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Fidelity Co-operative Bank Review

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Fidelity Co-operative Bank Savings
0.10% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Fidelity Co-operative Bank first started operating in 1888 with headquarters located in Fitchburg, Massachusetts. It has assets of $820 million as well as deposits totaling $700 million, classifying it as a medium-size bank. Fidelity Co-operative Bank has above-average customer service access with a live chat feature, great for getting help during the work week. It is a traditional brick-and-mortar bank with in-person service, in addition to its online and mobile offerings. At a SmartAsset rating of 4.4 out of 5 stars, Fidelity Co-operative Bank should be solidly in contention for your choice of bank. Fidelity Co-operative Bank has the full selection of product offerings, including savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. It has a fair savings rate; other popular banks have higher rates. If you're looking for a checking account for everyday use, the bank's standard checking does not carry a monthly maintenance charge. Institutions that offer free checking as well as a high savings APY are the best bet for getting the most income on your deposits alongside convenient access to your funds.

How We Rated It

SmartAsset's Overall Rating

4.4/5
National Average: 4.1

The overall rating is a weighted average of rates, fees, service quality and financial health.Read more

Rates

3.1
SmartAsset Average: 3.5

With a savings rate of 0.10%, Fidelity Co-operative Bank ranks poorly in comparison to the average U.S. bank. Its one-year CD has a rate of 0.60% and the five-year CD earns at a rate of 1.50%, while its highest-yielding money market account earns at an APY of 0.20%. Given its noncompetitive savings rate, you should consider opting for higher earning savings accounts with other banks.

How Fidelity Co-operative Bank's Savings Rates Compare

Fidelity Co-operative Bank Savings 0.10 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

On average, Fidelity Co-operative Bank charges customers extremely low fees in comparison to other U.S. banks. With no monthly fee, Fidelity Co-operative Bank is perfect for people who want a simple banking experience. Fidelity Co-operative Bank unfortunately does not refund out-of-network ATM charges, which means you'll need to search for a Fidelity Co-operative Bank ATM or accept the withdrawal fee.

Monthly Fee $0 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

4.5
SmartAsset Average: 3.7

Fidelity Co-operative Bank is a brick-and-mortar bank, with 13 total branches in Massachusetts. With mobile and web apps, Fidelity Co-operative Bank makes account access straightforward, even on the go. Fidelity Co-operative Bank also offers a live chat feature, key for getting quick access to customer service. Fidelity Co-operative Bank's online and mobile banking platforms get great feedback from users. The Fidelity Co-operative Bank mobile app is rated at 4.6 out of 5 (with 320 ratings on iOS and Android) compared to the national average of 3.8. Fidelity Co-operative Bank's mobile app lets you manage your finances by monitoring account balances, transferring money and accessing support representatives. Fidelity Co-operative Bank receives an outstanding consumer satisfaction score based on relatively few consumer complaints reported to the Consumer Financial Protection Bureau (CFPB), a government financial agency that protects consumers in the financial sector.

Overall Mobile Rating 4.6/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat Yes
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Financial Health

4.9
SmartAsset Average: 4.8

Fidelity Co-operative Bank ranks as a medium-size bank and handles $820 million in assets and $700 million in deposits. Fidelity Co-operative Bank's Texas Ratio is 2.12%, suggesting that the bank is in excellent financial shape and far from failure. Additionally, Fidelity Co-operative Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

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 Fidelity Co-operative Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.1% APY $10
Certificates of Deposit
  • 12 Month: 0.60% APY
  • 24 Month: 0.70% APY
  • 36 Month: 0.85% APY
  • 48 Month: 1.15% APY
  • 60 Month: 1.50% APY
$1 for all terms
Money Market Accounts 0.15% APY 0.2% APY $10000 $15000

Fidelity Co-operative Bank has several deposit products including savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. Fidelity Co-operative 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. Fidelity Co-operative Bank's CD rates are fair in comparison to other U.S. banks.

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Find a Fidelity Co-operative Bank Near Me

Fidelity Co-operative Bank has 13 locations across the U.S.

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