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Overview / Commentary
732-342-7600
400 Somerset Street
New Brunswick, NJ 08903

Magyar Bank was founded in 1922 by a group of Hungarian immigrants and businessmen looking for a bank to help them achieve the American Dream. The name "Magyar" is the Hungarian word to describe an individual from Hungary. Over the years, the bank has moved beyond serving this original group, but Magyar is still about achieving dreams—whether those dreams are homeownership, business growth, educating a child, or community and business development. Magyar remains committed to its shareholders, customers, and communities.

Reviews (2)

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South Brunswick Magyar used to be a good bank. Had 6 accounts there for over 20 years. Pulled them all, after I was charged 2 x $20 fees for a 1-day overdraw on 2 deposits, due to a snowstorm that closed my other bank. Fees are one thing, but when the branch manager says she d take care of them, and a month later the fees are still there, then she changes her mind about reversing them because she couldn't get approval?? Really?? Sorry, I m out.

Small Businesses Stay Away From Magyar Bank

Do not use Magyar Bank for a Small Business Checking Account. Magyar refuses to honor MasterCard protections that MasterCard says are available to Small Businesses using a MasterCard Debit Card. Even though MasterCard says that Small Business Customers have Zero Liability in using a MasterCard Debit card, Magyar insists that Small Businesses are 100% liable for all fraud through the MasterCard Debit Card. Go with a bank that actually stands by the MasterCard name, and the MasterCard's protections are guaranteed.

From MasterCard's website:

Zero Liability Protection

Have peace of mind knowing that the bank that issued your MasterCard won't hold you responsible for "unauthorized transactions." Zero liability applies to transactions made in the store, over the telephone or online. As a cardholder, you will not be held responsible for unauthorized transactions if:

your account is in good standing;
you have exercised reasonable care in safeguarding your card from loss or theft; and
you have not reported to your bank two or more unauthorized use events in the past 12 months.
If these conditions are not met and you suspect that you have an unauthorized transaction on your MasterCard, contact your bank as additional protections may apply.

Zero Liability does not apply to MasterCard payment cards:
used for commercial, business or agricultural purposes (PLEASE NOTE: Zero Liability does apply to MasterCard credit and debit cards for small businesses);
anonymous prepaid cards, such store or gift cards, until such time as the identity of the cardholder has been registered with the financial institution that issued the card; or
if a PIN is used for the unauthorized transaction.
What to do

If you have questions regarding Zero Liability coverage or you suspect unauthorized use of your card, contact your bank IMMEDIATELY.

For the application of Zero Liability outside of the United States, check your MasterCard country site.



Health

Data for Q2 2014

Institution Health

C

Texas Ratio

GRADE:
C-

The Texas Ratio is an indicator of how much capital a bank has available compared to the total value of loans considered at risk. As of June 30, 2014 Magyar Bank had $28.07 million in non-current loans and owned real-estate with $48.5 million in equity and loan loss allowances on hand to cover it. This gives Magyar Bank a Texas Ratio of 57.87% which is below average. Any bank with a Texas Ratio near or greater than 100% is considered at risk.

Texas Ratio Trend

GRADE:
B

The Texas Ratio for Magyar Bank decreased slightly from 65.05% as of June 30, 2013 to 57.87% as of June 30, 2014, resulting in a positive change of 11.04%.This indicates that the balance sheet and financial strength for Magyar Bank has improved slightly in recent periods.

Deposit Growth

GRADE:
C

In the past year, Magyar Bank has decreased its total deposits by -$9.28 million, resulting in -2.07% growth for the year. A strong track record of growth is an indicator of consumer confidence and the bank's ability to strengthen its balance sheet. The growth Magyar Bank has shown is average.

Capitalization

GRADE:
C+

Both FDIC and NCUA consider capitalization levels of banks and credit unions to be of high importance. Higher capitalization allows for a greater buffer when cover loans that may fail in the future. Magyar Bank has $533.02 million in assets with $48.5 million in equity, resulting in a capitalization level of 9.10%, which is average.

Institution Statistics

Overall
FDIC Certificate #30704
Year Established1922
Employees96
Primary RegulatorFDIC
Assets and Liabilities
Assets$533.02 million
Loans$410.56 million
Deposits$438.47 million
Equity Capital$45.70 million
Loan Loss Allowance$2.80 million
Unbacked Noncurrent Loans$13.49 million
Real Estate Owned$14.58 million
Historic Data - June 2013
Assets$532.44 million
Equity Capital$44.48 million
Loan Loss Allowance$3.60 million
Unbacked Noncurrent Loans$13.49 million
Real Estate Owned$14.66 million
Profit Margin - Quarterly
Return on Assets0.12%
Return on Equity1.38%
Interest Income$9.71 million
Rates

Always verify rates and promotions with the bank or credit union. We are not Magyar Bank, we are a rate comparison website and can not provide official rates or promotions.

Magyar Bank Savings Account Rates

DetailsAPYMINMAXPRODUCT
0.25%$25-Kids Club Savings
0.15%--Relationship Savings
0.15%$100-Statement Savings

Magyar Bank Money Market Rates

DetailsAPYMINMAXPRODUCT
0.25%$100k-Advantage Money Market
0.20%$10k-Business Premium Money Market

Magyar Bank Checking Account Rates

DetailsAPYMINMAXPRODUCT
0.25%$50k-Premium Checking
0.10%$10k-Magyar Interest Checking
0.05%$1k-Non-Profit Checking with Interest
0.05%$1k-Sole Proprietary Checking

Magyar Bank CD Rates

DetailsAPYMINMAXPRODUCT
2.00%$2,500-120 Month CD
2.00%$2,500-Business 120 Month CD
1.85%$2,500-60 Month CD
1.85%$2,500-Business 60 Month CD
1.50%$2,500-48 Month CD
1.50%$2,500-Business 48 month CD
1.00%$2,500-36 Month CD
1.00%$2,500-Business 36 Month CD
0.75%$2,500-24 Month CD
0.75%$2,500-Business 24 Month CD
0.50%$2,500-18 Month CD
0.50%$2,500-Business 18 month CD
0.40%$500-12 Month CD
0.40%$500-Business 12 Month CD
0.25%$500-182 Day CD
0.25%$500-Business 182 Day CD
0.15%$1k-91 Day CD
0.15%$1k-Business 91 Day CD

Magyar Bank IRA Rates

DetailsAPYMINMAXPRODUCT
1.85%$500-60 Month IRA
1.50%$500-48 Month IRA
1.00%$500-36 Month IRA
0.75%$500-24 Month IRA
0.50%$500-18 Month IRA
0.40%$100-12 Month IRA
0.25%$500-182 Day IRA
Locations


Magyar Bank Locations
Branchburg Branch1000 Route 202Branchburg, NJ 8876
North Edison Branch1167 Inman AvenueEdison, NJ 8820
3050 Highway 27 Branch3050 Highway 27South Brunswick, NJ 8824
Magyar Bank400 Somerset StreetNew Brunswick, NJ 8903
Bridgewater Branch475 North Bridge StreetBridgewater, NJ 8807
North Brunswick Branch582 Milltown RoadNorth Brunswick, NJ 8902