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This website is an informative comparison site that aims to offer its users find helpful information regarding the products and offers that will be suitable for their needs. We are able to maintain a free, high-quality service by receiving advertising fees from the brands and service providers we review on this website (though we may also review brands we are not engaged with). These advertising fees, combined with our criteria and methodology, such as the conversion rates, our team of reviewer's finding and subjective experience and product popularity, impact the placement and position of the brands within the comparison table. In the event rating or scoring are assigned by us, they are based on the position in the comparison table, or according to other formula in the event specifically detailed by us. See our How we Rate page and Terms of Use for information. The reviews, rating and scoring are provided “as-is” without guaranties or warranties regarding the information contained in our website, which shall not be considered as endorsement. We make the best efforts to keep the information up-to-date, however, an offer’s terms might change at any time. We do not compare or include all service providers, brands and offers available in the market.

MPH Bank

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Overview

MPH Bank is living up to expectations as a digital bank focused on making customers happy by making it easier to achieve savings goals and financial success. Backed by a talented, diverse, and inclusive team, it offers an array of products and services that deliver value in a streamlined mobile banking environment.

While only available online, MPH Bank offers easy ways of building savings. It provides an array of accounts tailored to easily help clients meet financial savings objectives. It also comes with a robust rewards program that offers a monthly payout to everyone in the referral network.

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Account Types

Account Type Key Features Bonuses
Money Market Account
  • High annual percentage yield (APY)
  • Low opening balance
  • Low monthly requirement
  • Low minimum balance requirement
Not Available
Spend Account
  • Attractive APY
  • Referral Rewards
  • Debit Card Support
Not Available

Money Market Account

MPH Bank is best known for its high-yielding money market account. The accounts accord holders an opportunity to earn a 0.85% annual percentage yield on savings. With $1, you can open a money market account to take advantage of the 0.85% APY. The account comes with zero monthly fees and no minimum balance requirements.

Interest Bearing Spend Account

The interest-bearing Spend Account is a special type of MHB Bank account that allows holders to earn interest on funds saved. The only requirement to unlocking rewards in the account is making monthly deposits of more than $500.

In addition, the Spend Account rewards holders with a 0.55% APY on the account balance. The $9 monthly membership use can also be waved depending on the level of use in the account.

A maximum of 15 purchases is also needed to unlock a monthly network Referral rewards whereby $1 is issued for every person on one’s network. MPH Bank pays the rewards every month.

MPH Bank is best For:

  • People looking to manage multiple savings goals. It comes with a solution that helps users set up multiple savings goals and monitor their progress along the way.
  • It is also suited for people looking to grow their savings. It offers a high annual percentage yield of 0.85% on its money market account, ideal for compounding savings. A 0.55% APY also awaits people looking to earn interest on deposits made on the interest-bearing Spend account.
  • Any person looking for a secure banking experience can also take advantage of the array of banking solutions at MPH Bank. The website and app work with 256-bit encryption and bank-level security features.

Overdraft Fees

MPH Bank does not charge any overdraft fees on its accounts. Consequently, you will be able to withdraw cash at over 55,000 ATMs without the risk of incurring any additional fees.

Opening an MPH Bank Account

Opening up an account with MPH Bank is straightforward as everything is done online.

The major requirements for opening an account include:

  • Email address
  • Mobile phone number
  • Legal first and last name
  • Date of birth
  • Social Security Number

Documentation must be submitted to confirm some of the details. Once everything checks out, the account would be opened with the requirement to make an initial $25 opening deposit.

MPH Bank Pros & Cons

Pros:

  • Security: MPH Bank offers a secure banking experience designed to protect accounts holders’ funds and data. Its website and app leverage advanced security features, including 256-bit encryption.
  • Choice: Savings accounts on offer come with flexible terms and a competitive annual percentage yield ideal for growing savings. Making it easier to find the right product or mix of products that address underlying needs.
  • Convenience: MPH Bank offers simplified statements that are easy to understand. It also comes with a streamlined digital platform that makes it easy to access and manage funds.
  • Customer support: Round-the-clock customer service is available to any client in need or looking to make an inquiry. The customer support team can be accessed via mail or phone call.
  • Access: You can also access your MPH Bank account and funds 24/.7

Cons:

  • High membership fee: A $9 monthly membership fee on some products is a bit steep compared to what other digital banks charge.

How MPH Bank Compares with Competition

MPH Bank compares favorably with Chime and Discover Bank:

Bank Deposit APY Main Benefits
MPH Bank Minimum $1 0.85%
  • High APY
  • Referral rewards program
  • Low monthly requirement
  • FDIC Insured
Chime Minimum $0 0.50%
  • Zero monthly fees and minimum balance requirement
  • User-friendly and feature-rich mobile app
  • Extensive ATM Network
  • FDIC Insured
Discover Minimum $0 0.60%
  • Zero Monthly fee
  • Zero overdraft fees
  • Extensive free ATM network
  • Cashback rewards checking account

Customer Service

MPH Bank operates an active customer support service that readily responds to customers’ queries and needs. You can contact the team via secure email. It is also possible to make a call through 800.892.8798.

Final thoughts

MPH Bank is a one-stop-shop for saving, managing, and growing money, complemented by a generous rewards program through the Money Market Account and interest-bearing Spend Account. It offers an effective and reliable way of compounding savings through a 0.85% annual percentage yield, significantly higher than the national average.

Deposits in the bank are insured by the FDIC, with the bank leveraging various technologies to protect customers’ data privacy and funds. Multi-factor authentication encryption and Cloudflare advanced internet protection ensures round-the-clock protection while transacting online.

Disclosure
This website is an informative comparison site that aims to offer its users find helpful information regarding the products and offers that will be suitable for their needs. We are able to maintain a free, high-quality service by receiving advertising fees from the brands and service providers we review on this website (though we may also review brands we are not engaged with). These advertising fees, combined with our criteria and methodology, such as the conversion rates, our team of reviewer's finding and subjective experience and product popularity, impact the placement and position of the brands within the comparison table. In the event rating or scoring are assigned by us, they are based on the position in the comparison table, or according to other formula in the event specifically detailed by us. See our How we Rate page and Terms of Use for information. The reviews, rating and scoring are provided “as-is” without guaranties or warranties regarding the information contained in our website, which shall not be considered as endorsement. We make the best efforts to keep the information up-to-date, however, an offer’s terms might change at any time. We do not compare or include all service providers, brands and offers available in the market.
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Lendstart aims to simplify complicated topics in the personal finance field. Gain insight from our thought leaders, seasoned industry experts, who strive to provide timely and practical information on current market trends.
This review is based on the writer's personal opinion.