MemoryBank Review: Checking and Money Market Accounts

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Updated on Friday, October 1, 2021

MemoryBank’s checking account option


Offers one of the highest APYs around with no ATM fees.
APYMinimum Balance Amount to Earn APY
$0.01 – $249,999.99
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: None
  • ATM fee: None
  • ATM fee refund: None
  • Overdraft fee: $36 per item (exceptions apply; more details below)

If you’re looking for a checking account with one of the best rates around, look no further. It’s hard to find a rate that tops MemoryBank, especially on balances up to $250,000. The account provides free mobile banking, bill pay and a Mastercard debit card.

MemoryBank offers what it calls the Overdraft Honor program for account holders as long as your account is in good standing. This includes you not defaulting on any loan or overdrawing your account for more than 30 days. If you opt in to the program when opening your checking account, you’ll receive a fixed limit of $100 for the first 30 days. This money is to cover any overdrafts you may have rather than MemoryBank rejecting a transaction.

In the event of an overdraft, you’ll then be charged a $36 overdraft fee and you have 30 days to cover the negative account balance, up to five overdrafts per day. Go past 30 days and MemoryBank will review your account daily. The Overdraft Honor limit is between $0 and $2,000, which is based on your account history and deposit behavior. If you decide to opt out of the overdraft feature, you’ll be charged $36 for each returned item.

Another feature of this account is MemoryAlert, which provides you with customized balance and activity notifications via text, emails or push notifications on your phone, either set up from the MemoryBank app or online.

The mobile app is fairly easy to use, and offers a variety of features. Aside from standard features, you also get access to the Popmoney® personal payment service. This service, built into the MemoryBank app, allows you to securely send or receive money with no fee from a U.S. bank account to or from anyone with an email or mobile number. You can also use your debit card with Apple Pay, Android Pay or Samsung Pay for in-app or in-store purchases

Another neat feature on the mobile app is being able to use fingerprint ID to log in instead of a name and password. But this is only available for certain iPhone and Android phones with qualifying operating systems.

MemoryBank also offers a rewards program whenever you use your debit card. To start redeeming rewards, you’ll need to log in to your account to activate offers for various stores and restaurants. According to the bank, these offers are customized based on places where you already shop. It’ll take up to 60 days after you begin to use your debit card for these offers to appear as the rewards program uses your current and past purchases to determine relevant offers.

Once you activate your offers online, they’ll be automatically loaded onto your debit card. You can then head to the retailer and pay with your card and earn the reward if your purchase meets the offer’s requirements. You’ll then receive the cash rewards in your account a month after you redeem the offer.

Even though MemoryBank is an online-only bank, customer service is available by email through your online account, by chat or by calling its customer hotline at 877-757-3400 from 7:30 a.m. to 8 p.m. Eastern time Monday through Friday.

How to get MemoryBank’s EarnMore checking account

You can open an account in as little as 10 minutes by filling out the application online or on your smartphone. MemoryBank will ask you for personal details, such as your current address, name, Social Security number and government-issued ID. If you open a joint account, the other person will need to enter this information, too. Once that’s done, you’ll need to fund your account, either via a checking or savings account, or a credit or debit card.


on MemoryBank’s secure website

Member FDIC

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How MemoryBank’s checking account compares

MemoryBank’s checking account is consistently on our list of the best online checking accounts with the highest rates. Like most of its competitors, MemoryBank’s checking account has a low opening deposit and no monthly maintenance fees. Its app — highly rated on both the iTunes App Store and Google Play — appears more intuitive to use compared to others, and MemoryBank offers a rewards program that some of its competitors do not.

But where this account falls short are with some of its fees. While MemoryBank doesn’t charge any ATM fees, its checking account doesn’t offer ATM fee refunds like some of the other online banks do. Considering that MemoryBank has about 85,000 surcharge-free ATMs in its network, it shouldn’t be a problem, but you never know.

If you’re after the best rates offered for a checking account, MemoryBank is a great choice.

MemoryBank’s money market account option

Online Money Market

Offers one of the best rates we’ve seen.
APYMinimum Balance to Earn APY
$0.01 - $1,000,000
  • Minimum opening deposit: $50
  • Minimum balance to earn APY: 1 cent
  • Monthly account maintenance fee: None
  • ATM fee: N/A
  • ATM refund: N/A
  • Overdraft fee: None

Just like the savings account, the Online Money Market account offers one of the best rates we’ve seen around. You can access your account online anytime or via mobile banking. Although there aren’t technically any monthly fees, you will need to pay a $3 fee each month for paper statements.

Since this is a savings account, Federal Reserve Regulation D limits account holders to six withdrawals a month. If you go over this number, MemoryBank will charge you a $10 excess transaction fee.

How to get the Online Money Market account

To open an account, you can do so in as little as 10 minutes by filling out an online application. You’ll need to provide your personal details such as your name, government-issued ID and Social Security number. Afterward, you can fund your account via check, credit card, mobile deposit or wire transfer.


on MemoryBank’s secure website

Member FDIC

magnifying glass

How MemoryBank’s money market account compares

MemoryBank’s new offering is on par with some of the best out there on our list of the best money market accounts. It’s got one of the highest rates, a low minimum opening deposit and practically no fees.

Perhaps the only shortcoming of the account is that it doesn’t offer ATM access and provides limited check-writing capabilities. If either of these is important to you, you may want to look elsewhere.

Overall review of MemoryBank’s banking products

If you’re looking for an everyday checking account, the EarnMore account is great as it offers myriad features, including mobile banking, free checks, Apple Pay, Android Pay, and Samsung Pay. The Online Money Market account offers a high rate and no monthly maintenance fee. Both of these accounts are a great choice.

But if you’re looking for a bank that offers other products, you’ll need to look elsewhere. MemoryBank isn’t the place to establish a relationship and get other products and services such as loans, certificates of deposit (CDs) and individual retirement accounts (IRAs). Still, MemoryBank has a pretty decent product and one that you should consider if you’re looking for a great checking account.