Update 11/6/19: Down to 2.00%.
Update 8/16/19: They’ve added the following disclosure to their checking and money market accounts: “Effective 9/16/2019 a Below Balance Fee of $15 will apply if the daily balance is below $1,000 any point during a statement cycle.”
Update 8/13/19: Rate decreased to 2.25%.
Update 3/9/19: Rate increased to 2.45%
Update 1/8/19: Rate has increased to 2.40%.
Update 12/7/18: Rate has increased to 2.3%
Offer at a glance
- Interest Rate:Â 2.3% APY
- Minimum Balance:Â None listed
- Maximum Balance:Â $1,000,000
- Availability:Â Nationwide
- Hard/soft pull:Â Soft
- ChexSystems: Yes
- Credit card funding:Â Up to $1,000
- Monthly fees:Â None
- Insured:Â FDIC
The Offer
- MemoryBank is currently offering 2.45% APY on it’s money market account (not to be confused with the 1.6% on the checking account)
The Fine Print
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
Update 8/16/19: There’s now a $1,000 minimum to avoid $15 monthly fee.
This account has the following fees:
- $3 Monthly Paper Statement Fee (per statement)
- $36 Stop Payment Request
- $0 Cashier’s Check Fee
- $12 Returned Deposited Item
- $0 Overdraft Fee (per Business day)
- $36 Overdraft Fee (per in-person and electronic withdrawal)
- $36 Returned Item Charge (per Item)
- $10 excess transaction fee (for transactions exceeding 6 per month)
Our Verdict
This is now the seventh bank offering 2.25% APY with no requirements. Now it’s just a matter of time until one of them increases rates to above this level. Keep in mind you can get higher rates on rewards checking accounts, but they do have monthly requirements.
