MemoryBank .90% APY on up to $250,000

Update 1/6/20: Rate decreased to .90%.

Update: 02/01/18 Rate increased to 1.6% APY

Update: MemoryBank’s 1.5% APY account is no longer first year only.

Offer at a glance

  • APY: 1.6% APY
  • Availability: Nationwide
  • Additional requirements: ACH transfer, e-statements, 5 debit card purchases
  • Hard/soft pull: Soft
  • Credit card funding: Up to $500
  • Monthly fees: None
  • Expiration date: Unknown

The Offer

Direct Link

MemoryBank is an FDIC insured internet bank available to US residents age 18 or older.

  • MemoryBank offers an EarnMore checking account with an interest rate of 1.5% APY on balances up to $250,000 when qualifications are met

 

To be eligible for the bonus rate, you need to do the following three qualifying activities:

  • Receive at least 1 electronic deposit such as payroll, transfers from other financial institutions, or even Popmoney each month
  • Use your debit card for at least 5 in-person or online purchases each month
  • Get your statements online

 

The Fine Print

  • Minimum $50.00 to open account
  • After the bonus period you must maintain activity requirements to earn the current APY and no bonus APY is available
  • A new customer is defined as not having an EarnMore Account in the six months prior to date of account opening
  • If activity requirements are not met or balances are in excess of $249,999.99, the APY is .05%

Our Verdict

The qualifications aren’t difficult to meet, but given other savings accounts are offering up to 1.55% APY with no requirements this isn’t an attractive offer. It’s fairer to compare this to a rewards checking account that also has requirements and these accounts offer up to 5% APY.  We’ll add this our post on Best High Interest Savings Accounts.

Hat tip to Maxmizingmoney

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Martin
Martin

FYI, the rate is 0.50% APY, and both the checking and the money market are showing:
“Not currently accepting applications for new accounts
in order to focus on the needs of our existing clients during these special times.”

Jake
Jake

Is the credit card funding limit $500 or $1000? It is quite confusing reading the post and comments below. Thanks.

Fred
Fred

I think this post is about the checking account (which is now 0.05%). I opened that and funded with $500, and later opened their money market account (which is now 0.50%) and funded with another $500. So that is probably where the $500/$1000 discrepancy comes into play. However, I wouldn’t recommend either one right now, and I think they are not accepting new applications anyway.

Jake
Jake

Thank you very much for your help! It is a pity that they don’t accept new customers now, I was planning to use them to meet my credit card spending limit 🙁

Fred
Fred

Check out https://www.doctorofcredit.com/does-funding-a-bank-account-with-a-credit-card-count-as-a-purchase-or-cash-advance/ . I usually cross reference that list with a search on depositaccounts.

Billy Bob
Billy Bob

Why even post this at 0.90%?

Martin
Martin

The rate is now 0.90% APY. William Charles Chuck

Aric
Aric

Funded $1,000 with Chase Hyatt. Went through as purchase.

Adam
Adam

So is the max credit card limit now $1000? Anyone know for sure?

James L
James L

It states this on the application when you enter your credit card that the maximum is $1000.

Martin
Martin

The rate is now 1.15% APY.

Steve

The rate dropped to 1.4% APY

John
John

Funded $500 with Southwest Priority on 2019-04-20, coded as purchase.

MAX
MAX

Seems like they removed the additional requirements:
https://www.mymemorybank.com/home/products/earnmore_account
Balances APY Range Interest Rate
Balances through $249,999.99

1.60% 1.5884%
Balances $250,000+ 1.60% to 0.05% 0.0500%

MAX
MAX

Direct reply from them:

Thank you for contacting MemoryBank!

You are correct Max! There are no requirements to earn the 1.60% APY for our EarnMore checking account. We have removed all the requirements and you are able to earn the highest percentage rate without having to complete any.

CJ

William Charles I tried to file this year’s tax with TaxAct, after which the website prepared a personalized financial recommendation for me which included a promotion with Memory Bank. The rates and the requirements are the same, except with a $100 sign up bonus after 3 ACH deposits of at least $200 by the end of the third statement cycle.

CJ