mph.bank's Money Market Deal: A Solid Rate Plus a Chance at a Big Bonus

Looking for a place to park your cash that actually pays you something? Online banks are still where it's at for competitive rates, and mph.bank's money market account is a strong contender right now. It's not just about the interest rate, though that's certainly attractive. There's also a bonus offer on the table that could add a nice chunk of change, but it works a bit differently than a typical bank sign-up promotion. Let's break down what's actually being offered and whether it makes sense for your savings goals.

The Core Account: Straightforward and Nationwide

At its heart, mph.bank is offering a no-frills, high-yield money market account. It's available to anyone in the U.S., which is great if you're not near a physical branch of a local bank with good rates (and let's be honest, most of us aren't).

The rate of 3.76% is compounded daily and paid out monthly, which is pretty standard for these types of accounts. You only need a dollar to get started, and there's no minimum balance you have to worry about to keep earning that rate. They'll even send you an ATM card if you ask for one, though your initial deposit has to be an ACH transfer from another bank.

Understanding the Bonus Offer (It's Through Raisin)

Here's where things get specific. The cash bonus—up to $1,500—isn't directly from mph.bank in the traditional sense. It's offered through the Raisin platform, which is a marketplace for savings products from various banks.

To be eligible, you must be a new Raisin user and use the promo code 'HEADSTART' when you sign up on their site. You then choose a savings product (like the mph.bank money market account) to fund. The bonus tiers are directly tied to how much you deposit within 14 days of opening your Raisin account.

• $10,000 to $24,499 deposit = $70 bonus
• $25,000 to $49,999 deposit = $175 bonus
• $50,000 to $99,999 deposit = $350 bonus
• $100,000 to $199,999 deposit = $750 bonus
• $200,000 or more deposit = $1,500 bonus

Key Dates and Fine Print You Can't Miss

Timing is everything with this bonus. Your first deposit into the account through Raisin must hit within a specific window. You need to get that money moving so it lands in the account by February 28, 2026.

Once your money is in, you can't touch it for 90 days. That's the maintenance period. If you withdraw funds during those three months, you'll likely forfeit the bonus. After you successfully meet all the terms, Raisin says the bonus cash will land in your account within 30 days.

Is This the Right Move for Your Money?

This deal makes the most sense if you already have a sizable chunk of cash sitting in a low- or no-interest account and you're comfortable not accessing it for a quarter of a year. The bonus acts as a nice upfront boost on top of the interest you'll earn.

Think of it this way: if you deposit $25,000, the $175 bonus is like getting an extra 0.7% APY on top of the 3.76% for those first 90 days. That's a meaningful difference.

However, if you're just starting your savings journey or might need the funds soon, the high minimum for the bonus and the 90-day lock might not be worth the hassle. In that case, you could still just open the mph.bank account directly for its rate, ignoring the bonus offer altogether.

A Few Practical Considerations

Remember, mph.bank is online-only. That means no physical branches for service. For most people, that's fine—everything is handled via website, app, or phone. Just be sure you're comfortable with that model.

Also, while the bonus structure is clear, it adds a layer (Raisin) between you and the bank. Make sure you read all of Raisin's terms and conditions for the promotion carefully. Offers like this can change or end without much notice, so don't dawdle if you decide to go for it.

Bottom Line

• The mph.bank money market account itself is a solid, no-minimum option with a competitive rate.
• The sizable bonus is a separate promotion through Raisin requiring a new account, a promo code, and a qualifying deposit by late February 2026.
• This offer is best for those with $10,000+ they can park untouched for at least 90 days to earn the extra cash.

Common Questions