Mobile Banking

MemoryBank Review: How Does It Provide Great Digital Banking Experience

If you are looking forward to having a great banking experience while in the comfort of your home or anywhere in the world (for as long as there is an internet connection, of course), then this MemoryBank review may just help you with that.

MemoryBank Review: How Does It Provide Great Digital Banking Experience

MemoryBank is an all-digital banking platform that aims just exactly that — making sure you can conveniently access your bank account and transact online — anytime, anywhere.

Just to give you a little backtrack –

As mentioned, MemoryBank is a digital bank. As defined in an article published by The Straits Times, “A digital bank offers banking services such as deposits, loans, debit and credit cards like a traditional bank, except that transactions are performed online and the bank does not have a physical branch.”

Over the years, especially since digital technology boomed, more digital banks have been established. Needless to say, a lot of people have found it more convenient and easier as compared to traditional banking.

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In fact, when the COVID-19 pandemic hit the world, particularly the United States, digital banks have won over more U.S. customers, according to a report by Reuters. Digital banks were so handy that customers were able to process a lot of their day-to-day banking transactions.

In the same article, Reuters highlighted that digital banks in the U.S. helped customers by “processing stimulus payments quickly,” which helped set apart online-only banks from traditional banks and at the same time, generate valuable word-of-mouth referrals.

You see, digital banks like MemoreBank, which is what we are going to review today have been really of great help, needless to say, very valuable to people especially during one of the world’s most challenging times.

As we have said earlier, there are lots of all-digital banking platforms in the country (and in the world in general), but, today, we are going to specifically do a MemoryBank review to hopefully help you see if this one’s a good choice for your day-to-day banking needs.

In this MemoryBank review, we are going to particularly focus on tackling the following:

  • What is MemoryBank?
  • Who is MemoryBank best for?
  • What are the products offered by MemoryBank?
  • How to do banking with MemoryBank?
  • Is MemoryBank safe?
  • What to like about MemoryBank?
  • What not to like about MemoryBank?


First of all, let get to know more about MemoryBank. As we always say, before jumping and dealing with a bank (or in any company for that matter), make sure to get to know about it first.

Know the history and what it offers so you can fully gauge if it’s perfect for you. So, with that said, here’s a quick briefer on what MemoryBank is all about.

MemoryBank, as compared to other well-established digital banks out there is relatively new. It has only been launched in the fall of 2016. However, although it’s considered a newbie in the digital banking market, MemoryBank is pretty sure about what they want for their customers — and that is, to provide them with a great banking experience wherever they may be.

By the way, if you want to know more about digital banking or what a digital bank is all about, check this video by Project Management:

Currently, MemoryBank offers two products to its customers: checking accounts and money market accounts. With its checking accounts, the bank features a headliner product called EarnMore Checking Account. Later on, we are going to share with you more about this product. Apart from checking accounts, the bank also offers Money Market accounts, which we are also giving you more details later on.

MemoreyBank, like most digital banks out there, operates solely online, which means a physical branch or location does not exist. It is, however, can be accessed using your mobile phone, tablet, laptop, or desktop computer.

MemoryBank is a division of Republic Bank & Trust. It is an FDIC-member and is headquartered in Louisville, Kentucky.


Now that you already have a glimpse of what MemoryBank is, this time around, let’s talk about who is it best for. This way, you can easily assess if the bank is right for you.

As mentioned, MemoryBank is an online-only banking platform, which means you can access it through your mobile devices, laptop, or desktop computer. Thus, it is of common sense that the bank will appeal most to people who are always on the go or those who prefer reliable mobile banking to traditional banking. Unlike traditional banking, you do not need to visit a physical branch to do banking transactions — everything can be done online.

MemoryBank is also ideal for customers who want to avoid minimum balance requirements, earn competitive rates, and of course, open an account in a quick manner.

If you are particularly looking for checking accounts that earn interest, this might just be the bank you are looking for.


In this part of our MemoryBank review, we are going to talk about the products offered by the bank.

As we have mentioned earlier, MemoryBank has two products — Checking Account and Money Market Account.

Now, let’s take a look at each of these products and see if it’s the one you are looking for.

Checking Account

Most digital banks offer checking accounts. But, one of the things that really make the MemoryBank EarnMore Checking account stand out from the rest is that it comes with an amazing interest rate.

Compared to its competitors, the MemoryBank EarnMore Checking Account pays a way better rate. In fact, it beats most savings accounts offered by national banks.

The MemoryBank EarnMore Checking Account pays an annual percentage rate of 0.05% on balances up to $250,000. What is nice about it is that the bank has no minimum balance requirements, monthly fees, as well as activity requirements.

To earn the best interest rate on your balance, though, you will need to meet a few requirements, which include:

  • Receive at least one direct deposit per statement
  • Make at least five debit card transactions per statement
  • Opt-in to online statements

Don’t worry, if you do not meet the above requirements, you will still earn a rate but it would be less than a tenth of the best available interest rate.

Meanwhile, other amazing features that come with this account include:

  • MemoryBank MasterCard debit card
  • Access to 92,00 surcharge-free ATMs
  • Allows you to write checks
  • 24/7 online banking
  • MemoryAlert balance and activity notifications
  • Live customer support

Furthermore, MemoryBank offers an overdraft protection program called Standard Overdraft Honor (SOH). This basically pays you a $100 overdraft protection limit for the first 30 calendar days after you have opened an account with the bank.

After the first 30 days, your SOH limit will be reviewed every business day and the pay will vary between $0 and $2,000 daily based on your account history. Should you go over your limit, you will be charged a $36 overdraft fee.

Money Market Account

Another product that MemoryBank offers is a Money Market account. This gives customers access to even higher interest rates while enjoying the same benefits.

As of this writing, MemoryBank offers a 0.50% annual percentage rate on balances up to $1 million. Meanwhile, balances that go beyond $1 million will receive an APY between 0.01% and 0.05%.

To open a Money Market Account with MemoryBank, you will need to deposit at least $50, which is a small amount as compared to the requirements of other banks of the same type.

While the amount required to open an account is low, it is important to note that you must maintain a daily balance of at least $1,000 to avoid being charged a Below Balance Fee, which amounts to $15. The fee applies to balances that drop below $1,000 at any point during the whole billing cycle.

The MemoryBank Money Market Account is not a typical money market account. The only exception would be the number of withdrawals you are allowed to make. According to FDIC rules, customers can only make six withdrawals per cycle. If you go beyond that, you may have to pay an “excessive withdrawal fee,” which amounts to $10 for every transaction.

Similar to the bank’s checking account, its Money Market Account does not charge a monthly service fee as well.


By this time, you have probably figured out already if MemoryBank is the right bank for you. Maybe, by now, you are already wondering how to actually open an account with them.

Well, in this part of our review on MemoryBank, we are going to tackle how to bank with MemoryBank.

Similar to other digital banks out there, MemoryBank’s application process is completed entirely online. You will need either a mobile device or a computer to do so. The application is easy that it can take as little as 10 minutes only.

To begin the application process, though, make sure to read the following requirements:

  • Social Security Number
  • Passport or State-Issued Identification Card
  • Home Address
  • Email Address

Head on to their website or download the app to proceed with the application process.

As to adding money to your account, you have the following options to do that:

  • Set up a direct deposit
  • Deposit checks using MemoryBank’s mobile deposit feature
  • Set up transfers from other banks or financial institutions

The same with most all-digital banking platforms out there, MemoryBank does not accept cash deposits. So, if you want an online bank that offers that feature, MemoryBank may not be right for you.


One of the hesitations that customers have when it comes to online-only banks is the security of their accounts.

Just like other digital banks, though, the security and safety of customer accounts is MemoryBank’s top priority. Thus, the bank ensures that it has put everything in place to avoid fraud and identity theft.

More than the standard web protection and encryption like SSL security, the bank allows you to set up biometric security to ensure that only you can log in to your account.

If you own a modern smartphone, you may also opt to set up a fingerprint login for your account. Also, you can eye-pattern identification to log in to your account for an extra layer of security.

Furthermore, MemoryBank is a Federal Deposit Insurance Corporation (FDIC) insured, which means customers need not worry about their money in the event of bank failure. FDIC will reimburse you up to the limit of $250,000.


In the previous sections, we have already tackled most if not all of the important information every customer needs to know.

At this point of our MemoryBank review, we are going to provide you with a summary of the things that we particularly like about MemoryBank, and this includes the following:

  • Above-Average Interest Rates – MemoryBank offers an interest rate that is way better than its competitors. In fact, it beats most savings accounts offered by national banks.
  • No Monthly Fees – Unlike other digital banks, MemoryBank does not charge monthly maintenance or service fees.
  • No Minimum Account Balances (for Checking Accounts) – The bank does not require a minimum account balance. If you want to earn the best interest rate, though, all you need is to meet certain requirements set by the bank.
  • Open an Account Easily – The process of opening an account is so easy you can finish it in at least 10 minutes only!
  • MemoryBank MasterCard Debit Card – Opening a checking account comes with a MasterCard debit card that allows you to withdraw cash and purchase items using it.
  • Access to Over 92,000 Network ATMs – Withdraw cash anytime, anywhere as MemoryBank provides you access to over 92,000 network ATMs.
  • FDIC Insured – In case of bank failure, you need not worry because MemoryBank is FDIC insured, which means FDIC will reimburse you up to the limit of $250,000.
  • 24/7 Access to Your Account – Since MemoryBank is an all-digital banking platform, you get to access your account and do bank transactions anytime, anywhere.
  • Earn Purchase Rewards – Whether you are using the mobile app or the website, you can enable some offers that are available to your account to get yourself some cashback.
  • Alert Notifications – MemoryBank allows you to set up various alerts for your accounts such as deposits, transactions of a certain amount, and alerts for a low balance threshold.
  • Free Online Statement – MemoryBank provides free online statements for up to 18 months.
  • Mobile Check Deposit – The bank allows you to deposit your checks on the mobile app wherever you may be.
  • Powerful Security Features – As mentioned earlier, MemoryBank provides not just standard web protection and encryption, but that also allows users to set up biometric security. Those with modern smartphones may also set up fingerprint login, as well as eye-pattern identification to log in to your account.


In the last section, we provided you with a list of advantages of MemoryBank. But as the saying goes, nothing is perfect. So, while we have listed a lot of things to like about MemoryBank, we also have found some disadvantages.

Some of the downsides/downfalls of MemoryBank include:

  • Limited Products and Services – Unlike other digital banks out there, MemoryBank only offers Checking and Money Market accounts only, which means if you are looking for other products like a Certificate of Deposit or Savings Account, you may opt for another bank instead.
  • No Physical Branches Available – Since MemoryBank is an all-digital banking platform, it obviously does not come with a physical branch or location. So, if you prefer in-person banking, MemoryBank is definitely not for you.
  • No Business Account Option – As mentioned earlier, MemoryBank has very limited products and services offered – and a business account is definitely one of them. Try other banks instead if you want to open a business account.
  • No Cash Deposits – Another downside of MemoryBank is that it does not offer cash deposits. Again, if you want a bank that allows cash deposits, this bank is ultimately not the one for you.
  • Withdrawal Limits and Restrictions (for Money Market Account) – MemoryBank’s Money Market Account does have withdrawal limits for up to six only per cycle. If you go beyond that, you may have to pay an “excessive withdrawal fee,” amounting to $10 for every transaction. Also, as stated earlier, you must maintain a daily balance of at least $1,000. Otherwise, you will be charged a Below Balance Fee, which amounts to $15. The fee applies to balances that drop below $1,000 at any point during the whole billing cycle.


There are a lot of digital banks out there and MemoryBank is one of them. Although relatively new in the market, having launched only in 2016, the bank promise to give customers a great online banking experience.

Obviously, the bank offers a lot of amazing features, one of them and the most notable of all is providing a great interest rate for both its checking and money market accounts. In fact, the rates are very competitive as compared to what national banks offer.

Although it comes with lots of benefits, it does sure have its share of downsides – one of them is not having lots of product options.

Nevertheless, overall, we have to say that MemoryBank is a great choice for people who wanted all the featured it has to offer while earning a great rate.

To end, we hope that this MemoryBank review has provided you not just essential information you need to know as a potential customer, as well as how the bank offers a great banking experience, but that it also gives you the clarity you need to determine if it’s the suitable digital bank for you or not.

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