The Business Press Is Taking Note Of MemoryBank
December 9, 2016
Right at launch, Business Insider, the popular online site that analyzes business news and features more than 20 million visitors each month, wrote a significant story about our launch. The headline focused on the high returns we promise. Well, they didn’t bury the lead.
Research showed an account with better returns was number one on our prospective customer’s priority list. Yes, there were numerous critical wants and needs, but the idea that we could provide a hassle-free primary checking account that can actually contribute to a customer’s long-term financial goals—that was top of the list.
Our first account is appropriately called Products —it offers a 1% Annual Percentage Yield (APY), plus all new qualifying customer receive an additional 0.5% on all deposits for the first year†. There is no minimum deposit to earning this rate*** and there are no fees for normal day-to-day banking. That’s more than 30 times* the national average.
Other financial incentives are built in, for example, account holders can just swipe their MemoryBank MasterCard® debit card to get cash back at the kind of retailers where they like to shop1. The cash rewards will be deposited right into their MemoryBank account2.
The earning potential of the Products account starts with the purely-digital infrastructure of MemoryBank. Because we don’t spend money on expensive brick and mortar branches, we are able to pass along these infrastructure savings directly to our customers. We’re leading the digital banking pack by not just providing traditional banking options at the same rates, but creating a new custom account that contributes to savings.
During product development, we knew we were on the cutting edge of something new….a new wave if you will. Business Insider seems to agree saying the introduction of MemoryBank and digital-only banks in general “demonstrate how we’re entered the most profound area of change for financial services companies since the 1970s…”
We like being part of that change, and we understand that change can be challenging (as the Business Insider story duly mentions). But MemoryBank was created with a rock solid business plan, born of extensive research, and with the backing of the well-established Republic Bank and Trust Company. We’re in this for the long term…and we’ll continue this story in upcoming posts—but for more info quick, visit the about us section of the website. We’d love to hear from you, send an email‡ or call 877-757-3400 to chat with one of our customer service representatives.
***Minimum $50.00 to open an account
1 It may take up to 60 days after you start using your debit card for offers to become available. Rewards vary by merchant and by offer. Availability may be restricted to certain merchant locations and may have certain time restrictions. Offers may be limited to one-time use, and may require certain minimum spend. Certain restrictions apply. You can opt out at any time by clicking the "Stop receiving all offers" link on the Purchase Rewards summary page.
2 Timing of deposit may vary depending on merchant and/or offers.
Digital Banks Are On the Rise
(but just because it's digital, doesn't mean it's different)
October 17, 2016
With hundreds of brands like Amazon, Uber, and Netflix offering services on-demand, consumer expectations have never been higher. The banking industry is no different.
This shift in banking has led to an enhancement in digital and mobile capabilities, with many banks going all digital and eliminating costly infrastructure investments in inefficient brick and mortar branches.
However, most of these new digital banks still provide customers with the same basic services and low interest rates on deposits of their brick and mortar ancestors leaving the needs of today’s tech savvy, on-the-go consumers unmet. We know…because they told us.
More than a year of consumer research and analysis revealed a clarion call for a new all-digital, full-service checking account that’s totally hassle-free and earns more like a money market account or CD*.
Imagine it...a checking account that can actually contribute to your long-term financial goals†.
Well, we did imagine it. And then we created it. It’s called MemoryBank. An entirely new type of all-digital national branchless banking platform. We’ve just introduced our first product called Products— a single, all-in-one bank account that earns more like a money market account or CD†, and has the utility, liquidity and flexibility of a checking account.
Earning power is in the name.
The MemoryBank brand name connects the literal idea of digital storage with the collection of 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."
Products provides a base 1 percent Annual Percentage Yield on all deposits to qualifying customers, plus new clients receive an additional 0.5 percent for the first year†. That’s more than 30 times the national average*. Learn more about the Products account here.
How can we do that, you ask? We pass our infrastructure savings directly to our customers. Think about what other digital-only banks are doing with the revenue they save from not building brick and mortar branches? We don’t know. But what we do know is that at MemoryBank we pass those savings on to our customers.
Forget the hassle.
Expectations are high for digital banks. In addition to better returns, consumers asked for conveniences that can be summed up as: “Make it no hassle!” That’s why MemoryBank is remaking the entire digital banking experience. Consider that the Products customers will have easy access to all liquid assets, all in one place. Because Products completely eliminates the need to juggle multiple checking, low-earning or non-earning savings and money market accounts, and can handle multiple transactions easily and efficiently—every day of the week.
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.
We’ll continue the story here in our next post, but for more info quick, visit the about us section of the website. We’d love to hear from you, send an email‡ or call 877-757-3400 to chat with one of our customer service representatives.