Monifi Bank Promotion: $250 for New Checking Account

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 Bank Logo

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 WH21 by 12/15/2021 and then deposit at least $15,000 to get the lowest bonus amount. Deposit $25,000 to get the higher amount.

Learn more about this offer

Table of Contents
  1. Monifi $250 Bonus
  2. How does this compare?

Monifi $250 Bonus

Monifi will give you $250 when you set up a direct deposit and get 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, get two direct deposits of at least $1,000 each in the next 90 days, and $250 is deposited into your account.

Offer is good until 9/30/2021 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.

Learn more about the Monifi offer

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 $250, that’s a nice amount for what’s not a lot of work.

Here are a few comparable offers:

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 WH21 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.

Chase Total Checking® – $225

Chase Bank will give you $225 when you open a Total Checking account and set up 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!

HSBC Premier Checking – $450

HSBC has an offer where you can get $450 for eligible new customers who open an HSBC Premier checking account and make recurring monthly qualifying direct deposits of at least $5,000 for 3 consecutive months. Click here to learn more about this offer.

Huntington Bank – up to $500

If you are a resident of Colorado, Illinois, Indiana, Kentucky, Michigan, Minnesota, Ohio, Pennsylvania, South Dakota, West Virginia, or Wisconsin then you could get up to $500 from Huntington Bank for opening a new checking account. There are several checking accounts that qualify but they’re great offers if you live in their geographic region. Click here to learn more about Huntington Bank offers.

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About Jim Wang

Jim Wang is a thirty-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.

One of his favorite tools (here's my treasure chest of tools,, everything I use) is Personal Capital, which enables him to manage his finances in just 15-minutes each month. They also offer financial planning, such as a Retirement Planning Tool that can tell you if you're on track to retire when you want. It's free.

He is also diversifying his investment portfolio by adding a little bit of real estate. But not rental homes, because he doesn't want a second job, it's diversified small investments in a few commercial properties and farms in Illinois, Louisiana, and California through AcreTrader.

Recently, he's invested in a few pieces of art on Masterworks too.

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