MB Red Checking
MB Red Checking gives you our highest interest rate on balances up to $10,0001 footnote
Ready to apply? Questions?
Call us at 1.888.i bank mb (1.888.422.6562) or contact us.
Perfect for
Those who want to earn the best interest rate possible.
Benefits
Skip Benefits bullets/links- Premium rate
- Free, unlimited use of MB ATMs
- No MB fees when you use up to 4 non-MB ATMs per statement cycle
- Eligible for our ATM Freedom program that refunds your first 5 ATM surcharge fees charged by other banks for using their ATMs3 footnote
- No annual fee on MB Platinum MasterCard® Credit Card4 footnote
- Up to 0.50% discount on MB loan products with auto pay
- $350 off on mortgage closing costs5 footnote
Features
Skip Features bullets/links- Free e-statements
- Free Internet banking
- Online bill pay
- 24-hour access to Phone Access Line (PAL)
- MB Debit MasterCard®6 footnote
What's next?
Earn up to $100 in interest in one year when you maintain an average daily balance of $10,000 and meet the monthly statement cycle requirements2 footnote
Interest rates
Minimum $50 to open, monthly compounding
The rates below apply if transaction requirements are met2 footnote:
| Balance | Interest rate | APY* |
|---|---|---|
| $10,000 or below | 0.995% | 1.00% |
| $10,001 and over | 0.050% | 1.00% to 0.05% |
Otherwise the following interest rates and APYs apply:
| Balance | Interest rate | APY* |
|---|---|---|
| $10,000 or below | 0.050% | 0.05% |
| $10,001 and over | 0.050% | 0.05% |
* Annual Percentage Yields (APY) are current as of 06/14/2013
Things to know
MB Red Checking is free from monthly service charges when you maintain an average balance8 footnote of $2,000 or more in this account. Otherwise, there is a monthly service charge of $11.95.
You can earn our best rate when you:
Skip You can earn bullets/links- Complete 15 signature-based debit card transactions9 footnote totaling $200 or more and
- Have ACH credits/debits totaling $250 or more10 footnote and
- Enroll in free e-statements
All three requirements need to be met each statement cycle to earn the best rate, otherwise, you’ll earn a lower rate.2 footnote Note: PIN-based transactions do not count towards the requirements.
This account is eligible for
Skip Account is eligible for bullets/links- MB Friends and Family referral bonus program
- MB Switch Kit for an easy transition to MB
- identity and data protection
- MB Overdraft options
What's next?
This product could be right for you if
You’d like MB’s best interest rate for checking.
Apply online
Our online application takes about 10 minutes to complete.
If you're already an MB customer, you can open a new account by logging in to ibankmb.com.
If you're opening a joint account, be sure to have all the information for the other applicant on hand.
Apply in person
Stop by one of our convenient banking centers located throughout Chicagoland and we’ll be happy to help you open your new MB account. Be sure to bring a government-issued ID and your Social Security number.
Search results
1 The minimum balance to open any MB checking account is $50. Personal accounts only; no broker accounts. Account holder must reside within MB’s IL, IN or PA service areas. Checking account statement cycle periods are all monthly. One MB Red Checking account per household. Other fees and restrictions may apply. Please refer to the Personal Banking Customer Fee Schedule (PDF). We reserve the sole discretionary right to refuse to open an account or close an account for any reason. For current interest rates and terms see a banker or call 1.888.i bank mb (1.888.422.6562). Back to top
2 For current Annual Percentage Yields (APY) on Red Checking see current Deposit Account Rates. This is a variable rate, tiered product and the rate is subject to change at any time. To obtain the maximum rate, the following account requirements must be met every monthly statement cycle: 1) At least 15 signature-based debit card transactions must post totaling at least $200; 2) monthly e-statement delivery; 3) monthly ACH deposit or payment of at least $250. If all account requirements are not met the entire account balance will pay a base rate of 0.05% APY. Must maintain a minimum average balance for the monthly statement cycle period of $2,000 or more, or an $11.95 monthly service fee will be charged. Interest will be paid on two tiers: 1) 1.00% APY on $0.01 to $10,000, and 2) 0.05% APY on $10,000.01 and over, resulting in a blended APY between 1.00% and 0.05% APY. Interest is compounded and paid monthly based on the account balance which results in a blended rate. Other fees and restrictions may apply; fees may reduce earnings. We reserve the sole discretionary right to refuse to open an account or close an existing account for any reason. Minimum to earn interest is $1. Back to top
3 Average calendar month balance must be $5,000 to have the first 5 ATM surcharge fees that other banks charge waived or reversed each month. Reversed fees will show on the following month’s statement. Other restrictions and fees may apply. Back to top
4 Available to qualified customers only. For more information about APRs and fees, please carefully review the MB Financial Bank, N.A., Credit Card Application disclosure. Back to top
5 $350 credit will be applied at closing of approved mortgage loan on 1-4 unit, owner-occupied property only. Cannot be combined with any other offer or coupon. Back to top
6 MB Debit MasterCard® available only to qualified account holders. Back to top
7 Rates provided by RateWatch. Back to top
8 The period we use to calculate the average balance for this account is your monthly statement cycle. Back to top
9 Signature-based debit card transactions posted to the account within the monthly statement cycle. Back to top
10 Transactions must post to your account during the statement cycle. Back to top
