Thursday, 26 November 2020

MB Financial Bank Review: Checking, Savings, CD, Money Market and IRA Accounts

MB Financial Bank Review: Checking, Savings, CD, Money Market and IRA Accounts
09 Dec
2:28

MB Financial Bank’s Most Popular 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

magnifying glass

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

magnifying glass

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

magnifying glass

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

magnifying glass

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

magnifying glass

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.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Lindsay VanSomeren

TAGS:

Recommended by

This Cash Back Number May Surprise You

This Cash Back Number May Surprise You

Best Travel Credit Cards With No Annual Fee

Best Travel Credit Cards With No Annual Fee

Getting Approved For 1 Of These Credit Cards Means You Have Excellent Credit

Getting Approved For 1 Of These Credit Cards Means You Have Excellent Credit

2 Credit Cards Charging 0% Interest until 2019

2 Credit Cards Charging 0% Interest until 2019

Source: https://www.magnifymoney.com/blog/reviews/mb-financial-bank/

« »

Szemere

Related Articles