Comment mbanx is good (Score 2) 143
I am also a charter member of MBANX, although I'm not sure what distinguishes a charter member from any other member. I have a personal, Canadian dollar account. Overall, I'm very happy with MBANX.
I pay $13 (Canadian) per month. This plan allows me to do pretty much anything I want, with no additional fees. (Free cheques, free bill payment, free ATM (any brand), free money orders sent wherever I want.) I receive a "reward" every month which is proportional to the amount I have saved or borrowed. Since I have my mortgage with MBANX, my monthly reward is in excess of $25. (It's pretty neat coming out ahead of the game with service fees!)
On the other hand, the interest they pay isn't fantastic, so it may not make sense for large deposits. I was lucky that they offered me the best deal on my mortgage - paying an extra 1/4% on your mortgage rate would more than offset the paltry $25 monthly reward. So MBANX probably isn't for everyone.
I pay $13 (Canadian) per month. This plan allows me to do pretty much anything I want, with no additional fees. (Free cheques, free bill payment, free ATM (any brand), free money orders sent wherever I want.) I receive a "reward" every month which is proportional to the amount I have saved or borrowed. Since I have my mortgage with MBANX, my monthly reward is in excess of $25. (It's pretty neat coming out ahead of the game with service fees!)
On the other hand, the interest they pay isn't fantastic, so it may not make sense for large deposits. I was lucky that they offered me the best deal on my mortgage - paying an extra 1/4% on your mortgage rate would more than offset the paltry $25 monthly reward. So MBANX probably isn't for everyone.
