Like the parent company, MPH Bank offers customers savings products with very high competitive interest rates, with a vision to make their customers financially successful. They attribute the attractive interest rates to their no physical operating and marketing expenses that allow them to give back. The bank is a member of the FDIC.
What is MPH Bank?
MPH Bank is an online-only bank with no physical locations started by Liberty Savings Bank. The bank specializes in delivering directly to consumers, with their motto ‘makes people happy’.
What Type of Bank Accounts Does MPH Bank Offer?
Here are the features you’ll get with MPH Bank.
Free Account
The first account that MPH Bank offers is the Free account. As the name indicates, this account doesn’t charge you any fees. You’ll open the account, deposit money, and spend without fees. The account also allows access to a contactless debit card, 55,00 free Allpoint ATMs, credit score views, and financial reports. You can access your payments up to two days in advance if you need the money.
The account also offers a goals savings account with a 1% APY, simplified bill paying, and no overdraft fees.
Friends Account
MPH Bank gives you more than one way to earn. You can earn through interest or referrals. The Friends Account lets you get paid monthly for each person you refer to the bank. How does it work? Whenever someone uses your referral code to open an account, you earn a dollar up to six degrees of connection. Secondly, if you make 15 monthly purchases, they’ll waive the monthly fees, making your account free.
First Account
The First Account from MPH Bank is designed for kids and teens ages 10 and 24. The younger kids yet to attain legal age will have the parent or guardian limiting the account’s debit card, fund transfer, mobile deposit limits, and other associated things.
The first account is also free without fees and offers other perks such as a contactless debit card, personalized dashboard, 1% APY, round-up widget, and financial tools. The first account is a good way for a parent to introduce the child to finances and financial management. It offers the tools to let the child learn while the parent monitors. The saving function is also an excellent way to teach the kid how to save for the future.
Fresh Account
It is easy to get frustrated when a financial institution denies you its services due to a ChexSystems report. Fresh Account offers you a lifeline in case your records could be better. You’ll slowly improve your financial health and live better.
The account offers features like a contactless debit card, access to over 55,000 Fee Allpoint ATMs, Zelle Integration, and financial tools. However, you must pay $9 monthly and $10 overdraft fees.
Future Account
Putting money aside for a rainy day is sound advice. Saving helps you insure yourself and collect enough for a project or to buy something. With MPH Bank’s Future account, you can save money and get a handsome reward.
The Future account is a digital account that offers you 4.60% APY. You’ll not pay any minimum opening balance and do not need any maximum balance for the interest. Whatever money you have saved, you earn interest on it.
How to Know Which One is Right for You?
Each of the MPH Bank accounts offers its advantages. It is up to you to determine your goals and the type of account you’ll need. The bank offers a summarized comparison of the different accounts.
What are the Benefits of an MPH Bank Account?
Free Credit Score and Report
View your credit score whenever you want, know what impacts your score, and learn how to improve it. A better credit score means better terms when looking for a loan.
Super Security
With super secure programs, the bank protects users and their money from hacks and fraud. You can also use the CardValet to define where, when, and how you use the card to protect it further.
mphCard instaPay
Get better control of all your bills, including water, gas, and electricity, with mphCard instaPay. It lets you track your balances and payments to avoid getting caught off guard.
Round-up Widget
The round-up widget rounds up your purchases and puts the change into your preferred Goals account at your command.
How Does MPH Bank Compare?
MPH Bank offers handy financial features to help anyone lead a good life. The features and benefits it provides are game-changing and are the future of banking.
Should You Get an MPH Bank Account?
MPH Bank is ideal for those who want to save money and earn some interest on it. Thanks to the First Account, it is also suitable for parents who wish to train their kids to handle finances. MPH Bnak is worth trying.
How to Get Started with MPH Bank Account
Getting started with MPH Bank begins with visiting their website and clicking Get Started, where you’ll be taken to a signup page. You’ll need the following:
- Email address
- Mobile Phone Number
- Childs Name
- Legal full names
- Physical address
- Date of birth
- Social security number
You’ll be asked for documentation to prove the information before you open the account.
