Monifi Fintech Bank App: $250 Direct Deposit Bonus Extended

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Extended through end of November 2021. This $250 bonus has been extended through the end of November 2021. I can also report that I’ve already successfully gotten my $250 rather quickly after my 2nd deposit, for my account opened at the time of my original post (screenshots below). I even received another $25 due to a follow-up targeted offer (for new recent accounts?) for opening a new “Goal” account. Interestingly, both my payroll direct deposit and my external ACH transfers from Ally were both marked as “ACH deposit” by their system.

Monifi is a financial app that promises to blend “saving, spending and personal goals all in one place”. Right now, Monifi is also offering a $250 cash bonus (mobile browser required) for new customers that receive two direct deposits of at least $1,000 each into your Spend Balance. Must open by 11/30/21. Here is the fine print for the bonus:

*Receive $250 when you set up payroll direct deposit to your Spend Balance and receive two payroll 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 November 30, 2021. The payroll 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 Offer may be changed or withdrawn at any time.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.

What you’ll need to set up direct deposit:
Find your 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.

The new fintech holy grail is an app that takes your entire paycheck and helps you budget, save for a rainy day, save for intermediate goals, and invest for the future. Monifi is a division of MidFirst Bank (Member FDIC), and appears to be expanding aggressively to grow their customer base. Here are more highlights:

  • 0.60% APY on your Save balance.
  • No monthly fee.
  • Free nationwide ATMs through the Allpoint Network.
  • Works with Zelle for person-to-person payments.
  • Free debit card. Free billpay.

$50 referral bonus. There is also a $50 referral bonus link (use mobile browser?) available with different requirements where you just need to reach $300 of account value within 7 days of account opening (no direct deposit requirement). The details and fine print:

Your friend Jonathan Ping wants you to try Monifi! Create and fund a Monifi Relationship with at least $300, and you’ll each receive a $50 credit to your Save Balance!

Download Monifi using referral link:

Terms and conditions apply:

Referred customer’s Relationship must meet the following requirements to be considered a completed referral: Relationship Balance: $300 minimum deposit within seven (7) days of account opening and an Available Balance of $300 within seven (7) days of account opening.

Unfortunately, I’m not sure how to stack it with the $250 bonus offer above. As long you as you can manage the two $1,000+ deposits, I would simply go with the larger $250 bonus link above.

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  1. Jason Boxman says

    For what it’s worth, if you read the disclosures opening an account gets you two checking accounts, one for their save account and one for their spend account; The savings account is a NOW account.

    It is also made clear immediately at sign-up that they’ll freeze accounts suspected of fraud. I read recently of FinTechs being very aggressive with account freezes, so it’s worth being aware of. My only experience is with OnJuno and I closed that in favor of HMBradley and it’s superior APR.

  2. Jason Boxman says

    I was declined based on my Chex Systems report. I’ve seen it only recently, so there’s nothing untoward on there other than a rash of recent account openings. I’ve never been clear on what triggers a rejection from a Chex Systems report, so I can only guess it’s number of open accounts? (I have a fraud alert on my credit reports, but not on Chex Systems report.)

    Good luck everyone!

  3. Has anyone actually used them, and gotten the bonus? I opened an account and started a transfer from inside Monifi, the money has been withdrawn from my external account and now there is no trace of the transfer in Monifi. (It doesn’t show up in the balance, transactions, or in the recent transfers sections…)

    • It took them almost a month, but, after many phone calls, they finally fixed my account so that the balance and transactions show up. (Well mostly fixed, I can only see transaction that have happened after the fix, the transactions that happened before the fix can only be seen in the statement.)

      I did get the $250 DD bonus the day after the second DD, and I received the $25 Goal bonus even though it was never offered to me. (I figured it was a referral sign-up bonus.)

  4. Tried both in-app and online. In-app you get something like a cannot approve you for a relationship. Desktop you get “THANK YOU FOR YOUR INTEREST IN MONIFI!” Due to overwhelming interest in Monifi, we are currently not accepting new applications at this time. I had thought maybe oh, I used the referral link maybe it’s going to only let referral applicants in, but after I filled out all my info, you get the rejected after you submit. Hopefully they’ll open it back up soon.

  5. Dumb question, has anyone else run into the fact I can’t open a Monifi – either in the app or desktop, says

    Due to overwhelming interest in Monifi, we are currently not accepting new applications at the time.

    Please check back again soon.

  6. Opened account and received $25 bonus for starting a goal. Then received this email from Monifi:

    You can earn $10 when you activate your Orange Debit Card and complete 10 transactions by 02/18/2022. Use it for everyday purchases like groceries and gasoline, or treat yourself to a little something special!

    Anyone know if there is a minimum to the debit card transactions or any other rule that they are not stating?

  7. Warning: If you make a debit card purchase for less than $1, they will still debit $1 from your account. I have not seen this in writing anywhere and have not asked them where my money went. I will wait until my next statement to see if it gets fixed.

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