Massachusetts is a thriving state with a rich history, a strong economy, and a diverse population. Home to major industries like biotechnology, engineering, and finance, it offers a wide range of banking options to suit different financial needs.
Whether you prefer a large national bank, a community-focused institution, or a digital banking solution, Massachusetts has plenty of choices.
11 Best Banks in Massachusetts
From local banks with deep community ties to national banks offering extensive branch networks, these are some of the best banking options in Massachusetts.
1. SoFi
For those looking for a high-yield online banking solution, the SoFi Checking & Savings account offers a strong combination of convenience and rewards.
2. TD Bank
TD Bank is a popular choice for Massachusetts residents, with branches in cities like Boston, Cambridge, Lowell, Quincy, and Worcester.
3. Upgrade
Upgrade is a top online banking option in Massachusetts, providing a fee-free banking experience with high rewards and competitive savings rates.
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.
5. Rockland Trust Bank
Rockland Trust Bank is a community bank headquartered in Rockland with 120 branches dispersed across Massachusetts, including Boston, Cambridge, Lowell, New Bedford, Springfield, and Worcester.
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.
7. Greylock Federal Credit Union
Greylock Federal Credit Union serves Berkshire County, Massachusetts, and Hudson, New York, with a strong focus on community-based banking.
8. Eastern Bank
Eastern Bank is a longstanding financial institution in Massachusetts, headquartered in Boston and serving the community since 1818.
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, Franklin, Natick, Sudbury, Wayland, and more.
10. Mass Bay Credit Union
Mass Bay Credit Union serves Boston and nearby areas, with branches in South Boston, Everett, Quincy, and the Seaport District.
11. Bank of America
Bank of America provides nationwide branch access, making it a convenient choice for those who travel or relocate frequently.
How to Choose the Best Bank in Massachusetts
Choosing the right bank in Massachusetts depends on your financial needs, habits, and the services you prioritize. Here are key factors to consider:
- Location and accessibility: If you prefer in-person banking, choose a bank or credit union with branches near your home or workplace. If you’re comfortable banking online, consider an institution with strong digital services.
- Account fees: Review potential charges, including monthly maintenance fees, ATM fees, and overdraft fees. Many banks offer ways to waive these costs, so check if you qualify.
- Interest rates: Whether for a checking account, savings account, CD, or loan, competitive rates can help maximize your money.
- Minimum requirements: Some banks require a minimum deposit to open an account or maintain a specific balance to avoid fees. Make sure these align with your budget.
- Online and mobile banking: Look for secure and user-friendly digital features, such as mobile check deposit, bill pay, and account alerts.
- Customer service: Check reviews and recommendations to ensure your bank provides reliable support, whether online, over the phone, or in person.
- Additional perks: Some banks offer sign-up bonuses, credit card rewards, or financial tools that may add value to your banking experience.
By weighing these factors, you can confidently choose the best bank to support your financial goals.
Types of Banks in Massachusetts
Massachusetts offers a range of banking options, from large national banks to smaller community-focused institutions. Choosing the right bank depends on factors like accessibility, fees, interest rates, and customer service. Here’s a breakdown of the different types of banks available in the state.
National Banks
National banks like Bank of America provide broad access to branches and ATMs across the country. They offer a full range of financial products, including checking and savings accounts, credit cards, and investment services. While they provide convenience, fees may be higher, and customer service can feel less personal.
Regional Banks
Regional banks operate across multiple states, giving customers a mix of accessibility and personalized service. They often offer ATM fee reimbursements and competitive interest rates, though their product selection may be more limited than national banks.
Local Banks
Community banks focus on personalized service and local business support. They may offer specialized loan products and lower fees, but digital banking features and ATM networks can be less extensive.
Online Banks
Online banks eliminate branch overhead, allowing them to offer high-yield savings accounts and low fees. While they provide mobile-friendly banking solutions, cash deposits and in-person services may not be as readily available.
Credit Unions
Credit unions are member-owned institutions known for lower fees, better loan rates, and a community-focused approach. Membership may be restricted to certain groups, and branch access can be more limited than traditional banks.
Final Thoughts
Massachusetts offers a wide selection of banks and credit unions, each catering to different financial needs. Whether you prioritize nationwide convenience, competitive interest rates, or personalized service, there’s a banking option to fit your lifestyle.
Before deciding, evaluate account features, fees, and accessibility to find a financial institution that aligns with your long-term goals. The right bank should not only meet your immediate needs but also support your financial future.
