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Published: Nov 08, 2023 11 min read

Launched in 2018 by Liberty Savings, mph.bank is an online bank that offers checking and savings accounts, as well as personal loans. Its high-yield savings option — the Future account — features a competitive annual percentage yield (APY) with no monthly service charges.

We researched the Future account to provide a comprehensive review that includes the account’s offerings, pros and cons and user experience. We evaluated mph.bank’s checking accounts as well, plus the company overall. Read on to find out if mph.bank has the right account for your savings goals.

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Best online bank for high-yield savings account

Compared to competitors, mph.bank’s high-yield savings account offers a competitive annual percentage yield (APY). Additionally, the bank does not charge a monthly maintenance fee or overdraft fees. Customers also get a solid mobile app experience with a customizable dashboard.

However, some extra features, such as the ability to view your credit score and receive payroll deposits up to three days early, are only available with mph.bank’s checking account options.

Mph.bank high-yield savings accounts pros and cons

Pros
  • Competitive APY
  • No monthly maintenance fee or overdraft fees
  • No minimum balance requirement
  • Strong mobile app experience
Cons
  • No mobile deposit available with a high-yield savings account
  • Checking accounts may have monthly service fee (can be waived)
  • No physical branches

Pros explained

Competitive APY

Mph.bank offers a competitive annual percentage yield (APY) on the Future account, its high-yield savings option. There’s no minimum balance required to earn APY, and there’s no cap on funds. Regardless of balance, funds in a Future account earn the highest APY available.

No monthly or overdraft fees on high-yield savings

Mph.bank doesn't charge overdrafts or monthly fees on its high-yield savings product, so you can remove or contribute as much or as little as you want to your savings without worrying about banking fees. The company also allows you to open a high-yield savings account with as little capital as you want since there are no minimum opening deposit requirements.

No minimum initial deposit requirement

There is no minimum initial deposit requirement on the mph.bank Future account. This means you can set up your account quickly and deposit funds when you’re ready. There’s also no minimum balance requirement, so you won’t be charged a fee for having a low balance.

Strong mobile app experience

Mph.bank’s mobile app experience stands out for its customizable account dashboard. You can stick with the default dashboard settings or change the placement of different items based on your preferences. The app also offers customer support via secure messaging, which makes it possible to get help when needed without having to call someone or even leave the app.

Cons explained

No mobile deposit available with a high-yield savings account

You can’t deposit checks to your Future account using the mobile app, which could be an issue for people who regularly receive paper checks. The feature is available with mph.bank’s checking account options, but in order to fund your high-yield savings account, you must electronically transfer funds. However, you can transfer from virtually any bank account using the mph.bank website or mobile app.

Checking accounts may have a monthly service fee (can be waived)

If you decide to set up a checking account with mph.bank, be sure to check the requirements to avoid a monthly fee. For example, the Friends checking account offers the most features, including your credit score, early direct deposit and rewards for referrals to mph.bank. However, you must make at least 15 transactions monthly using your mph.bank Friends account debit card — otherwise, you’ll be charged a $9 fee.

No physical branches

Mph.bank is an online bank with no physical branches. For those who prefer in-person banking, this bank may not be a good fit. Additionally, mph.bank doesn’t have its own ATM network. However, mph.bank customers can use AllPoint ATMs, of which there are more than 55,000 across the U.S., at no charge.

mph.bank high-yield savings account offerings

Mph.bank offers one high-yield savings account and four types of checking accounts. Additionally, mph.bank offers personal loans. Read on to learn about each of the online bank’s offerings.

Future

Future is mph.bank’s high-yield savings account, earning a competitive APY on any balance. There are no monthly fees or minimum deposit requirements for this account. There are also no overdraft fees.

This account does not come with a debit card, and you can’t set up direct deposit or make mobile check deposits via the mph.bank app. All transfers into the account must be made electronically from external accounts. Additionally, unlike some banks that limit the number of outgoing transfers, the Future account sets no limit on withdrawals via electronic transfer.

Free

The Free account is a checking account you can use without paying any fees, so long as you receive at least $500 in direct deposits monthly. Features on this account include:

  • Receive payroll direct deposits up to two days early
  • A contactless debit card
  • Bill pay
  • Mobile deposits
  • Zelle payments integration
  • Unlimited “goals” savings accounts that earn interest on funds
  • No overdraft fees

Friends

Mph.bank’s Friends account comes with all of the same features as the Free account, but it has a $9 monthly fee. However, you can easily waive the fee by making at least 15 purchases with your account debit card — your mphCard — each month.

You can also receive ongoing referral rewards with this type of account, which can add up over time. You'll earn $1 monthly for every person you refer, plus another $1 for each person they refer (up to six per referral). All referred accounts must make at least 15 mphCard purchases each month.

First

The First account is designed for young adults and teens who want to open their first bank account. It requires a parent or guardian as a joint account owner, but comes with all the same features as the company’s other checking account options.

Fresh

Fresh is a checking account product designed for people who have had trouble opening a new checking account with other financial institutions due to negative reports from ChexSystems. To be considered, you cannot have more than three ChexSystems charge-offs. Additionally, the balance of those charge-offs must be $1,000 or less.

This account has a $9 monthly service fee that cannot be waived, and overdraft fees cost $10 per transaction. Referral rewards do not apply to this account. Otherwise, the Fresh account offers the same benefits as mph.bank’s other checking accounts.

Mph.bank high-yield savings account pricing

It doesn’t cost anything to open or maintain a high-yield savings account at mph.bank. This product has no monthly fees or minimum balance requirement to worry about.

Given that high-yield savings accounts don't offer checking features, such as a debit card or mobile deposit, you may decide to pair it with one of mph.bank’s checking accounts. Depending on the account you choose, you may be charged a $9 monthly service fee unless you meet either a $500 per month direct deposit requirement or make at least 15 debit card transactions monthly.

Mph.bank high-yield savings account financial stability

Mph.bank’s parent company, Liberty Savings, is a private company. This means it doesn’t receive stability ratings from trusted third-party organizations like Standard & Poor’s, Moody’s or Fitch.

However, Liberty Savings is FDIC insured, so up to $250,000 per depositor is insured by the federal government. It's also worth keeping in mind that mph.bank's parent company has been in business since 1889, which signals a certain degree of financial stability.

Mph.bank high-yield savings account accessibility

Availability

Mph.bank accounts are available to anyone 18 years or older with a U.S. address. You must also have a Social Security number, mobile phone, government-issued identification and a valid email address.

Contact information

Mph.bank customers can receive support via the company’s website or in-app secure messaging feature. You can also reach a customer service representative by phone at 1-800-892-8798.

User experience

Mph.bank offers a simplified yet comprehensive user experience. Its mobile app is solid, with the ability to customize your dashboard layout, set up individual “goals” savings accounts and easily reach customer service via in-app secure messaging. The mph.bank website is also user-friendly and offers the same features.

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Mph.bank high-yield savings account customer satisfaction

There are no reviews of mph.bank on popular third-party review sites. The Better Business Bureau (BBB) page for mph.bank is not accredited and does not have a BBB score. However, there are several BBB listings for Liberty Savings Bank, mph.bank’s parent company. Still, none of these are accredited, do not have ratings and do not include any reviews.

Mph.bank high-yield savings account FAQs

What is mph.bank?

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Mph.bank is a digital bank that offers several checking and savings account products, as well as personal loans. The parent company is Liberty Savings Bank, a family-owned institution in business since 1889.

Are high-yield savings accounts safe?

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Yes, high-yield savings accounts are safe. You earn interest on the funds you deposit into your account and can withdraw these funds if needed. However, it's important you choose a financial institution that is FDIC or NCUA insured. This means the federal government guarantees up to $250,000 per depositor's funds if your institution were to lose them, such as in the case of bankruptcy.

Is a high-yield savings account worth it?

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A high-yield savings account is worth it if you have money to set aside in savings. There are other avenues to earning money from saved funds, such as investing in stocks or putting funds in a Certificate of Deposit (CD). Still, a high-yield savings account is a good option for many, because there are no risks involved and annual percentage yields (APYs) are currently higher than with most other types of savings products.

Is mph.bank legit?

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Yes, mph.bank is a legitimate company. Its name stands for "makes people happy," and it's a division of Liberty Savings Bank, which has been serving customers since 1889.

How we evaluated mph.bank high-yield savings account

We evaluated mph.bank based on several factors. After thorough research, we determined the following criteria to be most important.

  • User experience: We researched how easy it is to engage with mph.bank and its high-yield savings account.
  • Banking fees: We analyzed the company's fees and assessed how easy they are to waive by meeting basic usage requirements.
  • Customer support: We evaluated the bank's customer support offerings and availability across different channels.
  • Financial stability: We examined mph.bank's financial stability and what it means for customers.

Summary of Money's mph.bank high-yield savings account review

Mph.bank offers a strong mobile-first high-yield savings experience with competitive interest rates and an account dashboard you can customize to meet your preferences. Additionally, mph.bank’s high-yield savings account — called the Future account — charges no monthly fees or overdraft fees.

However, mph.bank is a private company with limited publicly available financial information. This makes it difficult to project its stability moving forward, despite the longevity of its parent company, Liberty Savings. Additionally, mph.bank may not be the right choice if you’re someone who needs to have physical branches you can visit. Still, it’s worth looking into if you want an online-only savings account with a competitive APY.

If you’re new to saving, you might want to read up on the subject with our explainer: What is a High-Yield Savings Account? You can also review our list of the best high-yield savings accounts or check out other types of savings accounts to learn more about your options.

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