Monifi Bank Review: Checking and Savings

Spencer Tierney
By Spencer Tierney 

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Overall bank rating



    NerdWallet rating 

    The bottom line:

    Editor’s note, Aug. 3, 2022: Monifi, a sub-brand of MidFirst Bank, announced it will no longer be operating as its own brand. Monifi accounts have always been held by MidFirst Bank. Accounts will be accessible through the app and the website through Sept. 21, 2022; customers can either close their accounts or transition their accounts by enrolling in online banking with MidFirst Bank by Sept. 21, 2022. A thorough FAQ regarding the transition is available on the Monifi site.

    Monifi is a digital-only bank and a division of the Oklahoma-based MidFirst Bank. Monifi customers get two linked accounts, which are referred to as “balances”: a spending balance, which doesn’t earn interest, and a savings balance, which does. A debit card is connected to the spending balance. Monifi’s robust budgeting tools allow users to add tags and notes to transactions, as well as export transaction data. Customers can also set up specific goals within their savings balance, and the app displays progress bars toward meeting those goals. Money in the savings balance earns a solid rate of 0.70% annual percentage yield. There are no monthly fees. Customer support is available seven days a week, though mobile app store reviews describe issues with getting help.

    Best for: Mobile-focused banking customers who want interactive budgeting tools and a high-yield savings option.

    » Want more options? See NerdWallet’s analysis of the best savings accounts and the best checking accounts


    • Solid APY on the savings balance.
    • Customized budgeting tools for tracking spending and setting goals, along with transaction alerts such as for low balances.
    • Free access to the Allpoint network of 55,000 ATMs nationwide.
    • No monthly fees.


    • Mobile app ratings are average. Many of the low-rating reviews describe situations in which the bank closed accounts abruptly, and some mention problems with getting ahold of customer service.
    • Monifi has no branch access, despite its parent bank’s network of locations.
    • No cash deposits are allowed.
    • $15 fee for checks or online transfers that get declined due to insufficient funds.


    NerdWallet’s overall ratings for banks and credit unions are weighted averages of several categories: checking, savings, certificates of deposit or credit union share certificates, banking experience and overdraft fees. Factors we consider, depending on the category, include rates and fees, ATM and branch access, account features and limits, user-facing technology, customer service and innovation. The stars represent ratings from poor (one star) to excellent (five stars). Ratings are rounded to the nearest half-star.