By: R. Patrick Brice (patrick@mph.bank)
As the Senior Vice President and head of mph.bank, I have worked in the banking industry for over 18 years with a specific focus on banking technologies. I’m happy to provide you with interesting and relevant content.
I get a lot of questions about mph.bank. Most questions are about functions and features. I love these types of questions; all I have to do is show and tell. The hardest question I get is “How is mph.bank different?”
I have tried for a while now to find a quick way to answer this question. What I have come up with is that we are a bank that isn’t “banky”. So what makes a bank “banky”?
How many times have you signed up for a “Free Checking” account from a bank only to get nickel and dimed to death by fees? Here are some examples.
Foreign ATM fees. “Banky” banks charge you anytime you use another bank’s ATM. This can be in addition to the Fee that Foreign ATM is charging you. mph.bank will never charge you an additional fee for using another bank’s ATM. Additionally, we also have a network of over 55,000 ATMs that are totally free.
Non-Sufficient Funds (NSF) fees. NSF fees happen anytime your current balance falls below $0.00. We don’t charge NSF fees because we don’t let you overdraw. If you don’t have sufficient funds we don’t authorize the purchase.
Service Fees. “Banky” banks may charge you a service fee for things like account research, cashier’s checks, and one-time wire transfers and external account aggregation. mph.bank never charges for leading edge services and great customer service.
You can’t watch TV, scan through social media, or even watch an online video without seeing a bank advertisement. Look at those beautiful sports arenas with big bank names. Millions of dollars are spent by “banky” banks to get your business. At mph.bank we spend nothing on advertisement. Instead, we pay our customers that money to refer their friends to mph.bank and we continue to pay that “finder’s fee” every month to that customer and their friends while they continue to bank with us and use their debit cards.
“Banky” banks can be stuffy and don’t have any sense of humor. At mph.bank we are a happy group of professionals that want to make you just as happy by helping you achieve financial success. We take banking seriously, but we don’t take ourselves too seriously.
If you are looking for something different in banking, you found the right bank.
Find out more about mph.bank.
Check us out on social media!
There are so many online banks out there, which one should you choose? The chart below should help with your decision!
N26 used to offer | Ally | mph.bank | |
---|---|---|---|
Rewards | Cash Back on debit card spend/discounts on favorite brands and subscriptions | No set reward program-offers promotions occasionally | Referral Rewards:
$1 every month for everyone you refer and they refer, to 6 levels that qualifies (makes 15 debit purchases). Most you can make: $8500/month Debit Purchase tracking tool built for transparency |
Fees | No min account balance No Overdraft Fee | No min account balance
No overdraft fees |
No min account balance No overdraft fee |
ATM Fees | Free ATM network 2 free out of network $2 out of network after 2Can’t deposit cash |
Free ATM Network
No fee to use out of network ATM Can’t deposit cash |
Allpoint ATM Network
No fee to use out of network ATM Deposit Cash in ATM Network *available Jan 2021 |
Sub/Goals Accounts | Yes | Yes | Yes |
Other fees | Couldn’t find information | RDI $7.50
Outgoing wires $20 Account research fee $25 |
Only 3rd party pass-thru fees
Others charge us, pass thru to customer, no fee on mph.bank’s end. |
Roundup | Yes | Yes | Yes*
Available 1st Qtr 2021 |
Mobile Wallets | Apple Pay Google Pay |
Apple Pay
Google Pay Samsung Pay |
Apple Pay Google Pay Samsung Pay |
Person to Person Payments | MoneyBeam person to person transfer | Zelle | Zelle *
Available in December 2021 |
Financial Awareness Tools | N/A | Lots of articles on money management | Credit Score and alerts for Transunion
Link and monitor external accounts on bank app Create Budgets and track spending |
Customer Support | Customer Service:
888-626-0626 |
Customer Service
888-925-2559 |
Customer Service:
800-892-8798 |
Links to N26 departure from the US: https://n26.com/en-us/blog/n26-us-operations
Find out more about mph.bank.
There are so many online banks out there, who do you choose? Hopefully, the below chart will help with your decision!
N26 used to offer | Chime | mph.bank | |
---|---|---|---|
Bank or Fintech? | European Bank | Fintech with US bank partners | US Bank owned by Liberty Savings Bank |
Rewards | Cash Back on debit card spend/discounts on favorite brands and subscriptions | One time bonuses:
$5 bonus for signing up $100 bonus for direct deposit $100 for referred accounts All hinge on direct deposits* |
Referral Rewards:
$1 every month for everyone you refer and they refer, to 5 levels that qualifies (makes 15 debit purchases). Most you can make: $8500/month Debit Purchase tracking tool built for transparency |
Fees | No min account balance No Overdraft Fee | No min account balance
No overdraft fees if approved for SpotMe |
No min account balance No overdraft fee |
ATM Fees | Free ATM network 2 free out of network $2 out of network after 2 |
Allpoint ATM Network
$2.50 fee for out of network ATM |
Allpoint ATM Network
No fee to use out of network ATM |
Sub/Goals Accounts | Yes | Yes | Yes |
Roundup | Yes | Yes | Yes*
Available 1st Qtr 2021 |
Mobile Wallets | Apple Pay Google Pay |
Apple Pay
Google Pay Samsung Pay |
Apple Pay Google Pay Samsung Pay |
Deposits | Mobile Check Deposit
No cash deposit |
Mobile Check Deposit
Cash deposit through Greendot locations with varying fees |
Mobile Check Deposit
Cash deposit through allpoint network |
Person to Person Payments | MoneyBeam person to person transfer | Zelle Person to Person | Zelle Person to Person * Available in December 2021 |
Financial Awareness Tools | N/A | Credit Score for Equifax | Credit Score and alerts for Transunion
Link and monitor external accounts on bank app Create Budgets and track spending |
Support Options | Customer Service:
888-626-0626 |
Customer Service:
844-244-6363 |
Customer Service:
800-892-8798 |
Links to N26 departure from the US: https://n26.com/en-us/blog/n26-us-operations
Find out more about mph.bank.
As German-based fintech N26 prepares to close its doors to their United States market in early January 2022, the company’s 500,000 US customers are scrambling to find a new bank to transfer their funds into.
To help narrow down their broad options, here’s how N26 compares to similar US-based fintech’s.
N26 | Mph.bank | Chime | Wise | |
---|---|---|---|---|
Account | N26 You | Spend | Spending Account | Multi-Currency Account |
Debit Card Included? | Yes | Yes | Yes | No |
100% Mobile | Yes | Yes | Yes | Yes |
Interest Rate | N/A | 0.55% APY* | 0.5% APY | 0.4% APY |
Minimum Balance? | No | No | No | €15,000 |
Monthly Fee | $11.16 | $0-$9.00* | No | No |
ATM Withdrawals | 5 free withdrawals per month | Unlimited Free withdrawals at 55,000 Allpoint ATMs | $500 per Day | 2 withdrawals up to $100 per month |
Pays You Each Month | Depends on transaction activity | Yes, (with monthly network referral rewards)* | No | No |
* You must complete 15 debit card transactions (excluding ATM transactions) each month (between the 1st and last Business day of such month) using the mph.bank debit card linked to your account to unlock these features: 0.55% Annual Percentage Yield (APY) on your Spend account balance up to $5,000, waiver of the monthly $9 membership fee, and the ability to earn Referral Rewards. The default rate, and for all balances above $5,000, is 0.00% APY. Fees could reduce earnings.
To earn monthly Referral Rewards, you must have 15 mphCard (debit) transactions (excluding ATM transactions) post each month (between the 1st and last business day of such month) using the mphCard linked to your account. After that, you will get paid one dollar ($1.00) each month for each verified referred connection (up to six degrees) that completes 15 mphCard qualified transactions each month using the mphCard linked to their account. Each member is limited to earning $8,500 referral rewards per month. See full account agreement information for additional terms and conditions.
The FDIC National Average APY for an interest-bearing checking account is 0.03% APY as of 7/2/2021.
Rates listed are effective 7.27.21 and are subject to change without notice. Some fees may apply, refer to our current Schedule of Fees. All deposit products are provided by, and mph.bank is a brand of, Liberty Savings Bank, F.S.B., Member FDIC.
You woke up this morning, grabbed a cup of coffee, and sat down to read your daily news feed only to find out that your bank, N26, has decided to leave the U.S. market. Now what do you do?
There are plenty of online alternatives to N26, all with pros and cons, some may even have identical offerings. You could choose one and start that process to move everything over and move on with your life, right? Maybe. Or maybe there is something here in the United States that’s even better? Let me introduce mph.bank and all it can offer!
mph.bank is an online bank that makes people happy by empowering them to achieve financial success! mph.bank is powered by Liberty Savings Bank, an FDIC-insured community bank with over 132 years of banking experience. It is the brainchild of the latest generation of bankers to own Liberty Savings Bank. A purely digital bank, it offers all the features you would expect from an online bank but with a wonderful Twist.
mph.bank does not advertise, it is purely a word-of-mouth bank. Instead of spending hundreds of millions of dollars on advertising, they would rather give that money to their customers. mph.bank customers earn 1 dollar every month for every friend they refer and every friend those friends refer down through 6 levels. Think of it this way, if you refer 5 friends and each of those friends refer an average of 2 friends down 6 levels you could earn $315.00 a month, every month! That could be a car payment, grocery trip, or savings for a great vacation! Now, change it up, if you refer 2 friends and each of them refer an average of 5 friends down 6 levels you could earn $7,812.00 a month! That’s $93,744.00 a year. What could you do with that? Need to see more? Try the rewards calculator at Rewards – mph.bank.
Rewards are great but you need a great bank, with great features and service. Here are some of the excellent features mph.bank offers.
The mph Spend account has an industry-leading interest that’s up to 12 times the national average for banking interest rates. No minimum balance is required. Make 15 swipes of your cool new mphCard a month and you’re going to get one of the best rates on the web.
Have a check you need to deposit? Use mph.bank’s mobile deposit system. Take a picture of your check and deposit it now vs trying to find an ATM.
Do you need to transfer money in or out of another account at a different bank? No problem, set up your external account and transfer in or out whenever you need to, you can even schedule automatic transfers.
With mph.bank’s Financial Tools, you can see all your bank accounts, credit cards, loans, even your retirement accounts in one place, even if they aren’t mph.bank accounts.
With our credit monitoring tools, updated credit score, and comprehensive credit report you are always in the know about your financial health. See how different things in your credit report can affect your score and your ability to borrow money.
With mph.bank’s new Goals-Based Accounts (coming soon) you can set a goal amount and a time to achieve it. The Goals Dashboard will show your progress and warn when you are falling behind in your time frame. You will even be able to round up all purchases to the next dollar increment or a specific amount and have that money transferred from your Spend account to a selected Goals account every time you make a purchase.
Remember the Twist? mph.bank helps you monitor and manage your Referral Rewards so you can see how you and your referral network are doing. You will be able to see your potential earnings for each month as the month progresses.
The mph.bank Happy Helpers are available every day to assist you with all your banking needs. You can call them, use their secure messaging system, or use their secure online chat service. Whatever is convenient for you, there will be a knowledgeable and Happy Helper there to get you on your way.
We do too! That’s why mph.bank is always innovating and taking customer feedback to make their Mobile Experience even better!
N26 may have just pulled the rug out from under you, but you will soon thank them because now you can bank with the Happiest Bank on the Internet and get paid to do it. Go to https://mph.bank and click “Join”, use referral code “MakeMeHappy”!