Malvern Bank (PA) Offers Competitive Senior Checking In Four States


Deal Summary: Senior Checking, 0.67% APY, $5k minimum.

Availability: Online market area Delaware, Florida, New Jersey, and Pennsylvania.

Last year I reported on a couple of competitive liquid accounts from Malvern Bank. These included Kasasa checking and savings accounts and an online money market account. In the post with a review of the online money market account, several readers commented on their experience with this account. The high rate didn’t last, but the current rate remains above the average rate for online savings accounts.

Malvern Bank has another liquid account with a very competitive rate. It’s the Senior Checking account. DA has been tracking this account for more than three years. Earning 0.67% APY on balances of $5k+, Senior Checking is a standard (non-rewards) checking account available to individuals 50 years or older. Balances of less than $5k do not earn any interest.

0.30%$5k-Malvern Bank (PA)Senior Checking
Rates as of October 12, 2022.

The salient features of the Senior Checking account include,

  • $100 minimum opening deposit
  • Unlimited checking writing, with no per check fee
  • One box of free checks per year
  • Five worldwide ATM fees waived monthly
  • Free ATM/debit cards available
  • $10 low balance fee for average monthly balances of less than $100


Headquartered in Malvern, Pennsylvania, Malvern Bank’s online market area for Senior Checking includes individuals who are 50 years or older and in live in Delaware, Florida, New Jersey, or Pennsylvania.

Opening a Senior Checking account can be done online, or at any of the five Pennsylvania branches located in Berwyn, Downington, Malvern, Paoli, and Pottstown. While all branch lobbies are open for walk-in traffic, each lobby is closed from 12-1 pm every day for cleaning. Appointments are available and must be scheduled at least 24 hours in advance by calling the branch.

Malvern Bank also has four Private Client branch locations in Palm Beach, Florida; Morristown, New Jersey; and Glen Mills and Villanova, Pennsylvania.

Bank Overview

Malvern Bank has an overall health grade of "B" at, with a Texas Ratio of 15.03% (above average), based on December 31, 2020 data. Malvern Bank has an excellent capitalization level (14.11%), the result of holding $1.22 billion in assets with $171.2 million in equity. Please refer to our financial overview of Malvern Bank (FDIC Certificate # 27861) for more details.

Malvern Bank is currently Pennsylvania’s 41st largest bank, with assets in excess of $1.2 billion and more than 37,000 customer accounts. Founded in 1887, the Bank was known as the Duffryn Mawr Building Association for almost 70 years. After three name changes and three organizational changes, the Bank was rebranded as Malvern Bank, National Association in February 2018.

How Senior Checking Compares

Given the multi-state availability, comparing Malvern Bank’s Senior Checking to nationally available checking accounts is appropriate. When compared to the Standard Checking Accounts tracked by that are available nationwide, Malvern Bank’s Senior Checking APY currently ranks second, regardless of any deposit requirements.

The above information and rates are accurate as of 5/17/2021.

To look for the best Standard Checking Account rates, both nationwide and state specific, please refer to our Standard Checking Account Rates Table page.

Related Pages: Philadelphia checking accounts, checking accounts

  |     |   Comment #1
Cant believe .67 is a competitive rate
  |     |   Comment #2
I remember years ago when Malvern had a real nice reward checking account...
Malvern Bank Online Money Market Available In DE, FL, NJ, and PA
Deal Summary: Online Money Market, 1.25% APY, $2.5k minimum balance and opening deposit.

Availability: Online market area Delaware, Florida, New Jersey, and Pennsylvania.

Pennsylvania-based Malvern Bank has an Online Money Market account, which currently earns 1.25% APY on balances of $2.5k and above. Should the daily balance fall below $2.5k, no interest will be earned and there is a monthly $10 low balance fee.

The Online Money Market account has been part of Malvern Bank’s product line for about 18 months. The initial 1.80% APY was in...

Continue Reading
Malvern Bank (PA) Expands Online Kasasa Cash Market Area
Deal Summary: Kasasa Cash, 2.00% APY on qualifying balances up to $25k. Kasasa Saver, 1.00% APY on qualifying balances up to $100k.

Availability: Online market area Delaware, Florida, New Jersey, and Pennsylvania.

When Malvern Bank introduced its new Kasasa Cash account 15 months ago, the initial APY was 3.00% APY on qualifying balances up to $25k. This past April, the rate was lowered to 2.00% APY on qualifying balances up to $25k, as the market area expanded. Qualifying balances above $25k earn 0.50% APY, with non-qualifying balances...

Continue Reading
Malvern Bank (PA) Unveils Kasasa Cash, 3.00% APY Up To $25k
Deal Summary: Kasasa Cash, 3.00% APY on qualifying balances up to $25k, $100 minimum opening deposit.

Availability: Market area includes Chester, Delaware, and Montgomery Counties, Pennsylvania.

Malvern Bank has introduced a new rewards checking account (RCA), the Kasasa Cash account, which earns 3.00% APY on qualifying balances up to $25k. Qualifying balances above $25k earn 0.50% APY, with non-qualifying balances earning 0.05% APY. The minimum opening deposit is $100.

Malvern Bank previously offered another RCA (Reward Plus Checking) that was discontinued in 2011. All existing...

Continue Reading
Competitive Long-Term CD Rates at Malvern Federal Savings in PA - Local Only

Many readers may remember Malvern Federal Savings Bank for its reward checking account. The reward checking account used to be very competitive back in 2009, and for a while it was available nationwide. After a lot of rate cuts, the bank discontinued the reward checking account last June. I don't see any good checking or savings account deals. However, the bank does have some good long-term CD deals. The three best deals include a 3.00% APY 7-year CD, a 2.50% APY 5-year CD and a special 1.89% APY 37-month CD....

Continue Reading
High-Yield Reward Checking Account at a Pennsylvania Bank (Malvern Federal Savings)

Update 5/2/2011: The Reward Plus Checking account is being discontinued effective June 1, 2011.

Malvern Federal Savings Bank has a reward checking account that pays 1.00% APY on balances up to $35,000 (0.51% for above) and refunds ATM fees worldwide (up to $25 per cycle) if the following monthly requirements are met:

  • 10 debit card point of sales transactions
  • one direct deposit or ACH debit
  • access online banking

If these are not met, the rate falls to 0.10%. The minimum opening deposit is $200. There are no monthly service charges or minimum balance requirements.

One more...

Continue Reading

The financial institution, product, and APY (Annual Percentage Yield) data displayed on this website is gathered from various sources and may not reflect all of the offers available in your region. Although we strive to provide the most accurate data possible, we cannot guarantee its accuracy. The content displayed is for general information purposes only; always verify account details and availability with the financial institution before opening an account. Contact [email protected] to report inaccurate info or to request offers be included in this website. We are not affiliated with the financial institutions included in this website.