[Expired] mph.bank $365 Checking Bonus

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Offer at a glance

The Offer

Direct link to 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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    William Charles
  • On November 13, 2022, 09:00
Tags: credit card fundingdirect deposit requirednationwide bank bonusessoft pull

View Comments (39)

  • I received the 3 bonuses as 3 separate line items on 1/2/2024. $100, $100, and $165
    Wow that was a long year of requirements.

  • DP:
    12/20/2022: Opened account and transfer $1k+ into MPH;
    1/1//2023~12/31/2023: $1k+ real DDs & $365+ spent every month;
    1/2/2024: $365 bonus deposited.

  • Anybody had success with the 12 month bonus? Nothing for me yet despite two chats where they promised quick action.

  • How the fuck am I supposed to satisfy the $1000 minimum balance requirement for the first full month after account opening when the maximum funding amount allowed for the free account is $500? I'm opening for both P1 and P2 and will start satisfying the DD requirement in January 2023. The bonus offer ends 12/31/22 and the account opening is not instantaneous which means it will probably be 3 days minimum before it's opened. This should be fun trying to get clarification from a CSR once the account is opened because I doubt I can even get another $500 in the account prior to 1/1/2023 at this point unless mobile deposit is an option once the account is opened. Most accounts have to do trial deposits before being able to ACH funds.

    • Received clarification from CSR that called to request identification documents (DL & utility bill for proof of address) that the $1000 minimum balance requirement does not account for the first month since they give 30-60 days to start tracking. I'm wondering though it that means this is really a 13-14 month requirement prior to getting that $100 portion of the bonus.

    • Try Paypal. If I recall, when I link a bank to Paypal with trial deposits, I can push (but not pull) money to it even though the trial deposits haven't arrived.

  • Careful. This stupid smiley face Bank did two inquiries on my Chex (separate days). I was not instant approved at the time, went to review and eventually approved.

    Cross posted.

  • This bonus is the Frankenchild of the Alliant "Suze Orman" bonus and the Laurel Road ongoing monthly bonus (both of which I'm doing) with the worst parts of each.

    If I can find a free replacement for Astra before the New Year, I might still try it. Otherwise, Wise is going to cost $20.28 for 12 x $1000 two-step transfers.

    • @guest_1488192 ,
      If you open a Wise USD account, then you can ACH in money from your external bank for free. Wise Transfers are then only $0.39/each (for any amount)

  • The minimum balance bonus works out to 10% interest for a year. That would be good if ongoing but may not be worth it as a one-time bonus.

    The direct deposit bonus could be troublesome even if your payroll deposits can be easily changed. Tying up $1000 per month for a whole year could limit the number of more valuable signup bonuses you could get, especially if part of your deposits are already devoted to ongoing qualifications for other accounts.

    The debit bonus looks pointless at first glance since it works out as 2.28% which is less than the rewards available elsewhere. However, it could be useful if paying off credit cards through Paypal bill pay (or over the phone with Citi) counts. Has anyone seen anything in the terms that would exclude this?

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