MemoryBank VS USAA

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:

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

  • Low opening required amounts
  • No monthly fees or required balances
  • Youth and college accounts available
  • ATM reimbursement for USAA accounts

Cons:

  • Low-interest rates
  • Business accounts are not offered
  • Not a wide variety of accounts
  • Must be a member to open accounts
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.

USAA Review

Most USAA accounts only require $25 to open the accounts. To earn interest on the Classic checking account, you must have $1,000 in the account.

There are no monthly fees for any USAA accounts. They do not have a set amount required to keep in any of their accounts. Some accounts only earn interest if the balance is a set amount. However, you will not be charged a fee for not having a certain amount in the account.

Youth and college accounts offered through USAA do not have a monthly fee. There is not a required balance to keep in the account. The youth savings account earns interest. The youth checking account offers parental controls. Parents can set debit or ATM limits and receive text alerts. The college account only requires $50 to open. Friends and family can contribute to these accounts.

There are over 60,000 free USAA ATMs. The first ten withdrawals from a USAA owned ATM are free. USAA refunds up to $15 in ATM fees charged from using other banks ATMs. The ATM reimbursement does not apply to the USAA Cashback Rewards checking account.

USAA accounts do not offer competitive interest rates. The rates are slightly higher than those of your typical brick and mortar banks. Some CDs receive more competitive interest rates. All other accounts are much lower than other online-only accounts.

USAA does not offer business accounts. The only accounts offered are personal checking and savings accounts and CDs. Insurance, investments, and retirement options are available. Loans, credit cards, and real estate options are offered.

USAA only offers two different checking accounts and two savings accounts. The basic savings account only requires $25 to open the account. The other savings account requires $10,000 to open. Only one checking account earns interest. The other checking account earns cashback rewards. They do not both have the same benefits.

To open an account with USAA, you must become a member. Those eligible to become a member are active and former military and their families. Cadets and midshipmen at academies are eligible to become a member. Once accepted, USAA will help you find the right accounts for your needs.

Read the full USAA review.

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