mph.bank Offers 5.00% APY on Checking Accounts with Minimal Requirements

mph.bank is currently providing a competitive 5.00% APY on its checking account, matching the highest yields available in savings and money market accounts. A $25,000 deposit WOULD generate approximately $100 in monthly interest, making it an attractive option for savers.

Unlike many high-yield checking accounts that mandate numerous debit card transactions, mph.bank requires only a qualifying direct deposit to unlock this rate. The account functions as both a high-yield savings vehicle and a traditional checking account, offering flexibility for users who prefer to maintain their existing banking relationships.

For those unable to meet the direct deposit requirement, alternative savings options yielding 4.30% or higher remain available. The mph.bank Free Account stands out in a market where such rates typically come with stringent conditions.