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Malvern Bank (PA)


Overview / Commentary
www.mymalvernbank.com
610-644-9400
42 East Lancaster Avenue
Paoli, PA 19301

Malvern Bank (PA) is headquartered in Paoli and is the 41st largest bank in the state of Pennsylvania. It is also the 786th largest bank in the nation. It was established in 1887 and as of December of 2020, it had grown to 80 employees at 9 locations. Malvern Bank (PA)'s money market rates are 52% higher than the national average, and it has a B health rating.

Related Posts

Grandfathered Rate Drops To .65% APY From 1.25% APY In 43-Days - 12/29/2020

So much for a grandfathered rate. If you opened the account prior to 10/27/2020 you were grandfathered with the 1.25% APY rate. Unfortunately that grandfathering period only lasted 43-days. On Dec 10, Malvern dropped the rate to .65% APY without much fanfare for everyone. Much thanks to RichReg for pointing this out. Time to pull the plug on these liars. Rate taken from the rates pdf list. Date Last Revised: December 10, 2020

Malvern Cuts Money Market To - 10/28/2020

Malvern cut its money market rates to 0.85% for new money or equal matching funding only. BUT THE GREAT NEWS IS: Existing Online Money Market Accounts opened prior to 10-27-2020 earn a rate of 1.24% with an APY of 1.25%. The premium money market is available at 1.00% APY, but has a 125K minimum deposit.

Rate Cut On Money Market - 10/28/2020

Malvern cut its rates, for new money or equal matching funding only. BUT THE GREAT NEWS IS: Existing Online Money Market Accounts opened prior to 10-27-2020 earn a rate of 1.24% with an APY of 1.25%

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Reviews (9)

Great Rates, Products, And People!

Posted by: |

It’s great to deal with people and not need to deal with robots. Overall the staff seem friendly and knowledgeable.

They have great rates on deposits and also loans.

5

Horrible, Horrible Bank

Posted by: |

By chance I came across these other reviews of the Malvern Bank, and I was not at all surprised. I have not done business with any bank as horrendous as this one. Forget about contacting Bank President by letter, etc. - all correspondence ignored. Staff in local branches not knowledgeable; wait times, horrendous, customer service non-existent. If you are foolish enough not to believe everything that has been written here, go and find out for yourself. I have a feeling you might just want to add another negative review to the growing list here.

6

IRA Staff Are Horrible- Don't Know What They Are Doing

Posted by: |

Tried to take my minimum distribution from an inherited IRA. Took 2 trips to bank, 2 phone calls and they still got it wrong. Issued an incorrect 2099R. Very frustrating. Woman I dealt with knew less than me and I don't work for a bank. They are going to lose me as a customer as I am withdrawing my money.

2

Customer Service Is The Worst. Just Closed My Accounts.

Posted by: |

This is the worst bank by far. I called for a payoff on my 2nd mortgage i had to jump through hoops to get it. They refused to give it to me. I had to wait to receive it in the mail. Than after i received it my wife went to pay it and they would not accept payment from her because she wasn't on the account, REALLY. UNBELIEVABLE. The tellers at the Paoli branch should all be fired. Be warned, Stay far away from this bank

4
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Health
B

Data as of Q4 2020

Learn why bank health matters

Health Grade Components

Overall
FDIC Certificate #27861
Year Established1887
Employees80
Primary RegulatorOCC
Profit Margin
Return on Assets - YTD0.58%
Return on Equity - YTD4.51%
Annual Interest Income$43.1MM
Assets and Liabilities
AssetsQ4 2020vs Q4 2019$1.22B$1.26B
LoansQ4 2020vs Q4 2019$994.8MM$992.6MM
DepositsQ4 2020vs Q4 2019$915.8MM$958.6MM
Equity CapitalQ4 2020vs Q4 2019$161.0MM$153.9MM
Loan Loss AllowanceQ4 2020vs Q4 2019$11.7MM$10.0MM
Unbacked Noncurrent LoansQ4 2020vs Q4 2019$20.2MM$8.7MM
Real Estate OwnedQ4 2020vs Q4 2019$5.8MM$5.8MM
Rates
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Always verify rates and promotions with the bank or credit union. We are not Malvern Bank (PA); 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.

Malvern Bank (PA) Savings Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
1.00%*-$100kKasasa Saver
OTHER TIERS: 0.50% → $100k+
0.67%--Retirement Statement Savings
0.05%$10-Malvern Youth Savings
0.05%$200-Statement Savings
0.05%$200-Business Statement Savings

Malvern Bank (PA) Money Market Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.67%*$125k*-Premium Money Market
OTHER TIERS: 0.50% → $75k - $125k
0.67%*$100k*-Premier Rewards Money Market
OTHER TIERS: 0.25% → $2.5k - $10k | 0.35% → $10k - $25k | 0.45% → $25k - $50k | 0.55% → $50k - $100k
0.67%*$100k*-Premier Rewards Business Money Market Account
OTHER TIERS: 0.25% → $2.5k - $10k | 0.35% → $10k - $25k | 0.45% → $25k - $50k | 0.55% → $50k - $100k
0.65%$2.5k-OnLine Money Market - New Money
0.50%*$100k*-Business Money Market
OTHER TIERS: 0.10% → $2.5k - $25k | 0.35% → $25k - $100k
0.30%*$100k*-Star Money Market
OTHER TIERS: 0.10% → $2.5k - $25k | 0.20% → $25k - $50k | 0.25% → $50k - $100k

Malvern Bank (PA) Checking Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
2.00%*-$25kKasasa Cash Checking
OTHER TIERS: 0.50% → $25k+
0.67%*$100k*-Premier Rewards Checking
OTHER TIERS: 0.15% → $2.5k - $10k | 0.25% → $10k - $25k | 0.35% → $25k - $50k | 0.50% → $50k - $100k
0.67%*$100k*-IOLTA
OTHER TIERS: 0.25% → $2.5k - $10k | 0.35% → $10k - $25k | 0.45% → $25k - $50k | 0.55% → $50k - $100k
0.67%$5k-Senior Checking
0.50%*$100k*-Premiere Rewards Business Checking
OTHER TIERS: 0.05% → $2.5k - $25k | 0.20% → $25k - $50k | 0.35% → $50k - $100k
0.05%$1k-Free Checking with Interest
0.05%-$25kFree Business Checking with Interest
0.05%-$25kNon-Profit Business Checking

Malvern Bank (PA) CD Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
1.05%$500-60 Month CD
1.05%$500-Business 60 Month CD
1.05%$500-60 Month Online CD
1.05%$500-Business 60 Month Online CD
0.80%$500-48 Month CD
0.80%$500-Business 48 Month CD
0.80%$500-48 Month Online CD
0.80%$500-Business 48 Month Online CD
0.55%$500-36 Month CD
0.55%$500-Business 36 Month CD
0.55%$500-36 Month Online CD
0.55%$500-Business 36 Month Online CD
0.45%$500-24 Month CD
0.45%$500-Business 24 Month CD
0.45%$500-24 Month Online CD
0.45%$500-Business 24 Month Online CD
0.35%$500-18 Month CD
0.35%$500-Business 18 Month CD
0.30%$500-12 Month CD
0.30%$500-Business 12 Month CD
0.30%$500-12 Month Online CD
0.30%$500-Business 12 Month Online CD
0.20%$1k-3 Month CD
0.20%$1k-6 Month CD
0.20%$1k-Business 3 Month CD
0.20%$1k-Business 6 Month CD

Malvern Bank (PA) IRA Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
1.15%$500-60 Month IRA
1.10%$500-48 Month IRA
1.05%$500-36 Month IRA
1.00%$500-24 Month IRA
0.85%$500-18 Month IRA
0.80%$500-12 Month IRA
Locations


Malvern Bank (PA) Locations
100 West King Street Branch100 West King StreetMalvern, PA 19355
Rt 23 & 100 Branch1000 Ridge RoadPottstown, PA 19465
Malvern Federal Savings Bank42 East Lancaster AvenuePaoli, PA 19301
West Uwchlan Avenue Branch537 West Uwchlan AvenueDowningtown, PA 19335
Lancaster Ave Branch650 Lancaster AveBerwyn, PA 19312

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