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

Main Street Bank (MI) is headquartered in Bingham Farms and is the 52nd largest bank in the state of Michigan. It is also the 2,496th largest bank in the nation. It was established in 2005 and as of June of 2018, it had grown to 98 employees at 2 locations. Main Street Bank (MI)'s savings rates are 3X the national average, and it has an A health rating.

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Main Street Bank (MI) Has SLASHED Their Interest Rates According To Webpage - 9/2/2018

APY MIN MAX ACCOUNT DETAILS 2.53% $500 - 60 Month CD down from 3.25% 2.43% $500 - 48 Month CD down from 3.15% 2.23% $500 - 36 Month CD down from 3.00% 2.22% $500 - 24 Month CD down from 2.75% 2.12% $500 - 18 Month CD down from 2.50% 2.02% $500 - 12 Month CD UP from 2.00% 1.26% $500 - 6 Month CD down from 1.75%

Main Street Bank Ups Nationally Available 36-Month CD - 8/20/2018

Main Street Bank (MI) has raised the rates on its nationally available CDs: 36-month (3.00% APY) and 48-month (3.15% APY). Minimum deposit is $500.

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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.

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.

18 Monthe CD Rate Shown Is Not Correct

The 3% APY for an 18 month CD as shown from your search tool is incorrect and not available. If one clicks the on more detailed listing of rates, or if one goes to the bank's website, the APY available is (only) 2.5% for an 18 month CD

VIEW MORE REVIEWS

Health

Health Grade Components

Overall
FDIC Certificate #57878
Year Established2005
Employees98
Primary RegulatorFED
Profit Margin
Return on Assets - YTD0.32%
Return on Equity - YTD3.43%
Annual Interest Income$5.9MM
Assets and Liabilities
AssetsQ2 2018vs Q2 2017$251.6MM$220.0MM
LoansQ2 2018vs Q2 2017$230.5MM$199.5MM
DepositsQ2 2018vs Q2 2017$204.8MM$183.7MM
Equity CapitalQ2 2018vs Q2 2017$22.1MM$20.2MM
Loan Loss AllowanceQ2 2018vs Q2 2017$1.3MM$1.3MM
Unbacked Noncurrent LoansQ2 2018vs Q2 2017$159.00K$354.00K
Real Estate OwnedQ2 2018vs Q2 2017$0$0
  User-submitted Promotions & Notices

This section lists recent deals, promotions and rate changes submitted by our community within the past 90 days. Always verify official rates and promotions with the bank or credit union.

Main Street Bank (MI) Has SLASHED Their Interest Rates According To Webpage

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APY MIN MAX ACCOUNT DETAILS
2.53% $500 - 60 Month CD down from 3.25%
2.43% $500 - 48 Month CD down from 3.15%
2.23% $500 - 36 Month CD down from 3.00%
2.22% $500 - 24 Month CD down from 2.75%
2.12% $500 - 18 Month CD down from 2.50%
2.02% $500 - 12 Month CD UP from 2.00%
1.26% $500 - 6 Month CD down from 1.75%

Rates
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Always verify rates and promotions with the bank or credit union. We are not Main Street Bank (MI); we are a rate comparison website and cannot provide official rates or promotions.

* 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
1.75%$25k$250kCompanion Savings Account
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% $2.5k - $25k | 0.30% $25k - $50k
0.50%*$50k*-Business Money Market Account
OTHER TIERS: 0.10% $2.5k - $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
3.25%$500-60 Month CD
3.25%$25k$250k24 Month Companion CD
3.15%$500-48 Month CD
3.00%$500-36 Month CD
3.00%$25k$250k18 Month Companion CD
2.75%$500-24 Month CD
2.50%$500-18 Month CD
2.50%$25k$250k12 Month Companion CD
2.00%$500-12 Month CD
1.75%$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

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