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Mahopac Bank Review

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Mahopac Bank Savings
0.03% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations


Established in 1927, Mahopac Bank has assets totaling $1 billion along with $972 million in deposits, ranking it as a medium-size bank. Mahopac Bank, whose headquarters are in Mahopac, New York, has above-average customer service access with a live chat feature, great for getting help during the work week. It is a traditional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile apps. We ranked the bank at a 3.6 stars out of 5, which means Mahopac Bank is a decent bank that leaves room for improvement. Mahopac Bank offers a mixture of product offerings, which include savings accounts, checking accounts, CDs, IRAs, mortgage products and credit cards. It has a fair savings rate; other popular banks have higher rates. The bank's standard checking account features a monthly fee of $3.00, which is not too high in comparison to other U.S. banks. Locating a checking account with no monthly fee as well as a savings account with a high interest rate at the same bank is your best option for getting the most income on your deposits alongside easy access to your money.

How We Rated It

SmartAsset's Overall Rating

National Average: 4.1

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


SmartAsset Average: 3.5

With a savings rate of 0.03%, Mahopac Bank ranks poorly in comparison to the national average. Its one-year CD has a rate of 0.20% and the five-year CD earns at a rate of 1.35%, while its highest-yielding money market account has an APY of 0.03%. Given its poor savings rate, you should consider taking a look at other banks for savings accounts.

How Mahopac Bank's Savings Rates Compare

Mahopac Bank Savings 0.03 National Average 0.26 Compare Offers
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SmartAsset Average: 4.4

On average, Mahopac Bank charges customers high fees in comparison to the average U.S. bank. Its checking account has a monthly fee of $3.00, rating it slightly worse for anyone looking for a hassle-free account. Additionally, Mahopac Bank has an overdraft fee of $38.00, which is considerably steeper than the national average. Mahopac Bank doesn't reimburse out-of-network ATM charges, which means you will need to locate a Mahopac Bank ATM or pay the ATM charge.

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
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Service Quality

SmartAsset Average: 3.7

Mahopac Bank is a brick-and-mortar bank, with 14 total branches in New York. With mobile and web apps, Mahopac Bank makes account access easy, even on the go. It does not offer all-day customer service with actual service 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. Mahopac Bank also offers a live chat feature, a helpful way to reach a representative during the work day. Mahopac Bank's online and mobile banking platforms get poor scores from customers. The Mahopac Bank mobile app rates a 3.4 out of 5 (out of 9 reviews on Apple and Android) compared to the national average of 3.8. Mahopac Bank's mobile app lets you manage your finances by checking current statements, sending and receiving funds and accessing support representatives. Mahopac Bank gets a superb consumer satisfaction score based on relatively few consumer complaints registered with the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency.

Overall Mobile Rating 3.4/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat Yes
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Financial Health

SmartAsset Average: 4.8

Mahopac Bank is currently a medium-size bank owning $1 billion in assets and deposits totaling $972 million. It has an excellent Texas Ratio of 4.44%, denoting a negligible probability of 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

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 Mahopac Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.03% 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 Account 0.03% APY $2500

Mahopac Bank has several deposit products including savings accounts, checking accounts and CDs to give you many options to manage your money. Mahopac Bank does not have the best savings rate, which means you should consider looking 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. Mahopac Bank's CD rates are fair compared to other U.S. banks.

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Find a Mahopac Bank Near Me

Mahopac Bank has 14 branches across the U.S.

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