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Sayonara, traditional banks! Online only banking is no longer a “niche” financial option for people, but a mainstream way of growing and protecting your money.
Not to mention, online banks can have lower fees and higher interest-earning potential, thanks to the lack of overhead.
But with all the options available, how do you know which online bank to choose (or even, which ones are banks at all)?
In this article, we’ll review Monifi — a goal-focused online bank account that happens to be a division of MidFirst Bank, the largest privately owned bank in the United States.
What is Monifi?
Monifi is a goal-oriented banking app set up to help you reach your financial goals — whether it’s saving for a vacation of a lifetime or simply growing your emergency fund.
When you sign up with Monifi, you’ll automatically be set up with two separate accounts: your Spend Balance and your Save Balance.
The Spend Balance is a non-interest-earning checking account. It’s set up to help you spend only what you need, so the rest goes toward your goals in your Save Balance. The Spend Balance comes with Monifi’s orange Visa® debit card.
The Save Balance is structured in a way that helps you grow your money for specific goals. Need to have your house painted? Customize a savings goal for it. Planning a party for your spouse? Set up a goal-completion date to make sure you have money moved into it on time.
Monifi Review: Checking Accounts
Monifi calls its non-interest-earning checking account a Spend Account. It’s an organizable bank account that comes with an orange Visa debit card.
What does it mean to be organizable? You can categorize and name each of your transactions, so at the end of the month, you can see exactly what your spending habits are.
This detailed view of your spending will help you make smarter decisions with your money.
Monifi Review: Save Balance
Monifi’s Save Balance is what really sets it apart from other online…
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