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Main Street Bank Review

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Main Street Bank Savings
0.10% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations


Main Street Bank started in 1860 and has its headquarters in Marlborough, Massachusetts. Main Street Bank manages assets of $1 billion as well as $825 million in deposits, which makes it a medium-size bank. Main Street Bank has above-average customer service access with a live chat feature, great for getting help during the work week. It is a traditional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile apps. Overall, Main Street Bank is an exceptional bank that would be a perfect pick, with a rating of 4.5 out of 5 stars from the SmartAsset team. Main Street Bank has a full suite of banking products, which include savings accounts, checking accounts, money market accounts, CDs, IRAs and mortgage products. It has a fair savings rate compared to the average savings account. If you're looking for a checking account for everyday use, Main Street Bank offers an option without a monthly fee. Locating a bank with free checking as well as a high interest rate savings account is the best bet for returning the most income on your deposits while having easy access to your funds.

How We Rated It

SmartAsset's Overall Rating

National Average: 4.1

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


SmartAsset Average: 3.5

With a savings rate of 0.10%, Main Street Bank ranks poorly in comparison to the national average. Its one-year CD has a rate of 2.02% and the five-year CD has a rate of 2.53%, while its highest-yielding money market account earns at an APY of 0.15%. Given Main Street Bank's poor savings rate, you should consider opting for higher earning savings accounts with other banks.

How Main Street Bank's Savings Rates Compare

Main Street Bank Savings 0.10 National Average 0.26 Compare Offers
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SmartAsset Average: 4.4

Main Street Bank generally has low fees in comparison to other U.S. banks. Its checking account has no monthly fee, ranking it excellent for anyone looking for a simple account. For those who will need cash in a pinch, Main Street Bank is fair because it has an out-of-network ATM fee of $1.25, which is reasonable compared to other U.S. banks. Also, at $32.00, its overdraft fee is noticeably lower than the average overdraft fee charged by U.S. banks. Main Street Bank refunds any incurred out-of-network ATM fees (with conditions), which gives easy access to cash at any time.

Monthly Fee $0 National Average: $3.21
Non-network ATM Fee $1.25 National Average: $1.20
Overdraft Fee $32.00 National Average: $35.00
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Service Quality

SmartAsset Average: 3.7

Main Street Bank has both an online and physical presence, with 14 total branches in Massachusetts. With mobile and web apps, Main Street Bank makes mobile banking straightforward, even on the go. Main Street Bank also offers a live chat feature, key for getting quick access to customer service. Main Street Bank receives positive scores from users for its mobile app. The Main Street Bank mobile app has an overall rating of 4.5 out of 5 (with 230 ratings on iOS and Android) compared to the national average of 3.8. You can access Main Street Bank's mobile app to control your finances by reviewing account balances, sending and receiving money as well as reaching customer service. Main Street Bank receives an outstanding consumer satisfaction score based on comparatively few consumer complaints brought to the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency.

Overall Mobile Rating 4.5/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal Yes
Live Chat Yes
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Financial Health

SmartAsset Average: 4.8

Main Street Bank ranks as a medium-size bank and handles assets totaling $1 billion as well as deposits totaling $825 million. Its Texas Ratio is 2.14%, signifying a negligible chance of 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.

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Compare Main Street Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.1% APY $10
Checking Account 0.1% APY $10
Certificates of Deposit
  • 12 Month: 2.02% APY
  • 24 Month: 2.22% APY
  • 36 Month: 2.32% APY
  • 48 Month: 2.43% APY
  • 60 Month: 2.53% APY
$1000 for all terms
Money Market Account 0.15% APY $10000

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 other options 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 compared to the average U.S. bank.

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Find a Main Street Bank Near Me

Main Street Bank has 14 physical locations across the U.S.

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