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
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%
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