Deal has ended, view more bank account bonuses by clicking here.
Offer at a glance
- Maximum bonus amount: $200
- Availability: Nationwide
- Direct deposit required: Yes for 12 months
- Additional requirements: See below
- Hard/soft pull: Soft pull
- ChexSystems: Unknown
- Credit card funding: Can fund up to $500 with a credit card
- Monthly fees: None
- Early account termination fee: Unknown
- Household limit: None listed
- Expiration date: None listed
Contents
The Offer
- Mph.bank is offering a $200 bonus when you open a new spend checking account. Bonus is broken down as follows:
- $100 when you set up a direct deposit and maintain it for 3 months and maintain a minimum balance of $1,000 each month for 3 consecutive months
- $100 when the direct deposit and $1,000 minimum monthly balance is maintained for 12 months
The Fine Print
- Get $100 after opening any mph.bank Spend (checking) account AND setting up a monthly Early Pay3 AND maintaining an average balance of $1,000 for 3 consecutive months.
- Get another $100 for maintaining the same requirements above for an additional 9 consecutive months.
- Offer not available to existing mph.bank Spend account customers or those who have closed a checking account in the last 12 months. Account must be in good standing (not be overdrawn) throughout the duration of the special.
- Each reward will be deposited to your new account by the 30th day after meeting the requirements.
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
Monthly Fees
The free spend checking account has no monthly fees to worry about (update: it looks like the free account requires a $500 direct deposit. I don’t actually think that is legal anymore but something to keep in mind).
Early Account Termination Fee
Unsure if there is any EATF.
Our Verdict
Update: Looks like this does require a direct deposit for even the first $100 bonus, making it not worth doing.
mph.bank has offered a $100 bonus in the past with much easier requirements and $365 with much harder requirements. The nice part of this new bonus is that you can get $100 of it without any direct deposit required, although if you put that $1,000 into a high yield savings account you would earn ~$40 over the same period. We will add this to our list of the best bank bonuses.
Hat tip to reader Davis
Useful posts regarding bank bonuses:
- A Beginners Guide To Bank Account Bonuses
- Bank Account Quick Reference Table (Spreadsheet) (very useful for sorting bonuses by different parameters)
- PSA: Don’t Call The Bank
- Introduction To ChexSystems
- Banks & Credit Unions That Are ChexSystems Inquiry Sensitive
- What Banks & Credit Unions Do/Don’t Pull ChexSystems?
- How To Use Our Direct Deposit Page For Bank Bonuses Page
- Common Bank Bonus Misconceptions + Why You Should Give Them A Go
- How Many Bank Accounts Can I Safely Open Within A Year For Bank Bonus Purposes?
- Affiliate Links & Bank Bonuses – We Won’t Be Using Them
- Complete List Of Ways To Close Bank Accounts At Each Bank
- Banks That Allow/Don’t Allow Out Of State Checking Applications
- Bank Bonus Posting Times
