Massachusetts is a beautiful state, filled with culture and history. It’s also a populous state that’s home to a wide range of businesses, including many in the biotechnology and engineering fields.
If you live in Massachusetts, you’ll need to find a bank that fits your lifestyle and savings needs. Fortunately, Massachusetts has no shortage of banks and credit unions. The many options can make it hard to narrow down the best banks in Massachusetts for you. Below are some of the best banks in Massachusetts.
12 Best Banks in Massachusetts
From small local banks to national banks with locations in Massachusetts, here are some of the best banks in Massachusetts to help you find the right fit.
KeyBank stands out as a regional bank that combines extensive coverage with versatile customer service. With branches spanning across 16 states, it ensures convenient ATM access nationwide. To sweeten the deal, KeyBank allows the first two transactions at unaffiliated ATMs for free each month.
Salem Five Bank, based in Salem and with a strong footprint in the Boston area, is another top choice for banking in Massachusetts. They offer a free checking account that even rewards customers with $0.05 cash back on debit card purchases. The minimum deposit is just $10 to open the account.
Greylock Federal Credit Union offers a community-based banking experience, with a focus on Berkshire County, Massachusetts, and Hudson, New York. If you’re looking for a checking account with no monthly fees along with competitive rates on various personal banking options, Greylock could be the right fit for you.
Mass Bay Credit Union, with branches scattered across South Boston, Everett, Quincy, and the Seaport District, specializes in offering competitive rates much like other credit unions. To be eligible for a bank account, you’ll need to either live or work in Boston or the surrounding areas.
How to Choose the Best Bank in Massachusetts
When it comes to choosing the best bank in Massachusetts, several factors come into play. These can range from individual financial goals and habits to specific services you may require. Below are some key aspects to consider:
- Location and accessibility: Unless you go with an online bank, make sure your chosen bank or credit union has branches near your home, workplace, or other frequently visited areas.
- Fee structure: When reviewing bank accounts, take a close look at the bank’s fees, including monthly maintenance fees, ATM fees, and overdraft charges. Many banks offer ways to waive these fees, so be sure to check if you meet the requirements.
- Interest rates: Whether it’s a checking account, savings account, CD, or loan, annual percentage yield is an important consideration. Look for competitive rates to maximize your financial growth and benefits.
- Minimum requirements: Check whether the bank requires a minimum deposit to open an account, as well as any minimum balance requirements for waiving fees. Make sure these align with your financial capabilities.
- Online and mobile banking: In today’s digital age, robust online and mobile banking features are a must. Ensure your financial institution offers secure and convenient online services, from mobile check deposits to online bill pay.
- Customer service: Quality of service can vary widely between institutions. Research reviews or get personal recommendations to gauge the quality of customer support, both online and at physical branches.
- Additional perks: Many banks offer additional benefits, such as credit card bonuses, financial counseling, and partnerships with other financial products or services. Assess which perks would be most beneficial for you.
- Type of Bank: Finally, consider whether a large national bank, regional bank, local bank, online bank, or credit union would best suit your needs. Each comes with its own set of pros and cons that we will cover below.
By keeping these factors in mind, you can better evaluate your options and make an informed decision about which bank in Massachusetts is the right fit for you.
Types of Banks in Massachusetts
Financial institutions come in a variety of forms, and the one that’s best for you depends on your needs. Do you need wealth management services, or is avoiding ATM fees while traveling a bigger priority?
It’s important to first make sure a bank is insured by the Federal Deposit Insurance Corporation (FDIC) or National Credit Union Administration (NCUA) for credit unions. From there, you just need to find the best bank for your financial needs.
No matter where you live in Massachusetts, national banks probably have branches nearby. Bank of America, for instance, has branches throughout Massachusetts. The best thing about national banks is that you can always find a branch and ATM, even if you leave home.
But there’s another benefit to going big. With a national bank, you often have a broader range of features. There may be multiple deposit accounts, including a free checking account, an interest-bearing account, and savings account options that will help with retirement planning. Many large banks also offer investment accounts and advisors to help you manage your money.
There is a disadvantage to going national, though. Unlike other banks in your community, it may be difficult to get customer service when you need help with your checking account, savings account, or wealth management. Yes, you can visit a local branch, but if the representatives are busy, you might have a long wait.
Regional banks can combine the best of both extremes. For one, you can find branches and ATMs when you leave the state to go to nearby areas like Rhode Island or New York. These banks may also offer unlimited ATM reimbursements or have partnerships with networks that give you fee-free cash access nationwide.
Being in between can work against a regional bank, though. You might discover that interest rates aren’t as competitive as online accounts that are trying to win business. A regional bank may only offer one checking account, compared to the multiple options you get with a national bank. But you may also not get the same personalized service as you’d get with going local.
Local community banks typically offer the essential features you’d expect from online banks, such as mobile apps for easy money transfers and check deposits. Moreover, a strong local bank is usually deeply involved in the community, providing small business banking and loan options that are above and beyond what national banks offer.
However, not all local banks are insured by the FDIC, so it’s important to check for that. Additionally, community banks may have a limited scope of services and could offer less competitive interest rates on savings and retirement accounts.
Online banks feature high interest rates on savings and checking accounts due to lower overhead costs. Most online banks offer all the amenities you need, including robust mobile apps, the ability to transfer money, and deposit checks from anywhere.
However, there are drawbacks to consider. For one, if you frequently deal with cash, online banks may not be the most suitable option since they lack physical branches for deposits.
Additionally, while some online banks partner with ATM networks for fee-free cash withdrawals, others may charge fees for using out-of-network ATM. Make sure to scrutinize these aspects when considering an online banking option.
One of the biggest advantages of credit unions is their sense of community and personalized service. Because you’re a member-owner, you’ll often find better interest rates and lower fees. Many credit unions also excel in community involvement and may offer extras like free financial counseling.
However, there are limitations. Credit unions typically have fewer branches and ATMs, which can be inconvenient if you’re often away from your local area. The range of financial products is generally more limited compared to national or regional banks, and eligibility criteria can sometimes be a hurdle. While they offer a more intimate banking environment, they may lack the expansive services and availability of larger banks.
Chime is a financial technology company, not a bank. Banking services and debit card provided by The Bancorp Bank N.A. or Stride Bank, N.A.; Members FDIC. Credit Builder card issued by Stride Bank, N.A.
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