Nowadays pretty much anything can be done online – like banking! If you’re content with never going to a physical branch, online banking may be a pleasant option for you. There are great benefits that come with banks that are solely online, but also some downsides worth considering.
Memory Bank is one of the many banks that operate solely online. They’re a division of Republic Bank & Trust and like all online banks, can be accessed from a computer, laptop, phone, or tablet anytime and anywhere. A common theme of online banks are their high interest rates. Since they no longer have to pay for physical locations, they can offer rates higher than usual.
If you’re interested, continue reading below to learn about all the different accounts and options you have when banking with Memory Bank!
Checking Account Options
Check out all your checking account options at the Memory Bank webpage.
Th Earnmore Checking Account does not require any initial deposit nor does it have any monthly maintenance fees or minimum balance. This account does earn interest (higher interest than many other banks) and you have the freedom of writing checks or using your MasterCard Debit Card to make purchases.
Compare Checking Accounts
 • New Chase checking customers enjoy a $300 bonus when you open a Chase Total Checking® account with qualifying activities • Chase Mobile® app - Manage accounts, pay bills, send money to friends with Zelle® and deposit checks from almost anywhere. • Chase Overdraft AssistSM – no overdraft fees if you’re overdrawn by $50 or less at the end of the business day or if you’re overdrawn by more than $50 and bring your account balance to overdrawn by $50 or less at the end of the next business day* • Help keep your money protected with features like Zero Liability Protection, fraud monitoring and card lock. • Chase Total Checking includes FDIC insurance up to the maximum amount allowed by law. • With over 4,700 branches, Chase has the largest branch network in the U.S. plus access to more than 15,000 ATMs. • Open your account online now • Available online nationwide except in Alaska, Hawaii and Puerto Rico. For branch locations, visit locator.chase.com. *With Chase Overdraft AssistSM, we won’t charge an Overdraft Fee if you’re overdrawn by $50 or less at the end of the business day OR if you’re overdrawn by more than $50 and you bring your account balance to overdrawn by $50 or less at the end of the next business day (you have until 11 PM ET (8 PM PT) to make a deposit or transfer). Chase Overdraft Assist does not require enrollment and comes with eligible Chase checking accounts. |
Money Market Account Options
Memory Bank offers an Online Money Market Account that gives you access to even higher interest rates with the same benefits. This isn’t your regular money market account. The only exception is the number of withdrawals you can make. Per FDIC rules, you may only make six withdrawals per cycle. If you make more withdrawals, you may have to pay an “excessive withdrawal fee.” No Monthly service fee is required for this account.
Compare Money Market Accounts
 • Get started and open a Discover® Money Market Account in 3 easy steps. • Available nationwide online • Earn high yields with flexible access to your cash. • Earn 3.55%% APY balances $100,000 and over • Earn 3.50% APY balances under $100,000 • No hidden fees. No surprises. • Easy cash access via debit or check, or via ATM at over 60,000 no-fee ATMs |
Reasons To Bank with Memory Bank
- Memory Bank is FDIC insured – up to $250,000 per account. Even if Memory Bank goes out of business, your money is safe.
- When you bank with Memory Bank you’ll gain access to over 92,000 network ATMs. The bank app comes with an ATM locator to find the one nearest you. Additionally, they don’t charge fees for using a third party ATM, but the other ATM provider may still place a charge.
- You can open an account within 10 minutes. If you’re prepared with all the necessary information, you can finalize opening your account within 10 minutes.
- Nationwide – Be anywhere in the US and still be able to open an account.
- Earn purchase rewards. On the mobile app or online you can enable some offers available to your account to get yourself some sweet cash back.
- Alert Notifications. Set up different alerts for your account. For example, you can set up alerts for a low balance threshold, transactions of a certain amount, or deposits.
- Online statement are free – and are attainable for up to 18 months.
- Deposit your checks on the mobile app in the comfort of your own home.
Reasons Not To Bank with Memory Bank
- Limited Options – Online banks usually don’t have a wide arrange of account – like Memory Bank. You can only choose from one checking account and one savings account.
- An obvious reason; there are no physical branches. If you prefer in-person banking, you should definitely look elsewhere.
- No options for business account. As stated above, they only offer 2 different accounts. If you want a business account, you’ll have to look elsewhere.
Memory Bank Routing Number
The main routing number is 091017620. To find find this routing number, you can simply check the bottom left corner of your checks – check to see if this number differs.
Contact Customer Service
Reach Memory Bank Customer Service at 1-877-757-3400. Reps are available Monday – Friday from 7:30 AM – 8 PM
In addition, you’re able to fill out an online Customer Service Request, but a response can to take between one and two business days.
How Memory Bank Compares
- My Direct Savings – MySavingsDirect only offers online savings accounts. They have two options: the High Interest Savings and the CD. The savings account doesn’t have minimum account balance requirements and it doesn’t have a monthly service fee.
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Bottom Line
Choosing a bank that best suits your needs is a crucial decision. You’ll be investing time and money into these institutions and will need to make the right choice and be sure the bank/credit union will offer you what you need. It’s very important to keep in mind the potential fees that may incur and how to avoid them if possible. If First Tennessee has the variety and options you’re looking for, apply today!
If you’re interested, read our review on the Memory Bank Checking. For more options from a variety of banks, see our list of the best bank promotions!
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