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mBank (MI) Review

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We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure
We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure
mBank Savings
0.05% APY

Overview

Our Rating: 3.9/5 How we calculated this rating

Established in 1934, mBank has $981 million in assets along with deposits totaling $819 million, ranking the institution as a medium-size bank. mBank, whose headquarters are in Manistique, Michigan, lacks premium access to customer service, with no options of live chat or all-day service. It is a conventional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile offerings. On the whole, mBank is a respectable bank that gets the job done at a rating of 3.9 out of 5 stars from our team. 

mBank offers a full selection of banking products, which include savings accounts, checking accounts, money market accounts, CDs and mortgage products. It has a fair savings rate; other popular banks have higher rates. The bank's standard checking account features a $7.00 monthly fee, although banks sometimes have requirements that allow you to waive the fee. Why have checking and savings accounts with one bank? Fast transferring between the two accounts means you can still get better interest rates in your savings account but still use your money from your checking.

Service Quality

mBank is a brick-and-mortar bank, with 30 total branches in Michigan and Wisconsin. With mobile and web apps, mBank makes mobile banking convenient, even on the go.  

mBank receives fairly high praise from users for its mobile platform: with 12 ratings across both Apple and Android platforms, the mBank mobile app has an overall rating of 4.2 out of 5 (compared to the national average of 3.8). You can access mBank's mobile app to control your accounts by reviewing current statements, transferring funds and accessing support representatives. mBank gets an excellent consumer satisfaction rating due to comparatively few complaints brought to the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency. 

Products Offered

Product Current Terms and Rates Minimum Balance for APY  
Savings Accounts 0.05% APY $1 Compare Offers
Certificates of Deposit
  • 12 Month: 0.75% APY
  • 24 Month: 1.25% APY
  • 36 Month: 1.75% APY
  • 48 Month: 1.95% APY
  • 60 Month: 1.95% APY
$250 for all tiers Compare Offers
Money Market Accounts
  • 10K tier: 0.05% APY
  • 25K tier: 0.10% APY
  • $5,001
  • $25,001
Compare Offers
Checking Accounts 0.10% APY $1 Compare Offers

mBank has several deposit products including savings accounts, checking accounts, money market accounts and CDs, giving you many options to manage your money. It does not have the best savings rate, which means you should think about looking elsewhere for banks that offer more return for your money. CDs can be a terrific option to achieve higher returns, but there are limitations to accessing your money. mBank's CD rates are fair in comparison to the national average. 

Rates

mBank has a savings rate of 0.05%, which is poor as compared against the national average.  one-year and five-year term lengths CD's earn at a rate of 0.75% and 1.95%, respectively, while its highest-yielding money market account earns at a rate of 0.10%. Given its poor savings rate, you should think about taking a look at other banks for savings accounts.

Compare mBank to Other Competitive Offers

Fees

mBank charges its customers high fees as compared against the national average. At $7.00 per month, mBank's checking account is not the best option for those who want a hassle-free banking experience. For those who will need cash in a pinch, mBank is solid because it has an ATM fee of $1.50, which is solid compared to other U.S. banks. Additionally, at $45, it has a slightly steeper overdraft fee compared to the average U.S. overdraft fee, making it not ideal for those who don't check their balance often. 

Financial Health

mBank is currently a medium-size bank owning $981 million in assets as well as deposits totaling $819 million. mBank's Texas Ratio is 5.99%, suggesting a small possibility of failure. Additionally, mBank is FDIC-insured, meaning that your money is insured (up to $250,000) even in the event of bank failure.

Find a mBank Near Me

mBank has 30 branches across the U.S.

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