Available nationwide, MemoryBank is offering 0.50% APY on their Money Market account. Continue reading to learn more about MemoryBank.
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About MemoryBank
MemoryBank is a new online banking platform that launched in 2016. As an all-digital bank, they are with you wherever you are: on your phone, tablet or desktop. Like most online banks, MemoryBank does not charge customers any monthly fees, and has no minimum balance requirements on their accounts.
I’ll review MemoryBank Money Market account below.
Note: Interested in Bank Bonuses? See our favorite banks including HSBC Bank, Chase Bank, Huntington Bank, Discover Bank, TD Bank, BBVA or CIT Bank.
MemoryBank Money Market Rate
To earn this competitive rate, simply have an opening deposit of $50. That’s all it takes and you’ll get to enjoy earning the 0.50% rate on balances up to $1,000,000.
Editor’s Note: They have added a new term “Effective 9/16/2019, a Below Balance Fee of $15 will apply if the daily balance is below $1,000 any point during a statement cycle.”
- Account Type: Online Money Market Account
- APY Rates: 0.50% APY
- Minimum Balance: $0
- Maximum Balance: $1,000,000
- Availability: Nationwide (Online Bank)
- Credit Inquiry: Soft Pull
- ChexSystems: Unknown
- Opening Deposit: $50
- Monthly Fee: $15 for below $1,000 balance.
- Credit Card Funding: Up to $1,000
- Closing Account Fee: Unknown
(FDIC Insured)
American Express® High Yield Savings Account - You earn a competitive interest rate along with no minimum deposits or monthly fees. Amex High Yield Savings account has been my favorite Hub account for the past 7 years. Using this account to Pull/Push your money is absolutely necessary when you have many accounts. Here's why: *No dollar limitations for ACH transfers - When you find a top bank rate account, you don't want to be limited to just $5K or $10K transfers. Amex Savings will let you transfers as much as you want whether you are pulling or pushing money from and to an external bank account. *1 to 2 business days ACH transfers speed - With top-notch user interface, you get your money to another external account or pull money from another bank account within a day or two. *No loss of interest during transfers - On the day you initiate your transaction on the high yield savings account website, the funds will be reflected in your Current Balance and begin earning interest. Some other features from American Express High Yield Savings Account include Free Wire Transfers, 3 maximum linked accounts, and maximum 6 ACH withdrawals per month. |
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Savings account offers are frequently updated. Find the best nationwide Savings/Money Market rates here, and the best Savings account bonuses here. The Axos Bank and CIT Bank accounts offer great rates available nationwide which I recommend. |
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PROMOTIONAL LINK | OFFER | REVIEW |
Discover Bank Online Savings | $200 Bonus + 0.60% APY | Review |
Aspiration | $150 Bonus + 1.00% APY | Review |
Axos Business Savings | $200 Bonus + 0.20% APY | Review |
Quontic Bank High Yield Savings | 0.75% APY | Review |
Axos Bank High Yield Savings | Up to 0.61% APY | Review |
CIT Bank Money Market | 0.70% APY + Amazon Prime Offer | Review |
American Express High Yield Savings | 0.60% APY as of 4/28/22 | Review |
MemoryBank ACH Capabilities & Limits
ACH Type | Speed | Daily $ Limit | Monthly $ Limit | Notes |
Push | 2-3 days | $2k | $8k | Up to five accounts may be linked at one time |
Pull | 2-3 days | No limit | No limit |
Editor’s Note: Help us with the table above in the comment section if you have experience with MemoryBank’s ACH capabilities.
How to Earn MemoryBank Rate
- Open an Online Money Market account from MemoryBank with no minimum balance requirement and enjoy earning the 0.50% APY rate.
- The high rate apply up to $1 Million for the maximum balance.
- Avoid the $3 paper Statements fee when you sign up with E-Statements.
Balance Requirement | APY Rate |
$0 to $1,000,000 | 0.50% APY |
$1,000,000+ | 0.01% APY |
Why You Should Sign Up For This Account
- FDIC insured so your money is always safe.
- Online and mobile banking
- $15 monthly service fee for below $1,000 balance
Bottom Line
If you can keep up with the monthly requirements, I recommend you sign up, and enjoy a high APY rate for simply using your account! Take advantage of this APY rate before it changes! Let us know about your experience with this bank and comment below.
For more bank offers, see the complete list of Best Bank Rates!
Check back often to see the latest info on MemoryBank Money Market Account.

They changed it to 2.25% APY yesterday (8/13/2019).
Thank you for updating us Ming Xiao!
It is 2.30% today.