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, the Early Withdrawal Penalty for the 15-month CD reads as follows:

The penalty will be an amount equal to 90 days interest on the amount withdrawn.

ACH Ins-and-Outs

Comments by IvoryMale prompted me to call for information about MainStreet Bank’s ACH transfers.

  • CDs can be funded through an ACH transfer.
  • While monthly interest can be paid out by check, no ACH transfer of monthly dividend is possible.
  • The only options to access maturing CD funds are a wire ($20 fee) or cashiers check; no ACH.

Anonymous32 mentioned that MainStreet Bank does a hard credit pull when opening a CD. I knew I probably wouldn’t get an answer, but I asked CSR why a hard credit pull was necessary if I wanted to give the Bank a defined amount of money for a specific length of time. CSR didn’t know why, replying, “that’s the way the Bank does it."

Thanks to all the DA readers who commented on MainStreet Bank’s latest CD deal."


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 five Northern Virginia branches, located in Arlington, Fairfax (2), Herndon, and McLean.

According to the Disclosure page on the online application, funding a CD online can be done “online by electronic transfer from a deposit account at another institution, transfer from an existing deposit account with MainStreet Bank, or a credit card (limits apply). You will also be able to bring in or mail a check.”

Bank Overview

MainStreet Bank, has an overall health grade of "A" at, with a Texas Ratio of 2.21% (excellent), based on March 31, 2018 data. In the past year, MainStreet Bank has increased its total deposits by $166.93 million, an excellent annual growth rate of 40.08%. Please refer to our financial overview of MainStreet Bank (FDIC Certificate # 57742) for more details.

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 seems 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 redirects to

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 23rd largest bank, with assets in excess of $843 million. In 2012, MainStreet Bank developed Aircharity®, a method that allows individuals and organizations to raise money via email, websites, and social media. Aircharity® permits MainStreet Bank customers to open accounts and accepts donations from both debit and credit cards, and electronic checks.

How the CD Compares

When compared to the 159 similar length-of-term CDs tracked by that require a similar deposit and are nationally available, MainStreet Bank’s 15-month CD APY ranks first.

The above rates are accurate as of 6/27/2018.

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

Related Pages: Washington CD rates, 1-year CD rates, nationwide deals

RJM   |     |   Comment #1
Nice rate. That $20 wire fee to get out is not good.
CapitalClimate   |     |   Comment #2
The bank offers a free Kasasa checking account, so that would appear to be an option for accessing maturing CD funds.
pwj7050   |     |   Comment #11
Doesn’t the Kasasa checking account require 12 monthly debit card transactions to avoid a monthly maintenance fee? I called 3 times today and each call went to voice mail! I can’t get an answer out of this bank! I’m not impressed.
Cycles   |     |   Comment #20
I just called them and they stated that the checking account only requires one transaction per year in order to avoid dormant fees. You can use the checking account to fund the CD and transfer the funds from the CD. There are no other fees associated with the checking account nor any requirements unless you're looking for the bonuses that come with a checking account.
TheBombingRange   |     |   Comment #3
Credit card funding, but what's the limit and does it run as a cash advance? Does this hit the top of the list for all 12/15/18 month deals? Also, when do they send out a maturity notice? Fairly sure I wouldn't want this thing auto-renewing...
Ricochet   |     |   Comment #4
I sent an Email to find account opening procedures. Will post when answered.
I did not see eligibility requirements listed, asked about out of state submissions for 15 m CD
Ricochet   |     |   Comment #5
Just realized this was posted by Ken .today
deplorable 1
deplorable 1   |     |   Comment #6
I can't believe that a bank does a HARD credit pull when you are essentially loaning them money! They can see your credit score just as easily with a soft pull. I need to save my hard pulls for 0% no fee credit card applications.
Dunmovin   |     |   Comment #13
The terms of the credit reporting agency agreements determine whether or not soft/hard pull
Cycles   |     |   Comment #7
The way I fund CD's is to first open a savings for MM at that institution, transfer funds to the savings/MM to fund the CD. With this place there is a $2.50 charge for ACH no matter where it originates from.
Bank-to-bank transfers: $2.50 per transfer (inbound and outbound)
Bank-to-Bank Transfer Service Agreement
Eligible Account Types for Transfers:
* MainStreet Bank checking accounts, savings accounts, Money Market checking and Money Market savings accounts.
*Checking accounts, savings accounts, Money Market checking and Money Market savings accounts held at a financial institution or credit union in the United States that are able to accept ACH transfers.
*Investment and brokerage accounts from other institutions.
aaa   |     |   Comment #8
I have used Main Street Bank for both inbound and outbound ACH transfers which I originate from Ally dozens of times over past few years. They have never charged me any fees for ACH.
Cycles   |     |   Comment #9
@aaa Good to know but none the less it is in their disclosure that they can/will charge that fee.
aaa   |     |   Comment #10
You better read Disclosure again, and get the verbiage which indicated to you that such fees will apply when you originate ACH from institute other than Main Street Bank (like Ally)?
bbb   |     |   Comment #12
First item, bank-to-bank transfer, $2.5 inbound and outbound but then why can't
we use it to transfer out the money when the cd matures? I wonder how much is the cashier check option.
aaa   |     |   Comment #14
Nah ... Show me verbiage which states that fees is applicable when ACH is originated from an external institute.
Cycles   |     |   Comment #19
AAA you are correct I called them and they stated it only applies if the transfer originates from their Bank not from an external source.
larry   |     |   Comment #27
I wonder why Ken has listed it in his write up? "The only options to access maturing CD funds are a wire ($20 fee) or cashiers check; no ACH."
TheBombingRange   |     |   Comment #15
After rereading this confusing fee, it seems as if they charge for using their system to pull in or push out. However, it doesn't say they charge to have money pulled out or pushed in via an external bank. Also curious about the cost of the cashier's check.
Bendemic   |     |   Comment #16
The link from bbb has a cashier's check listed at $7.00. I'm not sure if there would be an additional cost tacked on for having that mailed out as opposed to being charged $7.00 to pick it up in person.
Cycles   |     |   Comment #17
Has anyone determined how interest compounds and is paid? I did not see that information on their website. This bank has a lot of disclosures and information posted but it discloses very little useful information.
alan1   |     |   Comment #18
#17 -- As to payment of interest -- According to Ken Tumin's article:
"While monthly interest can be paid out by check, no ACH transfer of monthly dividend is possible."
(That information was based on a conversation with a bank employee.)
Cycles   |     |   Comment #21
I just spoke with the bank and they informed me that interest is compounded monthly and paid monthly.
RickZ   |     |   Comment #22
Update regarding hard credit pull: I spoke this morning with a CSR who is an assistant manager and she advised me that they received an email from their regional manager this morning informing them that they will no longer be doing hard credit pulls on customers who open CDs or savings accounts, only on customers who open checking accounts. Looks like our complaining paid off.
deplorable 1
deplorable 1   |     |   Comment #26
Sometimes I post things on here just to see what happens. I find it interesting that many times the bank or credit union will either respond directly or change a policy shortly afterwards. You never know who is reading these posts.
Nothing   |     |   Comment #32
RickZ...apparently demand deposits are of "special concern". Also, noticed the following from another blog that may be of interest...and copied here...

It's generally been noticed by some, if not all, that September 21st is the effective date of Section 301 to the "Economic Growth, Regulatory Relief, and Consumer Protection Act." (PL 115-174). Section 301 is entitled, "Protecting consumers’ credit" and covers, in part, placement of security freezes, fraud alerts (up to one year), etc. on credit reporting agencies...apparently it is free for an individual to place and remove freezes with statutory time frames for action. There are also provisions dealing with a "protected consumer" which includes minors and "an incapacitated person or a protected person for whom a guardian or conservator has been appointed." Provisions also address the representative thereof.
payitforward   |     |   Comment #24
Does anyone know if interest accrued can paid out at maturity instead of monthly?
payitforward   |     |   Comment #25
As expected, they are swamped with inquiries about the 15 month CD.The first time I called the main number and the phone just rang and rang. I called again and the call was forwarded to one of their branches. The answer to my question was "NO."
larry   |     |   Comment #28
So we open a savings account first(no hard pull?) and then push ACH in from external bank with no ACH applied from Main Street? tia
larry   |     |   Comment #29
no ACH fee applied from Main Street?
TheBombingRange   |     |   Comment #30
I'm definitely trying to get to the bottom of this CD deal since it seems pretty confusing. Money can be pulled in direct from the CD by the bank, right? Interest is compounded and paid monthly, but can it be credited to the CD to continue to compound, or does it have to be paid out by check each month? Finally, upon maturity, cashier's check is $7 or wire is $20, or is there another way like dumping it into a Savings/Checking and then pulling using another bank from there?
deplorable 1
deplorable 1   |     |   Comment #33
It looks like you would wan't to open the CD and the savings account(no hard pull). Then transfer the CD to the savings and ACH out from a third party bank at the end of the term. There are probably some hidden fees in there somewhere that I'm not seeing. I think I'm going to pass on this deal though as I don't like their fine print and all this complicated kasasa stuff. My gut tells me to skip this one.
larry   |     |   Comment #35
I will not do this deal if the principle and interest do not continue to compound until maturity...I means what's the point if this is not the case? Interest needs to compound until maturity of they will not get our money. Also, the way I read the disclosure is you can pull ACH from an external bank and not be charged. I was thinking we open up savings, setup external link at hub bank and then verify deposits. Once that is done initiate the ACH to Main Street from hub bank. Once funds arrive at Main Street open up CD and transfer funds in from savings. When it matures have the funds put back into savings and initiate external transfer from hub bank with no fees involved? After that is it best to close account so you don't get hit upside the head with fees down the road? tia
payitforward   |     |   Comment #48
Is there a limit as to daily ACH external transfer to another bank or can the entire balance be transferred out?
pwj7050   |     |   Comment #43
Does that bank actually charge a fee of $7 to send an antiquated cashiers check to remit the maturing funds of the CD? Does anyone have an answer?!
Captain Obvious
Captain Obvious   |     |   Comment #44
Nobody has an answer!

Cycles   |     |   Comment #46
Call them and ask them what you need answers to. See comment 34
Cycles   |     |   Comment #36
I just finished opening my accounts with them. All you need is the Kasasa checking that can earn up to 3% if you follow the rewards rules or not if you are not interested. Must Open it with $50.00 at the same time you can select the CD special by clicking on the + next to it on the account signup form. The savings account requires that you open the checking account at the same time also, so no need for the savings account.

Tell them on the account set up form how much you want to fund the CD with. When done they will send to small deposits to the account you want linked and the funding source. You have 7 days max to verify the micro deposits. They will pull the full amount for the CD plus the $50.00 to fund the checking account. After that you can remove funds from the checking leaving .01 cent minimum, but you must have at least 1 transaction per year to keep the checking account from going dormant.

When the CD term is up the funds can be deposited to the checking account then moved out via ACH initiated from the external bank to avoid the $2.50 ACH charge and the $20.00 wire fee. If you like notify them to close the checking account if no longer needed.

I did not see an option to deposit the monthly interest to the checking account instead of being credited to the CD monthly.
???   |     |   Comment #37
Cycles ----
Well Done, following up on this CD.
deplorable 1
deplorable 1   |     |   Comment #38
@Cycles: "The savings account requires that you open the checking account at the same time also, so no need for the savings account." So you can't just open the savings account? This would mean a definite hard credit pull for the checking then. It looks like you also need to have e statements or there is a fee. I would be on the lookout for strange fees with these guys like login requirements, dormant account fees ect.
Cycles   |     |   Comment #45
That is correct you just can't open the savings account. It must be done along with the checking account. Statements are electronic. See Comment #22 no more hard pulls. They are not a fee happy institution unlike GTECU. I specifically asked the CSR about fees and she told me how to avoid them. Just keep an eye on the checking account from going dormant by making deposits and withdrawals at least once a year.
payitforward   |     |   Comment #47
"...from going dormant by making deposits and withdrawals at least once a year." Do you mean "deposit or withdrawal"?
Cycles   |     |   Comment #51
any type of transaction to show that the account is active
Cycles   |     |   Comment #53
Today 7-2-2018 Main Street BANK did an AUTO transfer from my Ally saving without any micro deposits. This was the amount to fund the CD but not to establish the checking account. So now I wait to see if they do the micro deposits for the $50 to establish the checking account.
RichReg   |     |   Comment #54
Just spoke with a 'Smita' at the headquarters...they don't do trial/test deposits ...they just send for the cash.
Also, the $2.50 ACH is only for OUTGOING transfers initiated by the bank. And they can either ACH your interest out on a monthly basis or cut you a check (OR reinvest it).
Cycles   |     |   Comment #55
Thanks RichReg for the update. Now just waiting to find out how they fund the checking account.
Cycles   |     |   Comment #57
Jul 3 2018 They pulled the $50.00 directly from my savings account at Ally to fund the checking account. No micro deposits were used. I still do not have access to the checking account nor to Main Street Bank since my logon information does not work since I set it up. I have not received any emails or mailers from them since the account was set up.
Cycles   |     |   Comment #58
July 3 update 2. I called them and informed them that the funds were withdrawn but I did not have access to my account. The nice lady transferred me to another person who got me access to my account without me having to disclose any information about myself since the number I called them from is the same number I have listed on the account. She sent me information with the logon netteller id and password info to the email that I used to set up the account. I was able to log in without issues.
RichReg   |     |   Comment #62
in and out same business day?)
RichReg   |     |   Comment #63
Awesome Cycles, sounds like the opening went thru fairly smoothly.
Just my usual question:
Was the ACH transaction to fund your account timely so as not to lose any interest?.....
Cycles   |     |   Comment #64
Here is how it happened. The funds were drawn from the external bank on 2 July, but the account was established/approved on 28 June. It shows that interest was paid since the day the account was established even though the funds were not there yet. I just confirmed that using a daily interest calculator. When you log in to the account and click on "info" for the CD the "Current Day Information" window actually shows the up to date interest that has accumulated since the account was approved. Wow!
pwj7050   |     |   Comment #31
I opened a 15 month 2.80% APY CD yesterday and had questions regarding the CD so I called the bank and left a message that was not returned within 2 hours so I called again, same no call back and then again with no call back. Its now 3:00 PM EDT the next day and still no call back.

However, I did get a message on their message board that my application was denied due to a "credit freeze" at the credit bureau. They did not specify which credit bureau and more importantly I HAVE NO CREDIT FREEZE at any of the credit bureaus. In order to initiate a credit freeze the individual has to initiate the freeze and I did not. So, I called the bank, and guess what, I had to leave another voice mail.

Main Street Bank does not answer the phone, does not return multiple voice mails, and cannot properly process a simple application.

I don't care how good their offer is, I am done with this bank. Beware of them.
Cycles   |     |   Comment #34
I called them 945A, EST and I had no problem reaching the nice lady I spoke with. The first number went to voice mail, the second one the lady answered. If any are busy or go to voice mail try another one. All these numbers are valid for them for different branches of this bank.
larry   |     |   Comment #39
The more I look at this the more It's a great deal as part of a CD ladder. If I can get some definitive answers we may do half the max on one. It basically takes Ally out behind the shed on their no penalty cd offered a while back. If Ally doesn't get their act together we will liquidate all funds until further notice!
Bank CEO
Bank CEO   |     |   Comment #40

Duly noted!!
Smitty in the City
Smitty in the City   |     |   Comment #41
haha I've never seen so many ppl worried and upset about a $2.50 charge in my life...
rzelman   |     |   Comment #42
If you have a sizable amount invested in the CD I also wouldn't worry too much about the 20$ wire fee since you would likely pay more in lost interest if you transferred it by ACH. OTOH wiring will have the money earning interest the next day at the designated receiving bank.

I opened the account easily, printed the signature card and in 15 months will provide them wiring instructions as to where the funds should be transferred to. The compounded APY is 2.8% the actual rate is 2.76% (interest is credited and compounded monthly).
HarvF   |     |   Comment #61
I totally agree with you Smitty in the City. It's amazing how many people are getting all wound up about a 2.80% CD. Now, the 64-month 4% CD offered by Sharonview FCU last year was worth the hassle to obtain. I had to stay up until 6am PacificTime to get through to a CSR at the east coast CU. It was hard work, but I got both a regular CD and and IRA CD opened paying 4%. I remember back then there were a lot of people whining about not being able to their phone calls answered, etc. People. Calm down! There will be other better offers, if you miss this one. I guarantee it.
payitforward   |     |   Comment #49
I inquired yesterday about whether non-profit organizations can be designated as a beneficiary and the answer was "Yes."

Separately, does anyone know what is required to designate a relative as a beneficiary at Main St. Bank -- DOB only or is SS# required? I may need to call Monday for an answer.
pwj7050   |     |   Comment #50
After jumping through numerous hoops and giving up on the application, I just received notification that my account was approved after it was initially declined. I won’t get into the details of why it was declined, but the explanation was nonsensical.

I selected ACH funding of the account from my “external account” but don’t know when this transfer will be done. Do they do micro deposits that I have to verify so they can pull the funds or do they just do an ACH debit to fund the account?
Cycles   |     |   Comment #52
Read comment #36
Smitty in the City
Smitty in the City   |     |   Comment #59
they dont do microtransactions,,,see comment #52
Smitty in the City
Smitty in the City   |     |   Comment #60
They just do an ACH debit,,,for the answer to ur first question.... Read Comment #59
larry   |     |   Comment #56
I thought I had setup online banking with initial app, but was proven wrong we I tried to logon today. Then had to call customer service to have them help me setup online access. Thought we were all set and now we can't get access to our account. Scary when you send a lot of money and can't get access to your new account and the money has been taken out of your external account! Anybody else having problems logging into your new Mainstreet accounts? tia
Cycles   |     |   Comment #65
No problem at all when the lady provided the details. I had her email the steps to me to avoid problems. Call them again to resolve your problem and ask for the information to be emailed to you.
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