MPH Bank Review: Easy Banking With High APY

MPH Bank, which started in 2018 under Liberty Savings, is all about making banking easy and beneficial for its customers. It’s an online bank that offers a range of services like checking and savings accounts, and personal loans.

What really makes them stand out is their Future account, it’s a savings account that offers a really good annual return (APY) and you don’t have to worry about monthly fees. They’ve also put a lot of effort into their mobile app and online platform, making sure that banking with them is smooth and hassle-free.

Basically, everything they offer, from savings to loans, is designed with the idea of helping you succeed financially. Continue reading my MPH bank review as I dive into the details in a little more depth. 

What is MPH Bank?

MPH Bank, short for ‘Makes People Happy’, is a modern, online bank that’s part of the well-established Liberty Savings Bank, which has been around since 1889. It’s designed to fit the modern banking needs of people all over the US. The bank’s main aim is to make banking easy, accessible, and customized for each individual.

This is pretty clear in their user-friendly features like the customizable dashboards and some really cool financial tools they offer. Also, if you’re into mobile banking, MPH Bank makes it super easy and even has a great rewards program where you can earn monthly payouts from your referral network.

MPH Benefits

MPH Bank has a lot of benefits that users can take advantage of. Here are some of the advantages you can expect with MPH Bank:

  • Competitive APY on Future Account: Offers high-yield savings with 5% APY, no minimum balance, and no cap on funds.
  • No Fees on Savings: No monthly or overdraft fees for the high-yield savings account, plus no minimum deposit required.
  • Free Digital Checking Account: ‘Free Account’ with no monthly maintenance or overdraft fees, and access to over 55,000 ATMs. Requires a minimum monthly direct deposit of $500.
  • First Student Checking Account: Tailored for students aged 10 to 24, with no monthly fees and additional parental controls for minors.
  • Fresh Second Chance Checking: Designed for individuals with challenging banking histories, this account has a $9 monthly maintenance fee.
  • High-Yield Money Market Account: In partnership with SaveBetter, offers a 4.70% APY with just $1 needed to open and no minimum balance or monthly fees.
  • Comprehensive Mobile App: View all your bank accounts in one place, even from other banks, with budgeting tools and a free credit score check.
  • Interest-Bearing Spend Account: Earn interest and rewards by making 15 purchases or depositing $500 monthly, with a potential 0.55% APY and waived $9 monthly fee.
  • Referral Rewards Program: Earn monthly rewards by expanding your referral network, with up to 6 degrees of connections.
  • Customizable Savings Goals: Set up sub-accounts for specific savings goals and automatically transfer spare change from purchases.

MPH Bank Pricing

MPH Bank’s pricing is pretty straightforward but varies depending on the account type. Here is my breakdown:

  • Future High-Yield Savings Account: Completely free, no monthly fees.
  • Friends Checking Account: $9 monthly fee, but you can avoid this by making 15 purchases with the mphCard each month.
  • First and Free Checking Accounts: No monthly fees, ideal for students or anyone wanting a basic checking account.
  • Fresh Account: Aimed at those rebuilding their finances, has a steady $9 monthly fee.
  • Money Market Account: No fees at all.

MPH Alternatives

MPH offers many desirable features for a variety of users. That being said, they aren’t the only quality company in the digital banking space. Here are a few other solid options:

  • CIT Bank: CIT Bank, launched in 2000, is recognized for its high-yield savings accounts and no monthly maintenance fees. A standout feature is the competitive interest rates, particularly with its Platinum Savings account. The bank offers a range of products, including checking accounts, money market accounts, and CDs, catering to diverse financial needs. Additionally, CIT Bank’s robust online and mobile banking platforms provide convenient and secure account management for its users.

If you are a retiree or approaching retirement, here is an option for you:

  • Charlie Finance: Charlie Finance, is great for individuals aged 62 and older. It stands out by offering early access to Social Security payments and a competitive 3% return on deposits. Key features include no monthly fees or minimum balance requirements, access to over 55,000 fee-free ATMs, and U.S.-based customer service geared towards seniors. Additionally, Charlie Finance provides robust security measures and FDIC insurance through its partnership with Sutton Bank, ensuring a secure and convenient banking experience for the senior community.

If you are a landlord or Real Estate investor, you might be interested in the following platform:

  • Baselane: Baselane is a fintech platform tailored for landlords, property managers, and real estate investors. It stands out for its comprehensive suite of free services, including property performance monitoring tools, operating income monitoring, rental income monitoring, and a rental collection feature. Baselane provides virtual bank accounts for each property within a larger account, simplifying the management of operating expenses and income on a per-property basis. The platform is particularly beneficial for independent landlords, property managers, and real estate investors seeking a unified solution for managing rental property finances.


In summary, MPH Bank excels as a user-friendly online bank, offering a variety of services like fee-free savings accounts and versatile checking options. Their focus on easy, beneficial banking is evident through features like competitive APYs, a comprehensive mobile app, and a variety of account types to suit diverse needs.

Whether you’re a student, rebuilding your finances, or just seeking a reliable online bank, MPH Bank is a noteworthy choice. Click Here to get started today!