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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 (1)

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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.


Data for Q4 2013

Institution Health


Texas Ratio


The Texas Ratio is an indicator of how much funds a bank has available compared to the total value of loans considered at risk. As of December 31, 2013 Magyar Bank had $30.2 million in non-current loans and owned real-estate with $48.4 million in equity and loan loss allowances on hand to cover it. This gives Magyar Bank a Texas Ratio of 62.39% which is below average. Any bank with a Texas Ratio near or greater than 100% is considered at risk.

Texas Ratio Trend


The Texas Ratio for Magyar Bank decreased slightly from 72.10% as of December 31, 2012 to 62.39% as of December 31, 2013, resulting in a positive change of 13.46%.This indicates that the balance sheet and financial strength for Magyar Bank has improved slightly in recent periods.

Deposit Growth


In the past year, Magyar Bank has increased its total deposits by $16.48 million, resulting in 3.86% 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 excellent.



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 $536.57 million in assets with $48.4 million in equity, resulting in a capitalization level of 9.02%, which is average.

Institution Statistics

FDIC Certificate #30704
Year Established1922
Primary RegulatorFDIC
Assets and Liabilities
Assets$536.57 million
Loans$405.11 million
Deposits$443.34 million
Equity Capital$45.21 million
Loan Loss Allowance$3.20 million
Unbacked Noncurrent Loans$15.14 million
Real Estate Owned$15.06 million
Historic Data - December 2012
Assets$514.60 million
Equity Capital$44.81 million
Loan Loss Allowance$4.09 million
Unbacked Noncurrent Loans$15.14 million
Real Estate Owned$12.98 million
Profit Margin - Quarterly
Net Interest Margin3.34%
Return on Assets0.05%
Return on Equity0.6%
Interest Income$19.84 million

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

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

Magyar Bank Money Market Rates

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

Magyar Bank Checking Account Rates

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

1.80%$2,500-120 Month CD
1.80%$2,500-Business 120 Month CD
1.60%$2,500-60 Month CD
1.60%$2,500-Business 60 Month CD
1.25%$2,500-48 Month CD
1.25%$2,500-Business 48 month CD
0.75%$2,500-36 Month CD
0.75%$2,500-Business 36 Month CD
0.60%$2,500-24 Month CD
0.60%$2,500-Business 24 Month CD
0.40%$2,500-18 Month CD
0.40%$2,500-Business 18 month CD
0.25%$500-12 Month CD
0.25%$500-Business 12 Month CD
0.20%$500-182 Day CD
0.20%$500-Business 182 Day CD
0.15%$1k-91 Day CD
0.15%$1k-Business 91 Day CD

Magyar Bank IRA Rates

1.60%$500-60 Month IRA
1.25%$500-48 Month IRA
0.75%$500-36 Month IRA
0.60%$500-24 Month IRA
0.40%$500-18 Month IRA
0.25%$100-12 Month IRA
0.20%$500-182 Day IRA

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