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Mechanics Bank Review

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Mechanics Bank Savings
0.05% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations


Mechanics Bank was founded in 1886 and has its headquarters in Mansfield, Ohio. It owns $509 million in assets along with $453 million in deposits, ranking it as a medium-size bank. Mechanics Bank has above-average access to customer service with a live chat feature, great for getting help during the work week. It is a conventional brick-and-mortar bank with in-person service, in addition to its online and mobile apps. Overall, Mechanics Bank is a superb bank that would be an ideal pick, with a rating of 4.5 stars out of 5 from the SmartAsset experts. Mechanics Bank has a varied choice of banking products, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. Mechanics Bank has a fair savings rate; you can find higher rates with other banks. If you're interested in stress-free personal checking, Mechanics Bank's most basic checking does not carry a monthly maintenance fee. Finding a checking account with no monthly fee and a savings account with a high APY at the same institution is your best option for getting the most income from your deposits while having convenient access to your money.

How We Rated It

SmartAsset's Overall Rating

National Average: 4.1

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


SmartAsset Average: 3.5

With a savings rate of 0.05%, Mechanics Bank ranks poorly in comparison to the average U.S. bank. Its one-year CD earns at a rate of 2.27% and the five-year CD has a rate of 1.86%, while its highest-yielding money market account earns at a rate of 0.05%. Given its poor savings rate, you should consider opting for higher earning savings accounts with other banks.

How Mechanics Bank's Savings Rates Compare

Mechanics Bank Savings 0.05 National Average 0.26 Compare Offers
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SmartAsset Average: 4.4

Mechanics Bank typically has extremely low fees in comparison to the national average. Mechanics Bank's checking account has no monthly fee, making it excellent for anyone looking for a simple account. Mechanics Bank unfortunately doesn't refund out-of-network ATM fees, meaning you'll have to find a Mechanics Bank ATM or eat 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

SmartAsset Average: 3.7

Mechanics Bank is a brick-and-mortar bank, with nine total branches in Ohio. With mobile and web apps, Mechanics Bank makes mobile banking convenient, even on the go. Mechanics Bank also offers a live chat feature, a helpful way to reach a representative during the work day. Mechanics Bank receives relatively high marks from users for its online presence. Out of 91 customer reviews on iOS and Android platforms, the Mechanics Bank mobile app rates a 4.1 out of 5 (compared to the national average of 3.8). Mechanics Bank's mobile app lets you control your accounts by reviewing account balances, transferring money and reaching support representatives. Mechanics Bank gets an outstanding consumer satisfaction rating due to comparatively few complaints filed with the Consumer Financial Protection Bureau (CFPB), a government financial agency that protects consumers in the financial sector.

Overall Mobile Rating 4.1/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat Yes
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Financial Health

SmartAsset Average: 4.8

Mechanics Bank is currently a medium-size bank and has assets totaling $509 million and $453 million in deposits. It has a strong Texas Ratio of 7.43%, denoting that Mechanics Bank is in fine financial condition and improbable to fail. Additionally, Mechanics Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

High Risk 75% 50% 20% 10% Low Risk

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 Mechanics Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.05% APY $5
Checking Account 0.03% APY $25
Certificates of Deposit
  • 12 Month: 2.27% APY
  • 24 Month: 0.70% APY
  • 36 Month: 0.90% APY
  • 48 Month: 1.41% APY
  • 60 Month: 1.86% APY
$500 for all terms
Money Market Account 0.05% APY $2500

Mechanics Bank has several deposit products like savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. Mechanics Bank does not have the best savings rate, which means you should think about looking elsewhere 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. Mechanics Bank's CD rates are fair in comparison to other U.S. banks.

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Find a Mechanics Bank Near Me

Mechanics Bank has nine physical branches across the U.S.

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