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 earn an interest rate of 0.01%.

2.40*%-$1mMemoryBankOnline Money Market Account
OTHER TIERS: 0.01% $1m+
Rates as of January 16, 2019.

Basic information about the OMMA includes,

  • $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 Forum post concerning MemoryBank's latest rate increase.

ACH Transfers

The following Live Chat occurred in July, but the information about ACH transfers is still accurate:

  • 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.


The following Live Chat is from September, but still in effect.

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.


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 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.

At the start of 2017, Republic Bank launched MemoryBank with a single product called the EarnMore Interest Checking Account. The product line was expanded in July 2018 with the introduction of the Online Money Market Account.

MemoryBank/Republic Bank has an overall health grade of "A+" at, with a Texas Ratio of 2.67% (excellent) based on September 30, 2018 data. In the past year, the Bank has increased its total non-brokered deposits by $539.6 million, resulting in an excellent growth rate of 17.38%. Please refer to our financial overview of Memory Bank/Republic Bank (FDIC Certificate # 23627) for more details.

According to 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 $5.21 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 179 Money Market accounts tracked by that are available nationwide and not limited by low balance caps, MemoryBank’s Online Money Market Account APY currently ranks first.

Interest RateAccount NameCredit Union/Bank
2.40% APYOnline Money Market (no min/$1m max)MemoryBank
2.36% APYeMoney Market Special ($100 min/no max)VirtualBank
2.35% APYSmile Worcester County Consumer Money Market (no min/no max)Bay State Savings Bank

The above rates are accurate as of 1/8/2019.

Searching 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, nationwide deals, Internet banks

deplorable 1
deplorable 1   |     |   Comment #1
I'm betting that All America/Redneck Bank will be kicking up their MMMA to 2.5% in short order.
RJM   |     |   Comment #12
Hope you are right.
MEMORY BANK   |     |   Comment #2
#4 - This comment has been removed for violating our comment policy.
AnnO   |     |   Comment #3
"The above rates are accurate as of 1/8/2018."

It's 2019 now. ;-)
Ken Tumin
Ken Tumin   |     |   Comment #7
Good catch! It's going to take me awhile to get used to writing 2019.
Att   |     |   Comment #5
Yes Please keep raising rates so we get competition from other banks. EBSB still offering 2.5% and was available for almost 3 months.
Trax   |     |   Comment #6
A good rate......but I'm not"chasing" MM rates any more unless it's really worth it......such a hassle. I chased Northern Direct. It was fine for all of about 2 months and then my other bank matched it. Not worth the aggravation. Now Northern has like $4 in the balance........Guess I will keep it in case they suddenly raise again but I doubt they will.
8237   |     |   Comment #8
No chase here. You can open an account with Zero and keep it at zero without any penalties. Then just ACH funds back and forth between high rate offerings.
Trax   |     |   Comment #9
Meh.....I guess....But I'm getting more and more lazy as I get older.
Anon   |     |   Comment #10
Just another bank's database to be broken into to steal your precious info... I tend to open new accounts very rarely now in this post-Equifax world.
#14 - This comment has been removed for violating our comment policy.
Att   |     |   Comment #11
Keep Northern open as you have a 2.26 % floor for another 6 months should rates drop. I keep some money in Northern and add money when I need to write checks. Need to pay some people working on a project and add funds to this account and write checks which they provided at account opening.
111   |     |   Comment #13
I'm keeping a little cash there myself for the same reasons (rate guarantee, free checks). Also, the 2.26% is paid on all balances under $250K, even if you drop it to $1.
Svensk   |     |   Comment #15
One who has large amounts of cash to move quickly should peruse the detailed limits of each bank. Rate is just one factor to consider, especially if one has large amounts of cash on deposit.
1. Is interest compounded daily or monthly? If posted monthly, any funds moved will lose all interest for the month if moved before the statement date.
2. What are the limits on ACH inbound and outbound transfer amounts? $5000 x 6 limit per month is unacceptable.
3. Checking is a plus, but not requisite, if large transfers are allowed.You can write what few checks you need and direct payouts out of your local "hub" bank.
4. Keep accounts open with a $1 balance, to eliminate reapplying for an account.
With the above comments in mind, and having learned from experience, I now avoid these banks:
I Go Banking
And am certain there are others I have not researched.
Recommended banks for the present time:
All America
Popular Direct
My Savings Direct
Think of online banking as a cash producing hobby and never, ever ignore the wealth-building aspects of compounded interest!!! Stash some cash for a comfortable future!
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...
Continue Reading
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...
Continue Reading
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.

Continue Reading
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...

Continue Reading
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...

Continue Reading

More Past Offers

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 [email protected] 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.