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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

Mechanics Cooperative Bank started in 1877 with headquarters located in Taunton, Massachusetts. Mechanics Cooperative Bank handles $572 million in assets along with $419 million in deposits, making it a medium-size bank. Mechanics Cooperative Bank has above-average customer service access 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 access to service representatives at a physical location, in addition to its online and mobile apps. With a score of 4.2 out of 5 stars, Mechanics Cooperative Bank should be solidly in contention for your choice of bank. Mechanics Cooperative Bank offers a complete array of product offerings, including savings accounts, checking accounts, money market accounts, CDs, IRAs, brokerage accounts and mortgage products. It has a fair savings rate; other popular banks have higher rates. If you're looking for a checking account for everyday use, Mechanics Cooperative Bank offers an option without a maintenance or monthly fee. Institutions that offer no-fee checking as well as a high interest rate savings account are your best bet for gaining the highest 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

Mechanics Cooperative Bank has a savings rate of 0.05%, which is fair in comparison to the average U.S. bank. Mechanics Cooperative Bank's CD rates are 0.60% and 3.00% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account has a rate of 0.40%. Given its below average savings rate, you should think about taking a look at other banks for savings accounts.

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

On average, Mechanics Cooperative Bank charges customers extremely low fees as compared against the national average. Its checking account has no monthly fee, rating it excellent for anyone looking for a simple account. Mechanics Cooperative Bank unfortunately does not reimburse out-of-network ATM fees, meaning you will need to find a Mechanics Cooperative 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

3.7
SmartAsset Average: 3.7

Mechanics Cooperative Bank is a brick-and-mortar bank, with nine total bank locations in Massachusetts. With mobile and web apps, Mechanics Cooperative Bank makes mobile banking straightforward, even on the go. Mechanics Cooperative Bank also offers a live chat feature, a helpful way to reach a representative during the work day. Mechanics Cooperative Bank's online and mobile banking services get poor scores from users. The Mechanics Cooperative Bank mobile app has an overall rating of 3.0 out of 5 (out of 10 customer reviews on Apple and Android) compared to the national average of 3.8. You can access Mechanics Cooperative Bank's app to control your funds by reviewing current statements, sending and receiving funds and reaching support representatives. Mechanics Cooperative Bank gets a superb consumer satisfaction rating based on comparatively few consumer complaints filed with the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector.

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 owning $572 million in assets as well as deposits totaling $419 million. Mechanics Cooperative Bank's Texas Ratio is 3.34%, signifying a low likelihood of 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 Account 0.35% APY $10000

Mechanics Cooperative 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 Cooperative 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 Cooperative Bank's CD rates are fair in comparison to the average U.S. bank.

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Find a Mechanics Cooperative Bank Near Me

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

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