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
View Comments (105)
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. @will @chucksithe
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.
@will 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.
Forgot to attach the link: http://www.mymemorybank.com/home/landing?utm_source=affiliate&utm_medium=banner&utm_campaign=taxact&utm_term=promo
Thanks @guest_567292, we'll post about this tomorrow.