Vibration-based energy harvesters brought the idea of self-powered sensors to reality in the past few years. Many strategies to improve the performance of linear vibration energy harvesters that collect energy over a limited bandwidth have been proposed. In this paper, a bi-stable two degrees of freedom (2-DOF) cut-out vibration energy harvester employing a pair of permanent magnets is designed through a proposed design methodology. Based on this methodology, the nonlinear harvesters can be optimally designed such that the bandwidth can be widened for a targeted output voltage. The proper selection of the harvester parameters as well as the gap distances between the tip and the fixed magnets are the bases of this methodology. The mathematical modeling of the proposed harvester and the formula for the potential energy between the tip and the fixed magnets are presented. Additionally, to enhance the performance of the bi-stable energy harvester (BEH), a quad-stable energy harvester (QEH) was configured by adding more fixed magnets. Experiments were performed to validate the numerical simulations and the results showed that, the simulation and experimental results are consistent. The results indicate that, the QEH covers a wider bandwidth than the BEH and based on a figure of merit the QEH shows the best performance among many harvesters presented in the literature.