11 Best Banks in Massachusetts for 2024

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.

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.

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.

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 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.

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.

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 compelling rates on CDs. An additional feature that sets this bank apart is the solid small business banking options.

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 great rates 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.

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 competitive rates on savings accounts, CDs, and money market accounts.

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.

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.

Middlesex Savings Bank offers excellent
rates on savings accounts, CDs, and money market accounts.

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

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.

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 CDs, Bank of America’s rates are quite competitive. Additional features that enhance its appeal include a $200 bonus for new credit card signups and enhanced security features in its mobile banking app.