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Offer at a glance
- Maximum bonus amount:Â $365
- Availability:Â Nationwide
- Direct deposit required:Â Yes, $1,000+ per month for 12 monthsÂ
- Additional requirements:Â See below
- Hard/soft pull:Â Soft pull
- ChexSystems:Â Unknown
- Credit card funding:Â Can fund up to $500 with a credit card
- Monthly fees:Â None
- Early account termination fee:Â Unknown
- Household limit:Â None listed
- Expiration date:Â December 31, 2022
Contents
The Offer
- Mph.bank is offering a $365 bonus when you open a new spend checking account. Bonus is broken down as follows:
- $165 when you set up qualified direct deposits that total at least $1,000 each month for 12 consecutive months
- $100 when you make a total of $365 in qualified debit card purchases/payments each month for 12 consecutive months
- $100 when you maintain a minimum balance of $1,000 each month for 12 consecutive months
The Fine Print
- $165– Set up qualified Direct Deposit(s)2 that total at least $1,000 each month for 12 consecutive months.
- $100 – Make a total of $365 in qualified debit card purchases/payments3 each month for 12 consecutive months.
$100 – Maintain a minimum balance4 of $1,000 each month for 12 consecutive months. - To be paid within 30 days of satisfactory completion of each 12 months’ requirements of (2), (3) and/or (4) as applicable.
- Qualified direct deposits are sent by your employer or a government entity for things like your paycheck, pension, Social Security, SDI, etc. Direct Deposit qualifications are calculated starting on the first full month after your account is opened (i.e., if you open your account in April, you will need to have at least $1,000 in total qualified direct deposits made to your account between the 1st and 31st of May). External/internal transfers and/or Person to Person payments (i.e., Zelle, Venmo, Apple Pay, etc.) do not qualify as direct deposits.
- Debit card purchases/payment calculations begin on the first full month after your account is opened (i.e., if you open your account in April, you will need to have $365 in debit card purchases post to your account between the first and last business day of May). ATM withdrawals or cash advances do not qualify as debit card purchases.
- The minimum balance requirement starts on the first full month after your account is opened (i.e., if you open your account in April, you will need to have a $1,000 account balance by the 1st of May while maintaining that minimum balance each month thereafter). Only mph.bank checking/Spend account balances count toward the minimum balance requirement.\To remain eligible for any reward, your account must (i) have been opened using the hyperlink and landing page assigned with this promotion; and (ii) be and remain in good standing at all times.
- One $365 offer per customer.
- The $365 offer cannot be combined with any other mph.bank special promotions except Refer-a-Friend.
- Must be a new customer (not had any mph.bank account in the last 12 months). This offer ends December 31, 2022 and is subject to change without notice. Additional terms and conditions may apply.
- 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.
Early Account Termination Fee
Unsure if there is any EATF.
Our Verdict
Previously mph.bank had offered a $100 checking bonus, but the requirements were much easier to meet. This is a bigger bonus but you have to keep completing the requirements for 12 months. For many people this is simply not worth the effort involved and there could be a risk that the direct deposit requirement will be more strictly enforced. I’d probably only recommend this if you can easily change your payroll to this account. We will still add this to the best bank bonus page.
Hat tip to reader Bockrr
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- A Beginners Guide To Bank Account Bonuses
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- PSA: Don’t Call The Bank
- Introduction To ChexSystems
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- Common Bank Bonus Misconceptions + Why You Should Give Them A Go
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