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Magyar Bank Review

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Magyar Bank Savings
0.25% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Magyar Bank was founded in 1922 with headquarters located in New Brunswick, New Jersey. It handles $597 million in assets as well as $511 million in deposits, making it a medium-size bank. Magyar Bank lacks premium access to support representatives, 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. At a SmartAsset rating of 4.2 stars out of 5, Magyar Bank should be solidly in contention for your choice of bank. Magyar Bank offers a full selection of banking products, which include savings accounts, checking accounts, money market accounts, CDs, IRAs and mortgage products. Magyar Bank has a fair savings rate; you can find higher rates with other banks. If you're interested in stress-free personal checking, Magyar Bank offers an option without a maintenance or monthly fee. Obtaining a checking account with no monthly fee, in addition to a savings account with a high interest rate at the same bank is the best bet for gaining the most income from your deposits alongside convenient access to your funds.

How We Rated It

SmartAsset's Overall Rating

4.2/5
National Average: 4.1

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

Rates

3.7
SmartAsset Average: 3.5

Magyar Bank features a savings rate of 0.25%, which is fair compared to the national average. Its CDs feature a rate of 1.00% and 2.00% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account earns at an APY of 0.20%. Given its poor savings rate, you should think about looking at the competition to open savings accounts.

How Magyar Bank's Savings Rates Compare

Magyar Bank Savings 0.25 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

Magyar Bank has typically extremely low fees compared to the national average. Its checking account has no monthly fee, which makes it excellent for anyone looking for a simple account. Magyar Bank reimburses their out-of-network ATM fees (with conditions), which means easy access to cash at any time.

Monthly Fee $0 National Average: $3.21
Non-network ATM Fee N/A National Average: $1.20
Overdraft Fee N/A National Average: $35.00
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Service Quality

4.3
SmartAsset Average: 3.7

Magyar Bank is a brick-and-mortar bank, with seven total branches in New Jersey. With mobile and web apps, Magyar Bank makes mobile banking easy, even on the go. It does not have all-day customer service with representatives. You can get help during its customer service hours, which are Monday through Friday, 9:00 a.m. to 5:00 p.m. ET; Saturday, and 9:00 a.m. to 1:00 p.m. ET. Magyar Bank gets high praise from customers for its mobile app. With 6 ratings across both iOS and Android platforms, the Magyar Bank mobile app has an overall rating of 4.7 out of 5 (compared to the national average of 3.8). You can access Magyar Bank's mobile app to control your finances by looking at account balances, sending and receiving funds and reaching support representatives. Magyar Bank gets a superb consumer satisfaction rating based on relatively few consumer complaints brought to the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.

Overall Mobile Rating 4.7/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

3.9
SmartAsset Average: 4.8

Magyar Bank ranks as a medium-size bank owning $597 million in assets as well as $511 million in deposits. Magyar Bank has a good Texas Ratio of 22.49%, signifying that Magyar Bank is in satisfactory financial health. Additionally, Magyar Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

22.49%
High Risk 75% 50% 20% 10% Low Risk

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.

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Compare Magyar Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.25% APY $100
Checking Account 0.05% APY $1000
Certificates of Deposit
  • 12 Month: 1.00% APY
  • 24 Month: 1.50% APY
  • 36 Month: 1.75% APY
  • 48 Month: 1.85% APY
  • 60 Month: 2.00% APY
$2500 for all terms
Money Market Accounts 0.2% APY 0.2% APY $10000 $15000

Magyar Bank has several deposit products including savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. Magyar Bank does not have the best savings rate, which means you should think about taking a look elsewhere 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. Magyar Bank's CD rates are fair as compared against the national average.

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Find a Magyar Bank Near Me

Magyar Bank has seven branches in the U.S.

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