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High-Interest Reward Checking Account at MB Financial Bank in IL, IN & PA - Local Only

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MB Financial Bank

MB Financial Bank is offering a high yield reward checking account called MB Red Checking. The account has the following rates if certain monthly requirements are met:

  • 4.00% APY for up to $10,000
  • 0.25% APY over $10,000 (used to be 1.00%)
  • 0.05% on all balance if requirements are not met

The monthly requirements include:

  • 15 signature-based debit card purchases must post totaling at least $200 (used to be 12 with no total requirement)
  • ACH deposit or payment of at least $250
  • e-statement delivery

Additional features of the account regardless of the monthly requirements include:

  • $11.95 monthly fee unless a $2,000 average monthly balance is maintained (used to be $10 fee unless the balance was $500)
  • Minimum opening balance of $50
  • Point reward system for debit card usage
  • Free online bill pay
  • Refunds ATM surcharge fees (up to 5 per month) if $5K balance is maintained

There's an online application, however, in the small print the following is stated:

This offer is available only to new MB Checking account customers who live within our IL, IN or PA service areas.


Most of the bank's branches are located in the Chicago metro area. There's also one branch in Philadelphia, Pennsylvania and one in Dyer, Indiana.

The bank's ratings for safety and soundness are fair: 3½ stars (good) at BauerFinancial and 2 stars (below peer group) at Bankrate.com. Both ratings are based on 3/31/09 financial data.

MB Financial is a sizable bank with $8.4 billion in assets and $6.3 billion in deposits as of 6/30/09. The bank has been a FDIC member since 1934 (FDIC Certificate # 3628).

Other Reward Checking Accounts

The vast majority of reward checking accounts lack any monthly fee. Also, most have larger balance caps of at least $25,000. MB Financial Bank is one of the largest banks to offer reward checking. It looks like they've customized it quite a bit compared to the standard BancVue version offered by many small banks.

Even though there are many banks with better reward checking accounts, there are not many with branches in the Chicago metro area. Devon Bank offers one with a $20K balance cap, and it has a few Chicago branches (see post).

To find reward checking accounts in other areas of the nation or to learn more about these accounts, please refer to my High Yield Checking website.

Account History:

  • 06/23/11: 4.00% APY up to $10K; 0.25% over; 0.05% base; 15 debit card purchases totaling $200;  $11.95 fee waived with $2,000 balance (unsure of when these changes took effect)
  • 09/06/09: 4.00% APY up to $10K; 1.00% over; 0.05% base; 12 debit card purchases; $10 fee waived with $500 balance

  Tags: Indiana, Illinois, Pennsylvania, MB Financial Bank, checking account, reward checking account

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