Featured Savings Rates
Featured Accounts

Main Street Bank (MI)

Popular Accounts at this Bank

APYACCOUNT TYPEACCOUNT NAME
2.25%Reward CheckingKasasa Cash
1.05%1-year CD12 Month CD
1.00%Reward SavingsKasasa Saver

Overview / Commentary
248-645-8888
31780 Telegraph Road
Bingham Farms, MI 48025

Main Street Bank (MI) is headquartered in Bingham Farms and is the 58th largest bank in the state of Michigan. It is also the 2,834th largest bank in the nation. It was established in 2005 and as of March of 2017, it had grown to 99 employees at 2 locations. Main Street Bank (MI)'s savings rates are 44% higher than the national average, and it has an A health rating.

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Reviews (7)

Fantastic Customer Service Bank

This bank goes out of its way to help its cus tomers. I love there Kasasa Cash checking. It is a great checking account with easy requirements to earn a high interest rate. I have worked for 3 banks and I find this bank easy to understand and great interest on all there banking products. If you need help they are a phone call away with live people not recordings. I live in Florida but would not bank daily with any other bank. Love this bank.

I Love This Bank

Posted by: Jeanie324 | May 22, 2017

I've had a Kasasa checking account with them for over a year and have never had any issues meeting the 12 debit card transactions whereas with other banks i did. The customer service is great. The only issue i have with them is the mobile check deposit. I can't deposit anything over $1000.00 and i work on commission so my checks are usually well over $1000.00

Good Bank - Just Make Real Purchases

Don't be scared by the critical reviews. People giving 1 star reviews because they don't like a bank's clearly stated usage requirements are like people leaving bad amazon reviews because they ordered the wrong size.

This is a small bank, so the account opening was a little clunky, but they were friendly and helpful when I called up. CSRs were knowledgeable (work at the bank, not a call center), and gave me accurate information.

No problems getting interest - I simply make regular (mostly small) purchases at the grocery on my way home. I'm actually pleased that they are closing accounts of people coasting by with a bunch of micro purchases made in a short period of time - it makes it more likely they will be able to continue offering a high interest rate for me.

They periodically offer a referral bonus (last one was $50 for both parties), so if you plan to open an account try to contact someone who has an account and can give you a referral.

Wish They Were Easier

Posted by: crocpa | Apr 11, 2016

This bank has friendly responsible staff and they pick up the phone when you call. I wish they were easier to transact with though. Their mobile deposit has a $1.5K limit. The atm daily limit is $300. I recently called to place a claim for a double charge and was told to go back to the merchant. After requesting the account disclosure and 5 emails later was I referred to the branch supervisor to place a claim. I recommend the bank, just wish they would make it easier.

Skip This Bank

In regard to this bank's Kasasa account, this is the small print on their website: "Commensurate with the spending activities identified above, we expect the accounts debit card to be used frequently throughout each month and for transaction amounts to reflect a wide dollar range. Small debit card transactions conducted on the same day at a single merchant and/or multiple transactions made during a condensed time period particularly near the end of a Monthly Qualification Cycle are not considered normal day-to-day spending behavior. These type of transactions appear to be conducted with the sole purpose of qualifying for the accounts rewards and thus will be deemed inappropriate and transactions and will not count toward earning the account's rewards. Main Street Bank reserves the right to determine if the account is being maintained for a purpose other than day-to-day, primary use. Account holders who persist in making debit card transactions in a calculated and limited fashion in order to meet their monthly qualifications may have their account converted to a different account or closed. " do not bother to open an account here.

Be Warned And Be Aware

Posted by: Saver0033 | Jun 2, 2016

During the month of April I spread the debit card purchases out during the month like I was requested and ended up with 11 transactions due to my own error and MSB paid a whopping $2.43 interest on a $24600.00 account. I was determined not to make that mistake again and I made 12 debit card purchases from 3 different vendors over an 8 day period and I got an email from MSB stating that was not proper usage of the debit card and the account was being closed and I would receive no interest on this account. I am out my check printing charges and virtually no interest for 2 months. I wish someone had WARNED me!

Arbitrary Account Closings - Bank Elsewhere

Posted by: Saver4321 | May 27, 2016

I opened a Kasasa Cash rewards checking account in early 2016. Shortly thereafter they added sever and highly arbitrary conditions for keeping the account open and earning any interest at all. Specifically, here is their language:

"The account you opened with Main Street Bank is intended to be the account holder’s primary checking account in which payroll transactions and day-to-day spending activities occur. This includes, but is not limited to: grocery, gasoline, apparel, shopping, dining, and entertainment transactions.

Commensurate with the spending activities identified above, we expect the account’s debit card to be used frequently throughout each month and for transaction amounts to reflect a wide dollar range. Small debit card transactions conducted on the same day at a single merchant and/or multiple transactions made during a condensed time period particularly near the end of a Monthly Qualification Cycle are not considered normal day-to-day spending behavior. These type of transactions appear to be conducted with the sole purpose of qualifying for the accounts rewards and thus will be deemed inappropriate transactions and will not count toward earning the account’s rewards.

Main Street Bank reserves the right to determine if the account is being maintained for a purpose other than day-to-day, primary use. Account holders who persist in making debit card transactions in a calculated and limited fashion in order to meet their monthly qualifications may have their account converted to a different account or closed."

Without any advance warning at all, they recently told me I would receive no interest for the current month and they would be closing my account in about 7 business days. In my opinion, dealing with this bank is like dealing with a brutal, arbitrary dictatorship. Don't waste your time and effort banking here. There are other banks that actually value having customers who save money and want a straightforward, reliable checking account.



Health

Health Grade Components

Overall
FDIC Certificate #57878
Year Established2005
Employees99
Primary RegulatorFED
Profit Margin
Return on Assets - YTD0.74%
Return on Equity - YTD8.25%
Annual Interest Income$2.5MM
Assets and Liabilities
AssetsQ1 2017vs Q1 2016$215.5MM$206.4MM
LoansQ1 2017vs Q1 2016$193.5MM$184.9MM
DepositsQ1 2017vs Q1 2016$185.8MM$188.0MM
Equity CapitalQ1 2017vs Q1 2016$19.6MM$17.4MM
Loan Loss AllowanceQ1 2017vs Q1 2016$1.3MM$1.3MM
Unbacked Noncurrent LoansQ1 2017vs Q1 2016$354.00K$642.00K
Real Estate OwnedQ1 2017vs Q1 2016$0$0
Rates
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* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.

Main Street Bank (MI) Savings Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
1.00%*-$50kKasasa Saver
OTHER TIERS: 0.50% $50k+
0.75%*$400k*-Main Street Bank Savings Account
OTHER TIERS: 0.15% $100 - $100k | 0.25% $100k - $200k | 0.50% $200k - $400k

Main Street Bank (MI) Money Market Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.50%*$50k*-Money Market Account
OTHER TIERS: 0.10% $2,500 - $25k | 0.30% $25k - $50k
0.50%*$50k*-Business Money Market Account
OTHER TIERS: 0.10% $2,500 - $25k | 0.30% $25k - $50k

Main Street Bank (MI) Checking Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
2.25%*-$25kKasasa Cash
OTHER TIERS: 0.25% $25k+

Main Street Bank (MI) CD Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
1.25%$500-24 Month CD
1.25%$500-36 Month CD
1.25%$500-48 Month CD
1.25%$500-60 Month CD
1.15%$500-18 Month CD
1.05%$500-12 Month CD
0.25%$500-6 Month CD
Locations


Main Street Bank (MI) Locations
Main Street Bank31780 Telegraph RoadBingham Farms, MI 48025
Troy Branch363 West Big Beaver Road Suite 150Troy, MI 48084