14 Best Banks In Massachusetts: Our Top Picks [2022]

There are hundreds of banks in the Bay State, from large national players to smaller regional and local institutions. The best differ from one another in various ways. The right person to work with, however, can be difficult to find. But don’t worry; SmartAsset’s banking professionals have your back. You won’t have to spend all day hopping from branch to branch or reading through the fine print online. We did the arduous work for you. 

So continue reading to find out more about the best banks in Massachusetts.

Best National Bank: Citizens Bank

People in the communities Citizens Bank serves have access to a variety of products. All deposit options are reasonably priced. One Deposit Checking accounts, for instance, can be opened with any amount. Additionally, if you make at least one deposit during each statement cycle, you can avoid paying the $9.99 monthly service fee.

Citizens Bank offers a Student Checking account for clients under the age of 25. There is no monthly service fee associated with this option, which can be opened with any deposit amount you choose. Customers with higher income levels might be interested in opening a Citizens Bank Platinum Checking or Citizens Bank Platinum Plus Checking. These two both draw attention. But there is a $25 monthly service charge for each account. If you maintain a minimum of $25,000 in the bank’s deposit accounts across all of your accounts, you can avoid it.

Indeed, there are numerous options for deposit accounts offered by Citizens Bank. Individual retirement accounts (IRAs), money market accounts, certificates of deposit (CDs), and savings accounts are among your options. The selection of deposit accounts offered by the bank includes more than a dozen different options. Every one is designed with a particular client in mind. For instance, if your child is 12 years old or younger, you can open a College Saver account for them. And the bank will provide you with a $1,000 bonus plus interest if you meet the following conditions by the time your child turns 18:

• Every year, save the required minimum amount: $50 if the child is between the ages of 6 and 12 at account opening, or $25 if the child is younger than 6 at account opening.

Among the banks we looked at in both the national and regional markets, this benefit is essentially unheard of. But the program for Education Refinance Loans from Citizens Bank is what really sets it apart. The bank also asserts that it can assist students in saving an average of $3,252 annually on their student loans, according to a yearly study of its own customers. Naturally, different outcomes would result from various circumstances. To make the most of this and other financing options provided by Citizens Bank, you should seek the advice of a financial advisor.

However, you would have simple access to your money whether in Massachusetts or elsewhere, regardless of the type of account you opened.

More than 3,000 ATMs and over 1,000 branches are operated by Citizens Bank. In actuality, Massachusetts is home to 245 Citizens Bank locations. Citizen Bank additionally offers its clients a variety of online and mobile banking services.

Best For Home Mortgages: Cambridge Savings Bank

Cambridge Savings Bank doesn’t offer insurance but does offer products in all of the other four main banking categories assessed for this ranking:

• Auto loans
• Investment services
• Credit cards

Depending on the services you require, Cambridge Savings offers four tiers of checking accounts. The simplest checking account only requires a $10 opening deposit and has no ongoing monthly fees. The monthly fees for the other tiers start at $10, but they can all be waived if you meet certain requirements, like keeping certain minimum balances or opening investment accounts.

Best For Online Banking: Century Bank

Based on a variety of advantages, Century Bank receives this GOBankingRates ranking. Auto loans, home mortgages, credit cards, investment services, and insurance are among the five categories of products that the bank provides.

Century’s Silver Checking offers free checking with no minimum balance required, as well as the following for free:

• Unlimited debit card usage
• eStatements
• Mobile and text banking
• Mobile check deposit

The Super Savings account from Century Bank, which pays 0.25 percent as long as you sign up for a monthly transfer of at least $50 from your open checking account, offers the highest savings APY on this GOBankingRates top 10 list.

Best For Mastercard Debit Card: Brookline Bank

However, Brookline Bank doesn’t offer credit cards, insurance, or investment services; it only provides loans for cars and homes. There are no monthly fees or minimum balance requirements for the bank’s AccessOne checking account. It is completely free. Similar to other free checking accounts on this list, Brookline’s AccessOne offers:

• Free online banking
• Mobile banking
• ePay
• eStatements

A free Access Savings account, free phone banking, and a discount on some loans are all included with AccessOne checking. Two additional upgraded checking accounts are also offered, but their fees are higher.

Best For Students: Bank Of America

Student-focused products are available from Bank of America in many different forms. Starting off, students who are 24 years old or younger can apply for a waiver and open an Advantage SafeBalance or Plus account without paying a monthly service fee. Additionally, numerous features for online and mobile banking are available to students who are on the go. Through the Bank of America app or the bank’s website, they can keep track of their spending, pay their bills, transfer money, and more. In fact, the Bank of America mobile app won praise from J.D. Power for its usability and abundance of useful information. Customer access to Zelle is another benefit. Using just the recipient’s email address and phone number, you can transfer money using this app to another user, much like services like Venmo. You won’t have to disclose confidential bank account information because of this.

Additionally, Bank of America provides a number of credit cards specifically for students. Particularly, the Bank of America Cash Rewards for Students credit card offers 1% cash back on all purchases. However, some wholesale clubs and grocery stores offer 2%. For the first $2,500 spent in all of these categories combined, you would also receive 3% on gas. Additionally, there are no annual fees associated with this account at the bank.

Bank of America’s Travel Rewards for Students may be of interest to people who are thinking about studying abroad. With this card, every dollar spent earns an unlimited 1.5 points. Your points will also never expire. If you also have an open checking or savings account with Bank of America, you can earn an extra 10% in customer points. For this account, the bank does not impose an annual fee.

Opening a BankAmericard for Students, however, might be of interest if you’re looking for a straightforward Bank of America credit card with a student focus. Within the first 15 billing cycles after you open an account, this option currently carries a 0% APR.

Best For No Minimum Balance: Berkshire Bank

With assets of more than $9.5 billion, Berkshire Bank ranks second among the top 10 banks in Massachusetts according to GOBankingRates. The bank provides services for insurance, investment management, and mortgage and auto loans.

The bank also offers a variety of checking account options, such as the Free Checking account, which features:

• No monthly service charge
• Free unlimited online banking and bill pay

Berkshire Bank offers a wide range of services for businesses, including cash management and equipment financing in addition to business checking, savings, escrow, and certificate of deposit accounts.

Best For Unlimited Check Writing: Eastern Bank

While Eastern Bank offers credit cards, mortgage loans, and investment services, it does not offer auto loans or insurance. Nevertheless, with over $10.5 billion in assets and the most physical locations (84), it is one of the top 10 banks on the GOBankingRates list.

Regardless of your balance, the Eastern Free Checking account requires $25 to open and has no monthly maintenance fees. The account offers the following for free:

• Eastern Bank debit Mastercard
• Mobile banking
• Eastern HomeConnect, the bank’s online banking with bill pay service

Best For No Monthly Fee Or Service Charge: East Boston Savings Bank

Credit cards, investment management services, and insurance are not offered by East Boston Savings Bank. However, the bank does provide mortgage and auto loan services.

It also offers checking options, such as its Simply Free checking account featuring:

• No minimum balance required
• Free access to the nationwide Allpoint ATM network
• Free ATM Visa debit card

The account can be opened with just a $50 minimum deposit. Additionally, the bank gets points for its Statement Savings account, which grants a 0.10% APR on balances of $25 or more.

Best Regional Bank: Rockland Trust Bank

Rockland Trust Company, with its headquarters in Massachusetts, oversees more than 80 offices in the Bay State. The bank, however, provides a variety of products aimed at everyone from individuals to businesses and people interested in investing their wealth or planning for retirement, despite having a local focus.

The bank’s Free Checking account is one of its most well-liked products. As suggested by the name, there are no monthly service fees associated with this account at Rockland Trust Bank. Additionally, there is no required minimum balance. The benefits of its Student Checking option are the same. However, the bank also forgoes the surcharge it would have imposed on children for using out-of-network ATMs in order to give them a break.

Two different interest-bearing checking accounts can also be opened. Both, however, only receive a meager annual percentage yield (APY) of 0.01%. Therefore, they are unable to compete with the best checking account choices that also pay interest.

However, if you’re prepared to save for the long term, Rockland Trust Bank still provides a variety of deposit options with competitive interest rates. You could open a CD for a term of six months to five years, for instance. But like most banks, Rockland Trust typically provides the best rates for longer-term CDs. For instance, you can open a five-year CD with a $1,000 minimum deposit and receive an annual percentage yield of 0.40%. Compound interest is paid daily on CDs at Rockland Trust Bank. This indicates that your interest is compounded daily.

The bank also provides a range of insurance and loan options, such as mortgages and home equity lines of credit. Additional features include mobile and online banking access.

Best Customer Service: TD Bank

In the financial services sector, TD Bank is an enormous force. It comes as no surprise that it has been praised for its exceptional customer service given the reputation it must uphold. In fact, it most recently won praise from J.D. Power after its most recent study on customer satisfaction with retail banking. Its Florida service garnered a lot of attention. But there are more than 100 TD Bank locations in Massachusetts.

Any branch has a wide selection of personal banking, wealth management, and retirement planning products that are available when you walk in. You can apply for various loan options through the bank as well. A web-based Tax Resource Center is another resource that TD Bank provides to its clients. A section of its website is devoted to Finance 101, which is meant to assist people in managing their finances, from budgeting to retirement planning.

The TD Bank mobile app currently has a 4.7/5 star rating on the iTunes store, which the tech-savvy may find interesting. Apple placed it at No. 33 in finance. Overall, TD Bank promotes a welcoming environment at its locations and offers its clients a user-friendly digital experience. Its website’s customer service section is also very informative. Without calling or going to a branch, you can find answers to frequently asked questions. However, TD Bank’s website also provides a clear roadmap for contacting various departments should the need arise.

Best Online Savings Account: Synchrony Bank

Savings account rates weren’t the highest, according to our examination of the largest Massachusetts banks. Online high-yield savings accounts, on the other hand, might be more appealing to you if you’re willing to give up access to a physical branch. The one provided by Synchrony Bank is among the best alternatives available.

No minimum opening balance is necessary for the Synchrony Bank High Yield Savings Account. Additionally, it produces an APY of 2.25 percent at the moment. This rate outperforms the national average for savings accounts. Withdrawals may also be made over the phone, online, or using an ATM card. Many of the banks we looked into don’t provide debit cards connected to their savings options.

But if you have your Synchrony Bank ATM card with you, it’s simple to get to your money if you need it. You could use any ATM that bears the Plus or ACCEL logo without paying a fee, in fact. Additionally, depositing money is simple with synchrony. Any of the following channels can be used to accomplish this.

• Internal transfer from a different Synchrony Bank account
• Electronic funds transfer from a registered external account
• Mobile check deposit
• Third-party direct deposit
• Deposit through a Plus or ACCEL ATM
• Wire transfers initiated by another bank
• Personal or cashier’s check with a completed deposit slip for your account

Additionally, Synchrony Bank won’t impose an excessive withdrawal fee on you if you exceed the federal law’s six per statement cycle limit on the majority of withdrawals and transfers. This contrasts with other banks who might. However, if this occurs too frequently, Synchrony reserves the right to terminate the account.

Best In Tech: People’s United Bank

Customers of People’s United Bank can take advantage of a wide range of superior online and mobile banking features. On the Apple iTunes store, its mobile banking app has a nearly perfect 4.8/5 star rating. Additionally, it received a favorable 3.9/5 star rating from Google Play users.

The app goes above and beyond boasting the fundamental mobile banking features shared by all major banks, which is not surprising.

The People’s United Bank app, however, really shines thanks to its security features. For instance, you can disable your card using your mobile device in the event that you misplace it. From that point on, nobody would be able to use it to conduct transactions. You can even restrict account use to specific geographic areas or even particular types of merchants if you’re worried about your account being used outside of your local area. To keep tabs on spending and control cash flow, you can also tailor alerts.

Additionally, you receive the standard benefits of mobile banking, such as check deposit, bill payment, and money transfer. To send or receive a money transfer, however, you won’t have to share your bank account information. Just use the recipient’s email or phone number. Additionally, you can access your account using a fingerprint if you have an iPhone 5S or later model running iOS 8 or higher. Additionally, the app has a number of interactive features like savings calculators.

Best For Mobile And Text Message Banking: Middlesex Savings Bank

Middlesex Savings Bank is another organization honored by GOBankingRates for the range of services it provides, including credit cards, insurance, auto loans, and mortgages. The bank offers a variety of checking account options, all of which provide the following free services:

• Check writing
• Deposits
• Monthly eStatements
• Online banking and bill pay
• Debit Mastercard and ATM transactions
• Withdrawals and ACH/electronic transactions
• Access to thousands of fee-free ATMs

A checking account from the bank is called an “eBlue” account because it is entirely electronic. Even though none of Middlesex’s checking accounts are free to use, the eBlue account has the lowest bar for avoiding charges: If you’re under 25 years old, sign up for direct deposit, or maintain an average monthly balance of $100, ATM fees and the $5 monthly maintenance fee are waived.

Best For Investment Management: The Cape Cod Five Cents Savings Bank

The Cape Cod Five Cents Savings Bank, which has 17 physical locations and assets of just over $3.1 billion, is the smallest bank on this list of the top 10 banks in Massachusetts. It does provide extensive services relative to some larger banks, however, including:

• Auto loans
• Home mortgage loans
• Insurance

Cape Cod offers four checking accounts, but only the Free Checking account is fee-free each month. You must make a minimum opening deposit of $25 and enroll in electronic monthly statements no later than 60 days after the account is opened. Although they offer a wider range of services, other checking accounts have monthly fees of up to $20.

Checking Accounts Available Nationwide

Nothing beats the convenience of banking from the comfort of your own home, even though going to the neighborhood branch of your bank is convenient. Additionally, they enable mobile depositing and account access from anywhere.

Better Rates And Lower Fees

The biggest benefit of an online bank over a neighborhood bank is that they are less expensive to operate.

There are numerous costs associated with running a bank branch in Massachusetts. It’s necessary to rent or buy a building. The branch needs to have security installed, utilities paid for, and staff members hired.

Online banks can consolidate their operations to significantly cut costs. By providing better interest rates and lower fees, they can then pass those savings along to their customers. Some even provide benefits like reimbursement for ATM fees.

Fdic Insurance Still Applies

Many people are wary of conducting all of their banking online due to the serious problem of online fraud in the modern era. It is simple to assume that your money is safer in a nearby Massachusetts bank. Your money may be in an online bank, but that doesn’t necessarily mean it’s unsafe.

The Federal Deposit Insurance Corporation insures up to $250,000 per depositor per account type at all insured banks. Whether the bank has an online presence or not is immaterial.

The FDIC will reimburse you up to $250,000 if you deposit money and the bank closes.

You won’t have to worry about losing your money as long as the bank you select is FDIC-insured.

Make The Most Of A Checking Account From A Local Massachusetts Bank

Most national banks offer the same deals, no matter where you open the account. Whether you’re from Massachusetts or California, you’ll pay the same fees and get paid the same interest.

To attract local customers who might be more accustomed to national chains, local banks frequently attempt to offer more alluring features and benefits.

Pros And Cons Of Local Banks

Compared to national banks, local banks are less well known. If you travel frequently, you might not be able to find ATMs for the bank because they don’t have the same reach as national banks.

However, that lack of recognition can work to your advantage as Massachusetts-based local banks frequently provide better offers to lure clients. The majority are a part of national ATM networks, so the issue of branded ATMs is irrelevant.

Advantages and Disadvantages of Savings Accounts from Local Banks

Pros	Cons
Lower fees than national banks (but not always)Personal service for account management	Smaller branch and ATM networksInterest rates are not the highest available

Which Account Type Suits You Best?

These inquiries can assist you in making your decision if you’re still unsure whether you should open a checking account at a neighborhood bank or an online bank.

First, evaluate your proficiency using technology.

It will be simple for you to get used to using an online bank account if you have a smooth transition to new technology. Since you can manage your account from anywhere, it’ll probably be more convenient than banking in a physical bank.

Next, inquire how frequently you visit a branch of your current bank. If the answer is no, you don’t have much to lose by choosing an online account if you don’t visit very frequently.

As a last resort, consider what you’re willing to give up in order to conduct your banking locally. Compared to checking accounts at Massachusetts banks, online checking accounts are frequently less expensive. Ask yourself if you would be willing to pay the fees just to be able to physically visit a branch.

Most Important Features In A Checking Account

All of your earnings and outlays will go through your checking account. Thus, picking the appropriate account is crucial.

When selecting the best account for you, these are the most crucial factors to consider.

Monthly Fees

Monthly fees lower the balance in your account, leaving you with less money for needs and entertainment. Paying a fee seems unreasonable given that bank deposits are supposed to be secure.

Find an account with no fees or with a fee waiver requirement you can easily meet.

Atm/branch Access

It’s crucial that you can access your funds when you need them because you’ll be spending the money in your checking account.

Whether you choose a local bank or an online bank, make sure there is a branch or ATM close by. You’ll always be close to a cash withdrawal that way.

Again, many online checking accounts make it easy to avoid ATM fees by refunding the fees that are charged when you use another bank’s ATM.

Interest Rates

Interest rates are more important for savings accounts, but it’s still good to look for a checking account that offers a good interest rate.

Look for accounts that offer some interest because choosing one that doesn’t is equivalent to declining free money. Just be careful not to end up paying dollars in fees to make pennies in interest.

Mobile Banking Features

Online banking has become very common because our lives are becoming more and more digital. Verify that your bank provides the fundamental mobile banking services, such as checking, depositing, and money transfers between accounts.

Even though physical banks should have a minimal mobile banking app, it makes sense that online banks offer the best mobile experiences.

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