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Rhinebeck Bank Review

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

Overview

Established in 1860, Rhinebeck Bank has assets totaling $742 million along with deposits totaling $660 million, ranking it as a medium-size bank. Rhinebeck Bank, whose headquarters are in Rhinebeck, New York, lacks premium access to customer service, with no options for live chat or all-day service. 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. SmartAsset has rated Rhinebeck Bank 3.6 out of 5 stars, suggesting it is a decent choice, but with better options out there. Rhinebeck Bank provides customers with a mixture of product offerings, which include savings accounts, checking accounts, money market accounts, CDs, IRAs and mortgage products. It has a fair savings rate compared to the average savings account. The bank's standard checking product carries a monthly fee of $3.00, which is not too high in comparison to the national average. Using an institution with no-fee checking and a high savings APY is the best option for returning the most income from your deposits while having easy 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

4.1
SmartAsset Average: 3.5

Rhinebeck Bank features a savings rate of 0.25%, which is poor compared to the average U.S. bank. Its one-year CD has a rate of 1.61% and the five-year CD earns at a rate of 2.27%, while its highest-yielding money market account earns at a rate of 0.30%. Given Rhinebeck Bank's below average savings rate, you should think about other options to earn more on your deposits.

How Rhinebeck Bank's Savings Rates Compare

Rhinebeck Bank Savings 0.25 National Average 0.26 Compare Offers
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Fees

3.5
SmartAsset Average: 4.4

On average, Rhinebeck Bank charges customers high fees compared to the national average. At $3.00/month, Rhinebeck Bank's checking account is less than ideal for those who want an easy checking account. Rhinebeck Bank unfortunately does not refund out-of-network ATM charges, meaning you will have to find a Rhinebeck Bank ATM or eat the ATM charge.

Monthly Fee $3.00 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

2.5
SmartAsset Average: 3.7

Rhinebeck Bank is a brick-and-mortar bank, with 13 total bank locations in New York. With mobile and web apps, Rhinebeck Bank makes account access easy, 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 and 8:00 a.m. to 6:00 p.m. ET. Rhinebeck Bank's mobile app allows you to control your bank accounts by monitoring account balances, sending and receiving funds as well as reaching support representatives. Rhinebeck Bank gets a superb consumer satisfaction rating due to comparatively few consumer complaints brought to the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.

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

4.1
SmartAsset Average: 4.8

Rhinebeck Bank ranks as a medium-size bank owning assets totaling $742 million as well as deposits totaling $660 million. Rhinebeck Bank's Texas Ratio is 18.22%, denoting a tiny likelihood of failure. Additionally, Rhinebeck Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

18.22%
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 Rhinebeck Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.25% APY $1
Certificates of Deposit
  • 12 Month: 1.61% APY
  • 24 Month: 1.97% APY
  • 36 Month: 1.97% APY
  • 48 Month: 2.02% APY
  • 60 Month: 2.27% APY
$10000 for all terms
Money Market Account 0.3% APY $10000

Rhinebeck Bank has several deposit products like savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. Rhinebeck Bank does not have the best savings rate, which means you should think about 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. Rhinebeck Bank's CD rates are fair compared to the average U.S. bank.

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Find a Rhinebeck Bank Near Me

Rhinebeck Bank has 13 physical branches across the U.S.

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