Posted by William Charles on August 16, 2019
Savings Accounts

Published on August 16th, 2019 | by William Charles

108

MemoryBank 2.00% APY Money Market Account

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: 2.3% APY
  • Minimum Balance: None listed
  • Maximum Balance: $1,000,000
  • Availability: Nationwide
  • Hard/soft pull: Soft
  • ChexSystems: Yes
  • Credit card funding: Up to $1,000
  • Monthly fees: None
  • Insured: FDIC

Contents

The Offer

Direct link to offer

 

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.



108
Leave a Reply

avatar
 

  Subscribe  
newest oldest most voted
Notify of
SavorLA
SavorLA

Does memory bank offer overdraft protection on checking account by linking the savings account? Similar to what Discover checking/saving has? That would be amazing to keep a small balance on checking while racking up the higher rate

Albrecht
Albrecht

I was also curious and chatted with them about that and here’s what they said: “At the moment no. We are hoping to offer that feature in the future”.

Yu
Yu

Doc, if I already have the checking account with them and now apply for a MM account, will they do the Chexsystem verification again?

Thanks.

Dan - Legal Bank Robber
Dan - Legal Bank Robber

Yes. I would not worry about your chex though.

Kevin
Kevin

Why do they say “up to 2.25%”? Does that mean they have a minimum amount of money in the MM to earn a max 2.25% rate?

Steve
Steve

If you click on ONLINE MONEY MARKET TRUTH IN SAVINGS DISCLOSURE it shows the rate tiers: $0.01 to $1,000,000 is 2.25%, over $1,000,000 is 0.01%.

So, there doesn’t seem to be a minimum, and I guess the “up to” wording is just because if you have over $1,000,000 you’ll get a lower rate.

thomas
thomas

Applies to current account holders as well.

Churningaway
Churningaway

with the Fed raising rates again here shortly in December, and then several times next year – i bet we’ll start seeing close to 3% rates on savings account by mid-2019. I’m not certain of course but know that the Fed Funds rate, Prime Rate and Saving Account %’s are all correlated

They’re allowing upto $500 in funding from a credit card for the money market, anyone know if it posts as a purchase?

Brian
Brian

Sure does. Can confirm on Citi DC and Disney Visa.

BBoy
BBoy

Coded as Business Services – Other Services on Amex no fee Hilton card

Dan - Legal Bank Robber
Dan - Legal Bank Robber

Amex Gold coded as purchase I did one checking and two MM’s

The Cat
The Cat

Chase Freedom posted as purchase for me on 8/27/18.

Steve
Steve
Steve
Steve

When I opened Memorybank checking account for the $100 sign up bonus, I had it instantly after I submitted my application online. However for this money market account, it said someone will contact me back in 2 business days.

Steve
Steve

I got mine approved the next day.

Will Ryan

I’ve been very happy with their checking account, it has become my regular account. Will open this as well and assume the same solid service.

No frills, not the nicest site, but everything works great and only time i ever needed them was to call and raise my transfer limits ($20k monthly max, that is somewhat annoying about workable).

Steve
Steve

What was the transfer limit before you called (per transaction and month)? Is it 20k monthly max now?

Shaun
Shaun

I have the same question. Trying to transfer in 20k right now and it won’t let me.

EDIT: Clicked the the “I” next to amount just now. Per transfer/daily is 2k and monthly is 10k.

Schmekel
Schmekel

I’ve never heard of a bank limiting Deposits to 2k daily – possibly unless this is your initial ACH/deposit.

If you use a bank with higher limits, link them for ACH and use them to push and pull to/from Memory.

Shaun
Shaun

https://www.mymemorybank.com/home/faqs#wire_transfers

MemoryBank refunds any wire fees in the first 30 days of opening.

Radster
Radster

Denied application as an existing checking account holder. Have opened many accounts recently. I assume that’s the reason.

Dan - Legal Bank Robber
Dan - Legal Bank Robber

How many ive opened 6 no problem.

arihalli
arihalli

I had a Memory Bank acct at 1.6% that I closed because I could get higher interest rates, about 2 months ago. I opened this one yesterday, with no problem. It pays 2.25%. But now I read that EBSB just went to 2.5%. ……. I have to say this is a terrific bank. They answer the phone right away. Told me how to avoid fees (use electronic statement rather then paper statements) and are, in general, very helpful. Great customer service. And they were accommodating in closing the last account. I hope they move up to 2.5% soon…….

Julie D
Julie D

This bank is a scam. After a week of waiting to ‘have underwriters approve the account’, I received an email stating that I was not accepted. I have a credit score over 800 and no flaws on my record, so what exactly are they looking for?

Ann
Ann

Most bank accounts care more about your Chex activity history than your credit score. Some other comments mentioned getting declined for having opened a lot of other accounts recently. This is not that unusual and certainly doesn’t deserve being called a “scam”. If you call the bank, they can probably tell you why they rejected you.

Dan - Legal Bank Robber
Dan - Legal Bank Robber

How is that a scam?

Nick
Nick

How does them denying you make it a scam?

MaxPower
MaxPower

Applied on Oct 10, went into referred status. Today, status changed to “Need More Info”. No idea what else they want. I did upload a copy of my DL as requested during the app. The checking account was instant approval back a few months ago.

MaxPower
MaxPower

Small update: They have some verification questions and need me to call in. I’ll see what the verification is about when I get a chance to call.

MaxPower
MaxPower

Called. The verification questions were the same as the ones I did during the application… Thankfully, I passed the questions despite some really odd ones like “Closest street to you” even though none of the choices were remotely close to me. The application was passed to underwriting and now I wait again.

MaxPower
MaxPower

Final update: Account was approved. Funded $500 with AMEX Plat.

Steve
Steve

Is the answer to “Closest street to you” in that case “none of the above”, or do you need to look up all the streets on a map and see which is closest to you?

Sara Logan
Sara Logan

lots of work for only $500 CC funding. wish they let you apply for both savings and checking same time for $500 CC funding each, but no looks like its $500 CC per application…

Matt B
Matt B

Can you open multiple checking/money market accounts and fund each with 500?

beat2def
beat2def

No. Open one, get approved, then open another, etc. They have checking, savings, and money market. You can get $500.00 for each but you’ll have to apply for one, get approved, then move on to the next one. It’ll take you a few weeks or less.

MTPDC
MTPDC

Applied and got a message about an “unusually high volume of applications” that will take them 4-5 days to review. I pre-emptively uploaded my drivers license, which they already had from a checking account.

Adam
Adam

DP – First time applying. Got the same message as MTPDC, uploaded my drivers license, and was approved same day on 11/21.

SusanG
SusanG

Just noting the rate inched up to 2.3% for the money market

arihalli
arihalli

With 2.3% and no requirements to satisfy – it quite a good deal. Very similar like Discover. The only difference being that one can’t move as MUCH money on a daily basis. But how often does on need that. .25% better interest rate then Discover.

Fubag
Fubag

2.40% updated

xspes
xspes

I just received an email about this 2.4% update as well.

Steven Painter
Steven Painter

Yup, got an email today. Increased from 2.30% to 2.40%

Chuck

Updated, thanks

Gadget
Gadget

Missed two spots within the article… 2.25 and 2.3 mentioned.

Jesse
Jesse

Rate went up to 2.4% today.

MichaelBe
MichaelBe

Can anyone who has this account confirm:
1) When the money-market interest rate changed from 2.3% to 2.4%, did existing customers get the higher rate automatically, or did they have to call in?

2) Does the account support OFX direct connect transaction downloads (e.g. through Quicken, Moneydance or similar software). I am sure Memory Bank supports exporting transactions, but I’m hoping someone can confirm they are able to directly download transactions.

Dan - Legal Bank Robber
Dan - Legal Bank Robber

1.) Yes, they just auto changed it to 2.4%

2.) They do support OFX, you can directly download transactions.

3.) William Charles Chuck Might be worth updating the review with the current APY’s

Yu
Yu

how many soft pulls will I get if I open the checking and MM accounts together at the same time?

Mike Advantage
Mike Advantage

Has anyone tried funding with PenFed AmEx Pathfinder card? Did it count as purchase or cash advance?

Tim
Tim

Had a curious issue with Ally here with this Money Market account. I tried to link this MMA account at Ally, and selected for Account type “Money Market Savings”. Oddly the trial deposits were returned undeliverable and ally blacklisted the account.

After getting on the phone with MemoryBank, they told me that I have to select the account type as “Money Market Checking or Checking”, otherwise it won’t go through. Had to call up Ally and get them to unblacklist the account and try it again as a checking, in which case it went through. I had no idea this “account type” selector even made a difference for anything, I guess it really does mean something in the world of ACH transfers.

Odd that they consider this as a checking account even though it has the 6 withdrawal limit.

icemule1
icemule1

Good info.

qmc
qmc

There’s definitely some kind of difference. One of my credit unions has the same account # for ACH for the checking and savings accounts.

road2elysium
road2elysium

I’ll give that a try. I definitely had a few different trial deposits never arrive at MemoryBank.

Amy
Amy

Does it usually take a few days for transfers from outside banks? I funded this with Chase. It left chase 3/19, but is not credited at memory bank. It does say “in transit”

arizonapv
arizonapv

Yes, absolutely. Usually takes 2 days. You should possibly see it cleared tomorrow (3/21). Sometimes the outside bank (memorybank) will show it as pending, but then you will see it cleared as of 3/21 when you log in the next day.

kevin002
kevin002

How can i add memory bank to my chase external accounts? This is money market, but chase only allows checking or saving? Am I wrong? Please help me . thanks a lot

Tim
Tim

Their MMA is treated as a checking account, for purposes of ACH transfers. I tried designating it as a savings account during an ach push and the ACH failed, called their CS and they told me to treat it as checking.

CJ
CJ

Pull from other banks will make it faster and allows larger amount

Nick
Nick

Account has been easy to open and transfer money from external accounts. Can’t complain about anything. No requirements and a great interest rate. Hoping that they bump it up to 2.5% soon.

MichaelBe
MichaelBe

I just thought I’d post a few things I’ve learned since opening an account. The 2.45% has been true and you can open with a credit card up to $500. Their checking account is 1.6%. So these are very competitive interest rates.

I have seen a few downsides that you might need to plan ahead when opening your account. First, MemoryBank limits its external transfers to a very low amount. I believe by default it is limited to something like $2,500 per day and $10,000 in a 30-day rolling window. You can get that limit increased, but only to something like $5k/20k (I forget the exact amount, but it’s very low compared to competitors). Second, MemoryBank limits your check deposit amounts to something very low as well. The limit is also on the order of $2,000 in any deposit and $5,000 per month. Overall, this makes it very difficult to put money into your MemoryBank account. You can always transfer higher amounts initiated from your other institution with only the limits of that other institution. Essentially, MemoryBank just wants you to ACH funds into their account initiated from other banks. So just make sure you have at least an account with a bank that allows higher limit external transfers and use the other bank’s website / mobile app whenever you’re initiating a transfer.

Finally, MemoryBank limits the number of external accounts you can use to transfer to 3. These extremely low limits are mostly an annoyance that you can overcome, but it seems silly to have to do so.

Net positive experience, but MemoryBank has some work to remove their super-low limits.

icemule1
icemule1

Anyone know if check writing is allowed for this account?

AL_PF
AL_PF

Late answer, but no, there’s no check writing.

Back to Top ↑