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Main Street Bank (MI)

Popular Accounts at this Bank

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

Overview / Commentary
31780 Telegraph Road
Bingham Farms, MI 48025

Main Street Bank (MI) is headquartered in Bingham Farms and is the 61st largest bank in the state of Michigan. It is also the 2,912th largest bank in the nation. It was established in 2005 and as of June of 2016, it had grown to 94 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.

Related Posts

12 Month CD 1.35% - 1/11/2016

Meet savings goals with guaranteed earnings at a fixed rateFunds grow risk-freeRange of terms available to meet your goals from 6 months to 5 yearsFDIC insured up to $250,000No setup feeNo monthly service feeEarly withdrawals subject to penalty$500 minimum deposit to openEarly withdrawals may result in a penalty equivalent to 90 days of interest if your term is between 6 and 12 months.

Main Street Bank (MI) Hikes 12-Month CD Rate (Nationally Available) - 1/4/2016

Main Street Bank (Michigan based) has boosted the rate on its 12-month CD (1.35% APY). The minimum opening deposit is $500 and is nationally available to U.S. citizens.

Reviews (3)

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.

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 Grade Components

FDIC Certificate #57878
Year Established2005
Primary RegulatorFED
Profit Margin
Return on Assets - YTD1.23%
Return on Equity - YTD14.33%
Annual Interest Income$4.8MM
Assets and Liabilities
AssetsQ2 2016vs Q2 2015$207.5MM$193.0MM
LoansQ2 2016vs Q2 2015$185.9MM$169.5MM
DepositsQ2 2016vs Q2 2015$188.4MM$163.9MM
Equity CapitalQ2 2016vs Q2 2015$18.1MM$16.4MM
Loan Loss AllowanceQ2 2016vs Q2 2015$1.3MM$1.3MM
Unbacked Noncurrent LoansQ2 2016vs Q2 2015$741.00K$52.00K
Real Estate OwnedQ2 2016vs Q2 2015$0$0
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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

1.00%*-$50kKasasa Saver
OTHER TIERS: 0.50% $50k+
0.75%*$400k*-Advantage Savings
OTHER TIERS: 0.15% Up to $100k | 0.25% $100k - $200k | 0.50% $200k - $400k

Main Street Bank (MI) Money Market Rates

0.50%*$50k*-Money Market Account
OTHER TIERS: 0.10% Up to $25k | 0.30% $25k - $50k
0.50%*$50k*-Business Money Market
OTHER TIERS: 0.10% Up to $25k | 0.30% $25k - $50k

Main Street Bank (MI) Checking Account Rates

2.25%*-$25kKasasa Cash
OTHER TIERS: 0.25% $25k+
0.00%--Kasasa Cash Back

Main Street Bank (MI) CD Rates

1.25%$500-24 Month CD
1.05%$500-12 Month CD
0.50%$500-18 Month CD
0.50%$500-36 Month CD
0.50%$500-48 Month CD
0.50%$500-60 Month CD
0.25%$500-6 Month CD

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