[Expired] Mph.bank $200 Checking Bonus (Nationwide)

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

The Offer

Direct link to 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
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• 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?
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