December 4, 2018 12:00 PM PT

MemoryBank Review

Read more about MemoryBank
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You can do just about anything online today, including all of your banking. If you can handle never going to the bank drive-up again, read on to see if MemoryBank is a good fit for you.

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MemoryBank is a division of Republic Bank & Trust. They operate solely online. You can access your banking services on your computer, laptop, phone, or tablet - anywhere that you have an internet connection. Because they don't have the overhead of physical branches, they can pass the savings on to their customers with higher interest rates.

If you are comfortable depositing checks via your mobile phone, checking balances online, and talking with a banker over the phone rather than in person, then MemoryBank may be a good choice for you.

MemoryBank keeps things simple with only two accounts to choose from - one checking and one savings account. Keep reading to see if they are a good fit for you.

EarnMore Checking Account

You don't need a minimum opening balance or minimum average balance to keep the EarnMore Checking Account. There is no monthly fee and no minimum balances to worry yourself about each month. This account does earn interest (higher interest than many other banks) and you have the freedom of writing checks or using your MasterCard Debit Card to make purchases.

They do charge for some of their services, like most banks do for things like NSF, overdrafts, and stop payments. If you want to receive a paper statement in the mail, you'll pay a small fee for that as well.

Online Money Market Account

The Online Money Market Account gives you access to even higher interest rates with the same benefits. The only exception is the number of withdrawals you can make. Per FDIC rules, you may only make six withdrawals per cycle. If you make more withdrawals, you may have to pay an "excessive withdrawal fee."

Like the EarnMore Checking Account, the Online Money Market Account doesn't charge monthly service fees and you have 24/7 access to your accounts.

Contacting MemoryBank:

Monday - Friday 7:30 AM to 8:00 PM E.T.

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    Betterment Everyday - Earn up to 0.30% APY

    • FDIC insurance covering up to $1,000,000 at program banks
    • Access cash in 1-2 business days
    • No minimum balance
    • No fees on balance
    • Unlimited withdrawals

Reasons We Like MemoryBank

  • MemoryBank is FDIC insured. You don't have to worry about your money if MemoryBank goes out of business. The FDIC insures each individual's accounts up to $250,000.

  • MemoryBank has more than 92,000 network ATMs. You can use the MemoryBank app or the online ATM locator to find the ATM closest to you. In addition, MemoryBank doesn't charge a fee if you use an ATM outside of their network. But the third-party bank that you do use may charge a fee, so make sure you check ahead of time.

  • You can open an account from home in about 10 minutes. The entire application for either MemoryBank account is online. With just a few pieces of information, you can open an account and start earning interest.

  • You can live anywhere in the United States to open an account. Since the account is online, you don't have to worry about living near a branch. Everyone accesses their money electronically with these online accounts.

  • MemoryBank takes security seriously. MemoryBank uses many precautions to keep your information safe. They use 128-bit encryption, provide one-time passwords when you log in on a new device, and use chip technology to prevent credit/debit card fraud.

  • You can set up MemoryAlert notifications. You can choose the type of alerts you receive and the method you receive them. For example, you can set up alerts for a low balance threshold, transactions of a certain amount, or deposits. You can receive the alerts via text, email, or push notifications via the app.

  • You can earn Purchase Rewards. In the MemoryBank app or in your account online, you can activate offers available in your account. If you then make the purchase required to earn the reward with your MemoryBank Visa card, you'll earn the cashback. MemoryBank will deposit the rewards as cash in your bank account as stated in your account agreement.

  • You can set up a mobile wallet with your MemoryBank MasterCard Debit Card. MemoryBank is compatible with Apple Pay, Samsung Pay, and Android Pay. If you set up a mobile wallet, you can pay without taking your card with you.

  • You can get free online statements going back 18 months. You'll receive all of your bank statements online, but you can print them for free. MemoryBank gives you access to the statements for the last 18 months. This can be helpful during tax season or any other time you need to organize your finances.

  • You can deposit your money without leaving home. Since there aren't any branches, you must deposit your money electronically. You can do so with the app and mobile deposit. You just take a picture of the check and follow the instructions. You can also set up Direct Deposit with your employer.

Reasons You May Want to Look Elsewhere

  • You have limited choices. Many online banks have at least a few checking and savings accounts to choose from. MemoryBank has one checking and one savings account. Because they don't have many requirements, it's not the worst deal, but it is nice to have options when opening a new bank account.

  • You can't go into a physical branch. No one is able to go into a physical branch. If you like to be able to bank face-to-face or prefer making deposits in person rather than via the internet, this may not be the right bank for you.

  • MemoryBank doesn't have any options for business accounts. The only two accounts that MemoryBank offers are personal accounts. If you like to have your business and personal accounts at the same bank, you may want to look elsewhere.

How It Compares

  • MySavingsDirect As the name suggests, MySavingsDirect only offers online savings accounts. They have two options: the High Interest Savings and the CD. The savings account doesn't have minimum account balance requirements and it doesn't have a monthly service fee. You conduct your transactions online and don't have a physical branch to visit, just like MemoryBank.

Bottom Line

If you are ready to take the plunge into digital banking, MemoryBank could be a great place to start. Without complicated accounts to filter through and minimal fees, you can test the waters to see if digital banking is right for you.

Note: This website is made possible through financial relationships with some of the products and services mentioned on this site. We may receive compensation if you shop through links in our content. You do not have to use our links, but you help support CreditDonkey if you do.

More from CreditDonkey:

Best Online Savings Account

Best CD Rates

Best Online Checking Account

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