Overview / Commentary
703-481-4567
10089 Fairfax Blvd
Fairfax, VA 22030

MainStreet Bank is headquartered in Fairfax and is the 21st largest bank in the state of Virginia. It is also the 734th largest bank in the nation. It was established in 2004 and as of September of 2018, it had grown to 105 employees at 6 locations. MainStreet Bank's CD rates are 2X the national average, and it boasts an A+ health rating.

Related Posts

15 Month CD Now At 2.75% - 7/19/2018

According to the bank, and as evident on the website, 15 month CD promo is not at 2.75%, having dropped from 2.8% yesterday.

MainStreet Bank Adds Nationally Available 15-Month CD - Expired - 6/27/2018

MainStreet Bank has added a nationally available 15-month CD, which earns 2.80% APY. The minimum deposit is $500, with no stated balance cap.

2.80% For 15 Months At Main Street Bank - 6/26/2018

Ad in today's Washington Post and on the website: https://www.mstreetbank.com/

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Reviews (5)

New Customer February 2018

Posted by: renatl | Feb 21, 2018

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: 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.

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: elarh | Oct 26, 2018

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.

Nothing But Frustration With This Bank, Will Be Closing

Posted by: laurag_dc | Apr 13, 2018

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
A+

Health Grade Components

Overall
FDIC Certificate #57742
Year Established2004
Employees105
Primary RegulatorFED
Profit Margin
Return on Assets - YTD0.89%
Return on Equity - YTD8.69%
Annual Interest Income$30.8MM
Assets and Liabilities
AssetsQ3 2018vs Q3 2017$1.06B$705.5MM
LoansQ3 2018vs Q3 2017$850.8MM$569.1MM
DepositsQ3 2018vs Q3 2017$894.2MM$598.3MM
Equity CapitalQ3 2018vs Q3 2017$129.2MM$63.1MM
Loan Loss AllowanceQ3 2018vs Q3 2017$8.3MM$5.0MM
Unbacked Noncurrent LoansQ3 2018vs Q3 2017$2.0MM$4.8MM
Real Estate OwnedQ3 2018vs Q3 2017$0$0
Rates
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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

APYMINMAXACCOUNT NAMEVIEW DETAILS
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

APYMINMAXACCOUNT NAMEVIEW DETAILS
1.50%*$250k*-Business Treasury Market
OTHER TIERS: 0.25% Up to $50k | 1.00% $50k - $100k | 1.25% $100k - $250k
0.25%*$50k*-Business Super Saving Money Market
OTHER TIERS: 0.10% Up to $25k | 0.20% $25k - $50k

MainStreet Bank Checking Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
3.00%*-$15kKasasa Cash
OTHER TIERS: 0.25% $15k+
0.20%$1.5k-Business Premium Checking

MainStreet Bank CD Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
2.57%$500$100kBusiness 5 Year CD
2.57%$500-5 Year CD
2.50%$500$100kBusiness 4 Year CD
2.50%$500-4 Year CD
2.45%$500$100kBusiness 3 Year CD
2.45%$500-3 Year CD
2.25%$500$100kBusiness 2 Year CD
2.25%$500-2 Year CD
1.90%$500$100kBusiness 1 Year CD
1.90%$500-1 Year CD
1.65%$500$100kBusiness 1 Year CD No Penalty
1.65%$500-1 Year No Penalty CD
0.20%$10k$100kBusiness 4 Week CD
0.20%$10k$100kBusiness 13 Week CD
0.20%$500$100kBusiness 6 Month CD
Locations


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
Leesburg Branch307 E Market StLeesburg, VA 20176

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