. The EarnMore Checking Account was MemoryBank's first and only product. MemoryBank doubled the size of its product line this week, when it unveiled its Online Money Market Account (OMMA). The OMMA earns 1.85% APY on balances between $0.01 and $1 million; balances over $1 million earn 0.01% APY.

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MemoryBank EarnMore Account (Standard Checking) Rate
Deal Summary: EarnMore Account (standard checking), 1.60% APY on balances up to $250k.

Availability: Nationwide (internet bank)

In late 2016, Republic Bank unveiled its new internet division, MemoryBank, which offered a single product, the EarnMore Account, a high-yield rewards checking account. The EarnMore Account offered a promotional first-year 1.50% APY on qualifying balances up to $250k. The promotional rate became the ongoing rate in November 2017 and in February, the rate was raised to 1.60% APY. While not an outstanding rate, the large $250k balance cap...

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