MemoryBank Boosts Online Money Market To 2.25% APY


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.

2.25*%-$1mMemoryBankOnline Money Market Account
OTHER TIERS: 0.01% $1m+
Rates as of November 18, 2018.

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 monthly fee for paper statements
  • $10 Excess Transaction Fee for each transaction beyond the six allowed per statement cycle.

ACH Transfers

The information about ACH transfers I obtained in a Live Chat in July is still in effect:

  • 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 information is from a Live Chat done today.

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 it 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 a 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, with a Texas Ratio of 2.85% (excellent) based on June 30, 2018 data. In the past year, the Bank has increased its total non-brokered deposits by $479.28 million, resulting in an excellent growth rate of 15.69%. 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 $5.26 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, Tampa-St. Pete metro area in Florida, and Nashville, Tennessee.

How the Online Money Market Account Compares

Since there is no check writing ability with the Online Money Market Account, including savings account in the “comps” makes sense. Therefore, when compared to the Money Market accounts and Savings accounts tracked by that are available nationwide and not limited by low balance caps, MemoryBank’s Online Money Market Account APY currently shares the top spot with MySavingsDirect MySavings Account APY.

The above rates are accurate as of 9/28/2018.

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

9832   |     |   Comment #1
This deal looks the least restrictive when compared to the other offers. Kind of slow for ACH transfers though. Transfers between Ally & my hometown CU only takes 1 business day, however between Ally and 5/3 it also takes 3 business days.
pp215   |     |   Comment #2
Purepoint just increased to 2.15%
Superfast ACH. They increase the balance right away but actual transfer doesn't take long either.
9832   |     |   Comment #5
Yeah but this bank is offering 2.25% .10% more then purepoint and you can open the account with a minimum of only $50.00 instead of $10k, and no minimum requirement after account is open vs $10k for purepoint. When this deal is no longer valid I can move all funds out without any penalties and keep the account open since there are also no dormant fees. Not a apples to apples comparison IMHO. I stick with memorybank.
9832   |     |   Comment #3
Take note of 30 day fund hold for new accounts:

Special Rules for New Accounts
If you or any joint owner on your account has not had a previous deposit relationship with us, for the first thirty (30) days after establishing a deposit account relationship you may be subject to a new account exception hold. For new accounts, we may hold the entire balance of any deposits that you make into your account.
!!!   |     |   Comment #15
Good catch!
So, basically they're turning a MM account into a 30 day certificate.
What a joke.
I don't have anything to do with financial institutions that play these sort of games.
One your deposit has cleared the other institution you should have availability to your funds.
It's a MM account for Pete's sake.
The whole point is to have immediate access to you funds.
Roach motel bank!
DCGuy   |     |   Comment #32
For their Earn More Checking account, they will give you a packet of three starter checks and that's it. They want to use bill pay or other forms of online payment.
1124   |     |   Comment #36
I opened an account and asked this question- they were able to explain that for the first 30 days any new deposits CAN be held for up to 7 days. Nothing is ever held for 30 days.
deplorable 1
deplorable 1   |     |   Comment #4
Not bad but I'm expecting All America/Redneck to be at 2.25% in short order and some 2.5% accounts coming soon as well. Nice to see another addition to the 2.25% club though.
Blade   |     |   Comment #6
This one is tempting... Perhaps someone can help me out with two things I'm still unclear on:

1. Let's say I want to start the account with $100k and transfer it over to them with an ACH. Assuming I'm past any type of 30 day hold after the account is active - What's the dollar amount limit I can pull the cash back out from them to my main bank (via ACH) with the 6 transaction per month?
2. Their website states you can fund a new account with a credit card. So... I could max out my travel card for points and then just pay it off with the cash I was going to ACH over to the new account anyway? That seems almost too good to be true.
Legal Bank Robber
Legal Bank Robber   |     |   Comment #7
Because it is, you can only fund your account up to $500 with a credit card.
Nothing   |     |   Comment #8
It is what it is, it isn't!
Ann   |     |   Comment #9
The post says, "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."
Sarah   |     |   Comment #43
I don't understand. Does this mean that when I need to take out my money I can only take out $10,000 per month? What are the Tiers?
lrdxgm   |     |   Comment #10
Initiate the ACH transaction from the other side, and you shouldn't care about these low limits.
RPC   |     |   Comment #11
Irdxm: Please detail if you will the process of what you refer as to "Initiate the ACH transaction from the other side."
RPC   |     |   Comment #12
Irdxgm: Please explain what you mean by "Initiate the ACH transaction from the other side."
9832   |     |   Comment #13
He means to push the money from the external bank to memory bank. There are no limits if you do it that way. The limits only apply if you initiate the transfer from within memory bank by using their system.
2018   |     |   Comment #16
Are you sure they will allow this without the limit cap if the ACH is initiated from an out source bank?
9832   |     |   Comment #17
call them to confirm it for yourself. Call us: 1-877-757-3400
1234   |     |   Comment #23
Yes they will allow this
36789   |     |   Comment #37
I just transferred money from my other bank to my MemoryBank account no problems. You can pull money from your other bank to MemoryBank and there are no limits on what you can put into your account if it is initiated from your other account.
ACHlimits   |     |   Comment #14
If you are ONLINE bank only (no branches), there should be no ACH limits or obstructions. They are losing lots of business just because of that.
9832   |     |   Comment #18
@ACHlimits #14. There are no limits if you initiate any push or pull from an external source.
See Kens story above look under ACH Transfers, third bullet, it states:
"There is no dollar limit on transfers initiated through another bank"
Response to 9832
Response to 9832   |     |   Comment #25
#18, you missed the point, if we have to spread the money to banks that allow bigger transfers just to send the money back and forth and then re-direct the money to a third bank (intended destination), we lost time and money by circling the money around the web, instead of just one transfer, we created at least 3 transfers for the same money.
6745   |     |   Comment #38
I opened an account and called to ask about this- you can do a wire and they will waive the fee if the ACH limits are too low for you.
NewAccountApp   |     |   Comment #19
They have a clunky website for the account application. One is supposed to upload a copy of the drivers license but the website doesn't accept jpg, gif or tiff formats. Furthermore, it doesn't even tell you what formats are acceptable for uploads. The error message only says that the file format is not acceptable. Really annoying!
web519   |     |   Comment #20
I was able to upload jpg images of my licence. Maybe your images are too large? I used Camscanner from my phone & it keeps the jpg's pretty compact. Just something to check possibly since jpg files worked for me to upload.
NewAccountApp   |     |   Comment #22
The jpg file was only 28KB!
web519   |     |   Comment #21
I opened an account last week, they contacted me that they could not complete my registration because my Trans union credit file was frozen. I will never understand why a bank needs to do a credit pull for me to deposit money?
alert   |     |   Comment #24
I just got this email from them also as a result of having a fraud alert on my credit report.

We are sorry to inform you that we were unable to accommodate your request to open a deposit account with our institution at this time. Please note that we are unable to provide you with information by email or phone regarding this decision. A separate Notice of Adverse Action letter will be mailed to you with additional information and may direct you to a consumer reporting agency that was used during the application process to come to our decision.

Client Service
Blade   |     |   Comment #26
Equifax (a service none of us signed up for...) is breached creating the need for many of us to freeze our credit reports which in turn is now creating issues for many of us, myself included, when attempting to fund new bank accounts or CD's. I will comply with ID requirements (email photo of drivers licence, utility bill..) to deposit new money but jump through the unfreeze/refreeze credit hoops to deposit cash is my "line in the sand" especially since I've found both new MM and CD accounts that do not require a hard pull. It's time to legally mandate and standardize, across the entire U.S. banking industry, what is truly needed to establish a new financial account so Americans will be able to better plan their finances. The current system of each bank being allowed to utilize their own set of new account standards is BS. Hey Banking Industry.... DO BETTER!
NewAccountApp   |     |   Comment #27
Could you please let me know of MM and CD accounts that do not require a hard pull and offer competitive rates. I have a fraud alert on my credit report (due to the Equifax breach) and am guessing that Memory Bank will reject my application as well. Thanks.
Blade   |     |   Comment #28
I opened a new MM with Citizens Access (current rate = 2.12%) online with no hard pull. I opened a CD with First United Bank (in branch) and they used a "soft pull / Chex System" that was not impacted by my frozen credit reports. First United Bank has very competitive CD rates they do not publish on their website but will email them if you contact them. I emailed their latest CD rate sheet to Ken earlier today so look for it shortly on this forum. Hope this helps!
NewAccountApp   |     |   Comment #29
#28: Thanks!
NewAccountApp   |     |   Comment #30
As I had suspected- got the following email from them:

We are sorry to inform you that we were unable to accommodate your request to open a deposit account with our institution at this time. Please note that we are unable to provide you with information by email or phone regarding this decision. A separate Notice of Adverse Action letter will be mailed to you with additional information and may direct you to a consumer reporting agency that was used during the application process to come to our decision.

Now will apply to Citizens Access
#31 - This comment has been removed for violating our comment policy.
NewAccountApp   |     |   Comment #33
Just opened a Citizens Access account. Very easy online application process and account was approved right away. Slightly less interest rate but a significantly better online experience and application process. Thanks Blade (#28)!
Grownup   |     |   Comment #41
Instead of regulating this process we could just vote with our wallets as the principle of capitalism suggests???
Do we really want the government controlling everything we’re not happy about? I suggest you find a bank whose policies you like and patronize them. That’s capitalism! YAY!
8907   |     |   Comment #39
I asked about this specifically and it is a soft pull and is used as a verification tool since it is a digital only bank. The soft pull is not used to review credit score.
9832 - UPDATE
9832 - UPDATE   |     |   Comment #34
My account was initially declined because one of the challenge questions had two correct answers but the one I picked was not the one they were looking for.

In my case the question was: What color was your Toyota Scion? The problem is I owned two Toyota Scions and the answers provided had both car colors listed as possible answers. So I picked the last Toyota Scion I owned but they declined my answer.

I called today and they told me to reapply again. I also mentioned the problem with uploading documents. I was informed that there was a system failure uploading documents this weekend. The problem has since been fixed. This time my application went through without any issues. The same set of questions were asked again but this time the two possible colors of my Scions were not listed together as possible answers.

Don't give up. Try it again. They are very helpful. Call them at 877-757-3400. You will need to provide them with your application number that was declined. The associate even stayed on the phone with me while I re-applied. This time the process worked correctly including uploading the DL as a jpg file. All you need is a CC to open the account with just $50.00
John Afro
John Afro   |     |   Comment #35
Thank u so muuch!!

i was goona give up but this rate is so good.
45678   |     |   Comment #40
This rate really caught my eye and I did not find the application process to be difficult. I also did some research and really liked that MemoryBank is actually a subsidiary of a really well established community bank. You can tell they have the same values when you talk to the reps on the phone. Super helpful and stayed on the phone with me when I had multiple questions.
rate list
rate list   |     |   Comment #42
Why is Memory bank not listed in the money market rate list? They are still offering 2.25%
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Availability: Nationwide (internet bank)

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