MemoryBank Review

Is MemoryBank a good bank?

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MemoryBank Logo

MemoryBank Logo

MemoryBank, a division of Republic Bank & Trust Company, is a branchless, all-digital banking platform established in 2016. The bank is headquartered in Louisville, KY.

As of Dec. 14, 2021, MemoryBank is not currently accepting applications for new accounts. The bank says it wants to focus on the needs of existing customers "during these special times."

  • Pros and Cons
  • Company Overview
Pros and Cons
  • Above-average interest rates on checking accounts and money market accounts

  • Extensive ATM network of over 92,000 ATMs

  • No monthly fees or minimum account balances

  • Mobile app available for accessing accounts

  • No brick-and-mortar locations

  • No cash deposits

  • Limited products and services

  • Withdrawal limits and restrictions on money market account

Company Overview
  • Official Website
  • Bank Product Offerings Checking account, money market account
  • Customer Service Phone or online chat, M-F 7:30AM to 7:00PM ET
  • Year Founded 2016
MemoryBank Logo

MemoryBank Logo

Who Is MemoryBank Best For?

MemoryBank should appeal to consumers who want a reliable online banking option. It's an especially good fit for those who want to:

  • Skip visiting a physical branch
  • Quickly open an account
  • Earn competitive rates

What Does MemoryBank Offer?

MemoryBank has a much smaller selection of products and services than most financial institutions. They offer two types of accounts:

Checking Account

MemoryBank’s EarnMore Checking Account pays a 0.02% APY on balances up to $250,000. There are no monthly fees or activity requirements. With the account you also get the following features:

  • Access to 92,00 surcharge-free ATMs with your MemoryBank debit card
  • 24/7 online banking
  • MemoryAlert balance and activity notifications
  • Live customer support

MemoryBank offers an overdraft protection program called Standard Overdraft Honor (SOH). For the first 30 calendar days after opening an account, you will receive a $100 overdraft protection limit. After those 30 days, your SOH limit will be reviewed each business day and may vary between $0 and $2,000 daily, based on your account history. If you go over your limit, there will be a $36 overdraft fee.

Money Market Account

MemoryBank’s Online Money Market Account offers 0.15% APY on balances up to $1 million. Balances over $1 million will receive an APY between 0.01% and 0.05%. There is a $50 minimum deposit required to open an account, but you must maintain a daily balance of at least $1,000 to avoid a $15 Below Balance Fee. This fee will apply if the balance drops below $1,000 at any point during the billing cycle. The Online Money Market Account has a limit of six transfers or withdrawals from the account.

If you exceed six transfers or withdrawals, a $10 Excess Transaction Fee will be charged for each transaction.

MemoryBank's Customer Service

MemoryBank offers live chat options, phone, and email support, which is standard for most online-only banks. If you need to send a sensitive message through email, you can register on its site to send an encrypted email.

How to Bank With MemoryBank

The application process for MemoryBank is completed online, with a mobile device or a computer, and can take as little as 10 minutes. To begin, you will need a:

  • Social Security number
  • Passport or state-issued ID
  • Home address
  • Email address

To add money to an account, you can:

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

As an all-digital banking platform, MemoryBank does not accept cash deposits and they request that no customer ever mail cash to them.

Final Verdict


MemoryBank can be a good option for individuals who only need an interest-bearing checking account or money market account with a competitive yield. It's also a good fit if you prefer convenient digital access that's user-friendly and intuitive. If you are looking for an online bank with simple deposit account options and competitive interest rates, MemoryBank can be a smart choice.


MemoryBank does not offer products beyond its checking and money market accounts. If you are looking for additional products or services—such as loans, credit cards, or investment advice—MemoryBank is probably not the right choice for you.

Article Sources

The Balance requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in our editorial policy .
  1. Memory Bank. “Deposit Accounts.” Accessed Dec. 14, 2021.

  2. Memory Bank. “Earn 0.15%  APY on balances up to $1 million with our Online Money Market Account!” Accessed Dec. 14, 2021.