National All-Digital Banking Platform Debuts with Its High Interest
Yielding All-in-One EarnMore1 Account
LOUISVILLE, Ky.–(BUSINESS WIRE)–MemoryBank, a national branchless banking platform, opened its “digital
doors” at www.mymemorybank.com.
Born from extensive consumer research and developed for today’s
digitally savvy, on-the-go consumers, MemoryBank
accounts will infuse industry-leading earning power1 into
every transaction. The EarnMore1 account,
MemoryBank’s first product, offers a 1% Annual Percentage Yield (APY)
plus an additional 0.5% on all deposits for the first year to qualifying
customers, with no minimum balance to begin earning2.
The MemoryBank brand name connects the literal idea of digital storage
with the positive emotional memories collected over a lifetime — linking
the notion that earning more on every dollar while saving time doing it
provides an opportunity to enjoy “more for life.”
As a division of Republic Bank & Trust Company, MemoryBank
also provides its account holders the peace of mind that comes with
knowing it is a Member of FDIC with the highest possible A+ rating from
the Better Business Bureau.
“The transformation in the banking industry is not just about digital.
It’s about providing real differentiation in both product offering and
consumer earning power through higher deposit rates and lower loan
rates,” said Andrew Varga, Republic’s Chief Strategy & Innovation
Officer. “By providing customers across the country real value from
digital banking, we can de-commoditize our products and put extra
dollars in our customers’ pockets. Our research showed that bank
customers want every one of their dollars to work harder for them, and
with EarnMore’s1 earned rate that is 30 times higher3
than the national average interest checking rate, we are meeting that
In addition to a better return on their investments, convenience scored
very high on bank customers’ wish lists, prompting MemoryBank
to make EarnMore1 an all-in-one bank account that earns more
like a money market account or certificate of deposit, but with the
utility, liquidity and flexibility of a checking account. MemoryBank
calls it “no hassle banking” as EarnMore1 eliminates the need
to move money from one account to another, and can handle unlimited
transactions every day—all while not charging fees on normal day-to-day
Varga also said, “What we didn’t want to do was rollout a digital
banking platform that essentially offers its customers the same benefits
as a traditional brick and mortar bank or the handful of existing
digital banks. That’s out there already. MemoryBank will do better.”
Additional EarnMore1 account features include biometric
security4, personalized MemoryAlert notifications, smart
phone deposit, online bill pay and PopMoney®, which allows customers to
send and receive money without cash or checks5. Even opening
an EarnMore1 account is hassle-free—it can take as little as
10 minutes to apply using a smart phone5 or computer.
With EarnMore1, there’s no minimum balance to earn its high
interest rate, and no fees for normal day-to-day banking2. To
qualify for the high interest rate, customers just do the things they
are already accustomed to doing every day, like using their debit card,
direct depositing paychecks, and viewing their statements online2.
MemoryBank focuses on the “overlooked” generation
From a marketing perspective, Generation-X customers – born between 1965
and 1982 – are an often-ignored group, pushed aside by Millennials, the
target customer for most digital products and services. But MemoryBank
sees Gen-Xers as the sweet spot for an EarnMore1 account.
Gen-X customers are in their most active earning, spending, investing
and planning years, and can benefit most from products like EarnMore1.
They are living and working longer than any prior generation, and they
take care of the generations that came before them (their parents) and
come after them (their children) in ways no prior generation has.
“The research kept pointing us in the direction of the Gen-X consumer,”
said Varga. “The demands on their time and personal revenues make
EarnMore1 the perfect account thanks to ease of use and
exceptional interest return. Moreover, they’re digital and mobile savvy.
Not only will we not overlook Gen-Xers, we’ll engage with them with
promotional and advertising tactics including mobile, digital and Social
Media, and traditional media including television and outdoor.”
Additional features include:
Universal Access: MemoryBank clients have nearly universal ways
to access, deposit and use their money every minute of the day, every
day with advanced digital capabilities and over 75,000 surcharge-free
ATMs6 in the U.S. That’s more ATMs than each of the five
largest U.S. banks offer7. Plus, our customers have access to
over 10,000 international surcharge-free ATMs6.
No-Nonsense Customer Service: Live client service team available
7:30 AM EST– 8:00 PM EST Monday through Friday by live chat5
Cash Back Rewards: Customers can use their MemoryBank MasterCard®
debit card to get cash back on purchases at favorite retailers. Cash
rewards are deposited directly into their MemoryBank account8.
Password-free login: Eyeprint ID™ and fingerprint ID4
offer secure smart device login without the hassle of a password.
Mobile deposits: Deposits at MemoryBank are as easy as snapping a
selfie. Customers can take a picture of a check with a mobile device to
direct deposit into their MemoryBank account5.
Founded in October 2016, MemoryBank
is a new type of national branchless banking platform dedicated to
providing digitally savvy, on-the-go customers with convenient “no
hassle banking” and industry-leading interest rates. The MemoryBank
brand name connects the literal idea of digital storage with the
positive emotional memories collected over a lifetime. As a division of
Republic Bank & Trust Company, it is a Member of FDIC with the highest
possible A+ rating from the Better Business Bureau. Visit www.mymemorybank.com
to learn more.
MasterCard® is a registered trademark of MasterCard International
Eyeprint ID™ is a trademark of EyeVerify, Inc.
1 The interest rate earned on deposits in your EarnMore Account will
remain higher than the national interest rate for checking accounts
defined as a simple average of rates paid by all insured U.S. depository
institutions and branches for which data is available as reported by the
FDIC on 09/19/16, if you meet minimum activity requirements as detailed
2 Based on the current Annual Percentage Yield (APY) of 1.00% as of
09/19/16, plus a 0.50% bonus APY available to new EarnMore customers
meeting minimum activity requirements for the first 12 statements (bonus
period), on balances from $0.01 – 249,999.99. Minimum $50.00 to open
account. After the bonus period you must maintain activity requirements
as detailed at http://www.mymemorybank.com/home/earnmore-account
to earn the current APY and no bonus APY is available. Rates may change
at any time. A new customer is defined as not having an EarnMore Account
in the six months prior to date of account opening. This APY plus bonus
APY is over 30 times higher than the national interest rate for checking
accounts defined as a simple average of rates paid by all insured U.S.
depository institutions and branches for which data is available as
reported by the FDIC on 09/19/16. If activity requirements are not met
or balances are in excess of $249,999.99, the APY is .05%. Fees may
3 As of 09/19/16 the interest rate earned on deposits in your EarnMore
Account is over 30 times higher than the national interest rate for
checking accounts defined as a simple average of rates paid by all
insured U.S. depository institutions and branches for which data is
available as reported by the FDIC on 09/19/16, if you meet minimum
activity requirements, as detailed at http://www.mymemorybank.com/home/earnmore-account.
4 Fingerprint ID available for iPhone 5S or higher, and any Android
device that has a physical fingerprint scanner and is running the
Android 6.0 Marshmallow operating system. Eyeprint ID available for iOS
and Android devices with front-facing 1-megapixel or greater cameras.
5 Message and data rates may apply from your wireless carrier. Usage and
qualification restrictions apply.
6 Number of ATM locations subject to change. Look for the Allpoint,
MoneyPass, SUM, or Presto logos at the machine.
7 Based on data compiled by Bankrate available at http://www.bankrate.com/finance/banking/banks-have-the-most-atms-1.aspx and http://www.bankrate.com/finance/banking/americas-biggest-banks-1.aspx
8 Timing of deposit may vary depending on merchant and/or offers.