Update 3/9/24: If case anyone still has this account from when we wrote about it in 2019 – Memory Bank is apparently closing down at the end of March. You can see this other (dated) post for some more options: What’s the Best High-Yield APY Checking Account Option? (ht reader Steve)
Original Post 1/8/2019:
A while back, in the post What’s the Best Simple High-Interest Checking Account?, I pointed out that from all high-yield accounts available none are checking accounts, with the exception of the 1.6% Memory Bank checking account (direct link).
At the time, I don’t think Memory Bank offered any high-yield savings account, but since September they’ve been offering a competitive money market account, and they’ve continued bumping up the APY rate as rates rise. That makes me optimistic they’ll continue maintaining their spot near the top of our Best High-Yield Savings Rates list.
Not everyone has much cash on hand, but there are some people who keep large stashes of cash, either as their MS float, because they don’t want to invest all their money, or similar reasons. Many banks like Ally and Discover offer great rates on savings and a terrific full service checking accounts, but no interest is earned on the funds held in the checking account.
This Memory Bank combo creates a new option of getting a highly competitive savings rate with their money market account (currently 2.40% APY which is near the top of all rates available) AND a decent rate on funds in the checking account (currently 1.60% APY). This is especially useful for someone who moves large amounts of cash, and sometimes wants to put into savings for a few months before they’ll need it again. Presumably you can easily transfer funds between the money market and checking accounts.
Chuck
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