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Mechanics Cooperative Bank Review

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

Overview

Started in 1877, Mechanics Cooperative Bank has assets totaling $572 million as well as deposits totaling $419 million, ranking it as a medium-size bank. Mechanics Cooperative Bank, whose headquarters are in Taunton, Massachusetts, has above-average customer service access with a live chat feature, great for getting help during the work week. It is a conventional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile offerings. We gave Mechanics Cooperative Bank a 4.2 out of 5 stars, which means it is a solid contender in your bank search. Mechanics Cooperative Bank offers a complete array of banking products, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, brokerage accounts and mortgage products. Mechanics Cooperative Bank 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 most basic checking account does not have a monthly maintenance charge. Obtaining a checking account with no monthly fee as well as a savings account with a high interest rate at the same bank is the best option for getting the most income on your deposits while having easy access to your funds.

How We Rated It

SmartAsset's Overall Rating

4.2/5
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 0.05%, Mechanics Cooperative Bank ranks poorly in comparison to the national average. Mechanics Cooperative Bank's one-year CD earns at a rate of 0.60% and the five-year CD earns at a rate of 3.00%, while its highest-yielding money market account earns at a rate of 0.40%. Given its noncompetitive savings rate, you should think about opting for higher earning savings accounts with other banks.

How Mechanics Cooperative Bank's Savings Rates Compare

Mechanics Cooperative Bank Savings 0.05 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

Mechanics Cooperative Bank has generally extremely low fees as compared against the national average. Mechanics Cooperative Bank's checking account has no monthly fee, rating it excellent for anyone looking for a simple account. Mechanics Cooperative Bank unfortunately doesn't refund out-of-network ATM fees, which means you'll be required to locate a Mechanics Cooperative 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

3.7
SmartAsset Average: 3.7

Mechanics Cooperative Bank is a brick-and-mortar bank, with nine total bank locations in Massachusetts. It also offers access to mobile and web apps for a simple mobile-banking experience. Additionally, Mechanics Cooperative Bank customers can access live chat for help, key for getting quick access to customer service. Mechanics Cooperative Bank's online and mobile banking services get poor scores from customers. The Mechanics Cooperative Bank mobile app has been given a 3.0 out of 5 (with 10 ratings on Apple and Android) compared to the national average of 3.8. Mechanics Cooperative Bank's mobile app lets you manage your bank accounts by monitoring current statements, sending and receiving money as well as reaching customer service. Mechanics Cooperative Bank gets a superb consumer satisfaction score due to comparatively few complaints brought to the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.

Overall Mobile Rating 3.0/5
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

Mechanics Cooperative Bank is a medium-size bank with assets totaling $572 million and $419 million in deposits. Its Texas Ratio is 3.34%, denoting that the bank is in terrific financial condition and far from failure. Additionally, Mechanics Cooperative Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

3.34%
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 Cooperative Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.05% APY $100
Checking Account 0.05% APY $100
Certificates of Deposit
  • 12 Month: 0.60% APY
  • 24 Month: 1.00% APY
  • 36 Month: 1.30% APY
  • 48 Month: 1.50% APY
  • 60 Month: 3.00% APY
$500 for all terms
Money Market Accounts 0.35% APY 0.4% APY $10000 $15000

Mechanics Cooperative Bank offers several deposit products like savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. Mechanics Cooperative Bank does not have the best savings rate, which means you should think about 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 Cooperative Bank's CD rates are fair compared to the national average.

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Find a Mechanics Cooperative Bank Near Me

Mechanics Cooperative Bank has nine physical branches in the U.S.

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