mBank is offering competitive rates on its checking accounts, CDs and CD IRAs. For checking accounts, their Green Checking Account pays 1.55% APY on all balances as of 6/09/2010. Minimum to open is $100. This is a little like a reward checking account. It requires eStatements, debit card, online bill pay and an active email account. However, it only requires a minimum of 3 electronic transactions per month (including debit card). Also like a reward checking account, there are no ATM fees anywhere in the U.S. Also, it has no monthly fees or minimum balance requirements. You have to keep the number of checks at 5 or under per month to avoid a $3 per check fee. Details of this Green Checking Account are listed in the bank's Green Checking brochure (pdf). Refer to the bank's rates page for the latest rates.
The bank also offers a High Yield Checking Account that pays 1.40% APY as of 6/09/2010. This requires a $1,000 minimum to avoid a $7/month fee. It doesn't require the 3 electronic transactions per month, but it does require eStatements, debit card and active email account. Details of this account are listed in the bank's High Yield Checking brochure (pdf). Refer to the bank's rates page for the latest rates.
Certificate of Deposit Rates
The bank's CD and IRA CD rates are also competitive. The best deals include a 1.75% APY 13-month CD, a 2.65% APY 36-month CD and a 3.00% APY 48-month CD. These rates are listed in the bank's rates page as of 6/09/2010.
It appears that a branch visit is required to open an account. Branches are located in several Michigan cities including Sault Ste. Marie, Traverse City, South Range, Newberry, Kaleva, Marquette, Stephenson, Birmingham, Ontonagon, Gaylord and Manistique.
The bank's ratings for safety and soundness are fair: 3 stars (adequate) at BauerFinancial (based on 3/31/10 data), 3 stars (performing) at Bankrate.com (based on 12/31/09 data), and an overall health score of 4 out of 5 at DepositAccounts.com (based on 3/31/10 data, see our mBank rates and reviews page). The bank has been a FDIC member since 1934 (FDIC Certificate # 14816).