Malvern Federal Savings Bank
Popular Accounts at this Bank
| APY | ACCOUNT TYPE | ACCOUNT NAME |
|---|---|---|
| 1.75% | 5-year CD | 60 Month CD 1.85% - Synchrony Bank 60 Month CD |
| 2.10% | 6+ Year CD | 84 Month CD 1.55% - National Average |
| 2.10% | 6+ Year IRA | 84 Month IRA (Traditional, Roth, CESA) 1.58% - National Average |
Malvern Federal Savings Bank is headquartered in Paoli and is the 46th largest bank in the state of Pennsylvania. It is also the 914th largest bank in the nation. It was established in 1887 and as of June of 2016, it had grown to 76 employees at 8 locations. Malvern Federal Savings Bank's money market rates are 2X the national average, and it boasts an A+ health rating.
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Customer Service Is The Worst. Just Closed My Accounts.
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
Avoid Malvern Federal Bank In PA
Be aware of this bank. I deposited $200 in 2009 at this bank. And I never touched the account. Today I found out I only have $60 in the account. It turns out that they changed my account type without my consent and then start charging $10 a month "maintenance fee" for doing nothing on the account since 2011 and now they stole $140 from me just like that.
If you want to lose money while you put money in a bank, this is the bank can make this happen.
Awful bank, sneaking practice, and bad customer service all in one bank "Malvern Federal".
So Outdated Bank, Good For 1900'S, Not Nowdays.
Very old bank, you can't get hold of anyone after hours. They charge you for everything, even getting a copy of your statement. You better off with any REAL bank, not this mickey mouse bank.
If You Like Red Tape, Hassles, And The Run Around, This Is The Bank For You.
I have a sister with Downs Syndrome. I became her legal guardian when my mother died in 2010. They converted her burial passbook savings account in to a a burial on line savings account and started charging her account a $10 per month inactivity fee. I had to make several calls to get the fees taken off. They were paying a lousy .05% interest. I had to call several times again to get it converted into a burial CD. I had to call a VP at the bank to get the transaction processed and a copy of the CD. They had all the legal documents at that time. When I called for a statement a year later, they told me that I had to come in. I told them that I lived in Florida. They said I needed to send a letter requesting a copy of the CD balance statement. I convinced them to let me fax a letter. I faxed the letter. When I called in to confirm they had the letter, they said a supervisor had to OK them to fax me the statement. I then got a call saying I need to send some more documents. I am confused as to why I could open an account but now all of a sudden they couldn't send me a statement without an act of congress.
Definately A Bait And Switch Rate Bank; Website Is Horrid; Service Sucks; Holding
My wife and I thought we'd give a local bank a chance when looking for HELOC. For years, we haven't had any brick-and-mortar / paper checking; we're both very happy ING Direct Electric Orange customers. Needless to say, we haven't missed the nonsense of having to pay a bank to hold our money or the nickel and dime fees associated. But we wanted a HELOC for home improvements, and Malvern Federal Savings seemed to have the best rates.
We opened the HELOC in April 2012, only after being promised that the 6 month teaser rate of prime -1% wouldn't start until our first withdrawal on the line. Complete LIE and breech of contract. We just withdrew for the first time 3 weeks ago in September, and surprise, surpise, the rate will go up 1% next month. On top of that, the rate will go up another 1% if we don't use their checking account to make the payments; necessitating the rediculous "double hop" transfer: ING -> Malvern Checking -> Malvern HELOC. Yeah, all that so that Malvern can enjoy having $315 extra in their reserves for 2 days out of the month, brillant.
Stay far, far away. We'll be closing the whole mess, both accounts, shortly, and seeking a lender who doesn't belong on the top of the list of deceptive, swindling banks...
POOR Customer Service And Classic Bait & Switch Rates!
This bank is trying to expand...at the expense of customer service.
They offered a 2.%Money Market Account up until October 9, 2010--their Grand Opening!
When I went into their new bank on October 7th, I was informed that they no longer offer the 2.0%--we are coming out with a new rate...tomarrow. When I asked to see the manager--she was no help. I wrote a letter to the Bank President to get an explanation---no reply....NIce Customer Service.
I have a relative who did get the 2.0% Money Market Rate--he tells me the monthly statements do not include the earned interest in his balance--sloppy book work on the banks part.
I would STAY FAR AWAY FROM THIS BANK!!!
Data as of Q2 2016
Learn more about bank healthHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 27861 |
| Year Established | 1887 |
| Employees | 76 |
| Primary Regulator | OCC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.76% |
| Return on Equity - YTD | 7.64% |
| Annual Interest Income | $12.7MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q2 2016vs Q2 2015 | $795.8MM$617.7MM |
| Loans | Q2 2016vs Q2 2015 | $554.3MM$372.6MM |
| Deposits | Q2 2016vs Q2 2015 | $586.1MM$452.5MM |
| Equity Capital | Q2 2016vs Q2 2015 | $81.2MM$66.4MM |
| Loan Loss Allowance | Q2 2016vs Q2 2015 | $5.3MM$4.6MM |
| Unbacked Noncurrent Loans | Q2 2016vs Q2 2015 | $1.0MM$1.4MM |
| Real Estate Owned | Q2 2016vs Q2 2015 | $700.00K$1.4MM |
This section lists recent deals, promotions and rate changes submitted by our community within the past 90 days. Always verify official rates and promotions with the bank or credit union.
CD Rate Specials In Southeastern Pennsylvania
0.86% 3-month,
0.96% 6-month
1.26% 12-month
1.20% 15-24-mo U-Pick special
1.46% 42-month
The 12-mo and 42-mo specials also have IRA versions with the same rates.
Details @ Malvern’s Aug 11th rate sheet
Always verify rates and promotions with the bank or credit union. We are not Malvern Federal Savings 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.
Malvern Federal Savings Bank Savings Account Rates
| APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS |
|---|---|---|---|---|
| 0.05% | - | - | Malvern Youth Savings | |
| 0.05% | $200 | - | Statement Savings | |
| 0.05% | $200 | - | Business Statement Savings |
Malvern Federal Savings Bank Money Market Rates
| APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS | |
|---|---|---|---|---|---|
| 1.00%* | $125k* | - | Premium Money Market | ||
| OTHER TIERS: 0.50% → $75k - $125k | |||||
| 1.00%* | $100k* | - | Premier Rewards Money Market | ||
| OTHER TIERS: 0.10% → $2,500 - $25k | 0.20% → $25k - $50k | 0.50% → $50k - $100k | |||||
| 1.00%* | $25k* | - | Premier Rewards Business Money Market Account | ||
| OTHER TIERS: 0.10% → $2,500 - $10k | 0.25% → $10k - $25k | |||||
| 0.50%* | $100k* | - | Business Money Market | ||
| OTHER TIERS: 0.10% → $2,500 - $25k | 0.35% → $25k - $100k | |||||
| 0.30%* | $100k* | - | Star Money Market | ||
| OTHER TIERS: 0.10% → $2,500 - $25k | 0.20% → $25k - $50k | 0.25% → $50k - $100k | |||||
Malvern Federal Savings Bank Checking Account Rates
| APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS | |
|---|---|---|---|---|---|
| 0.25%* | $100k* | - | Premiere Rewards Business Checking | ||
| OTHER TIERS: 0.05% → $2,500 - $25k | 0.15% → $25k - $50k | 0.20% → $50k - $100k | |||||
| 0.20%* | $100k* | - | Premier Rewards Checking | ||
| OTHER TIERS: 0.05% → $2,500 - $50k | 0.10% → $50k - $100k | |||||
| 0.05% | $1k | - | Free Checking with Interest | ||
| 0.05% | $25k | - | Free Business Checking with Interest | ||
| 0.05% | $25k | - | Non-Profit Business Checking | ||
| 0.05% | - | - | IOLTA | ||
Malvern Federal Savings Bank CD Rates
| APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS |
|---|---|---|---|---|
| 2.10% | $500 | - | 84 Month CD | |
| 2.10% | $500 | - | Business 84 Month CD | |
| 1.75% | $500 | - | 60 Month CD | |
| 1.75% | $500 | - | Business 60 Month CD | |
| 1.50% | $500 | - | 48 Month CD | |
| 1.50% | $500 | - | Business 48 Month CD | |
| 1.46% | $5k | - | 42 Month CD Special | |
| 1.46% | $5k | - | Business 42 Month CD Special | |
| 1.26% | $1k | - | 12 Month CD Special | |
| 1.25% | $500 | - | 36 Month CD | |
| 1.25% | $500 | - | Business 36 Month CD | |
| 1.20% | $25k | - | 15 - 24 Month Upick CD Special | |
| 0.96% | $1k | - | 6 Month CD Special | |
| 0.86% | $1k | - | 3 Month CD Special | |
| 0.75% | $500 | - | 24 Month CD | |
| 0.75% | $500 | - | Business 24 Month CD | |
| 0.50% | $500 | - | 12 Month CD | |
| 0.50% | $500 | - | Business 12 Month CD | |
| 0.40% | $500 | - | 18 Month CD | |
| 0.40% | $500 | - | Business 18 Month CD | |
| 0.25% | $1k | - | 6 Month CD | |
| 0.25% | $1k | - | Business 6 Month CD | |
| 0.05% | $1k | - | 3 Month CD | |
| 0.05% | $1k | - | Business 3 Month CD |
Malvern Federal Savings Bank IRA Rates
| APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS |
|---|---|---|---|---|
| 2.10% | $500 | - | 84 Month IRA | |
| 1.75% | $500 | - | 60 Month IRA | |
| 1.46% | $5k | - | 42 Month IRA Special | |
| 1.26% | $1k | - | 12 Month IRA Special | |
| 1.25% | $500 | - | 36 Month IRA | |
| 0.75% | $500 | - | 24 Month IRA | |
| 0.50% | $500 | - | 12 Month IRA | |
| 0.40% | $500 | - | 18 Month IRA |
| Malvern Federal Savings Bank Locations | ||
|---|---|---|
| 100 West King Street Branch | 100 West King Street | Malvern, PA 19355 |
| Rt 23 & 100 Branch | 1000 Ridge Road | Pottstown, PA 19465 |
| Pottstown Pike Branch | 109 North Pottstown Pike | Exton, PA 19341 |
| Malvern Federal Savings Bank | 42 East Lancaster Avenue | Paoli, PA 19301 |
| West Uwchlan Avenue Branch | 537 West Uwchlan Avenue | Downingtown, PA 19335 |
| Lancaster Ave Branch | 650 Lancaster Ave | Berwyn, PA 19312 |
| Concordville Branch | 940 Baltimore Pike | Glen Mills, PA 19342 |
| Villanova Branch | 801 E Lancaster Ave | Villanova, PA 19085 |