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.”