High-yield money market deposit account (MMDA)
0.85% APY high-yield MMDA, 10.6X higher than national average.
Deposits are FDIC insured through Liberty Savings Bank.
No fees. $1 minimum deposit.
24/7 online access to funds.
Earn 10.6 times the national average APY
Don't settle for average rates
Expedite your savings with APYs significantly higher than the national average. Receive a competitive rate with the ability to withdraw or add funds whenever you like. Flexibility to withdraw as much as you want, whenever you want; there are no restrictions.
mph.bank is a digital bank that focuses on delivering value directly to its customers. A savings product from mph.bank can offer highly competitive interest rates in part because there's no spending going toward splashy marketing or expensive naming rights for professional sports stadiums. mph.bank was created by Liberty Savings Bank, which has a history of offering products and services that deliver value for people. For mph.bank, the priority is empowering customers’ financial success. Making People Happy. It's that simple.
A New Bank with History
mph.bank is part of and backed by a century-old, FDIC-insured financial institution, Liberty Savings Bank.
Not flashy. Value goes to customers.
mph.bank offers competitive savings products exclusively through SaveBetter.
Security Is Our Top Priority
mph.bank is powered by Liberty Savings Bank, FSB, member FDIC. Deposits in mph.bank are insured by the FDIC up to the limits of federal law. The standard insurance amount is $250,000 per depositor, per insured bank, for each deposit account ownership category.Click to learn more about FDIC insurance
Cybersecurity is a top priority at SaveBetter
We invest in a variety of technologies to protect our customer’s data, privacy and transactions. These include Multi-Factor authentication, encryption, and Cloudflare advanced internet protection and monitoring. We are a SOC 2 certified organization, which means we have met the requirements outlined by the American Institute of Certified Public Accountants (AICPA) to ensure that we have the controls in place to keep customers' data secure and private.Click to learn more about SOC 2 certification
mph.bank, Powered by SaveBetter
mph.bank uses the secure SaveBetter platform to offer savings products to savers nationwide. Customers open accounts at SaveBetter.com, and the platform manages all aspects of the products offered by mph.bank, including a customer's deposits and withdrawals, statements and any customer service needs. In simple terms, SaveBetter provides you exclusive access to a special selection of mph.bank products. Best of all, SaveBetter is completely free!
Security: Funds deposited into any of the products accessible through SaveBetter are held by federally insured institutions. We use a host of cybersecurity measures to protect your funds and sensitive information.
Choice: Savings products from our network of financial institutions offer flexible terms and some of the most competitive interest rates. You can easily find the right product or mix of products for you.
Convenience: One account to hold all your deposit products. Simplified statements. Easy access to manage your funds – all through a streamlined digital platform.
Service: A supportive, accessible, responsive customer service team based in New York, NY, sets SaveBetter apart.
Access: Enjoy 24/7 online access to your account and funds.
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0.85% APY High Yield MMDA
Offering Bank: mph.bank*
Interest Rate: 0.85 %
Annual Percentage Yield (APY): 0.85 %
APY Effective as of: April 21, 2022
Interest Calculation: Interest will be compounded daily and credited on the last calendar day of each month.
If funds are withdrawn before interest is credited, accrued interest through the date of the withdrawal will be credited on the first Business Day of the following month.
Interest rate and APY are subject to change at any time without notice before and after initial deposit and will be determined at the bank’s discretion.
Minimum Opening Deposit: $1
Balance Computation Method for Calculating Interest: Daily Balance Method (based on actual balances in the account on each day)
Transactions Limitation: Enforcement of this limit is suspended until further notice.
* mph.bank deposit products are provided by, and mph.bank is a brand of, Liberty Savings Bank, F.S.B., Member FDIC.
SaveBetter is a digital platform that gives savers unparalleled access to a variety of deposit products through the convenience of a single account, helping you unlock the growth potential of your cash savings.
SaveBetter customers use the platform to fund Federal Deposit Insurance Corp. (FDIC) insured deposit products offered by numerous U.S. banks with a wide range of maturities and interest rates, allowing you to build a savings strategy to suit your earning and liquidity needs.
SaveBetter is not a bank. It’s a New York-based financial technology company (“Fintech” for short) that provides the digital “storefront” where banks can promote their deposit products.
SaveBetter.com is operated by SaveBetter LLC, a 100% subsidiary of Deposit Solutions LLC (Deposit Solutions). Headquartered in New York, Deposit Solutions provides a proprietary open architecture platform for deposits products. Deposit Solutions helps banks improve their deposit funding by offering national reach for their retail deposit products, and provides savers with better access, more choice and higher convenience when evaluating savings products from FDIC insured banks.
Deposit Solutions LLC is a 100% subsidiary of Raisin GmbH, a trailblazer for open banking in the deposits and investments space.
Your SaveBetter account gives you access to savings accounts and Certificates of Deposit (CDs) offered by a variety of banks with the security of FDIC insurance. These products include:
High-yield Savings Account (HYSA). As its name indicates, this account type functions like a traditional savings account—with typically no restrictions on depositing and withdrawing funds—but earns interest at rates that are higher than the national average for standard savings accounts.
Money Market Deposit Account (MMDA). Also known as a money market account or MMA, this type of savings account offers a varying rate that allows you to earn interest on your funds with maximum flexibility for withdrawals. Like a HYSA, an MMDA offers features of a traditional savings account with typically higher returns.
No Penalty CD. Through the flexibility of a No Penalty CD, you can lock in a competitive rate for a fixed term with the option to make a full withdrawal at any time beginning seven (7) calendar days after funding without having to pay a penalty for the early termination.
Fixed Term CD. With this longstanding savings vehicle, funds are held for a fixed term, and a competitive interest rate provides safe, predictable earnings. In contrast to No Penalty CDs, typically you are charged a fee if you do not complete the full term of the Fixed Term CD.
Interest is compounded daily and posted to your account monthly.
Yes! A depositor’s savings are insured by the FDIC up to the maximum amount in accordance with and as permitted by law at each bank holding their funds.
The standard deposit insurance coverage limit is $250,000 per depositor, per FDIC-insured bank, per account ownership category. Ownership categories as defined by the FDIC include single bank accounts (owned by one person/depositor) and joint bank accounts (owned by two or more persons/depositors). Revocable trust accounts and some types of retirement accounts (e.g., IRAs) are among the other ownership categories covered by FDIC insurance.
Deposits held in different ownership categories are separately insured, even if held at the same bank.
All deposits you have at a bank — whether facilitated through SaveBetter or otherwise — count toward the deposit insurance limit. If funds held at a bank in a certain ownership category exceed the coverage limit, then the amount in excess of the limit will not be insured.
At SaveBetter, cybersecurity is our priority. SaveBetter is a SOC 2 certified platform, meaning it has been validated by outside auditors across five (5) key information security principles. We also use a variety of measures to protect our customers' data, privacy and transactions, including:
• User authentication. The SaveBetter platform uses multi-factor authentication combined with leading authentication technology to validate our customers’ identities.
• Data encryption. Your personal information is encrypted in-transit and at rest using advanced cryptographic security algorithms.
• Site protection. Cloudflare™ advanced internet protection technologies are implemented to protect SaveBetter.com from malicious actors, botnets and denial of service attacks (DDOS).
• Monitoring. An always-on information security monitoring platform detects and alerts us to information security events.
• Assessments. Our platform undergoes vigorous security assessments and testing throughout the lifecycle of application development, from architecture planning to production phases.
Cloudflare™ is a registered trademark of Cloudflare, Inc.
A. Check out our savings marketplace and choose a product in which you would like to deposit money.
B. Create your username and password.
C. Complete an application and, after successful identity verification, link a bank account from which to fund your first savings product.
D. Start earning interest as soon as your money is received by the bank.
Any questions or concerns? Email us at [email protected].
All deposits and withdrawals are completed within one to three (1-3) business days. After the initial deposit a withdrawals limitation for the first few business days may exist.
Business days are Monday through Friday excluding U.S. bank holidays.
No. All necessary registration is handled when you become a SaveBetter customer. One of the many benefits of our platform is that you can open a single account and earn competitive interest rates from banks in the SaveBetter network.
The current APY for your savings products can always be viewed on the Account Overview page when you are logged in to SaveBetter. This information also appears on monthly statements.
You cannot currently link your SaveBetter account to a third-party app, but we may offer this feature in the future. For now, you will not be able to link your selected savings product to a third-party app even if the bank offering that product does so outside of the SaveBetter platform.
The SaveBetter name and logo are trademarks of SaveBetter LLC. The Deposit Solutions name and logo are trademarks of Raisin GmbH, used with permission. mph.bank and mph.bank Mark are trademarks of Liberty Savings Bank, FSB, used with permission.
© 2022 SaveBetter LLC. All rights reserved.
*APY means Annual Percentage Yield. APY is accurate as of April 21, 2022. Interest rate may change after initial deposit. Minimum opening deposit is $1.00.
Each customer authorizes the Custodian Bank to hold the customer’s funds in a custodial capacity in order to facilitate the customer’s deposits to and withdrawals from deposit accounts at various Product Banks that the customer requests through SaveBetter.com. The Custodian Bank does not establish the terms of the deposit accounts, or offer the deposit accounts to customers, and provides no advice to customers about deposit accounts. Central Bank of Kansas City, Member FDIC, d.b.a. Central Payments is the Service Bank. Custodian services are provided by Lewis and Clark Bank.