Monifi is offering a bonus of $250 when you open a new checking account! Here’s what you need to know about the current Monifi checking bonus promotion.
Ninja Update 5/3/22: Promotion extended again through the end of May. Did the offer expire before you got the chance to sign up? Check out the list of the best bank bonuses.
Monifi $250 Checking Bonus Overview
Make some extra money from Monifi! For a limited time, you can earn $250 when you open a Monifi checking account and complete the following requirements:
- Receive two direct deposits of at least $1,000 each into your Spend Balance
If making two direct deposits of $1,000 each is difficult for you to accomplish, there’s a similar Chase Bank $200 offer available that requires a direct deposit of any amount.
Who Qualifies For The Bonus?
This is a public offer open to anyone that’s considered a new Monifi customer.
Monifi doesn’t specify if that includes previous customers who have closed their accounts. Other bank offers usually has this language so everyone is clear if they’re eligible or not.
So for the time being, assume that you’re a new customer if you’ve never had a Monifi account under your name.
Where Do I Enroll?
You can open a Monifi account online using the link below to claim the $250 bonus. The link will bring you to the promotion’s landing page.
There’s no offer code or promo code to use, but you must download the Monifi app by clicking the ‘Get The App‘ button in orange at the bottom of the screen.
You’ll be transferred to the download page where you can install the Monifi app with either an iOS or Android phone.
What Are The Details?
Household Limit: None (everyone in your family can get the bonus!)
Direct Deposit Required: Yes, two direct deposits of $1,000+ each (see what counts as a direct deposit)
Soft/Hard Pull: Soft
Early Account Termination Fee: None
How To Get The $250 Bonus
To get the $250 bonus, you need to set up direct deposit and receive two direct deposits of at least $1,000 each. Here’s how:
- Find your Monifi account and routing numbers in the Monifi app under ‘Account Details‘ – from the home screen, select your Spend Balance and tap the icon at the top right
- Change your paycheck, pension, or government benefits (e.g. Social Security) to your Monifi account
If you’re unable to do this online (some employers may still be using paper), you can download this Direct Deposit form and hand it to them.
Monifi doesn’t have any monthly fees to worry about so taking advantage of this sign-up bonus is as easy as it can get:
“Your Relationship with Monifi is free. There are no minimum balance fees, no monthly maintenance fees and no ATM fees when you use ATMs within the Allpoint™ Network.
If you elect the Balance Protect Service, we charge a fee each time we initiate a transfer from your Save Balance to your Spend Balance. We also charge a Returned Overdraft Fee in some circumstances.
Please see your Monifi Terms and Conditions for full details and any applicable fees.”
$250 Bonus Terms and Conditions
- Receive $250 when you set up direct deposit to your Spend Balance and receive two direct deposits of $1,000 USD or more within 90 days of opening your Monifi Relationship.
- Valid for Monifi Relationships opened between June 1, 2021 and May 31, 2022.
- The direct deposits must be an electronic deposit of the account owner’s paycheck, pension or government benefits, such as Social Security.
- Limit one incentive per customer.
- $250 USD paid as a credit to your Spend Balance within 45 days of meeting promotion requirements.
- Offer may be changed or withdrawn at any time.
- Monifi Relationship must be open and in good standing to receive promotion incentive.
The Bottom Line
Monifi had a $100, $150, and $200 sign-up bonus in the past, so this $250 offer is $50 more than they have ever offered.
Most people are being approved instantly, but some have been denied right after they submitted an application.
It seems that you may get denied if you’ve opened too many other bank accounts recently, according to one person who talked to a Monifi customer service representative.
It’s an easy bonus that will be added to my list of the best bank account bonuses.