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MainStreet Bank

Popular Accounts at this Bank

3.00%Reward CheckingKasasa Cash
0.75%Reward SavingsKasasa Saver
2.00%5-year CD5 Year CD

Overview / Commentary
10089 Fairfax Blvd
Fairfax, VA 22030

MainStreet Bank is headquartered in Fairfax and is the 29th largest bank in the state of Virginia. It is also the 1,063rd largest bank in the nation. It was established in 2004 and as of September of 2017, it had grown to 90 employees at 5 locations. MainStreet Bank's CD rates are 39% higher than the national average, and it has a B+ health rating.

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Reviews (1)

Lots Of Paperwork To Open An Account Online

Posted by: RLunder | Feb 14, 2018

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.


Health Grade Components

FDIC Certificate #57742
Year Established2004
Primary RegulatorFED
Profit Margin
Return on Assets - YTD0.81%
Return on Equity - YTD8.26%
Annual Interest Income$19.1MM
Assets and Liabilities
AssetsQ3 2017vs Q3 2016$705.5MM$535.9MM
LoansQ3 2017vs Q3 2016$569.1MM$441.3MM
DepositsQ3 2017vs Q3 2016$598.3MM$446.8MM
Equity CapitalQ3 2017vs Q3 2016$63.1MM$45.3MM
Loan Loss AllowanceQ3 2017vs Q3 2016$5.0MM$3.7MM
Unbacked Noncurrent LoansQ3 2017vs Q3 2016$4.8MM$191.00K
Real Estate OwnedQ3 2017vs Q3 2016$0$134.00K
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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%*-$1kJunior Airsavings
OTHER TIERS: 0.25% $1k+
0.75%*-$15kKasasa Saver
OTHER TIERS: 0.25% $15k+
0.25%--Business Savings

MainStreet Bank Money Market Rates

0.75%*$25k*-Business Treasury Market
OTHER TIERS: 0.25% Up to $5k | 0.50% $5k - $25k
0.25%*$50k*-Business Super Saving Money Market
OTHER TIERS: 0.10% Up to $25k | 0.20% $25k - $50k

MainStreet Bank Checking Account Rates

3.00%*-$15kKasasa Cash
OTHER TIERS: 0.25% $15k+
0.20%$1,500-Business Premium Checking

MainStreet Bank CD Rates

2.00%$500-Business 5 Year CD
2.00%$500-5 Year CD
1.80%$500-Business 4 Year CD
1.80%$500-4 Year CD
1.65%$500-Business 3 Year CD
1.65%$500-3 Year CD
1.50%$500-Business 2 Year CD
1.50%$500-2 Year CD
1.25%$500-Business 1 Year CD
1.25%$500-1 Year CD
1.00%$500-Business 1 Year CD No Penalty
1.00%$500-1 Year No Penalty CD
0.20%$10k-Business 4 Week CD
0.20%$10k-Business 13 Week CD
0.20%$500-Business 6 Month CD

MainStreet Bank Locations
Arlington Branch1000 N. Highland StreetArlington, VA 22201
Fairfax Boulevard Headquarters Branch727 Elden StreetHerndon, VA 20170
Chain Bridge Road Branch4029 Chain Bridge RoadFairfax, VA 22030
Mclean Branch6832 Old Dominion Drive, Suite 105Mc Lean, VA 22101
Mainstreet Bank10089 Fairfax BlvdFairfax, VA 22030