Thanks to BankVibe.com reader Jenn for tipping us off on a great “rewards checking account” offered through MB Financial Bank. If you happen to be in the market for an interest bearing checking account and plan on maintaining a balance of $10,000 or less you may want to consider the 2.0% APY MB is offering customers. Generally, these types of accounts offer substantially higher savings rates than the current market warrants providing you (the customer) can comply with the monthly requirements. These requirements typically include enrolling to receive “e-statements” setting up a recurring payment AND making a specified number of monthly transactions with the account.
With MB Financial Bank’s “Red Checking” account you’ll have to complete the actions listed below to receive the 4.0% APY. If you do not fulfill these monthly requirements you will receive an APY of just 0.05%.
Here’s how to set it up:
1) Enroll in MB’s My Bank…My Rewards program to earn points for using your MB Debit MasterCard
2) Use your MB Debit MasterCard, press “credit” at the checkout terminal and sign for at least 12 purchases each monthly statement cycle
3) Direct deposit your payroll check (of at least $250/month) or pay one recurring auto debited bill (like your car or mortgage payment)
4) Maintain a $500 average monthly balance to avoid a $10 monthly service fee
5) Enroll in e-statements
Although the 2.0% APY is worth getting excited about given the current market for savings rates, the $10,000 maximum balance is somewhat low compared to similar products offered through other institutions. With the Red Checking account you’ll earn just 0.25% APY on balances exceeding $10k.
Visit mbfinancial.com for further details regarding this offer.