Best Banks in Massachusetts for 2023

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 local banks, regional banks, national 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.

10 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.

1. Citizens Bank

Citizens Bank is a regional bank with branches in Massachusetts, as well as Connecticut, Delaware, Florida, Maryland, Michigan, New Hampshire, New Jersey, New York, Ohio, Pennsylvania, Rhode Island, Vermont, Virginia, and Washington, DC. Fee-free ATM access is only available at Citizens Bank ATMs, but out-of-network fees are only $2 per transaction.

Fees:

$9.99 monthly service fees (waived with one deposit per month)
$35 overdraft fee

Balance requirements:

No minimum deposit to open
No minimum daily balance required

ATMs:

Fee-free at more than 3,200 locations in 11 states
$3 fee for each out-of-network ATM transaction

Interest on balance:

Up to 0.07% APY on savings accounts
Up to 2.75% APY on CDs
Up to 2.75% APY on money market accounts

Additional perks:

Credit cards offer $150 bonus and cash back
Discounts on mortgages and home equity loans

2. Rockland Trust Bank

Rockland Trust Bank is a local bank headquartered in Rockland. Branches and ATMs are located throughout Massachusetts. If you’re looking for a local bank, Rockland Trust Company is one of the best banks in Massachusetts. They not only offer great customer service, but they also have fee-free checking accounts and all the latest mobile banking features.

Fees:

No monthly fees
$35 overdraft fee

Balance requirements:

$25 deposit to open
No minimum daily balance required

ATMs:

Fee-free at Rockland Trust Bank ATMs
$2 fee for each out-of-network ATM transaction

Interest on balance:

Up to 0.01% APY on savings accounts
Up to 0.05% APY on CDs
Up to 0.10% APY on money market accounts

Additional perks:

Smart ATMs offer enhanced features
YourBanker provides customer support within the app

3. Chime

While there are no branches in Massachusetts, Chime could give you everything you need. Chime is one of several online banks offering Massachusetts residents free checking accounts, a high-yield savings account, and fee-free access to cash at more than 60,000 ATMs¹ nationwide.

Fees:

No monthly service fees
No overdraft fees⁵

Balance requirements:

No minimum deposit to open
No minimum balance required

ATMs:

Fee-free at 60,000+ ATMs nationwide
$2.50 out-of-network ATM fee

Interest on balance:

2.00% APY³ on savings accounts

Additional perks:

Early direct deposit access²
SpotMe provides $200 overdraft protection

4. Salem Five Bank

Another local bank that’s one of the best banks in Massachusetts is Salem Five, a Salem-based bank with a heavy concentration in the Boston area. Salem Five only has one checking account, a fee-free option that offers $.05 cash back on debit card purchases. You’ll get nationwide cash access while traveling, thanks to a partnership with the AllPoint network.

Fees:

No monthly service fees
$35 overdraft fee

Balance requirements:

$10 minimum deposit to open
No minimum balance requirements

ATMs:

Fee-free at Salem Five ATMs
Fee-free at 55,000+ AllPoint ATMs nationwide
$2 out-of-network ATM transaction fee

Interest on balance:

Up to 0.01% APY on savings accounts
Up to 4.41% APY on CDs

Additional perks:

$0.05 cash back on debit card purchases
Solid small business banking options

5. Greylock Federal Credit Union

If you’d prefer a community bank, check to see if you qualify for membership at Greylock Federal. You’ll get a free checking account and competitive interest rates on personal banking options like loans. Greylock has 14 locations in Berkshire County, Massachusetts, and Hudson, New York, as well as a co-op partnership that offers ATM access nationwide.

Fees:

No monthly fees
$15 overdraft fee

Balance requirements:

$15 minimum deposit to open
No minimum balance requirements

ATMs:

Fee-free at Greylock Federal Credit Union ATMs
Fee-free at co-op ATMs nationwide
$3.25 out-of-network ATM transaction fee

Interest on balance:

Up to 0.20% APY on savings accounts
Up to 3.05% APY on Share CDs

Additional perks:

Competitive rates on auto loans
Video teller services available

6. GO2bank

Another option for those who don’t mind doing all their banking online is GO2bank. GO2bank is one of the best banks for those who use a lot of cash. You’ll get fee-free access to AllPoint ATMs nationwide, as well as cash deposits at 90,000+ retailers. There’s also a free checking account, as well as a savings account that earns 4.50% APY.

Fees:

No monthly maintenance fees
$15 overdraft fee

Balance requirements:

No minimum daily balance
No minimum deposit to open

ATMs:

Fee-free at AllPoint ATMs nationwide
$3 for each out-of-network ATM transaction

Interest on balance:

4.50% APY on savings

Additional perks:

Deposit cash at 90,000 retailers nationwide
7% instant cash back on gift card purchases

7. Eastern Bank

Eastern Bank is one of the best banks in Massachusetts if you’re looking for a bank with a deep history in the area. Based in Boston, Eastern Bank has been around since 1818 and has evolved over the years.

If you’re in the market for a new checking account, you can currently earn a bonus of up to $600 for opening a new account. The bonuses are balanced based, so a balance of less than $4,000 will earn you only $200.

Fees:

No monthly maintenance fees
$35 overdraft fee

Balance requirements:

$25 minimum deposit to open
No minimum daily balance

ATMs:

Fee-free at Eastern Bank ATMs
Fee-free at thousands of SUM Program ATMs nationwide
$2 out-of-network ATM fee

Interest on balance:

0.01% APY on savings accounts
Up to 4.50% on CDs
Up to 3.50% APY on money market accounts

Additional perks:

Up to $600 bonus for new accounts
Up to $50 in overdraft protection

8. Middlesex Savings Bank

Middlesex Savings Bank is the largest mutual bank in Massachusetts. Branches and ATMs are largely centered in the Boston area, but checking account holders get fee-free ATM use at AllPoint ATMs nationwide. If you have direct deposit or are under the age of 26, you’ll also qualify for up to five ATM fee reimbursements per statement cycle.

Fees:

No monthly maintenance fees
$35 overdraft fee

Balance requirements:

$1 minimum deposit to open
No minimum daily balance

ATMs:

Fee-free at Middlesex savings bank ATMs
Fee-free at AllPoint ATMs nationwide
Up to five out-of-network ATM fee reimbursements per year
$2 out-of-network ATM fee

Interest on balance:

Up to 1.45% APY on savings
Up to 1.55% on CDs
Up to 4.50% APY on money market accounts

Additional perks:

Competitive rates on mortgages and personal loans
Earn $50 for each new qualifying referral

9. Mass Bay Credit Union

With branches in South Boston, Everett, Quincy, and the Seaport District, Mass Bay is like many credit unions in that it offers competitive rates on deposit accounts and loans. You’ll have live access to customer service at Mass Bay branches in Massachusetts, as well as through three Interactive Teller Machines in the area. You’ll need to live or work in Boston or the surrounding areas to qualify for an account.

Fees:

No monthly maintenance fees
$25 overdraft fee

Balance requirements:

No minimum daily balance
$5 minimum opening deposit

ATMs:

Fee-free at Mass Bay CU ATMs
Fee-free at AllPoint ATMs nationwide
Six free out-of-network withdrawals per month ($1 per transaction after that)

Interest on balance:

Up to 0.10% APY on savings (share accounts)
Up to 3.35% on CDs
Up to 0.80% APY on money markets

Additional perks:

Free financial counseling for members
Free interest-bearing checking account for balances of $400 or more

10. Bank of America

Although it’s not a community bank, there are benefits to national banks like Bank of America, including access to branches and ATMs nationwide. One downside to Bank of America is that each checking account comes with monthly maintenance fees. But you can waive those by having direct deposit, maintaining a $1,500 daily balance, or enrolling in the Bank of America Preferred Rewards program.

In addition to physical locations and ATMs, Bank of America also has a robust selection of mobile banking features that keep banking convenient.

Fees:

$12 monthly fee (waived with requirements)
$10 overdraft fee

Balance requirements:

No minimum daily balance ($1,500 to waive maintenance fees)
$100 minimum opening deposit

ATMs:

Fee-free at 16,000 Bank of America ATMs nationwide
$5 for each out-of-network ATM transaction

Interest on balance:

Up to 0.04% APY on savings
Up to 4.50% on CDs

Additional perks:

$200 bonus for new credit card signups
Mobile banking offers enhanced security features

What kind of account is right for you?

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, but from there, it’s all about looking for the best bank to help with your financial life.

Advantages and Disadvantages of Local Banks

They might not have all the amenities of the biggest banks, but local banks do have their advantages. You’ll often get many of the basic features of an online bank through the mobile banking app, including easily transferring money and depositing checks. The best local bank is involved in the community and offers small business banking and loan options that are above and beyond what national banks offer.

But even the best local bank can fall short in some areas. Not all local banks are insured by the Federal Deposit Insurance Corporation, so it’s important to check for that. Local banks may also offer limited banking services and less competitive rates on savings and retirement accounts than other banks.

Advantages and Disadvantages of Online Banks

Online banks are an option, regardless of where you live. Today’s online accounts typically offer all the amenities you need, including the ability to transfer money and deposit checks.

If you regularly deal with cash, though, an online bank might not be as good a deal as you’d get with other types of bank accounts. Some online banks have ATM network partnerships that let you withdraw and deposit cash nationwide.

For those who don’t usually need cash, though, it might be worth looking into what the bank charges for out-of-network ATM fees. Keep in mind that the other bank will assess a fee in addition to the one your bank charges.

Advantages and Disadvantages of National Banks

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 corporate 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 area, you might find it tough 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.

Advantages and Disadvantages of Regional Banks

Regional banks can combine the best of both extremes. For one, you’ll probably find branches and ATMs when you leave the state to go to nearby areas like Rhode Island or New York. A regional bank 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 find 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 corporate banks. But you may also not get the same personalized service as you’d get with going local.

Frequently Asked Questions

How can someone determine whether a bank is the right fit for them?

What’s right for someone else might not be the best option for you. While shopping for banks, keep in mind the features you’ll use most often, as well as how important it is to bank locally. If you need that in-person contact that you can only get at a local bank, an online bank likely won’t work for you. If competitive rates and an easy-to-use mobile app are more valuable, you can kick off your search with that in mind.

What should someone look for in an online bank?

Online banks give you everything you need to manage your account through an app. You’ll likely also be able to access your online bank through the website. If you need to deposit a check, transfer money, or pay bills, you can do it. But where online banks fall short is when it comes to cash. Make sure you can deposit and withdraw cash when you need it without having to pay dozens of dollars in fees every year.

Which account is best for you?

It’s never been easier to manage your finances. Mobile banking lets you do everything electronically. But the right account is one that helps you set money aside and earn interest on it while also keeping fees to a minimum. You’ll also want a bank that gives you the type of customer support you prefer. Whether that’s 24/7 support by phone or through in-app chat or it’s face-to-face in a bank branch, you can find a bank that offers it.

Massachusetts has banks to fit every preference. You’ll just need to shop around to find the right bank for you. If you already have a bank, make sure you check out the competition occasionally. You may find switching accounts can save you money while also boosting the interest rates you’re earning on your balance.

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.

1. Out-of-network ATM withdrawal fees may apply with Chime except at MoneyPass ATMs in a 7-Eleven, or any Allpoint or Visa Plus Alliance ATM.

2. Early access to direct deposit funds depends on the timing of the submission of the payment ﬁle from the payer. Chime generally make these funds available on the day the payment ﬁle is received, which may be up to 2 days earlier than the scheduled payment date.

3. The Annual Percentage Yield (“APY”) for the Chime Savings Account is variable and may change at any time. The disclosed APY is accurate as of May, 22, 2023. No minimum balance required. Must have $0.01 in savings to earn interest.

5. Chime SpotMe is an optional, no fee service that requires a single deposit of $200 or more in qualifying direct deposits to the Chime Checking Account each at least once every 34 days. All qualifying members will be allowed to overdraw their account up to $20 on debit card purchases and cash withdrawals initially, but may be later eligible for a higher limit of up to $200 or more based on member’s Chime Account history, direct deposit frequency and amount, spending activity and other risk-based factors. Your limit will be displayed to you within the Chime mobile app. You will receive notice of any changes to your limit. Your limit may change at any time, at Chime’s discretion. Although there are no overdraft fees, there may be out-of-network or third party fees associated with ATM transactions. SpotMe won’t cover non-debit card transactions, including ACH transfers, Pay Anyone transfers, or Chime Checkbook transactions. See Terms and Conditions.