Loading
Tap on the profile icon to edit
your financial details.

Mahopac Bank Review

Your Details Done
by Updated
We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure
Mahopac Bank Savings
0.15% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Mahopac Bank started in 1927 and has its headquarters in Mahopac, New York. It has $1 billion in assets along with $972 million in deposits, which makes it a medium-size bank. Mahopac Bank has above-average access to customer service with a live chat feature, great for getting help during the work week. It is a traditional brick-and-mortar bank with in-person service, in addition to its online and mobile apps. On the whole, Mahopac Bank is a decent choice, but with better options out there, with a score of 3.6 stars out of 5 from our team. Mahopac Bank has multiple banking products, which include savings accounts, checking accounts, CDs, IRAs, mortgage products and credit cards. It has a fair savings rate; you can find higher rates with other banks. The bank's standard checking account has a $3.00 monthly fee, which is acceptable as compared against the national average. Obtaining a checking account with no monthly fee as well as a savings account with a high interest rate at the same institution is the best bet for accruing the most income on your deposits alongside convenient access to your funds.

How We Rated It

SmartAsset's Overall Rating

3.6/5
National Average: 4.1

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

Rates

2.8
SmartAsset Average: 3.5

With a savings rate of 0.15%, Mahopac Bank ranks poorly as compared against the national average. Mahopac Bank's one-year and five-year term lengths CDs earn at a rate of 0.20% and 1.35%, respectively, while its highest-yielding money market account earns at a rate of 0.20%. Given Mahopac Bank's noncompetitive savings rate, you should think about taking a look at other banks for savings accounts.

How Mahopac Bank's Savings Rates Compare

Mahopac Bank Savings 0.15 National Average 0.26 Compare Offers
Back to Overview

Fees

2.8
SmartAsset Average: 4.4

Mahopac Bank has typically high fees compared to the national average. Mahopac Bank's checking account has a monthly fee of $3.00, ranking it slightly worse for anyone looking for a simple account. Also, at $38.00, Mahopac Bank's overdraft fee is slightly greater than the average overdraft fee charged by U.S. banks. Mahopac Bank doesn't refund out-of-network ATM fees, which means you'll have to find a Mahopac Bank ATM or accept the withdrawal fee.

Monthly Fee $3.00 National Average: $3.21
Non-network ATM Fee N/A National Average: $1.20
Overdraft Fee $38.00 National Average: $35.00
Back to Overview

Service Quality

3.9
SmartAsset Average: 3.7

Mahopac Bank is a brick-and-mortar bank, with 14 total bank locations in New York. With mobile and web apps, Mahopac Bank makes mobile banking straightforward, even on the go. It does not offer all-day customer service with representatives. You can get help during its customer service hours, which are Monday through Friday, 8:00 a.m. to 07:30 p.m. ET; Saturday, and 9:00 a.m. to 12:00 p.m. ET. Additionally, Mahopac Bank customers can access live chat for help, key for getting quick access to customer service. Mahopac Bank gets unsatisfactory reviews from customers for its mobile banking services. Out of 9 customer reviews across both iOS and Android platforms, the Mahopac Bank mobile app is scored at 3.4 out of 5 (compared to the national average of 3.8). You can access Mahopac Bank's app to control your accounts by looking at current statements, transferring money as well as accessing customer service. Mahopac Bank receives a superb consumer satisfaction rating based on comparatively few consumer complaints brought to the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.

Overall Mobile Rating 3.4/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat Yes
Back to Overview

Financial Health

4.8
SmartAsset Average: 4.8

Mahopac Bank is a medium-size bank with $1 billion in assets and $972 million in deposits. It has an excellent Texas Ratio of 4.44%, denoting that the bank is in outstanding financial shape and far from failure. Additionally, Mahopac Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

4.44%
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.

Back to Overview

Compare Mahopac Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.15% APY $2500
Checking Account 0.03% APY $1
Certificates of Deposit
  • 12 Month: 0.20% APY
  • 24 Month: 0.40% APY
  • 36 Month: 0.75% APY
  • 48 Month: 1.05% APY
  • 60 Month: 1.35% APY
$1000 for all terms
Money Market Accounts 0.2% APY 0.2% APY $10000 $15000

Mahopac Bank has several deposit products like savings accounts, checking accounts and CDs that provide you with many options to manage your money. Mahopac Bank 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. Mahopac Bank's CD rates are fair in comparison to the average U.S. bank.

Back to Overview

Find a Mahopac Bank Near Me

Mahopac Bank has 14 physical locations across the U.S.

Back to Overview
Save more with these rates that beat the National Average
Unfortunately, we are currently unable to find savings account that fit your criteria. Please change your search criteria and try again.
Searching for accounts...
Ad Disclosure
Unfortunately, we are currently unable to find savings account that fit your criteria. Please change your search criteria and try again.
Searching for accounts...
Ad Disclosure