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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 handles $509 million in assets and deposits totaling $453 million, which makes it a medium-size bank. Mechanics Bank has above-average access to customer service with a live chat feature, which is helpful for those that work during typical customer service hours. It is a conventional brick-and-mortar bank with in-person service, in addition to its online and mobile apps. We ranked the bank at a 4.5 out of 5 stars, indicating that Mechanics Bank is among the best banks, and should be given strong consideration. Mechanics Bank offers a complete array of banking products, including savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. It has a fair savings rate compared to the average savings account. If you're interested in stress-free personal checking, Mechanics Bank offers an option without a maintenance or monthly fee. Banks that offer free checking, in addition to a high interest rate savings account are the best option for accruing the highest income from your deposits while maintaining easy 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. Mechanics Bank's one-year and five-year term lengths CDs earn at a rate of 2.32% and 1.86%, respectively, while its highest-yielding money market account earns at an APY of 0.05%. Given its noncompetitive savings rate, you should think about choosing another bank to earn more on your deposits.

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 charges its customers extremely low fees in comparison to the national average. Mechanics Bank's checking account has no monthly fee, rating it excellent for anyone looking for a hassle-free account. Mechanics Bank does not refund out-of-network ATM charges, meaning you will need to find a Mechanics Bank ATM or accept the cost of withdrawal.

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. It also offers access to mobile and web apps for a simple mobile-banking experience. Additionally, Mechanics Bank offers a live chat feature, giving customers an easy access point throughout the day. Mechanics Bank receives moderately positive feedback from users for its online presence. The Mechanics Bank mobile app rates a 4.1 out of 5 (with 91 ratings on iOS and Android) compared to the national average of 3.8. Mechanics Bank's mobile app allows you to control your bank accounts by looking at account balances, transferring money and accessing customer service. Mechanics Bank receives a superb consumer satisfaction score due to relatively few complaints brought to 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 owning $509 million in assets as well as $453 million in deposits. Its Texas Ratio is 7.43%, suggesting 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: 2.32% 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 consider taking a look 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 the national average.

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Find a Mechanics Bank Near Me

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

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