Published on January 25th, 2017 | by Chuck80
MemoryBank 1.5% APY for First Year on up to $250,000
Offer at a glance
- Maximum bonus amount: .5% bonus on top of regular rate (1.5% total)
- 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 for the first year on balances up to $250,000 when qualifications are met
You’ll earn 1% APY base earnings and a bonus of .5% for the first year. After the first year, the interest rate will revert to the standard 1% APY rate. You need to do the qualifying activities, even for the 1% rate.
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
- Bonus rate valid for first 12 statements (bonus period), on balances from $0.01 – 249,999.99
- 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 qualfications aren’t difficult to meet: enroll in e-statements, automate a monthly ACH transfer of any amount from your regular checking account to the MemoryBank account, and buy five $.50 Amazon reloads each month.
The standard best interest rate is usually between 1% and 1.35% so this account is a bit better. And they’ll give the high rate all the way up to $250k which is quite generous.
That said, I’d thing for most people this isn’t worthwhile being that the 1.5% rate is only valid for one year; after that it reverts to 1%, and even the 1% is only with the qualifications being met. And most people don’t hold anywhere near $250k in cash, in any case.
If I did have $250k sitting in cash in a 1% account, I’d jump on this offer. For the hassle of buying five $.50 Amazon gift cards each month, I’d net an extra ~$1,250 on top of the ~$2500 I’d earn from any other 1% account, for a total interest earnings of ~$3,750.
Even at amounts lower than $250k it could make sense to do. Internet banks are usually each to deal with and you’ll also get $500 in credit card funding as an added bonus.
Just bear in mind that reader’s reports indicate they might not approve you if you have too many Chex inquiries.
We’ll add this our post on Best High Interest Savings Accounts.
Hat tip to Maxmizingmoney