$100 bonus is no longer mentioned, looks like the deal is now deal. You can view the best current checking bonuses by going here.
Update 05/03/18: We’re reposting as there are no longer any requirements to earn the 1.6% APY rate. Just keep in mind other accounts are now offering up to 2% APY with no requirements and 5% APY with requirements.
Offer at a glance
- APY: 1.6% APY
- Availability: Nationwide
- Additional requirements: 3 ACH deposits of $200+
- Hard/soft pull: Soft
- Credit card funding: Up to $500
- ChexSystems: Yes
- Monthly fees: None
- Early account termination fee: None
- Expiration date: 12/31/2018
The Offer
- Signup for a MemoryBank EarnMore account and get $100 bonus with promo code: TA2018
To be eligible for the bonus, you must have 3 ACH deposits of $200+ each by the end of the third statement cycle.
1.60% APY Requirements
As of 05/02/18 there are no longer any requirements needed to earn this rate.
To be eligible for the bonus APY rate, you need to do the following three qualifying activities:
Receive at least 1 electronic deposit such as payroll, transfers from other financial institutions, or even Popmoney each monthUse your debit card for at least 5 in-person or online purchases each monthGet your statements online
The Fine Print
- New monthly statement cycles begin on the 15th of each month.
- Electronic deposit is defined as an ACH credit transaction.
- Offer expires 12/31/2018.
- Limit one TaxAct promo per customer.
- Offer valid upon opening an EarnMore Checking Account.
- $100 cash bonus earned for receipt of a minimum of 3 ACH credits of at least $200 each into the new EarnMore Checking Account. Qualifying ACH credits must occur between the day the EarnMore Checking Account is opened and by the end of the third statement cycle.
- Cash bonus will be deposited into the EarnMore Checking Account on the first business day of the statement cycle following the statement on which the qualifying activity appeared and is reportable as interest on a 1099-INT.
- Not valid with any other offer.
- Offer valid with promo codes only.
- $50 minimum opening deposit.
Our Verdict
We wrote about the MemoryBank offer last year when it was just a high APY rate (back then this was a high rate); now they’ve added the $100 bonus for TaxAct customers. I assume anyone can add the promo code and get the offer attached.
$100 signup bonus for a checking account is on the low side, but readers point out that for an easy bonus like this + $500 in card funding it’s not a bad offer to do, and it’s available nationwide. We’ll add this to our List of Best Bank Bonuses.
Would be even better for someone who wants the 1.6% APY checking rate on balances up to $250,000. That said, there are monthly requirements to get this rate, as mentioned, and 1.6% isn’t even the best rate around anymore which makes the deal as a whole much less enticing. Check our List of Best Savings Accounts for up to date information on best interest rates available.
Hat tip to reader CJ
I can confirm that total maximum CC funding is $2000 if you open a checking account with $1000 first and then open a savings account later with another $1000. Funded with Amex Platinum and both showed as purchases.
Update, as far as I know, this checking could also be funded by credit card up to $1,000, same with the same account. But if you want to fund $2,000, you must open the checking and saving separately.
Seriously, if you close this account, don’t take all the money out first and then close soon thereafter. I just received a check in the mail for the interest. It was a check for 1 cent! I should have left about 10 dollars in the account when I closed it.
The Memory savings account (previously 1.85%) is now 2.25% APY.
Closed online via live chat
$500 funded with WF credit card
3 – $200 ach transfers: 1 from Alliant, 2 from Suntrust
$100 bonus quickly received
Closed by sm.
Can we open checking & savings at the same time, and fund both accounts $500 with credit cards at the same time?
I’m confused…title says EXPIRED but description/FINE PRINT says expires 12/31/2018. The first page of the application allows you to put in promo code TA2018…and returns the statement “Already applied”
Right, I assume that’s why it’s marked expired. I guess they pulled the deal early?
Landing page no longer mentions bonus, fine print always states deals can be pulled early and I guess that’s whats happening here.
is there any downside to keeping the account with a $0 balance? was considering closing the account, but wondering if i should keep open until i receive my tax statement in 2019.
there are no dormancy fees: https://www.mymemorybank.com/home/products/disclosures
did people just close out after receiving the bonus or are people keeping it open? it doesn’t earn as high a rate as my other accounts, so i don’t really see the need to keep it open.
I am keeping it open. I don’t know, maybe it because I feel like if all of us closed all at once right when bonus was paid out, they would see that and not do future promotions. Since there are no fees, I plan on keeping this open for a bit longer, at least sometime into 2019
Does it make the most sense to leave this account open after the bonus posts, or simply close it? I can’t think of any advantages of leaving it open…
is there a way to close the account without calling it in?
I have way too many checking accounts to keep track of…