Mainstreet Community Bank of Florida Review

Overview

Mainstreet Community Bank of Florida started in 2003 and its headquarters are located in Deland, Florida. It handles assets of $360 million as well as $330 million in deposits, making it a small bank. Mainstreet Community Bank of Florida lacks premium access to customer service, with no options for live chat or all-day service. It is a conventional brick-and-mortar bank with in-person service, in addition to its online and mobile apps. SmartAsset has rated Mainstreet Community Bank of Florida 4.5 stars out of 5, which means it is an exceptional bank that you should strongly consider. Mainstreet Community Bank of Florida has a complete choice of banking products, including savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. It has a fair savings rate; you can find higher rates with other banks. If you're interested in stress-free personal checking, Mainstreet Community Bank of Florida's ordinary checking account does not have a monthly fee. Obtaining a checking account with no monthly fee, in addition to a savings account with a high APY at the same institution is the best option for accruing the most income from your deposits while having easy access to your money.

The overall rating is a weighted average of rates, fees, service quality and financial health.Read more

Mainstreet Community Bank of Florida features a savings rate of 0.25%, which is fair compared to other U.S. banks. Its one-year and five-year term lengths CDs earn at a rate of 2.53% and 2.89%, respectively, while its highest-yielding money market account has an APY of 0.45%. Given Mainstreet Community Bank of Florida's poor savings rate, you should consider opting for higher earning savings accounts with other banks.

How Mainstreet Community Bank of Florida's Savings Rates Compare

Mainstreet Community Bank of Florida generally has extremely low fees in comparison to the average U.S. bank. With no monthly fee, Mainstreet Community Bank of Florida's checking account is perfect for people who want an easy banking experience. Mainstreet Community Bank of Florida unfortunately does not reimburse out-of-network ATM fees, which means you'll need to search for a Mainstreet Community Bank of Florida ATM or accept the cost of withdrawal.

Mainstreet Community Bank of Florida is a brick-and-mortar bank, with six total bank locations in Florida. It also offers access to mobile and web apps for straightforward access and banking on the go. Mainstreet Community Bank of Florida receives positive ratings from customers for its mobile platform. With 15 customer reviews across iOS and Android platforms, the Mainstreet Community Bank of Florida mobile app is scored at 4.6 out of 5 (compared to the national average of 3.8). You can use Mainstreet Community Bank of Florida's mobile app to control your funds by checking account balances, transferring money and reaching customer service. Mainstreet Community Bank of Florida gets an exceptional consumer satisfaction score based on comparatively few complaints reported to the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector.

Mainstreet Community Bank of Florida is a small bank and manages $360 million in assets and deposits totaling $330 million. Mainstreet Community Bank of Florida's Texas Ratio is 5.13%, signifying a tiny likelihood of failure. Additionally, Mainstreet Community Bank of Florida is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

The Texas Ratio, a measure of a "bad assets" against available capital, can provide an early warning sign of bank failure. A low ratio indicates smaller chance of failure; a higher ratio suggests greater risk.

Products Offered

Mainstreet Community Bank of Florida has several deposit products including savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. Mainstreet Community Bank of Florida does not have the best savings rate, which means you should consider other options for banks that deliver more return for your money. CDs can be a terrific option to achieve higher returns, but there are limitations to accessing your money. Mainstreet Community Bank of Florida's CD rates are fair as compared against the national average.

Find a Mainstreet Community Bank of Florida Near Me

Mainstreet Community Bank of Florida has six physical branches across the U.S.