Dedicated to Deposits: Deals, Data, and Discussion
MB Financial Bank1.00%-$10kMB Red Checking
MB Financial Bank0.05%--MB Red Checking
Accounts mentioned in this post. Rates as of August 22, 2014

Updated Review of MB Financial's Reward Checking Account


MB Financial Bank

It has been just under two years since I first reported on MB Financial Bank's reward checking account that it calls MB Red Checking. It's nice to see that the top rate is still 4.00% APY. However, this only applies to balances up to $10K. Also, unlike the standard reward checking account, MB Financial has some extra requirements and fees to worry about. Some of these have gone up in the last two years. Since MB Financial is a large bank, we may soon see more changes for the worse when the new debit card regulation takes effect.

Here's a new summary of the MB Red Checking as of 6/23/2011:

  • 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

This account is available only to new MB Checking account customers who live within MB Financial's 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.

Effects of the Debit Card Regulation?

The interesting thing about MB Financial is that it's a large bank with $10.02 billion in assets. With assets over $10 billion, the bank will be subject to the debit card interchange fee caps as specified by the Durbin Amendment. The new regulation with these caps should be taking effect soon. It will be interesting to see how quickly MB Financial reacts to the regulation and how it changes its reward checking account.

There are two other large banks with over $10 billion in assets that offer reward checking. One is Umpqua Bank on the West Coast which offers a reward checking called hip checking. Its top rate is only 1.00% APY on balances up to $25K. The other large bank is Amegy Bank in Texas which offers a reward checking called Smart Yield Checking. Its top rate is only 1.50% APY on balances up to $25K. Rates are accurate as of 6/23/2011.

All three of these banks may make big changes to their reward checking accounts when the debit card fee regulation takes effect. They may be waiting to see what the caps will be.

Other Reward Checking Accounts

If you're new to reward checking, my post on the 10 common traits of high-yield reward checking accounts should be useful. To review reward checking accounts, you can use our reward checking account table. Use the "Filter Accounts" button on top of the table to select either nationwide accounts and/or your state. Also, you can use this button to select the investment amount. This allows you to compare accounts with different rate tiers.

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

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