MainStreet Bank

Overview / Commentary
10089 Fairfax Blvd
Fairfax, VA 22030

MainStreet Bank is headquartered in FAIRFAX and is the 15th largest bank in the state of Virginia. It is also the 569th largest bank in the nation. It was established in 2004 and as of March of 2024, it had grown to 191 employees at 6 locations. MainStreet Bank's money market rates are 10X the national average, and it has a B+ health rating.

Related Posts

Mainstreet Bank No Longer Taking Out Of Branch Applications - 12/4/2023

Talked with phone rep. this AM and MS Bank is no longer taking phone applications. There is no online application so you'd need to visit West Virginia to open an account. A current financial health rating = C- due to fair asset quality and weak liquidity.

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Reviews (8)

New Customer February 2018

Posted by: |

I am very impressed with the Branch Manager, Mimi. She had my account opened in just a couple of hours after I had submitted my application online the day before. Only 12 debits, eStatements and logging in to get 3% is easy. I have a good feeling about Main Street Bank.

Lots Of Paperwork To Open An Account Online

Posted by: |

I recently opened a Kasasa Cash Checking and a required, linked Kasasa Savings account with MainStreet Bank. This bank is located in Northern Virginia, just outside Washington, DC.

I think that the higher interest (3.00%) Kasasa Cash Checking is a new product for MainStreet Bank, and they are probably overloaded trying to keep up with the flood of online applications and is why I did not give them a higher rating

I completed my application online but received a message that they could not complete my application online…and that someone would contact me….No explanation as to what the problem was?

I waited several days and heard nothing? I attempted to call the bank but I could not speak to anyone. The only option you are given is to leave a voice message. 5 days after completing my online application I finally received an email with numerous attachments consisting of terms and conditions, several forms to print sign and return along with a copy of my drivers license. Later that day I got an email notifying me that my Application was Approved. I also received additional documents with my account numbers, and more Terms and Conditions???

It also took over a week for my initial deposit to show up in my account…but only after I called and left another message. They do have an online chat, and that person was very helpful answering most of my questions, but he said I would have to call the bank to inquire as to the delay in posting my initial deposit to my account.

When I asked about how long it would take to get my Debit Card, I was told to sign and submit another application form to receive my Visa Debit Card….so I am waiting on my Debit Card and can’t use my account. I don’t want to put anymore money in the account until I have the tools to get the money out.

In reviewing their online banking services I found that you must apply for every feature separately. You can download the Mobile App (AirBanking) but you must also define what accounts you want to see on your Mobile App? Then you will find that you must request access to Mobile Deposits before that is available. You must also apply to receive emailed eStatements, etc, etc, etc.

As I said earlier, I think this is a new, high interest product for this bank and they are probably swamped with applications. I think they may be micro-managing the application process and all the paperwork and delays tends to be a major issue.

I will give them 4 stars for now based solely on the Application process. I will give MainStreet Bank another rating after a few months of using my accounts.

UPDATED: 3/22/2018. So far, so good! After the initial account opening paper was completed, every thing is working well with MainStreet Bank.

Different Experience W Mainstreet Bank

I also opened an account with MainStreet Bank a few months ago. The staff I dealt with over the phone were helpful and informative with the account setup process. The debit card I received does have an EMV chip on it. And I have qualified for the Kasasa interest rate every month since I've had the account. I believe, their cycle begins on the 2nd Wednesday of each month, so the actual date is going to vary month to month.

However, I agree, they don't do a very good job of informing accountholders of just what their rewards cycle is for the Kasasa account, especially since it's not a regular calendar month. I can't find the specific rewards cycle info on their webpage about the Kasasa account. I just kind of figured it out in looking at my first statement after opening the account.

Main Street Bank Kasaha Checking Rate

Posted by: |

The bank has the rate listed as 2.25% on up to $25,000 on their web site. Where does the 3% on up to $15,000 come from?

Qualification cycle starts on the 3rd Thursday of the month.

Frustrating Experience

Posted by: |

I was impressed with this bank at the beginning and Mimi was excellent to help me open the account online. When my jumbo cd matured I wanted to transfer the money to another institution by ach. They informed me it was not possible. I had them mail the check which took over 10 days to reach my home. I lost over 250 dollars in interest. I sent messages wanting a explanation why they could not ach my funds and they did not respond with an explanation. I ask them for clear answers and if they could help . All I received was I’m sorry. This is my first to write a review like this and I did inform the representatives I was going to do so. Again no response....My advise to anyone is not to have large checks mailed have them do an free electronic transfer

Profoundly Frustrating

1) required to have a video chat session to verify identity - was told this is done on all out of state applications.
2) assistant/branch managers handle new online applications. Managers I encountered either could not problem solve basic problems (Anita) or did not return phone calls (Mirabos x 3).
3) terms and conditions, truth in savings documents are not visible on bank website. Was told customers can not download them until after applying for an account.

No One In Charge At This Bank

Posted by: |

I'm in the process of doing my 2018 Taxes and every financial institution that I use has provided me with a 1099-INT prior to Jan 31, all except for this bank. I called them on Feb 1 to find out where my 1099-INT is and they informed me that they were going to be mailing them out the next week.

Feb 8 I call them again to find out where this form is and no one has an answer for me. I requested to talk to someone in charge and I just got passed around from one employee to the next, and always the same answer that we are sending the forms out. I informed them that the IRS rules state that they were to provide that information to their customers by Jan 31 at the latest, but they did not seem to care about that.

I asked them why that form was not available for download from their website as it is on all other bank websites, and they replied "We never post that information online". I can see why, their website is very dated and provides very little useful information to the user. You have to contact them to get anything done. Stay away from this highly incompetent bank.

Nothing But Frustration With This Bank, Will Be Closing

Posted by: |

I was excited about MainStreet offering good interest on checking accounts so I opened an account. They boast they can give these rates due to being mainly an online and mobile bank. You can not make deposit via their ATMs. No problem because you can make via their app. You have to have the account for 3 months before you can get access to the app! I did not get dividends for 2018 until I emailed them about that. For the month of April, I got an email saying I did not qualify for the higher rate because I only had 11 transactions. When I look at my statement it shows more transactions than that. I have no clue what the timeframe is for them determining eligible transactions - sometimes it seems like it's the 15th of the month, other months it's the 10th.

Their statements look like they are from a dot matrix printer from the 1980s. I have not received a debit card with an EMV chip. I'm fed up with this bank


Health Grade Components

FDIC Certificate #57742
Year Established2004
Primary RegulatorFED
Profit Margin
Return on Assets - YTD0.77%
Return on Equity - YTD5.49%
Annual Interest Income$32.5MM
Assets and Liabilities
AssetsQ1 2024vs Q1 2023$2.07B$2.05B
LoansQ1 2024vs Q1 2023$1.73B$1.62B
DepositsQ1 2024vs Q1 2023$1.74B$1.64B
Equity CapitalQ1 2024vs Q1 2023$289.3MM$270.6MM
Loan Loss AllowanceQ1 2024vs Q1 2023$16.5MM$15.4MM
Unbacked Noncurrent LoansQ1 2024vs Q1 2023$8.7MM$0
Real Estate OwnedQ1 2024vs Q1 2023$0$0
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Always verify rates and promotions with the bank or credit union. We are not MainStreet Bank; 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.

MainStreet Bank Savings Account Rates

4.00%*$0$1kJunior Savings
OTHER TIERS: 0.50% $1k+
0.50%*$2.5k*-Business Savings
OTHER TIERS: 0.05% $1k - $2.5k

MainStreet Bank Money Market Rates

5.00%*$100k*-Business Treasury Market
OTHER TIERS: 4.50% $50k - $100k
4.50%*$100k*-Personal Super Saving Money Market
OTHER TIERS: 1.10% $0 - $5k | 1.20% $5k - $10k | 1.30% $10k - $25k | 1.90% $25k - $50k | 2.00% $50k - $100k
2.00%*$50k*-Business Super Saving Money Market
OTHER TIERS: 1.10% $0 - $5k | 1.20% $5k - $10k | 1.30% $10k - $25k | 1.90% $25k - $50k
0.10%$0-Business Insured Cash Sweep (ICS) Money Market
0.10%$0-Insured Cash Sweep (ICS)

MainStreet Bank Checking Account Rates

4.50%*$100k*-Premium Checking
OTHER TIERS: 1.10% $0 - $5k | 1.20% $5k - $10k | 1.30% $10k - $25k | 1.90% $25k - $50k | 2.00% $50k - $100k
2.57%$0-IOLTA Checking
0.10%*$50k*-Business Premium Checking
OTHER TIERS: 0.05% $10k - $50k
0.05%$0-Business Insured Cash Sweep (ICS) Checking
0.05%$0-Insured Cash Sweep (ICS) Checking

MainStreet Bank CD Rates

5.15%$500$100kBusiness 1 Year CD
5.15%$500-1 Year CD
4.90%$500$100kBusiness 1 Year CD No Penalty
4.90%$500-1 Year No Penalty CD
4.50%$500$100kBusiness 2 Year CD
4.50%$500-2 Year CD
3.50%$500$100kBusiness 3 Year CD
3.50%$500$100kBusiness 4 Year CD
3.50%$500$100kBusiness 5 Year CD
3.50%$500-3 Year CD
3.50%$500-4 Year CD
3.50%$500-5 Year CD
3.25%$500-Business 18 Month CD
3.25%$500-18 Month CD
3.00%$500$100kBusiness 6 Month CD
3.00%$500$100k6 Month CD
1.00%$10k$100kBusiness 4 Week CD
1.00%$10k$100kBusiness 13 Week CD
1.00%$10k$100k4 Week CD
1.00%$10k$100k13 Week CD

MainStreet Bank Locations
Arlington Branch1000 N. Highland StreetArlington, VA 22201
Fairfax Boulevard Headquarters Branch727 Elden StreetHerndon, VA 20170
Mclean Branch1354 Old Chain Bridge RdMclean, VA 22101
Mainstreet Bank10089 Fairfax BlvdFairfax, VA 22030
Leesburg Branch307 E Market StLeesburg, VA 20176

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