MainStreet Bank Boosts 3-Year CD To 3.25% APY


Deal Summary: 3-year CD, 3.25% APY, $500 minimum deposit

Availability: Nationwide

Virginia-based MainStreet Bank raised the rates on all its CDs today. Following an increase of 80 bps, the 3-year CD (3.25% APY) is currently the most competitive CD in the product line. Any MainStreet Bank CD can be opened with a $500 minimum deposit, and there are no stated balance caps.

0.50%$500-MainStreet Bank3 Year CD
Rates as of January 24, 2022.

As stated in the Personal Fee Schedule, the Early Withdrawal Penalty for the 3-year CD reads as follows:

The penalty will be an amount equal to 180 days interest on the amount withdrawn.

Funding and Accessing Maturing Funds

I spoke with the MainStreet Bank official who handles all online applications about funding.

  • CDs can be funded through an ACH transfer, internal bank transfer, or by check.
  • While monthly interest can be paid out by check, there is no ACH transfer of monthly dividend.
  • The options to access maturing CD funds are a cashier’s check or wire ($20 fee); no ACH available.

In the past it had been reported that MainStreet Bank did a hard credit pull when opening a CD. According to my conversation this morning, there is no hard pull for opening CDs, only when opening a checking or savings account.

Kasasa Cash

About two years ago, MainStreet Bank began offering a Kasasa Cash checking account, initially earning 2.00% APY on qualifying balances up to $15k. The rate was increased to 3.00% APY about a year ago, while keeping the $15k cap. Qualifying balances over $15k earn 0.25% APY, while non-qualifying balances earn 0.05% APY.

0.13*%--MainStreet BankKasasa Cash
Rates as of January 24, 2022.

The monthly qualifying requirements do not include a direct deposit, which makes the Kasasa Cash even more attractive.

Monthly Qualifications

  • At least 12 debit card purchases
  • Enrolled in and receive eStatements
  • Enrolled in and log into online banking

More details can be found on MainStreet Bank’s Kasasa Cash page.


Headquartered in Fairfax, Virginia, MainStreet Bank offers its services and product line on a nationwide basis. U.S. citizens and resident aliens, 18 years or older, with a valid Social Security number are welcome to apply.

Opening a CD at MainStreet Bank can be done online, or at any of six Northern Virginia branches, located in Arlington, Fairfax (2), Herndon, Leesburg, and McLean.

About seven years ago, MainStreet Bank developed a separate online banking division, AirBanking®, which mixed “online banking, blogging, and social media to attract young professionals.” It appears the Bank has decided against maintaining a separate internet branch, and is instead using the “AirBanking” moniker to describe its personal banking products and services. now leads to, definitive proof that AirBanking no longer exists as an autonomous entity.

Bank Overview

MainStreet Bank, has an overall health grade of "A+" at, with a Texas Ratio of 1.46% (excellent), based on September 30, 2018 data. In the past year, MainStreet Bank has increased its total deposits by $255.84 million, an excellent annual growth rate of 47.43%. Please refer to our financial overview of MainStreet Bank (FDIC Certificate # 57742) for more details.

MainStreet Bank is a fairly young institution, having been established in 2004. The Bank continued to grow during the Financial Crisis and is currently Virginia’s 21st largest bank, with assets in excess of $1 billion. According to a recent press lease,

“We completed an over-sold private placement during the third quarter and are working diligently to put the proceeds to good use,” says Chris Brockett, President of MainStreet Bancshares, Inc. and MainStreet Bank. “We continue to see quality growth opportunities in the markets we serve.”

How the CD Compares

When compared to 208 similar length-of-term CDs tracked by that require a similar minimum deposit and are nationally available, MainStreet Bank’s 3-year CD APY ranks second.

The above rates are accurate as of 12/20/2018.

Searching for the best CD rates, either nationally available or state-specific? Please refer to our CD Rates Table page.

Related Pages: Washington checking accounts, reward checking accounts, 5-year CD rates, nationwide deals


MainStreet Bank Adds Nationally Available 15-Month CD - Expired
UPDATE 7/25/18: The 15-month CD has expired and is no longer available.

UPDATE 7/18/18: APY lowered to 2.75% APY

Deal Summary: 15-Month CD, 2.80% APY, $500 minimum deposit

Availability: Nationwide

As DA reader, CapitalClimate, noted in a recent Forum post, Virginia-based MainStreet Bank has added a new 15-month CD, which earns 2.80% APY. The minimum opening deposit is only $500, with no stated balance cap. The 15-month CD will automatically renew to a 12-month CD.

As stated in the Personal Fee Schedule,...

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MainStreet Bank Has Nationally Available 3-Year CD
Deal Summary: 2-Year CD (2.50% APY), 3-Year CD (2.70% APY), 4-Year CD (2.75% APY), $500 minimum deposit

Availability: Nationwide

As DA reader, ChasR, stated in a Forum post, MainStreet Bank is again offering competitive CD rates. Following substantial rate increases (95-105 bps) at the end of last week, the 2-Year CD (2.50% APY), 3-Year CD (2.70% APY), and 4-Year CD (2.75% APY) now rank near the top of their respective term categories. The minimum opening deposit is only $500, with no stated balance cap.

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MainStreet Bank (VA) Has Nationally Available Kasasa Cash
Availability: Nationally available

Note:It is completely fortuitous that within four days I would be writing about two separate institutions with very similar names, both having Kasasa Cash accounts that are available nationally. To avoid any confusion, this blog post is about MainStreet Bank (based in Virginia) and the earlier post was about Main Street Bank (based in Michigan).

In November, Virginia-based MainStreet Bank introduced a new Kasasa Cash checking account that earns 2.00% APY on qualifying balances up to $15K; qualifying balances over $15K earn 0.25% APY, while non-qualifying balances...

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Long-Term CD Deal at MainStreet Bank in Virginia - Local Only

MainStreet Bank is offering a 3.50% APY 5-year CD. Minimum deposit is $500. This rate is listed in the bank's interest rates chart as of 4/16/2010.

It appears that a branch visit is required to open an account. Branches are located in the Northern Virginia cities of Fairfax, Herndon and McLean.

The bank's ratings for safety and soundness are above average, but a little mixed: 5 stars (superior) at BauerFinancial (based on 12/31/09 data) and 3 stars (performing) at (based on 9/39/09 data). The bank has been a FDIC member since...

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