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Malvern Federal Savings Bank Review

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Malvern Federal Savings Bank Savings
0.05% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Malvern Federal Savings Bank started in 1887 with its headquarters in Paoli, Pennsylvania. It handles $1 billion in assets as well as $807 million in deposits, classifying it as a medium-size bank. Malvern Federal Savings Bank lacks premium access to customer service, with no live chat or all-day service options available. It is a traditional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile offerings. With a score of 4.4 out of 5 stars, Malvern Federal Savings Bank should be solidly in contention for your choice of bank. Malvern Federal Savings Bank offers a variety of banking products, including savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. It has a fair savings rate compared to the average savings account. If you're looking for a checking account for everyday use, the bank's most basic checking does not have a monthly charge. Institutions that offer no-fee checking, in addition to a high interest rate savings account are the best bet for accruing the highest income on your deposits while maintaining easy access to your money.

How We Rated It

SmartAsset's Overall Rating

4.4/5
National Average: 4.1

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

Rates

3.9
SmartAsset Average: 3.5

Malvern Federal Savings Bank has a savings rate of 0.05%, which is poor compared to the average U.S. bank. Malvern Federal Savings Bank's CDs feature a rate of 2.42% and 1.75% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account earns at a rate of 0.20%. Given its noncompetitive savings rate, you should think about other options to earn more on your deposits.

How Malvern Federal Savings Bank's Savings Rates Compare

Malvern Federal Savings Bank Savings 0.05 National Average 0.26 Compare Offers
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Fees

4.2
SmartAsset Average: 4.4

Malvern Federal Savings Bank has generally average fees as compared against the national average. Malvern Federal Savings Bank's checking account has no monthly fee, rating it excellent for anyone looking for a hassle-free account. For those who will need cash in a pinch, Malvern Federal Savings Bank is fair because it charges an out-of-network ATM fee of $2.00, which is reasonable in comparison to the national average. Additionally, it has an overdraft fee of $35.00, which is on par with that of other U.S. banks. Malvern Federal Savings Bank unfortunately doesn't refund out-of-network ATM fees, which means you'll have to locate a Malvern Federal Savings Bank ATM or eat the ATM charge.

Monthly Fee $0 National Average: $3.21
Non-network ATM Fee $2.00 National Average: $1.20
Overdraft Fee $35.00 National Average: $35.00
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Service Quality

4.3
SmartAsset Average: 3.7

Malvern Federal Savings Bank is a brick-and-mortar bank, with nine total branches in New Jersey and Pennsylvania. It also offers access to mobile and web apps for straightforward access and banking on the go. Malvern Federal Savings Bank receives high praise from customers for its online presence. Out of 86 ratings across both iOS and Android platforms, the Malvern Federal Savings Bank mobile app is scored at 4.7 out of 5 (compared to the national average of 3.8). You can access Malvern Federal Savings Bank's app to manage your finances by checking account balances, transferring money as well as reaching support representatives. Malvern Federal Savings Bank gets an outstanding consumer satisfaction rating based on relatively few complaints filed with the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.

Overall Mobile Rating 4.7/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

5.0
SmartAsset Average: 4.8

Malvern Federal Savings Bank ranks as a medium-size bank with assets totaling $1 billion as well as deposits totaling $807 million. Malvern Federal Savings Bank has an excellent Texas Ratio of 1.96%, indicating that the bank is in excellent financial well-being and far from failure. Additionally, Malvern Federal Savings 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 Malvern Federal Savings Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.05% APY $200
Checking Account 0.25% APY $2500
Certificates of Deposit
  • 12 Month: 2.42% APY
  • 24 Month: 2.50% APY
  • 36 Month: 2.12% APY
  • 48 Month: 2.12% APY
  • 60 Month: 1.75% APY
$500 for all terms
Money Market Accounts 0.1% APY 0.2% APY $10000 $15000

Malvern Federal Savings Bank offers several deposit products including savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. Malvern Federal Savings 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. Malvern Federal Savings Bank's CD rates are fair in comparison to other U.S. banks.

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Find a Malvern Federal Savings Bank Near Me

Malvern Federal Savings Bank has nine branches across the U.S.

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