Fidelity Co-operative Bank Review

Overview

Founded in 1888, Fidelity Co-operative Bank has assets totaling $820 million as well as $700 million in deposits, classifying the institution as a medium-size bank. Fidelity Co-operative Bank, whose headquarters are in Fitchburg, Massachusetts, has above-average access to customer service 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 apps. Coming in at a commendable 4.4 stars out of 5, Fidelity Co-operative Bank is a solid contender in your bank search. Fidelity Co-operative Bank has the full slate of product offerings, including savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. It has a fair savings rate; you can find higher rates with other banks. If you're looking for a checking account for everyday use, the bank's standard checking account does not have a monthly fee. Obtaining a checking account with no monthly fee, in addition to a savings account with a high APY at the same institution is the best option for getting the most income from your deposits alongside easy access to your funds.

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

With a savings rate of 0.10%, Fidelity Co-operative Bank ranks poorly in comparison to other U.S. banks. Its CDs feature a rate of 0.60% and 1.50% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account earns at an APY of 0.20%. Given Fidelity Co-operative Bank's below average 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 has generally extremely low fees as compared against the national average. With no monthly fee, Fidelity Co-operative Bank is perfect for people who want a basic checking account. Fidelity Co-operative Bank unfortunately doesn't refund out-of-network ATM fees, meaning you will have to find a Fidelity Co-operative Bank ATM or accept the ATM charge.

Fidelity Co-operative Bank is a brick-and-mortar bank, with 13 total branches in Massachusetts. It also offers access to mobile and web apps for simple access and banking on the go. Fidelity Co-operative Bank also offers a live chat feature, giving customers an easy access point throughout the day. Fidelity Co-operative Bank gets high marks from customers for its online presence. The Fidelity Co-operative Bank mobile app rates a 4.6 out of 5 (with 320 ratings on iOS and Android) compared to the national average of 3.8. You can access Fidelity Co-operative Bank's app to control your funds by looking at current statements, transferring funds as well as reaching support representatives. Fidelity Co-operative Bank receives a superb consumer satisfaction score based on comparatively few consumer complaints filed with the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.

Fidelity Co-operative Bank ranks as a medium-size bank and owns $820 million in assets as well as $700 million in deposits. Its Texas Ratio is 2.12%, indicating that the bank is in excellent financial condition and unlikely to fail. 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.

Products Offered

Fidelity Co-operative Bank offers several deposit products like 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 think about 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 the average U.S. bank.

Find a Fidelity Co-operative Bank Near Me

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