MB Red Checking – 4.00% APY* on balances of $1 to $10,000

Whats the catch?  12 POS transactions per statement, and one directo depost over $250 or one auto payment.

The fine print:

To obtain the maximum rate the following account requirements must be met every monthly statement cycle: 1) 12 signature-based debit card transactions must post totaling at least $100; 2) monthly e-statement; 3) monthly direct payroll deposit of at least $250.00 or one monthly automatic ACH payment. If all account requirements are not met, the entire account balance will pay a base rate of 0.05% Annual Percentage Yield (APY). Minimum balance to open a checking account is $50. Maintain a minimum monthly statement cycle balance of $500 or a $10 monthly processing fee will be charged.  This is a variable rate, tiered product and the rate may change after December 31, 2011. Interest will be paid on two tiers: 1) 4.00% APY on $0.01 to $10,000.00, and 2) 0.25% APY on $10,000.01 and up. Interest is compounded and paid monthly based on the account balance which results in a blended rate. Debit card available to qualified account holders.  Personal accounts only. This offer is available only to new MB Checking account customers who live within our IL, IN or PA service areas. Other fees and restrictions may apply; fees may reduce earnings.  We reserve the sole discretionary right to refuse to open an account or close an existing account for any reason.