Best Banks in Massachusetts

Massachusetts is the 16th most populated state in the US, and as such, there are plenty of banks and credit unions to choose from.

This post will cover the best banks that The Bay State has to offer. From local banks to national chains — you’ll get an idea of where MA residents are stashing their cash.

Best Massachusetts Banks & Credit Unions

Citizens Bank

Top Accounts:

  • Citizens EverValue Checking
  • Citizens Quest Savings
  • Citizens One Deposit Checking

 

One of the largest regional banks in the U.S., Citizens Bank offers various bank accounts and financial services, including personal banking, small business banking, and investment accounts. Citizens Bank also provides credit cards, money market accounts, personal loans, and mortgages.

While not as large as BoA or TD Bank, Citizens Bank is the most popular bank in Massachusetts with 200 of its 1,000 branches located in the state. It has 3,000 free ATMs and solid features like early direct deposit and overdraft protection.

Pros:
  • Well–rated mobile app
  • Most regional bank branches in MA
  • Over 3000 fee-free ATMs in MA
Cons:
  • Only located in 15 states
  • Most accounts have fees
  • Few credit card options

TD Bank

Top Accounts:

  • TD Beyond Checking Account
  • TD Growth Money Market Account
  • TD Simple Savings Account

 

TD Bank is one of the 10 largest banks in the U.S. in total assets with more than a thousand locations spread along the East Coast. Around 100 of those branches can be found in Massachusetts.

TD Bank, which self-proclaimed itself as America’s most convenient bank, offers several levels of checking and savings accounts, a money market account, CDs, and credit cards. Its fees are in line with other large, regional banks, and its annual percentage yield (APY) is not the best. However, plenty of people seem to be happy with TD, because the bank has won several notable awards over the years.

Pros:
  • Top-rated customer service
  • Over 125 locations in MA
  • Numerous account options
Cons:
  • Low savings rates
  • Annoying monthly service fees
  • Only located on the East Coast

Rockland Trust Bank

Top Accounts

  • “Free Checking” Account
  • “Free Savings” Account
  • 7-Month CD

 

Rockland Trust is an FDIC-insured community bank with 120 locations in Massachusetts and Rhode Island. In 2022, the bank tied for #1 in customer satisfaction in New England.

Despite its smaller size, Rockland Trust offers the same variety of account options as national chains. You can also get a mortgage and home equity line of credit (HELOC). Overall, there are few fees or minimum balance requirements. Its savings rates are low, however. As for CD rates, they are marginally higher. Most notably, a 7-month CD comes with a 0.20% APY. Unfortunately, you will have to apply for the 7-month CD at a branch.

Pros:
  • Solid community bank
  • Fewer fees than big banks
  • Excellent customer service
Cons:
  • Lowish savings rates
  • No branches outside of MA and RI
  • Limited credit card options

Santander Bank

Best for international travelers

Top Accounts

  • Simply Right Checking
  • Santander Money Market Savings
  • Santander Savings

 

Santander Bank is a subsidiary of Spanish-based Santander Group. In the U.S., the bank has over 600 branches and is headquartered in Boston. Santander offers personal and small business checking, several deposit account options, and convenient features like online bill pay.

No annual fee cash back credit cards are also available, as are sign-up bonuses. In fact, new Personal Checking customers can earn up to a $500 bonus, while new Business Checking customers can earn up to $550 (terms apply).

While Santander’s savings rates are slightly better than other national banks, they still cannot compare with online banks. Overall, its sign-up bonuses seem to be the bank’s most attractive feature.

Pros:
  • Attractive sign-up bonuses
  • Tons of account options
  • International branches for world travelers
Cons:
  • Watch out for monthly fees
  • Only located in nine states
  • Limited credit card options

Eastern Bank

Top Accounts

  • Eastern Free Checking
  • Eastern eZ Checking
  • Eastern Premier Money Market

 

Eastern Bank is among the most popular community banks in New England, with more than 100 locations in Massachusetts, Rhode Island, and New Hampshire.

The bank offers personal, small business, and commercial banking, and a full-service online platform with features like mobile check deposits. Eastern’s savings APY is less than exciting at 0.02% APY, but at least you can make fee-free withdrawals at thousands of SUM ATM locations. For high net worth individuals, investment guidance, wealth management, retirement planning, and fiduciary services are also available.

Pros:
  • Robust investment services portfolio
  • Well-suited for local businesses
  • 24/7 customer support
Cons:
  • Low APY on savings deposits
  • Only located in three states
  • Some monthly fees

Capital One

Top Accounts

  • 360 Checking Account
  • 360 Performance Savings
  • MONEY Teen Checking

 

Capital One is the fifth largest consumer-facing bank in the U.S., operating as a hybrid — meaning it’s both a digital and traditional bank. Though Capital One’s online accounts and credit cards are available nationwide, its branch locations are limited to around 750 locations.

The good news is that Capital One offers some of the best deposit accounts you’re likely to find. Most of its online accounts have no fees, and its savings rates match the leading online banks. Plus, you can make debit card purchases a few days in advance with early direct deposit.

Pros:
  • Fewer fees than larger competitors
  • Top-rated savings accounts and credit cards
  • High-quality mobile app
Cons:
  • Not many branches in Massachusetts
  • Low ratings on TrustPilot
  • No money market accounts

Middlesex Savings Bank

Top Accounts

  • Statement Savings
  • Freedom Blue Checking
  • Freedom Platinum Checking

 

Founded in 1835, Middlesex Savings Bank is a community bank located just outside of Boston in Natick, MA. Today, Middlesex Savings Bank is the largest mutual bank in Massachusetts, with 32 branch locations throughout the state.

Though it’s the smallest bank to make this list, Middlesex Savings offers a variety of account options and modern online tools on par with other banks. Personal checking and savings accounts, CDs, mortgage loans, retirement accounts, personal loans, and auto loans are just a few of the services that Middlesex provides.

Pros:
  • True community bank feel
  • Impressive account menu considering its size
  • Well-suited for Boston suburbian residents
Cons:
  • Only located in MA
  • Not as many branches as competitors
  • Limited credit card options

Bank of America

Top Accounts:

  • Bank of America Advantage Banking
  • Bank of America Advantage Savings
  • Business Advantage Fundamentals Banking

 

Bank of America (BoA) is one of the biggest banks in the world and has the most significant presence in Massachusetts out of large national chains.  It offers many deposit account options and banking services, including small business banking. As is standard with big banks, BoA tends to charge higher fees, and offers mediocre interest rates on savings deposits.. At the time of writing, BoA is paying 0.01% to 0.04% APY on savings deposits, depending on the level of account you have.

Pros:
  • Lots of locations in MA
  • Nationwide presence
  • Plenty of account options
Cons:
  • More fees
  • Low APY on savings deposits

Mass Bay Credit Union

Top Accounts:

  • Mass Bay Free Checking
  • Mass Bay NOW Checking
  • Multiple Savings Accounts

 

Mass Bay Credit Union has served the local community since 1939. They are a full-service financial institution with a wide range of products and services, from mobile banking to home and auto loans.

Membership is open to:

  • Anyone who lives, works, or attends school within Norfolk County, Suffolk County, Middlesex County, Abington, Brockton, Hanover, Hingham, Lynn, Marshfield, Norwell, Peabody, Rockland, Saugus, Scituate, and Whitman
  • Employees or former employees of Massachusetts Bay Transportation Authority (MBTA)
  • Employees or former employees of entities affiliated with MassDOT
  • Employees or former employees of the Massachusetts State Police
  • Immediate Family Members of Mass Bay members
Pros:
  • Wide range of products
  • Fee-Free Checking
  • Early Pay with direct deposit available up to 2 days early
Cons:
  • Must be a member
  • Only 4 branches in South Boston, Everett, Quincy, and the Seaport District

 

Which MA Bank is Best for You?

Massachusetts has no shortage of national, regional, and local banking options, including credit unions and fee-free online banks. Besides knowing all about the main players, it’s also important to narrow down what matters most for you.

If you frequently travel and like in-person support, you might be better off with a large national chain such as Bank of America, Capital One, or TD Bank. On the other hand, if you run a local business, you might prefer the feel of a community bank like Middlesex, Sandanter, Eastern, or Rockland.

Remember: Any bank you go with should make your financial life easier to navigate and not the other way around.

National Banks

Like all highly populated states, Massachusetts hosts several different national banks (e.g., Bank of America and Chase). By default, national banks are a solid option for those who travel frequently and enjoy in-person support.

However, the downsides of big banks are typically higher fees and mediocre interest rates on savings accounts.

Regional Banks

A regional bank is one that’s only available to those who live in a specific region in the U.S. These banks have a smaller service area than national banks. For example, Santander Bank is available in 9 states in New England and the Mid-Atlantic.

Also, some regional banks, like TD Bank, are technically national banks. However, it’s considered a regional bank in terms of its service area, which is limited to the East Coast.

Local Banks

Local, or community banks are essentially smaller regional banks. They tend to offer more personalized service, though their locations are even more sparsely located.

Online Banks

Online banks are convenient because you can access your funds from anywhere with an internet connection. There are no brick-and-mortar locations, but online banks usually make up for it with lower or no fees and better savings rates.

Credit Unions

Credit unions are like banks; you can deposit money into checking, savings, and money market accounts. You can also borrow cash through loans and credit cards.

The difference is that while banks are for-profit, credit unions are member-owned, giving customers a more vested interest. Credit unions also usually offer solid interest rates and fewer fees.

Frequently Asked Questions

What is the most popular bank in Massachusetts?

Citizens Bank is the most popular bank in both Massachusetts and New Hampshire. Though it isn’t as big as some other banks in the area, it offers more in-person branches (200) and boasts more customers than any other bank in the state.

Which is the best bank for a savings account in Massachusetts?

That depends. If a high APY is what you’re after, then an online savings account is the way to go. Of the banks in this post, Capital One’s 360 Performance Savings likely has the most competitive APY.

Who is the number one bank in the US?

Chase Bank is the number one bank in the U.S., with over 4,700 branches and 16,000 ATMs. But keep in mind that bigger doesn’t necessarily mean better.

The best bank for you is all about addressing what you want and need. Are you looking for a cash back rewards checking account? Or perks like ATM fee reimbursements? Or maybe you need a bank that’ll help you rebuild your credit score.

Whatever your thing is, focus on that rather than trying to find the bank that tops all the rankings.