Posted by Chuck on January 25, 2017
Checking Accounts

Published on January 25th, 2017 | by Chuck

90

MemoryBank 1.6% APY on up to $250,000 [No Longer First Year only]

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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gary
gary

does anyone know if its a hard or soft pull and it says the account can be funded by debit/credit card anyone know up to how much?

joe
joe

We will be jumping on this. (I think) The real improvement is the ease of use vs multiples $25K reward checking accounts combined with a 1%+ savings account. Instead of ~60 transactions you need to do 5. And there is no restrictions on how many transactions go out of the account like a 1% savings account.

The one big drawback, is if you’re not diligent, instead of missing out for the interest for 1 2% 25k account you are missing out for the whole thing.

It says it can be funded with a credit card? I did not see that… And the lady at the 800 # told me soft pull.

Matt
Matt

It’s a soft pull, and up to $500 with credit card.
Gave me a 2 day message, but I think this is standard.

Matthew
Matthew

Update: denied. that was really fast. must be really chex sensitive, oh well.

Matthew
Matthew

lol if you could delete my reply that would be great, google autofilled in my full name…

Matt
Matt

If you could delete the above comment that would be great, google autofilled my name.

Ken
Ken

How many new bank accounts have you opened in the last 6 and 12 months?

Ashok
Ashok

Hi Doc – The rate of 1.5% is not guaranteed for 1 year. Only the bonus rate of 0.5% is guaranteed for 1st year . The base rate of 1% can change at any point in time like a reward checking account as per the fine print for this account

I bet this rate falls in a couple of months unless the fed increases rates further.

Radster
Radster

Where did you see language to support your claim?

I think you’re incorrect based on “Earn 1.5% Annual Percentage Yield.. for the first year…”

Ashok
Ashok

Also you cannot add a beneficiary or POD on this account .. that kind of sucks

Ben
Ben

Not trying to be nitpicky, but when I first read this I thought you meant only 1 DD in the first year and only 5 debit card transactions in the first year….not per month. That got me more excited, until I clicked on “need” link which clearly states the DD/debit transactions are per statement.

Evan
Evan

I haven’t heard of an account where the requirements are per year. They’re always per month.

Chris
Chris

Got instant approval and option to fund $500 with credit card. Thanks for the heads up!

Ken
Ken

WOW this is a great deal. 0.5% better than my other best savings account. That’s a free utility bill over my other account 🙂

I’ll wait to see if we can establish a reason why they deny some people as we’ve got lots of Chex inquiries.

Stor
Stor

I am actually interested in how this account works on payment on death. It may be a bit morose but I do also base my;savings account choice on ease of keeping funds out of probate. Particularly if I am going to park 200k+.

ss
ss

Couple of deal breakers –

1. From fine print: “Rates may change at any time.” Plenty of banks lure new customers with high rate then drop it. See UFBDirect, Mysavingsdirect, etc.

2. From live chat with rep: “No PoD designation allowed.” If you pass away, good luck with probate.

3. Mentioned above: Denials based on Chex inquiry issues.

Alternative – 1.4% 1 year CD at http://www.melrosecu.org/rates?RateId=36 or
1.38% 1 ear CD at https://www.connexuscu.org/primary-landing/201701-share-certificate-primary

Joshua H.
Joshua H.

Approved after phone call from CSR. Chex pull, no hard pull. Fund $500 with Citi AA Plat Select, in Citi page it shows as professional service during pending.

Joshua H.
Joshua H.

charge posted as purchase

Aks
Aks

Instance approval. But online account opening will take 2-3 business days.

Yu
Yu

Can anyone who fund the account with CC share which CC you use and if it is treated as purchase?

Dan
Dan

I just funded with my Amex DL Reserve card. I’ll report back whether it settled as a cash advance or purchase.

Dan
Dan

Seems to have posted as a purchase:

PROFESSIONAL SEVICES
Category: Business Services – Other Services

William Charles

Thanks, Dan. Added DP.

lian
lian

what’s the fund 500 at credit card, I am new here don’t know what is. Please.

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