MemoryBank Review - Everything You Need to Know

See what we have to say first before opening an account

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MemoryBank, a division of Republic Bank & Trust Company, is a branchless, all-digital banking platform that conveniently enables their customers to access banking products and services with a smartphone, tablet or computer. See our in-depth review of Memory Bank to find out if they are a good fit for your banking needs.

Who Is MemoryBank Best For?

MemoryBank, established in 2016, is a national branchless all-digital banking platform that offers high-interest deposit accounts, such as their EarnMore checking account and their money market account.

MemoryBank should appeal to most consumers who want to do their banking online. It may be a good fit if you want:

  • 24/7 online account access without physical locations
  • Competitive interest rates on deposit accounts
  • No minimum balance requirement
  • Customer service through live chat or toll-free phone
  • Free online billpay


  • 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 (only transfers from other institutions allowed)

  • Account types limited to one checking account and one money market account

  • Withdrawal limits and restrictions on money market account

Types of Accounts

MemoryBank offers the following types of accounts:

  • Interest Checking Account
  • Money Market Account

Interest Checking Account

MemoryBank’s interest checking account, which is called the EarnMore Checking Account, pays a competitive interest rate, currently 1.60 percent annual percentage yield (APY) on balances up to $250,000. A MemoryBank Mastercard Debit Card is available and can be used free of surcharges at over 92,000 ATMs around the U.S. Statements are available to customers online and there are no minimum balance requirements or monthly fees.

Money Market Account

MemoryBank’s money market account currently has a 2.30 percent APY on balances up to $1 million. There is no minimum balance requirement and all deposits are FDIC-insured. There is a $50 minimum initial deposit to open the account.

Features and Benefits

MoneyBank’s accounts include several features and benefits:

  • Standard Overdraft Honor: This is a discretionary overdraft program for accountholders age 18 or over. Accountholders will receive a $100 fixed Overdraft Honor Limit for the first 30 calendar days. After the first 30 calendar days, provided the account remains in good standing, the Overdraft Honor Limit will be reviewed each business day and may vary between $0 and $2,000 daily, based on the accountholder’s deposit behavior and account history (at MemoryBank’s discretion). 
  • MemoryBank App: Accountholders can use this mobile app on iPhone, iPad or Android phones and tablets to access information and manage accounts.
  • PopMoney: This is a way of transferring money between a MemoryBank account and just about anyone who has an e-mail address or mobile phone number.
  • Direct Deposit: If your employer participates in a direct deposit program, simply provide your account information to the human resources or payroll department at your company, and your direct deposit will usually begin within 30 days. To set up any other monthly direct deposits, such as Social Security, you will need MemoryBank’s routing number and your account number, along with the bank name when you contact the department or office that manages monthly deposits.
  • Wire Transfers: Incoming wires occurring within the first 30 days of account opening will be refunded the wire fee. Other ways you can move money in and out of your account include external transfers and PopMoney.
  • Purchase Rewards: Accountholders earn cash rewards by using the MemoryBank MasterCard debit card to purchase merchandise and services. The program is available to all MemoryBank MasterCard debit cardholders. Through this program, you’ll receive targeted offers to receive rewards on purchases based on how you shop. Offers are based on how you currently shop to ensure the offers you receive are relevant. It may take up to 60 days after you start using your debit card for offers to become available. The more you use your MemoryBank MasterCard debit card, the more chances you will have to receive relevant offers.
  • Free Bill Pay: MemoryBank accountholders can pay just about anyone in the U.S. by scheduling a single, recurring or future-dated payment. Bill Pay remembers your list of payees, including name and address. Bills with fixed amounts can be set up to be paid automatically. 
  • FDIC Insurance: MemoryBank deposits are insured by the Federal Deposit Insurance Corporation (FDIC), which covers deposit amounts up to $250,000. 

How to Open an Account at MemoryBank

The application process for MemoryBank is completed online, either with a mobile device or a computer and can take as little as 10 minutes. After your MemoryBank application has been approved, you will receive MemoryBank’s routing number and your account number.

To add money to an account, you can deposit checks using MemoryBank’s mobile deposit feature, set up a direct deposit, or set up transfers from other financial institutions.

As an all-digital banking platform, MemoryBank does not accept cash deposits at this time. You can deposit the funds into another bank account and then transfer the funds to your MemoryBank account using their external transfer feature on their website. MemoryBank requests that no customer ever mail cash to them.

You can follow this link to open an account on your mobile device or computer. Be sure to read the disclosures and have personal information available, such as Social Security number, drivers license, home address, and email address.

About MemoryBank

MemoryBank, a division of Republic Bank & Trust Company, is a national branchless all-digital banking platform established in 2016. MemoryBanks offers high-interest deposit accounts, such as their EarnMore checking account and their money market account. Being an all-digital banking platform enables customers to conveniently access banking products and services with a smartphone, tablet or computer.

The Bottom Line

BENEFITS MemoryBank can be a good option for individuals who only need an interest-bearing checking account or a money market account with a competitive yield. MemoryBank is also a good fit if you prefer convenient digital access to the conventional brick-and-mortar locations. If you are looking for an online bank with simple deposit account options and competitive interest rates, MemoryBank can be a smart choice.

DRAWBACKS MemoryBank does not offer products beyond their interest checking and high-yield money market account. Also, MemoryBank does not offer accounts to businesses. If you are looking for additional products or services, such as loans or investment advice. MemoryBank is probably not the right choice for you.