Jeremy Biberdorf
By: Jeremy Biberdorf
Jan 17, 2024

MPH Bank Review 2024

Jeremy Biberdorf
By: Jeremy Biberdorf
Jan 17, 2024

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Disclosure: This page may contain affiliate links. This means we earn a small commission (at no additional cost to you) if you purchase a product through our links.
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4.3/5

4.3 rating based on 5 ratings

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In a Nutshell: In the evolving landscape of digital banking, MPH Bank has emerged as a significant player. With its innovative approach to banking services, MPH Bank caters to the modern customer’s need for convenience, efficiency, and value. This online bank, a branch of the venerable Liberty Savings Bank, brings a fresh perspective to personal banking with its array of customizable accounts and digital tools.

At the heart of MPH Bank’s appeal is its commitment to making banking straightforward and rewarding. Whether it’s their high-yield savings accounts, checking options, or personal loans, each product is designed with the customer’s financial success in mind. The bank’s approach is anchored in flexibility and adaptability, allowing each customer to tailor their banking experience to their unique needs.

MPH Bank stands out not just for its financial products but also for its user-friendly technology. The bank’s mobile app and online platform are geared towards providing a seamless banking experience. From setting up accounts to managing daily transactions, MPH Bank’s digital tools are intuitive and accessible, making them ideal for both tech-savvy customers and those new to online banking.

Service TypeFees
Digital Banking ServicesVariable, with options for fee-free accounts
Pros & Cons
Pros
  • High-yield savings account offering a competitive 5.00% APY.
  • No minimum or maximum balance requirements.
  • User-friendly app with a personalized dashboard.
  • Variety of account types to suit different customer needs.
  • Option for early direct deposit and contactless debit cards.
  • Access to 55,000 free ATMs in the Allpoint network.
  • Innovative financial tools including Zelle® and Round-Up Widget.
  • Strong focus on security with multiple layers of protection.
Cons
  • No physical branches, limiting in-person banking services.
  • Some checking accounts have monthly service fees (can be waived).

What is MPH Bank?

mph.bank website

MPH Bank, an abbreviation of ‘Makes People Happy’, is an innovative online bank that stands under the umbrella of Liberty Savings Bank, which has been operational since 1889. This digital bank is designed to cater to the diverse banking needs of modern customers across the United States, offering a range of customizable banking products and services.

At its core, MPH Bank is about flexibility and personalization. It allows customers to choose from five different account types, each tailored to specific financial needs and goals. Whether it’s saving for a specific purchase, managing daily expenses, or rebuilding financial health, MPH Bank offers a solution.

The philosophy behind MPH Bank is simple: banking should be easy, accessible, and tailored to the individual. This ethos is reflected in everything from the bank’s customizable dashboards to its innovative financial tools. With a strong focus on digital banking, MPH Bank aims to provide a convenient and seamless experience to its users, regardless of their financial background.

How Does MPH Bank Work?

MPH Bank operates primarily through its digital platform, offering a range of banking services online. Customers can open and manage accounts, set up direct deposits, and use a variety of tools all through the MPH Bank app or website. The process is designed to be straightforward and user-friendly, appealing to both seasoned online bankers and those new to digital banking.

One of the bank’s standout features is its Future account, a high-yield savings account offering a competitive 5.00% APY. This account is designed to maximize savings potential without the restrictions of minimum balance requirements or monthly maintenance fees.

MPH Bank also offers a variety of checking accounts, each with unique features. For instance, the Friends account offers rewards for referring friends, while the First account is tailored for young adults and teens. Each account is designed with specific customer needs in mind, providing flexibility and choice.

MPH Bank Features

  • High-Yield Savings Account (Future account) with 5.00% APY.
  • No minimum or maximum balance requirements for the Future account.
  • Customizable mobile banking app with a personalized dashboard.
  • Early direct deposit option for quicker access to funds.
  • “Contactless” debit cards for secure and convenient transactions.
  • Goal-oriented savings accounts with competitive interest rates.
  • Access to a vast network of over 55,000 free ATMs.
  • Advanced financial tools including Zelle® for easy money transfers.
  • The Round-Up Widget for effortless saving.
  • Robust security measures to protect customer data and finances.

MPH Bank Pricing

MPH Bank’s pricing structure varies depending on the account type. The Future high-yield savings account is free, with no monthly maintenance fees, offering an attractive option for savers. For checking accounts, fees vary; for example, the Friends account has a monthly fee of $9, which can be waived by making 15 purchases with the mphCard each month.

The First and Free checking accounts have no monthly fees, making them accessible options for students and those looking for a straightforward checking account. The Fresh account, designed for those rebuilding their financial health, has a fixed monthly fee of $9.

Is MPH Bank Charts User-Friendly?

MPH Bank’s focus on digital innovation is evident in its user-friendly charts and tools. The bank’s mobile app and online dashboard are intuitively designed, making it easy for users to track their spending, savings, and overall financial health. The interface is clean and straightforward, with key information presented clearly.

The app allows for customization, enabling users to tailor the dashboard to their personal preferences. This level of personalization not only enhances the user experience but also makes managing finances more engaging and efficient.

In addition to standard banking features, the app provides insightful financial charts and tools, such as the Round-Up Widget, which helps users understand their spending patterns and savings potential.

Who is MPH Bank Best For?

  • Savvy Savers: Those looking to maximize their savings will find the Future high-yield savings account particularly beneficial.
  • Digital Banking Enthusiasts: Customers who prefer online banking and are comfortable managing their finances digitally will appreciate MPH Bank’s platform.
  • Young Adults and Teens: With accounts like the First, MPH Bank is ideal for younger users seeking to establish good banking habits early on.

Is MPH Bank Worth It?

For customers seeking a modern, flexible, and digital-first banking experience, MPH Bank is certainly worth considering. The combination of competitive interest rates, innovative financial tools, and user-friendly digital platforms makes it an attractive option for a wide range of banking needs.

Final Thoughts

MPH Bank stands out as a modern, customer-centric online bank that offers a range of flexible banking products and services. Its combination of competitive rates, innovative tools, and user-friendly digital platforms makes it an attractive choice for those looking to manage their finances efficiently in the digital age.

For those ready to experience a new era of digital banking with personalized services and competitive rates, MPH Bank is a compelling option. Click here to explore MPH Bank’s offerings and start your journey towards smarter banking.

Frequently Asked Questions

The Friends account offers rewards for each referral, with both the referrer and referee receiving bonuses, making it an attractive option for those with a large social network.

Yes, Zelle® is integrated with MPH Bank accounts, allowing for fast and secure money transfers with friends and family.

MPH Bank provides access to over 55,000 free ATMs in the Allpoint network, significantly reducing the likelihood of incurring ATM fees.

Yes, MPH Bank employs multiple layers of security, including HTTPS SSL and 256-bit encryption, to protect customer data and transactions.

The Round-Up Widget is a tool that helps customers save money by rounding up transactions to the nearest dollar and transferring the difference into a savings account.

Yes, customers with an MPH Bank Spend account can receive their pay up to two days early.

MPH Bank’s focus on high-yield savings, customizable digital banking, and a variety of account options tailored to different needs sets it apart from traditional banks.

Jeremy Biberdorf

About the Author:

Jeremy Biberdorf is the founder of Modest Money. He’s a father of 2 beautiful girls, a dog owner, a long-time online entrepreneur and an investing enthusiast.