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CD Bank VS MemoryBank

Which bank is better for you?

  • Financial Rates: 5.0 Star Icon
  • Customer Service: 3.0 Star Icon
  • Website Experience: 5.0 Star Icon
  • Bank Fees: 5.0 Star Icon
No Rate Information
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Pros:

  • Good variety of CD terms and no fees
  • Competitive interest rates on CDs
  • Can open any CD account online
  • Short-term CDs offer competitive rates

Cons:

  • Only CDs offered
  • Must link CDs to external accounts
  • High opening required amounts
  • Customer service not available 24/7
  • Financial Rates: 5.0 Star Icon
  • Customer Service: 3.0 Star Icon
  • Website Experience: 5.0 Star Icon
  • Bank Fees: 5.0 Star Icon
No Rate Information
Star Icon Star Icon Star Icon Star Icon Star Icon

Pros:

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

Cons:

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

There are a variety of CD terms offered through CD Bank. The terms range from three-month to 60-month terms. There are nine CDs offered between those terms. There are no fees to open the accounts or to maintain the account. The only fee is if you withdraw the money before the CD reaches maturity.

Each of the accounts offered through CD Bank offer competitive interest rates. The rates are competitive with other online CDs. The rates are much higher than typical brick and mortar bank rates.

CD Bank is an entirely online bank. You can open any CD term online as long as you meet the requirements. You must be at least 18 years old and a U.S. citizen or resident alien. The process to open a CD with CD Bank is completely online.

Usually, with CDs, the longer terms earn more competitive interest rates. However, some short-term CDs from CD Bank offer more competitive rates than the longer terms. The 9, 12, 18, and 24-month CD terms offer the most competitive interest rates.

CD Bank offers a limited amount of accounts. They only offer personal deposit CDs. Those CD terms range from three-month to 60-months. There are no other personal deposit accounts available. There are also no business accounts offered through CD Bank.

The easiest way to fund CD Bank accounts is to link the account to an external account. You can mail a check or request a wire transfer. To make electronic transfers does require a linked external account. Money can only be deposited into CD accounts at CD Bank during the grace period after the CD reaches maturity.

The amount required to open any CD with CD Bank is high. Each term requires $10,000 to open. You must also have $10,000 in the account to earn the most competitive interest rate. Balances under $10,000 do not earn the competitive interest rates.

Customer service for CD Bank has specific hours. They are open Monday through Friday from 9 a.m. to 5 p.m. Central Time. If you contact customer service after hours, they will address your issue the next business day.

Read the full CD Bank review.

MemoryBank Review

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.

Read the full MemoryBank review.

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