M&I Bank Reviews, Rates: CDs, Savings, Money Market, Checking, Mortgages
M&I Bank, or also known as Marshall and Ilsely Bank, gets its uncommon name from its founder Samuel Marshall. In the beginning, M&I Bank operated as an exchange brokerage under the name of Samuel Marshall and Co. In 1849, Marshall partnered with Charles Ilsley and the pair created the company known as today Marshall and Ilsley.
Review: M&I Bank Services
The remarkable strength of this bank survived the Great Depression while over 100 banks closed its doors. M&I Bank is Wisconsin’s largest and oldest bank servicing customers in Minnesota, Missouri, Kansas, Arizona, and the Indianapolis area.
Marshall & Ilsley Corporation
- Established: 1847
- Headquarters: Milwaukee, Wisconsin
- Website: www.mibank.com
- Products: Auto Loans, Banking, Credit Cards, Home Equity, Mortgages
- Assets: $53.9 billion
- Available: Online, by phone, in branches; select states
BMO announced in mid December 2010 its purchase of the Marshall & Ilsley Corporation. The merger transaction was completed on July 5, 2011 and the official name change of BMO Harris Bank will take place over the span of 18 months.
M&I Bank has extraordinary rewards included with their checking accounts. Their M&I Cash Back CheckingSM is exactly that – you earn a monthly cash bonus for using your M&I Check card, paying bills online with M&I Online Banking and making deposits. For free ATM transactions, preferred CD rates and loan discounts, then the M&I Advantage Checking Package might be just for you. Combined M&I account balances must equal $10,000 or more in order to qualify for these extra benefits.
There are many different kinds of credit cards that M&I has to offer. They offer a total of five credit cards which offer varying benefits and rewards. The M&I Credit Card has a low-rate and has no annual fee. It comes with Visa® Zerio Liability to promptly notifies M&I and you for any unauthorized or suspicious transactions. For a credit card, M&I’s RewardsSM Credit Card offers amazing awards. The M&I Rewards Program lets you redeem your points for airline travel, gift cards, and much more. Plus, there is no limit on the number of points that can be earned.
M&I Bank CDs are created for short-term or long-term goals and small or large investments. They guarantee your interest rate to be locked in and the overall performance will be great.
For the weekly CD specials, the $5,000.00 minimum balance and an M&I Advantage Checking or M&I Portfolio Checking is required to earn stated the APY.
M&I Bank: Weekly CD Specials – as of 8/14/11
- 13-Month CD – 0.60% APY
- 45-Month CD – 1.50% APY
For the standard CD products, a minimum balance of $1,000.00 is required to earn the APY.
M&I Bank: Standard CD Products – as of 8/14/11
- 3-Month – 0.10% APY
- 6-Month – 0.15% APY
- 9-Month – 0.20% APY
- 1-Year – 0.35% APY
- 2-Year – 0.70% APY
- 3-Year – 0.95% APY
- 4-Year – 1.20% APY
- 5-Year – 1.45% APY
Terms & Conditions: Penalties for early withdrawal.
M&I Bank will help in reaching your saving goals by offering convenient deposit and withdrawal options.
The savings account that M&I Bank offers is called M&I Personal Savings. The minimum balance required to open this account is $50.00. It has a quarterly maintenance fee of $9.00 but it is avoidable by maintaining the $500.00 minimum daily balance or if you are under the age of 19 years old.
M&I Bank: M&I Personal Savings Account Rates – as of 8/14/11
- $0 – $4,999 – 0.05% Interest Rate – 0.05% APY
- $5,000 – $9,999 – 0.05% Interest Rate – 0.05% APY
- $10,000 – $24,999 – 0.05% Interest Rate – 0.05% APY
- $25,000 – $49,999 – 0.05% Interest Rate – 0.05% APY
- $50,000 – $99,999 – 0.05% Interest Rate – 0.05% APY
- $100,000 and more – 0.05% Interest Rate – 0.05% APY
Terms & Conditions: M&I Bank use the daily-balance method to calculate interest, by which a daily periodic rate is applied to the balance in the account each day. Noncash items (for example, checks) you deposit into your account begin to earn interest on the business day we receive credit for them. Interest is compounded and paid quarterly. Your interest rate and annual percentage yield may change. At their discretion, they may change the interest rate on your account at any time. Fees could reduce earnings on the account.
M&I Bank keeps it simple by offering two highly competitive money market accounts.
M&I Bank: M&I Premier Money Market
- Minimum to open: $25,000.00 – must maintain to avoid monthly maintenance fees
- Easy account access: M&I Online Banking, M&I Mobile, MiLine Telephone Banking, ATM Card, in-branch and checks
- Deposit payroll or other recurring payments electronically
- Can be used as overdraft protection for you M&I checking account
- Earn a great rate and have immediate access to your money when you need it
M&I Bank: M&I Growth Money Market
- Steady growth & competitive rates
- Rates are adjusted regularly to ensure competitive interest rates grow your account
- Easy access with an unlimited number of deposits and withdrawals in person or by each month
- Maintain a qualifying balance and eliminate monthly maintenance fees
- 24/7 access to your account via ATMs, phone, and online
- Deposit payroll or other recurring payments electronically
Write a limited number of checks to draw on your account
Please note: For M&I Growth Money Market, the minimum balance and rates are not posted via their website. To obtain the most up-to-date information, please contact an M&I Bank near you at 1-888-464-5463.
Shopping around for the best mortgage can be tough, but with M&I the process is simple. They are committed to helping you find the best loan that fits your budget and lifestyle. You receive personalized service from a mortgage banker who works for and with you every step of the way.
M&I Bank offers buying, building, and refinancing options.
Buying a Home:
M&I Bank has fixed rate mortgages, ARMs, and bridge loans to help with buying a home. Their bridge loans are able to help you finance a new property before your current property is sold. Find a mortgage banker near you to learn more information.
Building a Home:
Bridge loans are also available when you are in the process of building your home. These loans help to finance the start of your home construction prior to the sale of your existing home. Also, one-time-close construction loans are handy because with this loan, you’re not required to re-qualify for another loan after the construction is complete. It saves a vast amount of time and money.
Refinancing Your Home:
The process of refinancing your home is made easy with M&I Bank options. They have a Traditional Mortgage Refinance which can help save you money by lowering your interest rate and monthly mortgage payments. M&I Bank also offers the Refi-Xpress Plus – a fast and low cost refinance option. It allows individuals to lock in their first mortgage with a fixed rate up to $250,000 and the ability to close in days with low or no closing costs. It also provides a Home Equity Line of Credit with easy access to the line with the M&I Rewards Equity Card.
The rates below are with the following information:
- Loan Purpose: Purchase
- Loan Amount: $300,000.00
- Home Value: $400,000.00
- State: Indiana
- City: Indianapolis
- County: Marion
- Property Use: Primary Residence
- Property Type: Existing single family home
- Lock Period: 60 day
M&I Bank: 30 Year Fixed Rate – as of 8/24/11
- 4.375% Interest Rate – 0.000% Points – 4.404% APR – $1,930.96 Closing Fees – $1,497.86 Payment
M&I Bank: 20 Year Fixed Rate – as of 8/24/11
- 4.375% Interest Rate – 0.000% Points – 4.415% APR – $1,930.96 Closing Fees – $1,877.77 Payment
M&I Bank: 15 Year Fixed Rate – as of 8/24/11
- 3.500% Interest Rate – 3 0.000% Points – 3.550% APR – $1,930.96 Closing Fees – $2,144.65 Payment
Terms & Conditions: The interest rate and fees shown here are available to borrowers with an excellent credit history and reflect an eligible M&I depository relationship. The actual interest rate and fees available to you will be based on your credit history and may be different than the rates displayed here.
The interest rates, annual percentage rates (APRs), and points shown are subject to change without notice.
The monthly payment amount shown includes principal, interest, and mortgage insurance, if required. Your actual monthly payment will be higher if an escrow/impound account is established or required.
Your APR will vary based on your final loan amount and finance charges.