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).
SoFi Money – $50 or $400
SoFi Money will give you $50 or $400 if you open an account and make direct deposits of at least $1,000. The bonus will be based on the total amount of those direct deposits in a 30-day evaluation period.
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 9/8/2026. Member FDIC.
Get started with an initial deposit of $25 within 60 days. Offer may not be available if you are an existing U.S. Bank customer or live outside of the U.S. Bank footprint.
BMO Checking – $400 cash bonus
BMO is offering a $400 cash bonus bonus* when you open a BMO Checking account and have a cumulative total of $4,000 in qualifying direct deposits within 90 days of account opening. It is a very straightforward offer that is available nationwide.
*Conditions apply
Capital One 360 Checking – $250
Capital One 360 has a $250 cash bonus when you open a new account and then receive two direct deposits each of $500 or more within 75 days of account opening. Valid for new 360 Checking account customers. If you had a If you had a 360 Checking, Simply Checking, or Total Control Checking account with Capital One on or after January 1, 2022, you are ineligible.
