MemoryBank's EarnMore Checking Now Earns Ongoing 1.50% APY


Deal Summary: EarnMore Account (checking), 1.50% APY on balances up to $250k.

Availability: Nationwide

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!

1.60*%-$250kMemoryBankEarnMore Interest Checking Account
OTHER TIERS: 0.05% $250k+
Rates as of April 23, 2018.

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.

I wrote about the EarnMore Account in a January 2017 blog post, which provides a fairly detailed summary of this RCA. MemoryBank’s FAQs page also includes a lot of helpful information.

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.

Bank Overview

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, 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, 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.

Related Pages: Lexington checking accounts, reward checking accounts, nationwide deals, Internet banks

mrvirgo   |     |   Comment #1
I opened an account with Memory Bank in April of 2017 and have never had any problems whatsoever. The dividends post on the 15th of each month without any glitches. The American-speaking reps really are friendly and helpful and the website is exceedingly easy to navigate. I am very happy to give Memory most of my banking business.
MemoryBank’s Internet Checking Account with a First-Year 1.50% APY
Availability: Nationwide

Republic Bank & Trust Company recently launched an internet bank called MemoryBank. One thing unique about MemoryBank is that it currently offers a single product, a high-yield reward checking account that it calls the EarnMore Interest Checking Account. The EarnMore Account has two features that make it more appealing than the typical reward checking account. First, the maximum balance that qualifies for the top yield is $250k, which is much larger than the typical reward checking balance caps. Second, the required monthly requirements are easier than the...

Continue Reading

The financial institution, product, and APY (Annual Percentage Yield) data displayed on this website is gathered from various sources and may not reflect all of the offers available in your region. Although we strive to provide the most accurate data possible, we cannot guarantee its accuracy. The content displayed is for general information purposes only; always verify account details and availability with the financial institution before opening an account. Contact to report inaccurate info or to request offers be included in this website. We are not affiliated with the financial institutions included in this website.