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
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
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.”
Is the credit card funding limit $500 or $1000? It is quite confusing reading the post and comments below. Thanks.
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.
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 🙁
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.
Why even post this at 0.90%?
The rate is now 0.90% APY.
William Charles
Chuck
Updated, thanks
Wow, so it’s kinda pointless now unless you need to meet min spend?
Funded $1,000 with Chase Hyatt. Went through as purchase.
So is the max credit card limit now $1000? Anyone know for sure?
It states this on the application when you enter your credit card that the maximum is $1000.
The rate is now 1.15% APY.
The rate dropped to 1.4% APY
Funded $500 with Southwest Priority on 2019-04-20, coded as purchase.
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%
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.
Forgot to attach the link: http://www.mymemorybank.com/home/landing?utm_source=affiliate&utm_medium=banner&utm_campaign=taxact&utm_term=promo
Thanks
CJ, we’ll post about this tomorrow.