Monifi Bank Promotion: $250 for New Checking Account

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.

💵 U.S. Bank – up to $400

Earn up to $400 when you open a new U.S. Bank Smartly® Checking account and complete qualifying activities. Subject to certain terms and limitations. Offer valid through April 3, 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.

Learn more about this offer

Table of Contents
  1. Monifi – $250 Bonus [EXPIRED]
  2. How does this compare?

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).

That’s it!

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:

Barclays – $200

Barclays Bank will give you a $200 if you open a new savings account and deposit $25,000 or more within 30 days and maintain at least $25,000 for the next 120 days. The savings account also pays a competitive interest rate of 4.35% APY while you wait.

👉 Click here to learn more


BMO Relationship Checking – $400

BMO Bank is offering a $400 bonus* when you open a BMO Relationship Checking and when you have at least $7,500 in qualifying direct deposits within the first 90 days. It is a very straightforward offer that is available nationwide.

*Conditions apply

👉 Click here to learn more


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.

👉 Click here to learn more


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!

👉 Click here to learn more


HSBC Premier Checking – up to $4,000

HSBC has an offer where you can get up to $4,000 for eligible new customers who open an HSBC Premier checking account, make a sizable deposit, and make recurring monthly qualifying direct deposits of at least $5,000 for 3 consecutive months.

👉 Click here to learn more

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About Jim Wang

Jim Wang is a forty-something father of four who is a frequent contributor to Forbes and Vanguard's Blog. He has also been fortunate to have appeared in the New York Times, Baltimore Sun, Entrepreneur, and Marketplace Money.

Jim has a B.S. in Computer Science and Economics from Carnegie Mellon University, an M.S. in Information Technology - Software Engineering from Carnegie Mellon University, as well as a Masters in Business Administration from Johns Hopkins University. His approach to personal finance is that of an engineer, breaking down complex subjects into bite-sized easily understood concepts that you can use in your daily life.

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