Intro – MB Financial Bank Reviews & Ranking
MB Financial Bank was recently ranked and reviewed by AdvisoryHQ as a top rated bank. Firms on our top rated lists were selected after they successfully passed AdvisoryHQ’s ground-breaking four-step banks and credit unions selection methodology.
Click here for a step-by-step breakdown of the methodology and selection process used during our MB Financial Bank review: AdvisoryHQ’s Methodology for Selecting Top Banks and Credit Unions.
Below we have provided a detailed review of MB Financial Bank, including the specific factors we used in our decision-making process.
MB Financial Bank Review
MB Financial Bank has been known as a top-performing bank for more than 100 years. Its parent organization is Fifth Third Financial Corporation, another of the top banks on our list.
MB financial services include personal, commercial, and small business banking and standard offerings that you’d expect such as wealth management and MB financial mortgage and loan services.
Headquartered in Chicago, MB Financial has associations with several subsidiaries including LaSalle Systems Leasing, Inc., Celtic Leasing Corp., MB Equipment Finance, LLC, MSA Holdings, LLC, and Cedar Hill Associates, LLC.
MB Financial is mainly situated in Chicagoland, offering over 90 branches and more than 130 ATMs throughout that area. They also have several national business lines, including MB financial credit card services and business capital.
In our review of MB Financial Bank, we’re going to take a look at MB Financial checking account options, MB Bank online banking (including the MB Bank app), and highlights that make them a top bank to do business with.
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Key Factors Leading Us to Rank This Firm as One of the 2020-2021 Top Banking Firms
Upon completing our MB Financial Bank reviews, MB Financial Bank was included in AdvisoryHQ’s ranking of the 2020-2021 best banking firms based on the following factors.
MB Financial Review | MB Bank Online Banking
In today’s online world, mobile banking options are important, and many customers use them for multiple banking activities.
MB Bank online banking offers all the convenience that you would expect from mobile banking and you can access multiple MB Financial services online, without needing to visit a branch.
MB Financial Services | Online Banking
Online banking at MB Financial includes:
- MB Mobile Banking Website: Check balances, transfer funds, pay bills, and more
- MB Mobile Text Banking: Text to request balance, transactions, ATM locations, branch locations
- MB Bank App: Check balances, transfer funds, pay bills, deposit checks, and more
The MB Bank app is available for iPhone, iPad, and Android devices.
MB Financial Bank Review: MB Red Checking
MB Red is one of the premier checking accounts available from this pick for one of the top banking firms. The MB Red account offers the highest available interest rate (1.00% APY) on balances up to $10,000.
This MB Financial checking account also offers ATM Freedom, which credits any 3rd party ATM fees, up to $20 per month.
There is no annual fee on this MB Financial checking account if you maintain a monthly average balance of $2,000 or more, otherwise, the monthly fee for MB Financial services is $11.95.
Also available are free MB Bank online banking and online bill pay services.
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MB Financial Services Review | MB Financial Credit Card
If you’re looking to secure a credit card at MB Financial, you have three options, and all can be enrolled in their My Bank…My Rewards credit card rewards program.
When you have an MB Financial credit card you can enjoy the following benefits:
- Start earning points immediately
- Earn 1 point for every dollar spent
- Choose from cash back, gift cards, travel, or merchandise
- Link multiple MB Financial credit card accounts to a single rewards account to accumulate points faster
FB Financial credit card options are as follows:
- MB Platinum MasterCard® Credit Card: Used for everyday spending
- MB Secured MasterCard®: Helps you establish or repair credit
- MB Platinum Business MasterCard®: For businesses that want to earn points on their spending
MB Financial Bank Review | MB Financial Mortgage
There are a number of MB Financial services and resources when it comes to buying a new home or refinancing. The homebuyer resources available on their website include a mortgage calculator, exploration of loan choices, and details about “closing and beyond.”
MB Financial mortgage options include several different types of loans, from conventional to jumbo fixed rate to adjustable rate mortgages.
If you’re interested in buying but don’t have a lot of money for a down payment, you’ll be happy to review the low down payment options available with several MB Financial mortgage loans.
MB Financial Bank Review | Personal Secured Loan
One of the many loan options available from MB Financial Bank is personal secured loans. Personal secured loans from MB can be secured using a CD, savings account, or other collateral to make a particular purchase or consolidate debt.
These loans are ideal for paying off credit card debt or making a small purchase, and they can be used instead of savings to make sure cash is kept on hand for an emergency.
When you secure these personal loans with a savings account, 6-60 month terms are available, and the minimum loan amount is $500.
When you obtain the loan with a CD, the term matches the maturity date of the CD, and the minimum loan amount is $2,500.
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MB Financial Bank Review | Choice Money Market Account
The Choice Money Market account is a savings option for MB customers that provides a fixed rate like a CD, but it can be added to like a traditional savings account, giving savers the best of both worlds.
This is the perfect savings option for people who like the idea of a fixed rate but also want to have flexibility when it comes to adding money to their accounts or having the ability to use checks when needed to access your money.
The MB Financial Services with this savings account include:
- Make up to 6 free withdrawals per month
- Set up automatic transfers from your MB Financial checking account to save even faster
- Access funds at any MB ATM when your debit or credit card are linked
MB Financial Bank Review | Overdraft Options
For customer peace of mind, MB offers overdraft protection options in case of emergencies or unexpected situations.
The first option is the Overdraft Funding Service where you link your checking account to an MB savings account, which allows money to be automatically moved to help consumers avoid overdraft fees. With this option there is no cost to link accounts, and there’s only a $10 fee per automated transfer.
The second option is the Overdraft Line of Credit which functions as an unsecured line of credit that is tied to an MB Financial checking account. It allows you to avoid overdraft fees and any account transfer fees.
Details of the Overdraft Line of Credit at MB Financial Bank are:
- 00% fixed APR on outstanding balances
- Line of credit transfers in $50 increments to cover overdrafts
- Requires a credit application approval
- Minimum monthly payments are $25 or 5% of the balance, whichever is greater
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Review Summary
MB Financial Bank has a lot to offer customers looking for a hometown bank in the Chicago land area that offers straight-forward financial services.
This bank also works to make it easy for their customers to save money. From MB Financial mortgage loans with low down payments to their interest-bearing Choice Money Market account, MB Financial services are geared towards make earning and saving a top priority.
While MB Financial Bank is a top-rated bank, due to their limited reach in the Chicagoland area only, we are rating them with 3-stars. But if you happen to be within their banking territory, the range of services offered and customer focus would make them a 5-star bank for you.
In addition to reviewing the above MB Financial Bank review, you can click on any of the links below to browse exclusive reviews of AdvisoryHQ’s top rated banking & credit union firms:
In addition to reviewing the above MB Financial Bank review, you can click on any of the links below to browse exclusive reviews of AdvisoryHQ’s top rated banking & credit union firms:
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