Rhinebeck Savings Bank Rates & Review

Rhinebeck Savings Bank Review

Rhinebeck Savings Bank, based in Poughkeepsie, New York, opened in 1860 and is one of the oldest savings banks in New York state.

This FDIC-insured bank serves Dutchess County and the outlying areas with over half a dozen local branch locations. It specializes in mortgage loans but also offers other loans, checking accounts and savings options.

Bank mortgages

This bank granted its first mortgage loan in 1870 and continues to assist customers in owning their own homes. It offers fixed-rate and adjustable-rate mortgages, construction loans, and home equity loans and lines of credit. This bank is a member of the State of New York Mortgage Agency (SONYMA), which offers low-interest, low down payment loans to first time home buyers.

Other loans

Besides mortgages, the bank offers:

• Auto loans
• Unsecured personal loans
• Secured personal loans
• Priority Plus Credit for overdraft protection on checking accounts

Checking account types

Rhinebeck Savings Bank specializes in priority relationship checking, which is designed to reward customers for long-term banking. There are four priority checking accounts (Classic, Direct, Select and Elite). These accounts vary in terms of the balance required, minimum amount to open the account, account fees and general features.

The basic checking account requires a $1,000 initial deposit and has free online banking with check imaging. Bill pay services require an additional small fee (although the service is free with some of the priority checking accounts).

Savings account options

Customers of Rhinebeck Savings Bank can select from various savings account types. One unique account is a savings account for first time home buyers who want to save for the down payment on their first home.

Other savings account options include a priority savings account, a minor savings account, two money market account types, various IRAs including a unique 18-month IRA and various CD accounts. This bank participates in CDARS to give CD account customers additional FDIC insurance.

Deposit insurance

Rhinebeck Savings Bank has been insured by the Federal Deposit Insurance Corporation since 1943.

In July 2010, FDIC coverage for eligible deposits was permanently increased from $100,000 to $250,000 per depositor. Joint accounts are insured by FDIC up to at least $250,000 per account holder.

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