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.
The overall rating is a weighted average of rates, fees, service quality and financial health.Read more
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
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.
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.
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
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.Back to Overview
Compare Mechanics Cooperative Bank to Other Competitive Offers
|Product||Current Terms and Rates||Minimum Balance for APY|
|Savings Account||0.05% APY||$100|
|Checking Account||0.05% APY||$100|
|Certificates of Deposit|| ||$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.Back to Overview
Find a Mechanics Cooperative Bank Near Me
Mechanics Cooperative Bank has nine branches across the U.S.Back to Overview