Red Checking

Earn our highest checking Annual Percentage Yield (APY) as a reward for your everyday banking habits.1  

Earn up to 1.00% APY2 When You Do the Following Each Month

  • Complete 15 MB Debit Mastercard®3 transactions totaling $200 or more 
  • Have a direct deposit or auto-debit of $250 or more 

 No Monthly Service Charge for Red Checking When You

  • Maintain a monthly average balance5 of $2,000 or more in this account Otherwise, there is a monthly service charge of $11.95

Things to know about MB Red Checking

  • Sign up for E-Documents and avoid the $3 paper statement fee4
  • Free Internet Banking with Online Bill Pay
  • Free Mobile Banking with Mobile Deposit 
  • Eligible for ATM Freedom, which reverses other banks' ATM fees up to $20 per month.6

 

MB Red Checking Interest Rate APY
$10,000 or below 0.99% 1.00%
$10,001 or over 0.05% 1.00% or 0.05%

Annual Percentage Yields (APY) are current as of 03/05/18

 

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 or IN 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). 
2This 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 or PIN-based transactions must post totaling at least $200; 2) 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. 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. If account balance during the statement cycle qualifies you for more than one interest tier, the interest earned for each tier will appear as a separate credit on account statement. The two credits added together will equal the total interest earned for the statement cycle. Interest is compounded and paid monthly based on the account balance which results in a blended rate. The minimum to earn interest is $0.01. 
3 MB Debit Mastercard® available only to qualified account holders. Fees may apply. 
4 Enrollment in E-Documents will result in electronic delivery of statements and designated notices. Tax documents will continue to be delivered in paper form
5 The period we use to calculate the average balance for this account is your monthly statement cycle. Fees may reduce earning on the account. 
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.