11 Best Banks in Massachusetts for 2024

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.

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11 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. SoFi

For those seeking an attractive online banking option with high interest rates, the SoFi Checking & Savings account is an outstanding selection. This account eliminates monthly charges and offers an attractive 4.60% APY for savings, along with a 0.50% APY for checking account balances.

A notable advantage of SoFi is the ability to receive your paycheck up to two days earlier with its early direct deposit feature.

Additionally, customers get comprehensive FDIC insurance protection up to $2 million.

SoFi also provides no-fee overdraft protection up to $50 for accounts receiving qualifying direct deposits. New account holders can also secure a bonus between $50 and $300, depending on their direct deposit amount.

With the convenience of more than 55,000 free Allpoint® ATMs, SoFi is rapidly becoming the preferred choice for those mindful of their finances.

2. TD Bank

For those residing on the East Coast, TD Bank offers a range of enticing products. New customers can enjoy a $200 bonus when opening a checking or savings account.

While the checking account comes with a $15 monthly fee, this can be avoided by maintaining a minimum balance, and there’s no minimum deposit requirement.

What truly sets TD Bank apart are its innovative credit cards. The TD Clear Credit Card breaks away from traditional interest rates, replacing them with a straightforward monthly fee based on your credit limit.

For example, a $1,000 limit incurs a $10 monthly fee, while a $2,000 limit costs $20 monthly. This transparent approach simplifies credit management and offers predictability in your finances.

Additionally, TD Bank offers savings accounts, CDs, personal loans, IRAs, credit cards, mortgages, and more.

3. Upgrade

Upgrade is a strong choice for online banking in Massachusetts, offering innovative financial solutions without traditional banking fees. Through its partnership with Cross River Bank, Upgrade ensures that all accounts are FDIC insured up to $250,000.

The Rewards Checking Plus account eliminates many common banking barriers, such as monthly maintenance fees, overdraft fees, and transfer fees. There’s also no minimum deposit requirement to open an account.

Upgrade offers features like early direct deposit, which allows you to access to your paycheck up to two days sooner than the standard schedule. Additionally, the account provides up to 2% cash back on all debit card purchases, rewarding everyday spending.

For those who use out-of-network ATMs, Upgrade reimburses up to five ATM fees per month, subject to certain conditions, adding to the convenience.

4. Citizens Bank

Citizens Bank is a regional bank with branches in Massachusetts, as well as in several other states from Connecticut to Washington, DC. One of its primary strengths is its reasonable fee structure.

The bank charges a $9.99 monthly service fee, which can be easily waived with just one deposit a month. Opening an account is hassle-free, requiring no minimum deposit, and there’s no daily balance requirement to worry about.

Where Citizens Bank really stands out is in its saving and investment options. With competitive rates of 2.75% APY on both CDs and money market accounts, it offers solid avenues for those looking to grow their money over time.

The bank also offers a credit card with a $150 bonus and cash-back options. Those in the market for a new home will also find value in Citizens Bank’s discounts on mortgages and home equity loans.

5. Rockland Trust Bank

Rockland Trust Bank is a community bank headquartered in Rockland with 120 branches dispersed across Massachusetts, including Boston, Worcester, Springfield, Lowell, Cambridge, and New Bedford.

It particularly excels in customer service and convenience, making it one of the top banking choices in the state. One standout feature is its checking account, which comes with no monthly fees, requiring only a $25 deposit to open.

Rockland Trust Bank also offers several savings accounts, including a basic savings account and a CD. With its advanced mobile banking features, the bank demonstrates its commitment to modernity.

This makes managing your finances easy, whether you’re in the comfort of your home or on the go. Additionally, Rockland Trust Bank provides smart ATMs with enhanced features, elevating the traditional cash withdrawal or deposit experience.

To cap it off, Rockland Trust Bank offers a unique customer support feature within its app, aptly named YourBanker. This provides you with quick and direct access to customer service, eliminating the need for long waiting periods or going through automated systems.

6. Salem Five Bank

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.

The bank stands out for its expansive ATM network, offering fee-free access not just at Salem Five ATMs but also at more than 55,000 AllPoint locations in the U.S.

This is especially convenient for those who travel frequently and wish to access their funds across the country.

Savings-wise, Salem Five offers a compelling up to 4.41% APY on CDs. An additional feature that sets this bank apart is the solid small business banking options.

7. Greylock Federal Credit Union

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.

The checking account can be opened with a minimum deposit of $15 deposit. Greylock provides fee-free ATM access through its own network, as well as a co-op partnership to offer service throughout the country.

In terms of savings accounts, Greylock offers up to 4.26% APY on share certificates. Additional features include attractive rates on auto loans, which can be a significant benefit for those in the market for a vehicle.

Another unique offering is their video teller services, enhancing customer service by providing a more personalized banking experience.

8. 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 community. Headquartered in Boston, Eastern Bank has been around since 1818 and has evolved over the years to offer modern banking services.

If you’re considering a new checking account, Eastern Bank’s current promotion could net you up to $600 in bonuses. The bonus amount is determined by your balance, so maintaining less than $4,000 will yield a $200 bonus.

In terms of fees and requirements, the bank keeps it simple, with no monthly maintenance fees and only a $25 minimum deposit to open a checking account. The bank also offers several savings accounts, including a CD with 4.50% APY, and a money market account with 3.50% APY.

This provides lucrative opportunities for those looking to save. Additional features that make Eastern Bank a compelling option include up to $50 in overdraft protection, which adds a layer of financial security to your account.

9. Middlesex Savings Bank

Middlesex Savings Bank holds the distinction of being the largest mutual bank in Massachusetts, with branches in smaller cities like Framingham, Natick, Wayland, Sudbury, Franklin, and more.

The bank offers no monthly service fees and a remarkably low $1 minimum deposit to open a checking account, making it accessible for virtually anyone. There’s also no requirement for a minimum daily balance.

With direct deposits, or for those under the age of 26, Middlesex Savings Bank offers up to five out-of-network ATM fee reimbursements per statement cycle, adding an extra layer of financial flexibility.

Currently, Middlesex Savings Bank offers 1.45% APY on savings accounts, 1.55% on CDs, and 4.50% APY on money market accounts. These rates provide options for those interested in saving their money

Moreover, Middlesex Savings Bank offers competitive rates on mortgages and personal loans, rounding out its portfolio of financial services.

10. Mass Bay Credit Union

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.

The credit union’s fee structure is quite favorable, with no monthly maintenance fees and a minimal $5 deposit required to open a checking account. Additionally, there’s no minimum daily balance requirement.

Mass Bay Credit Union provides free access to both their own ATM network and the extensive AllPoint network nationwide. For those who occasionally use an out-of-network ATM, the credit union also offers up to six free withdrawals per month, with a nominal fee of $1 per transaction thereafter.

They also provide some unique perks, such as free financial counseling for members. For those maintaining a balance of $400 or more, the credit union offers a free interest-bearing checking account, adding an extra incentive to save.

11. Bank of America

Although it’s not a community bank, there are benefits to national banks like Bank of America, including access to branches across the country.

A notable downside is the $12 monthly maintenance fee attached to each checking account. However, there are multiple avenues to waive this fee: setting up direct deposit, maintaining a $1,500 daily balance, or enrolling in the Bank of America Preferred Rewards program.

The bank also requires a $100 minimum deposit to open an account but has no minimum daily balance requirement, aside from the $1,500 needed to waive the monthly fee.

Bank of America stands out for its robust mobile banking options, making financial management convenient and secure from virtually anywhere.

When it comes to CD rates, Bank of America offers an attractive 4.50% APY. Additional features that enhance its appeal include a $200 bonus for new credit card signups and enhanced security features in its mobile banking app.

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.

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 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

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 Banks

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

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.

Credit Unions

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.

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Stephanie Faris
Meet the author

Stephanie Faris is a professional finance writer with more than a decade of experience. Her work has been featured on a variety of top finance sites, including Money Under 30, GoBankingRates, Retirable, Sapling, and Benzinga.