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 need.”
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 banking2.
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 or phone.
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.
About MemoryBank
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
Incorporated.
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 at http://www.mymemorybank.com/home/earnmore-account.
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 reduce earnings.
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.
