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 effect for 12 months before it dropped to 1.48% APY in mid-March 2020. About a month later, the rate fell to the current 1.25% APY.
This is a “true” money market account, as it offers checking writing. According to the Online Money Market landing page,
Debit Card, Internet Banking and Telephone Banking require separate applications.
According to CSR, Malvern Bank’s electronic transfer service (to and from other banks) is fee-free. Links to other banks can be set up online and there is no limit on the number of banks that can be linked. For the first 90 days following account opening, there is a limit on incoming and outgoing transfers of $2k per day and $5k per seven (rolling) days. On day 91, the limit increases to $25k per seven (rolling) days.
Headquartered in Malvern, Pennsylvania, Malvern Bank’s market area for the Online Money Market account includes Delaware, Florida, New Jersey, and Pennsylvania.
As the name suggests, the Online Money Market can only be opened online. CSR stated that should new customers encounter any difficulties with the online application, each branch has someone dedicated to the Online Money Market account to offer assistance.
Malvern Bank has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 8.80% (excellent), based on March 31, 2020 data. In the past year, the Bank has increased its total non-brokered deposits by $113.25 million, an excellent annual growth rate of 14.17%. Please refer to our financial overview of Malvern Bank (FDIC Certificate # 27861) for more details.
Malvern Bank is currently Pennsylvania’s 33rd largest bank, with assets in excess of $1.2 billion and nearly 78,000 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 the Online Money Market Compares
When compared to the Money Market Accounts tracked by DepositAccounts.com that are available within the market area, Malvern Bank’s Online Money Market APY currently ranks second, regardless of any deposit requirements.
The above rates are accurate as of 8/20/2020.
To look for the best Money Market Account rates, both nationwide and state specific, please refer to our Money Market Account Rates Table page.