Posted by Chuck on May 3, 2018
Bank Account Bonuses

Published on May 3rd, 2018 | by Chuck

396

[Expired] MemoryBank $100 Signup Bonus with EarnMore 1.6% APY Checking

$100 bonus is no longer mentioned, looks like the deal is now deal. You can view the best current checking bonuses by going here.

Update 05/03/18: We’re reposting as there are no longer any requirements to earn the 1.6% APY rate. Just keep in mind other accounts are now offering up to 2% APY with no requirements and 5% APY with requirements.

Offer at a glance

  • APY: 1.6% APY
  • Availability: Nationwide
  • Additional requirements: 3 ACH deposits of $200+
  • Hard/soft pull: Soft
  • Credit card funding: Up to $500
  • ChexSystems: Yes
  • Monthly fees: None
  • Early account termination fee: None
  • Expiration date: 12/31/2018

The Offer

Direct Link to offer

  • Signup for a MemoryBank EarnMore account and get $100 bonus with promo code: TA2018

To be eligible for the bonus, you must have 3 ACH deposits of $200+ each by the end of the third statement cycle.

1.60% APY Requirements

As of 05/02/18 there are no longer any requirements needed to earn this rate.

To be eligible for the bonus APY 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

  •  New monthly statement cycles begin on the 15th of each month.
  • Electronic deposit is defined as an ACH credit transaction.
  • Offer expires 12/31/2018.
  • Limit one TaxAct promo per customer.
  • Offer valid upon opening an EarnMore Checking Account.
  • $100 cash bonus earned for receipt of a minimum of 3 ACH credits of at least $200 each into the new EarnMore Checking Account. Qualifying ACH credits must occur between the day the EarnMore Checking Account is opened and by the end of the third statement cycle.
  • Cash bonus will be deposited into the EarnMore Checking Account on the first business day of the statement cycle following the statement on which the qualifying activity appeared and is reportable as interest on a 1099-INT.
  • Not valid with any other offer.
  • Offer valid with promo codes only.
  • $50 minimum opening deposit.

Our Verdict

We wrote about the MemoryBank offer last year when it was just a high APY rate (back then this was a high rate); now they’ve added the $100 bonus for TaxAct customers. I assume anyone can add the promo code and get the offer attached.

$100 signup bonus for a checking account is on the low side, but readers point out that for an easy bonus like this + $500 in card funding it’s not a bad offer to do, and it’s available nationwide. We’ll add this to our List of Best Bank Bonuses.

Would be even better for someone who wants the 1.6% APY checking rate on balances up to $250,000. That said, there are monthly requirements to get this rate, as mentioned, and 1.6% isn’t even the best rate around anymore which makes the deal as a whole much less enticing. Check our List of Best Savings Accounts for up to date information on best interest rates available.

Hat tip to reader CJ



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Thomas
Thomas

What is the best high interest checking or savings that has no requirements?

MoreSun
MoreSun
Missjenniferd1
Missjenniferd1

In my opinion, the new rate on northern bank.

Jenn
Jenn

Was able to fund with Capital One Spark Business. Went through as a purchase

Duke I.
Duke I.

I don’t usually go for anything less than $150. But since the requirements are minimum and can use Capital One Spark Business, I’ll go through with it.

Bob
Bob

Used Citi DoubleCash card. Posted as a purchase.

Shaun
Shaun

$100 with no DD requirement and $500 credit card funding? Seems like y’all would be higher on this one. $100 may be low but with no DD or debit card uses it’s easy peasy.

HoodWinked
HoodWinked

The ChexSystem’s pull can be used better elsewhere for some of us

Shaun
Shaun

True, I’ve yet to be denied due to a high number of Chex pulls though and it seems like I hit it pretty hard.

Just my own anecdote. Others probably hit it harder and have been denied.

Superchurn
Superchurn

can confirm. recently denied for Key Bank due to chex. will still do this one though since its so easy and can knock out $500 of min spend to boot

E
E

Dis you get denied on this one?

Adam d
Adam d

if a bank is chexsystems senstive anything 5+ youre getting denied, history is for what 7 years? so its pretty short sigted to save your chex inquires, these arent cc inquires were talking about.

Will Ryan

I’ve never had an issue with that. By the time a new decent account comes along, I seem to be fine with Chex. I wish I had the problem of needing to be more selective =/

Duke I.
Duke I.

In case someone ask

Termination
Your account can be closed at any time for any reason by either you or the Bank. We may require your account to remain open
until all outstanding items clear your account. We will close your account if you notify us that your checks have been lost or
stolen. If there is a collected balance when you close your account, we will forward the funds to you.

Asad
Asad

Successfully opened. Tried funding with SPG and didn’t go through. Tried AA Plat next and coded as Professional Services. I’m curious to see if opening multiple accounts will be possible for min spend purposes

parrothead
parrothead

Not if you open them at the same time. Just tried. Funding page would only allow $500 between the two accounts on a credit card :/

Brad
Brad

SPG Biz or personal?

t
t

Did you get immediate confirmation and account number?
Used Personal SPG – no confirmation of fund going through. Received email that says we will follow up in 2 business days. I had to upload a picture ID (driver’s license).

Mike A.
Mike A.

I successfully funded $500 with a SPG Personal AMEX last month.

Adam
Adam

What is your current cash advance limit with the SPG?

Brad
Brad

What qualifies as an ACH deposit?

Is it proper to assume AmEx won’t wirk for funding because of new ToS?

Alex
Alex

I think pretty much any ACH relationship you have with another bank.

I’m gonna use discover

Brad
Brad

So just move money from my checking account in 3 installments of $200?

KP
KP

Seems that’s it. Ridiculously easy so I know you’re like “what’s the catch?” lol

Brad
Brad

Would it be better to send the money as a bill pay or can it just be a regular digital transfer?

t
t

just checking back – did Discover work. My 3rd ACH is still pending. Just curious how long it takes to receive bonus

Lee
Lee

Discover worked for me!

AllwaysLearning22
AllwaysLearning22

Did you get the bonus yet?
I opened on 5/5 and met requirements on 5/11

Jeff G
Jeff G

Bonus happens on the 16th of every month.

AllwaysLearning22
AllwaysLearning22

Yep, posted as clockwork. Probably the fastest bank bonus I have ever gotten.

5/05 – applied, approved, established online login
5/07 – initial $500 (from CC) deposit posts
5/08 – verification small depostits from hub account post
5/10 – 1st $200 ACH
5/10 – 2nd $200 ACH
5/11 – 3rd $200 ACH
5/15 – statement closes
5/16 – shows $100 “Pending” for Rewards Earned: MB – TaxAct

Brad
Brad

What bank did you use for the ACH? They were pushes, correct?

zjts
zjts

were you a user of taxact?

JuicyJosh
JuicyJosh

Probably no one was. Well, at least didnt find out about the offer that way.

Johnz
Johnz

Does this small print on the offer page mean I have to be a TaxAct user to get the $100?
“The $100 in Bonus Cash described above is intended for users of the TaxAct tax preparation software who meet MemoryBank’s eligibility requirements and other terms, and is offered and administered by MemoryBank.”

Shaun
Shaun

I think it depends if there is data sharing between TaxAct and MemoryBank to confirm customers.

I used TaxAct in 2014 so I’m technically a customer.

joe
joe

PRG went through for $500.

Alex
Alex

Doubt they cross reference Tax Act. At least initially. I would get in before they start to look at other things

Mike A
Mike A

That’s a great question about being a TaxAct user. Even though I don’t intend to use their service, I signed up a free TaxAct account and am retaining the automated email confirmation of “starting” my taxes using this service. Technically my minute spent on the TaxAct website makes me a user of their software.

Jake
Jake

Same here – creating a TaxAct account is free and takes about a minute, so I did that before signing up for this account. Thanks for the suggestion!

JJM292
JJM292

DP: Amex PRG Personal was accepted as a payment method for $500. It is currently pending as a “Business Services: Other Services” Purchase.

stingerzing
stingerzing

Application declined. Most likely from Chex inquiries. I’ve opened 30+ accounts in the last year and a half.

gli
gli

I too have a multitude of CHEX inquiries – I was instantly approved of. They do ask the verifying questions.

Alex
Alex

Ya I doubt you got declined due to Chex. I’ve had a TON of inquiries and I got approved

Superchurn
Superchurn

good to know. definitely applying now

Sexy_kitten7
Sexy_kitten7

I was also declined (likely due to Chex). My report is clean aside from 24 HPs (just pulled it 3/2/18).

AnameOfaguy
AnameOfaguy

I was declined too. Have about six chex inquiries in the last year but four in the last month. Unitus Credit Union (OR) was kind enough to pull my Chex twice and then refused to retract one of them.

Alex
Alex

So if I read the terms correctly, each of the $200 can be posted in the same cycle right? Can I just push $200 from discover three times and be done with it in the same month? Or does it have to be one per statement cycle?

Alex
Alex

Funded $500 with Citi AAdvantage. Pending as Professional Services.

Does not appear to be Chex systems sensitive, approved and got an account number. I’ve lost track of how many new accounts I’ve opened.

Hopefully they dont come back later with a letter stating account closure. I’ve had a lot of that lately with other banks/credit unions

Shaun
Shaun

Funded $500 with 1st National Bank Travelite Amex. Went through just fine. Can’t see what it’s charged as, 1st National is slow with showing pending items.

Shaun
Shaun

Travelite Amex charged as Professional Services

Duke I.
Duke I.

I haven’t been able to log in after given the opportunity to create a username and password. Is there a wait time before one can log into the account?

Alex
Alex

When you first created a username/password, that was for application.

You then have to go into online banking and enroll with account number. I’m still waiting after enrolling because the application is in “process”

Duke I.
Duke I.

Thank you!

Superchurn
Superchurn

DP:

Approved!
39 new accounts in the last 24 months
27 new accounts in the last 12 months

not inquiry sensitive it seems

Funded $500 with personal SPG, pending as “Republic Bank”

Got immediate account number, which is handy for initiating ACH transfers immediately

Alex
Alex

How do you initiate transfers immediately without verifying trial deposits from a bank?

Superchurn
Superchurn

i havent done it yet, but having the account number lets me set it it up right away (is what i meant)

Alex
Alex

Oh ok gotcha

Baz
Baz

Santander lets you push ACH without trial deposits. Just make sure its the right routing/account numbers lol

Johnz
Johnz

Alex, If your checking account’s Billpay is the Ipay brand you can likely do push ACH’s without trial deposits. 3 of my Checking accounts’ Billpay are from Ipay and each allows but in different ways. I can’t speak for all Ipay Billpay versions. It’s a great feature: as soon as I know its routing & account number I can ACH funds to a new account.

Alex
Alex

Thats awesome thank you!

Superchurn
Superchurn

I was looking for the routing number, but it wasn’t on the account number screen, and google knows nothing. have you made any progress in finding it yet?

t
t

091017620
It’s under the Direct Deposit Agreement Form
For some reason my employer can’t locate this routing number… looks like I might have to go with Discover ACH

Superchurn
Superchurn

thanks!

yeah, considering regular ACH works anyway, probably easier than futzing around with a real DD

Superchurn
Superchurn

Had to upload Utility bill and Drivers License scan, then allowed to enroll for online banking a few minutes later

still dont see their routing number on the online banking interface 🙁

Shawn
Shawn

Applied showing “in process”. Said contact within 48 hours. Now showing referred. Reaching out now to bank. Attempted to fund with Southwest Business.

jmgh
jmgh

Shawn I’m in the same situation. Did you reach out to the bank? I did upload a copy of my ID to the website but have not heard anything back from them.

Shawn
Shawn

They approved my account. Waiting on online banking.

Brad
Brad

How did they inform you? I also got the 48 hour message/showing referred when I’m logged in.

P L E A S E M A R I A!!
P L E A S E M A R I A!!

Approved but what is the routing number? Can’t find it

Alex
Alex

I think it’s 091017620

Superchurn
Superchurn

excellent. will try this and see if it works

Alex
Alex

Yup it works

P L E A S E M A R I A!!
P L E A S E M A R I A!!

pushed all 3, two days later bonus posted, ach out

vince
vince

what bank did you push from

MJG
MJG

It doesn’t matter–it doesn’t need to be a DD, it just needs to be an ACH of any sort. I used Chase, got bonus right away.

vince
vince

okay same. it worked

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