MB Financial Bank invites consumers to take advantage of their best checking account called Red Checking with highest interest rates pegged at 4.00% APY for balances through $10,000. Portions above the set cap of $10K earns 1.00% APY. If the account holder fails to meet the monthly requirements, the money in the bank will get the base rate of 0.05%.

The high yield checking account can be enjoyed by meeting the following requirements:

The account holder must make 12 debit card signature-based purchases using the MasterCard
Make a direct deposit of payroll check amounting to at least $250 every month or setup an auto debit
Opt for electronic statements over paper statements

The reward checking account requires $50 of deposit to open. It is advisable to maintain a $500 monthly balance to avoid a monthly service charge of $10.

Other features of the best checking account are a point reward system implemented when the account holder uses the debit card, and you can also use the bill pay online system for free. You also get two non-proprietary transactions on the ATM per month.

Notice on the online application the small prints which suggests that the Red Checking is available only to new checking account customers who are residents of IN, IL, or PA.

MB Financial Bank has several offices spread across the metros of Chicago. They also have branches in Pennsylvania, Philadelphia, and Dyer, Indiana.

The bank has a declared asset of about $6.3 billion in deposits and about $8.4 billion in assets as of June 2009.

MB Financial gets 3.5 stars from BauerFinancial and 2 stars from Bankrate.com. The evaluation was based on their March 2009 data. The bank is insured with the FDIC under certificate number 3628.