Monifi is being discontinued effective September 21, 2022 – per emails sent to their customers. Accounts will be transitioned to MidFirst Bank and those not transitioned will be closed and a check will be sent to the address on file.
Monifi is a digital-only bank that has a great new account promotion for folks who have a direct deposit they can move over. They are an online bank, so anyone can open an account, but they are also a division of MidFirst Bank, which is a brick and mortar bank.
MidFirst Bank is FDIC insured, Certificate #4063, and chartered as a Federal Savings Bank regulated by the Comptroller of the Currency. As of this writing, they have 81 locations in five states (Arizona, California, Colorado, Oklahoma, and Texas).
An added benefit of Monifi, besides the bonus, is that their app has a lot of features that can help you with your budgeting too, which means saving even more money. It’s worth checking out if you don’t already have a favorite app for that.
As for the bonus, it’s nice and it’s easy to get, let’s take a look.
💰 Discover Online Savings Account – $150 or $200
Discover Bank is offering a $150 or $200 bonus to open your first Online Savings Account. Just open it with the code WH923 by 12/14/2023 and then deposit at least $15,000 to get the lowest bonus amount. Deposit $25,000 to get the higher amount.
Monifi – $250 Bonus [EXPIRED]
Monifi will give you $250 when you set up payroll direct deposit and receive two direct deposits of at least $1,000 each into your Spend Balance within 90 days of opening your Monifi Relationship. The direct deposit has to be a paycheck, pension, or government benefits (like Social Security).
Open an account, set up payroll direct deposit and receive two direct deposits of at least $1,000 each into your Spend Balance within 90 days of opening your Monifi Relationship, and is deposited into your account.
Offer is good until 5/31/2022 and available nationwide.
What’s nice about this account is that there aren’t any fees. No minimum balance, no monthly maintenance fees, and no ATM fees if you use an ATM in the Allpoint network.
How does this compare?
It’s not bad for an online bank with no fees and no minimums. The $1,000 per direct deposit requirement is reasonable and you have 90 days to get two of them, so you could easily get two paychecks in there.
As for getting , that’s a nice amount for what’s not a lot of work.
Here are a few comparable offers:
⭐Citi Priority Account – up to $2000
Citi Priority is offering up to $2000 bonus when you open an account by 1/9/2024. Then, within 20 days of opening your account, deposit at least $10,000 in New-to-Citi® funds and keep it there for 60 days after the 21st day. The bonus amount is based on how much you can transfer but the lowest tier starts at $10,000.
Discover Online Savings Account – $150 or $200
Discover Bank is offering a $150 or $200 bonus when you open your first Discover Online Savings Account with the promotion code WH923 and deposit at least $15,000 into the account within 30 days. You get $150 if you deposit $15,000 or more and $200 if you deposit $25,000.
Bank of America – $200 Bonus Offer
Bank of America offers a $200 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 account within 90 days of account opening. It has a monthly fee that is easy to have waived.
Chase Total Checking® – $200
Chase Bank will give you $200 when you open a Total Checking account and set up and receive a direct deposit 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!