MemoryBank Review

How does your bank stack up?

  • Financial Rates: 5.0 Star Icon
  • Customer Service: 3.0 Star Icon
  • Website Experience: 5.0 Star Icon
  • Bank Fees: 5.0 Star Icon


  • Low opening amounts and no fees
  • Accounts are entirely online
  • Competitive interest rates
  • Interest rates are not tiered


  • Limited personal deposit accounts offered
  • MMA does not offer checks or debit card
  • Customer service not available 24/7
  • Business accounts not offered

What You Need to Know

MemoryBank accounts only require $50 to open. Their accounts do not have monthly maintenances fees. There is no balance required to keep in the account to avoid the fees. The MemoryBank checking account and money market accounts are completely free.

The MemoryBank accounts are entirely online. You apply for the accounts online, and everything for your account is online. Any permanent resident of the U.S., over the age of 18, with an SSN or ITIN, are eligible to open a MemoryBank account.

Both MemoryBank accounts offer competitive interest rates. The checking and money market account rates are competitive with other online accounts. These interest rates are much higher than other brick and mortar bank rates.

MemoryBank interest rates are competitive, and they are not tiered. You do not have to have a large account balance to earn the most competitive interest rates. Any balance earns the most competitive rate offered.

MemoryBank offers limited personal deposit accounts. Those accounts include a checking account and a money market account. You can open as many of these two accounts as you would like, but only the two accounts are available.

The MemoryBank money market account does not offer checks or a debit card. To withdraw money from the money market account, you can make an electronic transfer from the MMA into your checking account. You can also request a check to withdraw money from the MMA.

MemoryBank is an entirely online bank. There are no branch locations. You can reach customer service through email, mail, phone, or through online chat. Customer service does have set hours. Those hours are Monday through Friday from 7:30 a.m. to 8:00 p.m. Eastern Time.

MemoryBank only offers personal deposit accounts. No business accounts are available at this time. The personal deposit accounts offered are a checking account and a money market account.

Cool Things

Purchase Rewards Program

Earn cash rewards for using your MemoryBank debit card to make purchases. You receive rewards on purchases you make with the card. Rewards and offers are based on how you currently shop. The cash rewards are directly deposited into your MemoryBank account. This program is free to MemoryBank customers.


MemoryBank is an online division of Republic Bank & Trust Company. Republic Bank & Trust Company has been around for over 40 years, owning more than $4 billion in assets.

MemoryBank started in the fall of 2016. It is an entirely online bank. Because there are no branch locations, MemoryBank can offer more competitive interest rates. They offer a personal deposit checking account and a money market account. You can open multiple checking and money market accounts through MemoryBank.

Awards and Recognition

  • A+ Rating from the Better Business Bureau
  • Best Online Checking Accounts of 2017 by ValuePenguin

Frequently Asked Questions

Is MemoryBank FDIC insured?

Yes. MemoryBank is FDIC insured. The FDIC is an agency of the United States government that protects funds deposited in banks, up to $250,000 per customer, per bank. The money deposited in FDIC insured banks means money is backed by the full faith and credit of the United States government.

How do I access my money?

With ATM or debit cards, electronic transfers, or through bill pay. A few checks are offered when you first open your account. You can also access your money through PopMoney.

Does MemoryBank offer mobile banking?

Yes. MemoryBank offers a mobile app.

Is MemoryBank free?

Yes. MemoryBank checking and money market accounts do not have monthly maintenance fees. There is no required amount to keep in the account to avoid fees.

Is MemoryBank a good bank?

MemoryBank offers competitive interest rates. Everything for their accounts is online. Any U.S. resident over 18 with an SSN or ITIN can open a MemoryBank account. They only offer a checking account and a money market account.

Is MemoryBank secure online?

MemoryBank offers IBM Security Trusteer Rapport. It is online fraud and identity theft protection assistance software. This software helps protect your online identity. MemoryBank also encrypts your personal information.

Does MemoryBank offer competitive interest rates?

Yes. Both the checking account and the money market account earn competitive interest rates. The rates are competitive with other online accounts. They are much higher than typical brick and mortar bank rates.

Can I use MemoryBank for my business accounts?

No. MemoryBank only offers a personal deposit checking account and a money market account.

How is MemoryBank online banking different from the online banking my bank offers?

The interest rates are much higher than your typical bank rates. Everything for your account is online. There are no branch locations.

Do MemoryBank checking accounts pay interest?

Yes. MemoryBank offers one checking account, the EarnMore Checking account. This account earns a competitive interest rate. The rate is competitive with other online checking accounts.

How do I reach customer service?

By phone, mail, email, or online chat. You can follow MemoryBank on Facebook or Instagram.

Does MemoryBank offer bill pay?

Yes. MemoryBank accounts offer free bill pay.

Can I deposit cash?

No. Make deposits through mobile deposits or electronic deposits. Direct deposit, wires, or mailing in a check are other ways to make a deposit.

How long do transfers take?

Electronic transfers are generally funded the day of the deposit. If the deposit is after the cut off time, it will fund the next business day. ATM deposits are typically available the next business day.

Can I sign up for direct deposit to MemoryBank accounts?

Yes. Money can be directly deposited into MemoryBank accounts.

Bank Contact Information

601 West Market Street
Louisville, Kentucky 40202

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