To enable embodied agents to operate effectively over extended timeframes, it is crucial to develop models that form and access memories to stay contextualized in their environment. In the current paradigm of training transformer-based policies for embodied sequential decision-making tasks, visual inputs often overwhelm the context limits of transformers, while humans can maintain and utilize a lifetime of experience compressed as memories. Significant compression is possible in principle, as much of the input is irrelevant and can be abstracted. However, existing approaches predominantly focus on either recurrent models with fixed-size memory or transformers with full-context reliance. In this work, we propose Memo, a transformer-based architecture and training recipe for reinforcement learning (RL) on memory-intensive, long-horizon tasks. Memo incorporates the creation and retrieval of memory by interleaving periodic summarization tokens with the inputs of a model during training. We demonstrate Memo's effectiveness on a gridworld meta-RL benchmark and a multi-object navigation task in photo-realistic indoor settings. Memo outperforms naive long-context transformer baselines while being more compute and storage efficient. Additionally, Memo generalizes better to longer contexts at inference time and remains robust in streaming settings, where historical context must be truncated to fit inference constraints. Our code is available at: https://github.com/gunshi/memo.