Main Street Bank Review

Overview

Started in 1860, Main Street Bank has $1 billion in assets along with deposits totaling $825 million, which makes the institution a medium-size bank. Main Street Bank, whose headquarters are in Marlborough, Massachusetts, has above-average customer service access with a live chat feature, great for getting help during the work week. It is a conventional brick-and-mortar bank with in-person service, in addition to its online and mobile offerings. With a superb 4.5 stars out of 5, Main Street Bank proves it is an excellent bank that you should strongly consider. Main Street Bank provides customers with a varied selection of product offerings, which include savings accounts, checking accounts, money market accounts, CDs, IRAs and mortgage products. It has a fair savings rate; you can find higher rates with other banks. If you're looking for a checking account for everyday use, Main Street Bank's ordinary checking account does not have a monthly fee. Institutions that offer free checking and a high savings APY are the best bet for returning the most income on your deposits alongside convenient access to your funds.

The overall rating is a weighted average of rates, fees, service quality and financial health.Read more

With a savings rate of 0.10%, Main Street Bank ranks poorly in comparison to other U.S. banks. Main Street Bank's one-year and five-year term lengths CDs earn at a rate of 2.02% and 2.53%, respectively, while its highest-yielding money market account earns at an APY of 0.32%. Given Main Street Bank's noncompetitive savings rate, you should think about choosing another bank to earn more on your deposits.

How Main Street Bank's Savings Rates Compare

On average, Main Street Bank charges its customers low fees as compared against the national average. With no monthly fee, Main Street Bank is perfect for people who want a simple banking experience. For those who visit the ATM often, Main Street Bank is fair because it has an out-of-network ATM fee of $1.25, which is reasonable compared to the average U.S. bank. Additionally, Main Street Bank has an overdraft fee of $32.00, which is lower than the average U.S. overdraft fee. Main Street Bank reimburses their out-of-network ATM charges (with conditions), which gives convenient access to cash at any time.

Main Street Bank has both an online and physical presence, with 14 total branches in Massachusetts. It also offers access to mobile and web apps for a straightforward mobile-banking experience. Additionally, Main Street Bank customers can access live chat for their banking questions or needs, key for getting quick access to customer service. Main Street Bank's online and mobile banking platforms get high praise from users. The Main Street Bank mobile app has been given a 4.5 out of 5 (out of 230 customer reviews on iOS and Android) compared to the national average of 3.8. Main Street Bank's mobile app allows you to manage your bank accounts by checking account balances, transferring funds and reaching customer service. Main Street Bank gets an outstanding consumer satisfaction rating based on comparatively few consumer complaints reported to the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector.

Main Street Bank is currently a medium-size bank owning $1 billion in assets and deposits totaling $825 million. It has an excellent Texas Ratio of 2.14%, denoting that Main Street Bank is in outstanding financial well-being and far from failure. Additionally, Main Street Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

The Texas Ratio, a measure of a "bad assets" against available capital, can provide an early warning sign of bank failure. A low ratio indicates smaller chance of failure; a higher ratio suggests greater risk.

Products Offered

Main Street Bank has several deposit products including savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. Main Street Bank does not have the best savings rate, which means you should consider taking a look elsewhere for banks that deliver more return for your money. CDs can be a terrific option to achieve higher returns, but there are limitations to accessing your money. Main Street Bank's CD rates are fair as compared against the national average.

Find a Main Street Bank Near Me

Main Street Bank has 14 branches in the U.S.