MB Financial Bank Review: Checking, Savings, CD, Money Market and IRA Accounts
|
APY |
Account Type |
Account Name |
Compare Rates from Similar Accounts |
||
|---|---|---|---|---|---|
|
0.03% |
Savings |
MB Financial Bank MB Savings Accounts |
2.00% |
American Express National Bank High Yield Savings Account |
on American Express National Bank’s secure website Member FDIC |
|
0.15% |
CD Rates |
MB Financial Bank 12 Month CD |
2.55% |
Goldman Sachs Bank USA High-yield 12 Month CD |
on Goldman Sachs Bank USA’s secure website Member FDIC |
|
0.40% |
CD Rates |
MB Financial Bank 36 Month CD |
2.85% |
Synchrony Bank 36 Month CD |
on Synchrony Bank’s secure website Member FDIC |
|
0.85% |
CD Rates |
MB Financial Bank 60 Month CD |
3.10% |
Goldman Sachs Bank USA High-yield 5 Year CD |
on Goldman Sachs Bank USA’s secure website Member FDIC |
MB Financial Bank’s checking account options
How MB Financial Bank’s checking accounts compare
We can say two things for certain about MB Financial Bank’s checking accounts:
- MB Financial Bank offers many checking account options
- Each of these checking accounts is plagued with fees
Whether you’re a child, a senior, someone who’s had difficulty being approved for checking accounts or someone who wants to earn a high interest rate and/or have free use of ATMs, MB Financial Bank offers a checking account for you.
Unfortunately, each of these accounts comes with high fees. Not only may you run into monthly fees, but you may find paper statement fees, ATM fees (in some cases) and an overdraft fee policy that’s enough to make your eyes pop out while reading it.
Our advice is this: Skip MB Financial Bank’s checking accounts for one of these better online checking accounts instead. These accounts come with much better interest rates than even MB Financial Bank’s top-yielding checking accounts, and they come with much more consumer-friendly fee schedules as well.
MB Financial Bank’s savings account options
How MB Financial Bank’s savings accounts compare
MB Financial Bank pays a terrible interest rate, plain and simple. With this bank’s rates, you may struggle to spot any increase in your savings over time.
We recommend keeping your savings in one of these high-yield savings accounts because at least you know you’ll be earning something measurable each month.
MB Financial Bank’s CD rates
How MB Financial Bank’s CD rates compare
It shouldn’t come as any surprise by now that MB Financial Bank’s CD rates are also not worth your time. CDs are generally used as long-term savings vehicles, but unfortunately, you won’t be earning much off of your savings if you choose a CD at this bank. In fact, when you take inflation into account, there’s a great chance your money will actually lose value over the long term.
If you are interested in earning better rates on your CD deposits, we recommend one of these CDs instead. These CDs are offering much higher yields so you’ll actually see a decent return on your savings.
MB Financial Bank’s money market account option
How MB Financial Bank’s money market account compares
Save your time and go with one of these money market accounts instead if you’d rather earn higher rates for no (or low) fees.
Honestly, we can’t really think of a good reason why you’d want to open this account. You’ll barely earn any interest at all compared with just about any other account out there, let alone the top-yielding money market accounts. Plus, this account is plagued with all kinds of fees that you’ll have to stay on your toes to dodge. That’s why we don’t recommend this account.
MB Financial Bank’s IRA account options
How MB Financial Bank’s IRA CD rates compare
Unfortunately, the rates offered on MB Financial Bank’s IRA CDs are quite poor. That’s especially disheartening considering that most people don’t save enough for retirement anyway, and by choosing a sub-optimal IRA CD that doesn’t earn much, the problem may only be made worse.
If you care about earning the best rates for your retirement savings, we’d instead steer you toward one of these IRA CDs. Your future self will thank you down the road.
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