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Monifi review

Personalized spending insights and flexible savings with competitive APYs and minimal fees.’s rating: 4.5 / 5.0


With Monifi, you’re given more insights into your spending habits with an account that’s light on fees. Plus, your savings balance can earn 0.6% APY. But for a mobile bank, the Monifi app falls short of customer expectations, with some customers complaining about unexpected account closures.

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$0 per month





Minimum deposit to open


Fee$0 per month
Minimum deposit to open$1,000
ATMsAllpoint Network of over 55,000 free ATMs worldwide

Review by

Matt Miczulski is an investments writer at Finder, where he covers market news and digs into brokerages and investments to help readers make informed financial decisions. His expertise and writing have been featured on CBS, MSN, Best Company and Consolidated Credit, among others. Before joining Finder, Matt covered everything from finance news and banking to debt and travel for FinanceBuzz. He earned a BA in history from William Paterson University.

Expert review

Monifi is best for those who want a fully digital banking experience and find value in a goal-based approach to managing their money. Plus, there are no monthly maintenance fees. And since Monifi’s Save Balance is an interest-bearing checking account, you’re free to access your money without the six monthly limits you see placed on savings accounts.

But customers are limited to how much money they can transfer and withdraw each day. For instance, you’re limited to $520 ATM withdrawals daily. While it’s not the lowest amount we’ve seen, banks like Citi allow you to withdraw $1,000 to $2,000 a day. Monifi also limits your daily debit card purchasing transactions to $2,500 while Citi gives you a limit of 5,000 to $10,000.

And although Monifi operates largely through its app, it may not provide the smooth banking experience you’d hope for based on a few negative reviews we’ve seen highlighted such as the unexpected account closures.

If Monifi doesn’t sound like the right fit for you, be sure to shop around and further compare digital bank accounts. Compare things like fees and minimum balance requirements, but also think about the different features you’re looking for in a bank.

How do I open a Monifi account?

Apply for an account with Monifi in six steps.

  1. Go to the provider’s site and follow the steps to apply.
  2. Select Get the App and choose to download from the Apple or Google Play store.
  3. Open the Monifi app, select Open an Account and read and acknowledge the security information disclosure. Select Continue Opening an Account when finished.
  4. Enter your name, date of birth, address, phone number, email address and Social Security number.
  5. Review your information and read and agree to Monifi’s terms and conditions.
  6. Choose a username and password and verify the security code sent to your mobile device.


Open an account with Monifi when you meet these requirements:

  • US citizen
  • At least 18 years old
  • Valid Social Security number
  • Permanent US address

Required information

Provide the following information when you sign up:

  • Full name
  • Email
  • Physical address
  • Phone number
  • Date of birth
  • Social Security number

5 benefits of Monifi

A Monifi account gives you more control over your spending and savings and is FDIC-insured.

  • Competitive interest rate on savings. Earn 0.6% APY on your savings balance, which is on par or higher than most high-yield savings accounts.
  • No withdrawal limits on savings. Since your savings balance is treated as an interest-bearing checking account, it isn’t subject to the six withdrawal limit imposed on most savings accounts.
  • Goal-based banking. Create individual savings goals with target completion dates and amounts. Also, automate your transaction categories and personalize them with unique tags to easily track your spending.
  • No monthly fees. You won’t have to worry about paying a monthly maintenance fee to maintain your account.
  • Joint banking. Some digital banks don’t have the capability to add a joint owner, but you can with Monifi. Both owners will also receive their own debit card.

3 things to look out for

Here are a few things to look out for when opening an account with Monifi:

  • No physical branches. Monifi is a fully digital bank, so you won’t have access to in-person banking. You’ll have to rely on calling customer service or chatting with them through the live chat function.
  • Transaction limits. External transfers are limited to $10,000 per day per transaction and debit card purchases are limited to $2,500 daily. For the first 90 days from account opening, you can only send $500 per day using Zelle. ATM withdrawals are limited to $520 per day, which is lower than other banks.
  • Faulty app. Many reviews cite that the app doesn’t work properly — errors, constant crashing and account balances displaying incorrect information.

Monifi’s ATM network and fees

Monifi provides account holders with a debit card that gets you access to the Allpoint Network of over 55,000 free ATMs worldwide, which are located in easy-to-find retailers such as Walgreens, CVS and Target. Monifi doesn’t specify an out-of-network fee, but the ATM provider may charge you additional fees.

Monifi’s reviews and complaints

Monifi is accredited with the Better Business Bureau (BBB) and holds an A- rating. The company is rated 1 out of 5 stars based on a total of two reviews and closed seven complaints in the last 12 months.

One reviewer complained that the app wasn’t showing correct account balances and transfer amounts and the other stated that their account was unexpectedly closed. With only two reviews on the site, it’s hard to tell if this paints an accurate picture of the company.

Elsewhere, there’s little discussion about Monifi in the Reddit community and the bank doesn’t have a Trustpilot profile. In the Google Play store, customers give Monifi 3.3 out of 5 stars based on 603 reviews. In the Apple App Store, Monifi is rated 3.9 out of 5 stars based on 126 reviews.

Satisfied customers highlight Monifi’s ease of use, helpful categorization features and banking convenience. A large number of complaints center around the app frequently malfunctioning. But similar to the complaint on the BBB, some reviewers report their accounts getting closed without warning.

Compare Monifi with other digital bank accounts

To help you decide if an account with Monifi is right for you, use this table to compare monthly fees, minimum deposit requirements and ATM networks with other digital accounts.

Name Product 6-month APY 1-year APY 5-year APY Minimum deposit to open
Western Alliance Bank 12 months CDs through SaveBetter
Finder Rating: 4.7 / 5: ★★★★★
Western Alliance Bank 12 months CDs through SaveBetter
Get 5.01% APY on a 12 month CD, and earn an APY that’s 14.8x higher than the national average. Pay no fees and just a $1 minimum deposit. FDIC insured.
Barclays Online CDs
Finder Rating: 4.5 / 5: ★★★★★
Barclays Online CDs
Get competitive rates on CD term lengths from 3 to 60 months. A reliable and secure way to see your money grow. FDIC insured.
CIT Bank Term CDs
Finder Rating: 3.5 / 5: ★★★★★
CIT Bank Term CDs
Choose from a range of terms with no maintenance fees and $1,000 minimum to open. FDIC insured.
Crescent Bank
Finder Rating: 4.8 / 5: ★★★★★
Crescent Bank
Earn competitive rates up to 5.10% APY (annual percentage yield) on terms ranging from 1 to 5 years. Pay $0 maintenance fees. Member FDIC.
Ponce Bank CD through SaveBetter
Finder Rating: 4.9 / 5: ★★★★★
Ponce Bank CD through SaveBetter
Snag the highest APYs on the market for the shortest CD terms via SaveBetter. FDIC insured.

How do I deposit or withdraw my money?

Monifi operates entirely online, but it offers numerous ways to access your money.

Deposit options

  • Mobile deposit. Deposit checks using the Monifi app.
  • Direct deposit. Have your paychecks deposited directly into your Monifi account.
  • External transfer. Fund your account via external transfer up to $10,000 per day per transaction. Limits apply only to requests initiated within the Monifi app or Monifi’s online banking portal.
  • Internal transfer. Move money between your Monifi accounts.
  • Zelle. Receive money within minutes using an email address and phone number.
  • Wire transfer. Receive money via incoming wire transfer without a fee.

Withdrawal options

  • External transfer. Send money to a linked external account up to $10,000 per day per transaction.
  • ATM. Withdraw up to $520 daily using Monifi’s free nationwide Allpoint Network of ATMs.
  • Zelle. Send money using an email address and phone number.
  • Debit card. Mobile-wallet-friendly debit card linked to your Spend Balance with a daily spending limit of up to $2,500.
  • Wire transfer. Outgoing wire transfers are subject to a $30 fee.

How to contact Monifi customer service?

Contact Monifi by phone, mail, live chat and online email form.

  • Call 800-440-1101 on weekdays from 7:00 a.m. to 9:00 p.m. CT, Saturdays from 8:00 a.m. to 6:00 p.m. CT and Sundays from 12:00 p.m. to 4:00 p.m. CT.
  • Start a live chat on the website by visiting the Contact Us page and clicking on the Click to Chat button.
  • Use the contact form on Monifi’s Contact Us page to submit your questions.
  • Send mail to PO BOX 76149, Oklahoma City, OK 73147.

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★★★★★ — Excellent

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★★★★★ — Subpar

★★★★★ — Poor

We analyze top checking accounts and rate them one to five stars based on factors that are most important to you. These factors include: monthly fees, the ease at which monthly fees can be waived, the breadth of ATM access, ATM and overdraft fees, and customer service.

Read the full methodology of how we rate checking accounts.

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