I first learned about mph.bank through the Raisin platform (formerly SaveBetter) because they were offering a high interest rate on their money market deposit account.
They’re the online bank subsidiary of Liberty Savings Bank and while they’re relatively new, their parent bank has been around for quite some time.
If you’ve been thinking about opening an mph.bank checking account, known as their “spend” account, you will want to learn about the bonus they are offering – get up to $200.
How to get up to $200 from mph.bank
The promotion appears to have ended but they appear to have paused all new account applications – “We are at capacity for processing new applications at this time. Please join our waitlist to get notified when applications are open again.“
mph.bank has a multi-step bonus where you can get up to $200 in cash for satisfying a few conditions over the course of a year. The sticking part of this deal is the length of time, 12 consecutive months, but if you’re OK with that, the cash is yours.
First, start by opening a new mph.bank “spend” account.
Then:
- Get $100 after opening any mph.bank Spend (checking) account AND setting up a monthly Early Pay AND maintaining an average balance of $1,000 for 3 consecutive months,
- Maintain your direct deposit and the average balance of $1,000 for another nine consecutive months
When you open an account, you pick whether it’s a Friends, First, Fresh or Free account. The Friends account has as $9 per month fee that is waived if you use your mphCard to make purchases at least 15 times a month (Friends account can earn interest and you can refer people). There is also a free account with no fees.
(Offer expiration not shown)
Who is mph.bank?
mph stands for Make People Happy and they are the online bank of Liberty Savings Bank, which was founded in 1889. Liberty Savings Bank is FDIC insured #32242. They are a relatively small bank, with just six locations in two states (main office in Ohio and six branches in Florida, which is quite the setup), but mph.bank is online so available nationwide.
mph.bank itself was founded in 2018 and they aim to give “value to our customers instead of buying expensive traditional media, building grandiose branches with coffee bars, or sponsoring gargantuan professional sports stadiums.”
How does this compare?
mph.bank had previously offered a $100 bonus with easier requirements but this one requires you to do all the requirements for a full year. That lone is enough for many to balk at the offer but it’s available if that’s something you’re interested in because the bonus is certainly high enough for such relatively low requirement amounts (even if duration is long).
U.S. Bank – up to $450
Earn up to $450 when you open a new U.S. Bank Smartly® Checking account and complete qualifying activities. Subject to certain terms and limitations. Offer valid through December 31, 2024. Member FDIC.
Offer may not be available if you live outside of the U.S. Bank footprint or are not an existing client of U.S. Bank or State Farm.
BMO Checking – $300
BMO is offering a $300 bonus* when you open a BMO Checking account and have $4,000 in direct deposits within 90 days of opening. It is a very straightforward offer that is available nationwide.
*Conditions apply
Bank of America – $300 Bonus Offer
Bank of America offers a $300 Bonus Offer cash bonus if you open a new account and Set up and receive Qualifying Direct Deposits* totaling $2,000 or more into that new eligible account within 90 days of account opening. Bank of America Advantage SafeBalance Banking® for Family Banking accounts are not eligible for this offer. It has a monthly fee that is easy to have waived.
Chase Total Checking® – $300
Chase Bank will give you $300 when you open a Total Checking account and set up and receive direct deposits totaling $500 or more within 90 days. There is a $12 monthly fee that is waivable with a monthly direct deposit of just $500, so no gotchas on this deal!
