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MainStreet Bank Review

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MainStreet Bank Savings
0.75% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Established in 2004, MainStreet Bank has assets totaling $808 million along with deposits totaling $673 million, ranking it as a medium-size bank. MainStreet Bank, whose headquarters are in Fairfax, Virginia, lacks premium access to support representatives, with no live chat or all-day service options available. It is a conventional brick-and-mortar bank with in-person service, in addition to its online and mobile offerings. At a SmartAsset rating of 4.9 out of 5 stars, MainStreet Bank should be near the top of your list for your bank search. MainStreet Bank has the full package of banking products, including savings accounts, checking accounts, money market accounts, CDs, mortgage products and credit cards. It has a fair savings rate compared to the average savings account. Obtaining a checking account with no monthly fee as well as a savings account with a high interest rate at the same bank is the best option for accruing the most income on your deposits while having convenient access to your money.

How We Rated It

SmartAsset's Overall Rating

4.9/5
National Average: 4.1

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

Rates

5.0
SmartAsset Average: 3.5

With a savings rate of 0.75%, MainStreet Bank ranks poorly as compared against the national average. MainStreet Bank's one-year and five-year term lengths CDs earn at a rate of 2.25% and 2.95%, respectively, while its highest-yielding money market account earns at an APY of 0.20%. Given MainStreet Bank's noncompetitive savings rate, you should consider opting for higher earning savings accounts with other banks.

How MainStreet Bank's Savings Rates Compare

MainStreet Bank Savings 0.75 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

On average, MainStreet Bank charges its customers extremely low fees compared to other U.S. banks. Also, MainStreet Bank has an overdraft fee of $25.00, which is significantly lower than the national average. MainStreet Bank does not refund out-of-network ATM fees, meaning you'll be required to search for a MainStreet Bank ATM or accept the withdrawal fee.

Monthly Fee N/A National Average: $3.21
Non-network ATM Fee N/A National Average: $1.20
Overdraft Fee $25.00 National Average: $35.00
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Service Quality

4.5
SmartAsset Average: 3.7

MainStreet Bank is a brick-and-mortar bank, with five total bank locations in Virginia. It also offers access to mobile and web apps for an easy mobile-banking experience. MainStreet Bank gets positive ratings from users for its mobile platform. The MainStreet Bank mobile app scored a 5.0 out of 5 (with 2 ratings on Apple and Android) compared to the national average of 3.8. You can access MainStreet Bank's app to control your funds by looking at current statements, sending and receiving money as well as reaching customer service. MainStreet Bank gets a superb consumer satisfaction score based on comparatively few complaints filed with the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency.

Overall Mobile Rating 5.0/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

4.9
SmartAsset Average: 4.8

MainStreet Bank ranks as a medium-size bank with $808 million in assets as well as $673 million in deposits. MainStreet Bank's Texas Ratio is 2.45%, signifying that MainStreet Bank is in excellent financial well-being and improbable to fail. Additionally, MainStreet 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 MainStreet Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.75% APY $1
Certificates of Deposit
  • 12 Month: 2.25% APY
  • 24 Month: 2.75% APY
  • 36 Month: 2.85% APY
  • 48 Month: 2.90% APY
  • 60 Month: 2.95% APY
$500 for all terms
Money Market Accounts 0.1% APY 0.2% APY $10000 $15000

MainStreet Bank has several deposit products including savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. MainStreet Bank does not have the best savings rate, which means you should consider looking 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. MainStreet Bank's CD rates are fair in comparison to the national average.

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Find a MainStreet Bank Near Me

MainStreet Bank has five locations in the U.S.

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