Managing your money through a bank or credit union is a necessary task. But it doesn’t necessarily bring a smile to your face.
MPH.bank wants to change that. In fact, its motto ‘makes people happy’ seems to line up well with its helpful accounts built to help you meet your savings goals.
Ready to learn more about mph Bank? Here’s what you need to know.
- Offers up to 0.85% APY on Spend account balance
- Monthly rewards opportunity for you and your friends
- Set up multiple savings ‘goals’ accounts
MPH Bank Details
MPH Bank Money Market Account
What Is MPH Bank?
MPH.bank is a neobank powered by Liberty Savings Bank. With the goal of making people happy, MPH.bank offers a streamlined mobile banking experience.
As a customer, you’ll find easy ways to build your savings. Plus, a robust rewards program that offers a monthly payout for everyone in your referral network.
MPH.bank is only available online.
What Does It Offer?
Curious about MPH.bank? Here’s what it has to offer.
Money Market Account
Currently, MPH Bank is best known for it's top-yielding money market account. You can currently earn 0.85% APY on your money, which is consistently at the top of our list of the best money market accounts.
This account only requires $1 to open, and has no monthly fees or minimum balance requirements to earn.
Check out the MPH Bank Money Market Account here.
Get A Big Picture Of Your Finances
MPH.bank offers the chance to easily see all of your accounts in one place. The unique thing is that you can even pull accounts from other banks into your MPH.bank dashboard. With that, you can keep an eye on your overall financial picture more easily.
The app also offers a budgeting tool to help you see how much you spend, identify spending trends, monitor your cash flow, and more. Plus, you can even check your credit score for free within the MPH.bank app.
It’s nice that the MPH.bank app is so comprehensive because there are no in-person branch options with this bank.
Interest-Bearing Spend Account
The Spend account comes with a debit card. Plus, you’ll earn interest on the funds in your Spend account.
You’ll need to make 15 purchases or make monthly deposits of $500 per month to unlock enticing rewards. The rewards include up to 0.55% APY on your Spend account balance. Additionally, this level of use will waive the $9 monthly membership fee.
The account also requires 15 purchases to unlock your monthly network Referral Rewards. You’ll earn $1 per person in your network, which includes up to 6 degrees of connections. MPH.bank pays out this reward every month, so the numbers can add up quickly.
Saving goals are a key part of any healthy financial picture. Luckily, MPH.bank makes it easy to work towards your savings goals.
First, you’ll have the option to set up add-on ‘goals’ accounts for specific purposes. For example, let’s say that you want to get a puppy. You could set up an account specifically for that savings goal.
Once this sub-account is set up, you’ll have the option to automatically transfer spare change to your goal account. So, every time you make a purchase with your MPH.bank debit card, the spare change will be transferred directly to MPH.bank.
Are There Any Fees?
It depends on the account. The Money Market Account does not have any fees.
However, MPH.bank charges a $9 monthly membership fee for it's other products. But until June 30, 2022, you’ll be able to enjoy the benefits of MPH.bank for free for six months. Plus, you can have the fee waived if you make 15 transactions per month or set up a direct deposit of at least $500 per month.
However, there are no overdraft fees. And you’ll be able to withdraw cash at over 55,000 ATMs without a fee.
How Does MPH Bank Compare?
MPH.bank isn’t the only mobile-friendly banking experience with a focus on savings.
Another great option is Chime. The fintech prides itself on accounts with no fees and attractive APYs. Here’s where you can learn more about Chime.
If you're looking for a traditional savings account, check out Discover, which offers a consistently top rate on savings.
APY On Savings
How Do I Open An Account?
The process of joining MPH.bank starts by going to their website and opening an account. You'll need to have the following information:
- Your email address
- Your mobile phone number
- Your child’s/children’s name(s)
- Your legal first and last name
- Your physical address
- Your date of birth
- Your Social Security Number
If you meet the criteria, MPH.bank will ask for documentation to confirm the information. To finalize your application, you must make a $25 opening deposit.
Is It Safe And Secure?
MPH.bank offers a secure banking experience. The website and app both have 256-bit encryption and bank-level security features.
Additionally, the funds in your deposit accounts are insured for up to $250,000. The FDIC insurance is provided through Liberty Savings Bank. All in all, you should feel comfortable conducting your banking business through MPH.bank.
How Do I Contact MPH Bank?
You can send a secure email through your MPH.bank account or call 800-892-8789. MPH.bank is also available through Twitter @mphbank. Or Instagram and Facebook @mph.bank.
The MPH.bank app has earned 5 out of 5 stars in the Apple App Store. But with only three reviewers, you might find a different experience.
Is It Worth It?
If you are looking for a streamlined way to manage multiple savings goals, MPH.bank offers a great solution. The ability to set up multiple savings goals and monitor your progress along the way can be very helpful.
Plus, their money market account is top-notch at no cost.
However, the $9 monthly fee for their other products is a bit steep. If you are able to meet the requirements to waive the fee, then the attractive APY makes MPH.bank a good option. But if you can’t have the fee waived, then working with MPH.bank will add up quickly.
Ultimately, you’ll need to decide if you like the platform offered by MPH.bank. If not, there are plenty of other banking options out there. Take a minute to explore all of our favorite banks today.
MPH Bank Features
Spending and Money Market
0% to 2%
None (online-only bank)
55,000 Fee-Free ATMs
Customer Service Number
Customer Service Hours
Monday-Friday, 8 AM-5 PM (EST)
Mobile App Availability
iOS and Android
Web/Desktop Account Access
32242 (through Liberty Savings Bank)
MPH Bank Review
Tools and Resources
Fees and Charges
Ease of Use
Products and Services
mph Bank is an online money market account with top interest rates powered by Liberty Savings Bank.
- Attractive APY
- Savings goals accounts
- Streamlined mobile experience
- Transaction or deposit requirements to waive monthly fee
- Limited customer feedback
Robert Farrington is America’s Millennial Money Expert® and America’s Student Loan Debt Expert™, and the founder of The College Investor, a personal finance site dedicated to helping millennials escape student loan debt to start investing and building wealth for the future. You can learn more about him on the About Page, or on his personal site RobertFarrington.com.
He regularly writes about investing, student loan debt, and general personal finance topics geared towards anyone wanting to earn more, get out of debt, and start building wealth for the future.
He has been quoted in major publications including the New York Times, Washington Post, Fox, ABC, NBC, and more. He is also a regular contributor to Forbes.