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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

Rhinebeck Bank started in 1860 and is headquartered in Rhinebeck, New York. Rhinebeck Bank has assets of $742 million as well as $660 million in deposits, making it a medium-size bank. Rhinebeck Bank 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 offerings. With an average 3.6 out of 5 stars, Rhinebeck Bank is an acceptable bank choice, but may leave you wanting more. Rhinebeck Bank offers the full package of banking products, which include savings accounts, checking accounts, money market accounts, CDs, IRAs and mortgage products. Rhinebeck Bank has a fair savings rate; other popular banks have higher rates. The bank's standard checking product features a monthly fee of $3.00, which is acceptable as compared against the national average. Banks that offer no-fee checking and a high savings APY are the best bet for returning the highest income on your deposits while having convenient access to your money.

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 has a savings rate of 0.25%, which is fair in comparison to other U.S. banks. Its CD rates are 1.61% and 2.27% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account has a rate of 0.30%. Given its noncompetitive savings rate, you should consider taking a look at other banks for savings accounts.

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

Rhinebeck Bank charges its customers high fees compared to the average U.S. bank. Rhinebeck Bank's checking account has a monthly fee of $3.00, rating it slightly worse for anyone looking for a hassle-free account. Rhinebeck Bank does not reimburse out-of-network ATM charges, which means you'll be required to locate a Rhinebeck 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 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. It also offers access to mobile and web apps for simple access and banking on the go. It does not provide access to all-day customer service with actual service 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. You can utilize Rhinebeck Bank's mobile app to control your accounts by looking at account balances, sending and receiving money and reaching support representatives. Rhinebeck Bank gets a superb consumer satisfaction score due to relatively 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 is currently a medium-size bank and has $742 million in assets and deposits totaling $660 million. Its Texas Ratio is 18.22%, signifying a small possibility 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 Accounts 0.3% APY 0.3% APY $10000 $15000

Rhinebeck Bank offers several deposit products like savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. Rhinebeck 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. Rhinebeck Bank's CD rates are fair compared to the national average.

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Find a Rhinebeck Bank Near Me

Rhinebeck Bank has 13 physical locations in the U.S.

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