MemoryBank Nudges Online Money Market To 2.45% APY

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.

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.