Personal Savings Accounts and CDs

Whether your savings goals call for the simplicity of a savings account, the longer term reward of certificates of deposit, or the tax advantages of an Individual Retirement Account, Mechanics can easily accommodate any need.
 

Planned Expense Account

This unique account is a perfect way to save money for a specific need or goal such as a down payment on a mortgage, vacations, weddings - even holiday shopping. It offers one high interest rate on all balances up to $5,000. Interest is compounded daily and varies with general market conditions.
  • One high rate of interest
  • Unlimited deposits and in-person withdrawals. Up to six electronic withdrawals per month. (Electronic withdrawals include: checks, Automated Clearing House (ACH)/Point-of-Sale (POS) debits, phone transfers, online banking transfers that cover overdrafts, and pre-authorized transfers.)
  • No monthly service charge.
 

Statement Savings Account

We continue to offer the simplest form of saving for most anybody. All you need to get started is an opening deposit of $25.00. You will receive quarterly statements detailing your interest earned and all of your transactions for the period.
 

Health Savings Account

A Health Savings Account (HSA) can be established by eligible individuals1 covered under a high-deductible health plan (HDHP) to save for and fund qualified medical expenses2. Contributions are fully tax-deductible, earnings are tax-deferred, and distributions used to pay for qualified medical expenses are tax-free. Other features and benefits of Mechanics Savings Bank's Health Savings Account include:
  • Earns interest
  • No monthly service charge or set up fees
  • $25 minimum balance to open
  • Contributions/deposits can be made via payroll deduction and direct deposit
  • Pay for qualified expenses with a debit card, check, or online
  • Instant access to your available balance
  • Balance rolls over from year to year
  • You own the account, so it can move with you if you change jobs or health plans
 
1 Eligible individuals have a high deductible health plan, are not covered by other health insurance, and are not enrolled in Medicare.
2 Reference IRS publication 502 for "qualified medical expenses".
 

Certificates of Deposit (CDs)

Short or long term and FDIC-insured, Mechanics' CDs offer some of the best, most secure rates of return among bank investments. And, Mechanics has consistently been a leader in providing our very best rates for our customers.
  • Interest rate is fixed; interest is compounded daily and credited to the account monthly
  • All you need is a balance of $500 in order to earn interest
  • If funds are withdrawn before maturity a penalty can be imposed
 

Bump Up CD or IRA*

Our Bump Up CD or IRA is a great way to save and earn interest. Plus if our rates go up, you can "bump up" your rate one time prior to maturity. You get the best of both worlds: security and flexibility.
  • $1,500 minimum to open
  • Early withdrawal penalty  
*Annual Percentage Yield (APY): 0.85%.  The annual percentage yield is effective as of 03/03/16 and is subject to change at any time. Annual percentage yield assumes principal and interest remain on deposit for the term of the certificate. Interest is compounded daily. Penalty will be imposed for early withdrawal. A withdrawal of the interest will reduce earnings. Fees could reduce earnings on the account. A $1,500.00 minimum balance is required to earn advertised annual percentage yield. The interest rate will be fixed for the term of the account unless the bump up option is exercised. Rate Bump: During the term of this 3 Year CD/IRA, and upon written authorization from any accountholder, a one-time option to adjust the Rate of Interest is permitted. The rate will be adjusted for the remainder of the term of the certificate, to Mechanics Savings Bank rate that is in effect for a 3 Year Regular CD/IRA (non-promotional rate) at the time of the adjustment.
 

Individual Retirement Accounts (IRAs) 

Using Mechanics CDs as Individual Retirement Accounts are an easy way for to save money for retirement. An IRA has a specific maturity date and the rates and terms are comparable to our CD rates. You can choose from several options:
  • Traditional IRA benefits:
    • Can be opened without the participation of an employer.
    • May receive immediate tax benefits with contributions and/or earnings may be tax deferred until retirement.
  • Roth IRA benefits:
    • Can be opened without the participation of an employer.
    • Contributions are made after taxes allowing any qualifying principal distribution to be tax free.
    • No age limit to make contributions (traditionally 70 ½).
 
Contact us today to open any of our savings or CD accounts.

 

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