MB Red Checking

MB Red Checking gives you our highest interest rate on balances up to $10,000footnote

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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

Features

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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 requirementsfootnote

MB Red Checking

1.00% APYfootnote

$100

Savings Account National Average

0.07% APYfootnote

$7

Interest Checking National Average

0.05% APYfootnote

$5

Interest rates

Minimum $50 to open, monthly compounding
The rates below apply if transaction requirements are metfootnote:

Interest rates
Balance Interest rate APY*
$10,000 or below 0.995% 1.00%
$10,001 and over 0.050% 1.00% to 0.05%

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Otherwise the following interest rates and APYs apply:

MB Red Checking Continue
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 04/18/2014

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Things to know

MB Red Checking is free from monthly service charges when you maintain an average balancefootnote 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:

  • Complete 15 signature-based debit card transactionsfootnote 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.footnote Note: PIN-based transactions do not count towards the requirements.

This account is eligible for

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ATM Freedom. Avoid ATM fees with our ATM Freedom Program. Learn more.

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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.

What's next?

Apply NowQuestions?

Call us at 1.888.i bank mb (1.888.422.6562) or contact us.

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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 account balance must be at least $5,000 to qualify. Reimbursement of ATM surcharge fees for using non-MB ATMs will be capped at $20 maximum per calendar month. Reimbursement will post in the following account statement cycle.  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