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.
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.
Malvern Bank has an overall health grade of "B" at DepositAccounts.com, 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 DepositAccounts.com 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.