Best Banks in Massachusetts

Wondering which banks in Massachusetts are worth your time? Explore this article to find out.

Massachusetts is known for its prestigious Ivy League, Fenway Park, and Dunkin' on every corner. But did you know it's also home to a diverse range of banks and credit unions?

Keep reading to learn more.

Best Banks in Massachusetts

Whether you're looking for innovative banking solutions or competitive interest rates, we've curated a list of the top banks in the Bay State you won't want to miss.

Rockland Trust Bank: Best Community Bank

Rockland Trust is a fantastic bank with a strong community focus. With 120+ locations in MA and RI and access to thousands of ATMs through the SUM network, it provides convenient and connected banking for its customers.^[1]

This bank offers an extensive range of products, from checking and savings accounts to loans and investments. One of the standout offerings is its CDs. It has various term options from 5 months to 5 years, as well as competitive rates.^[2]

So, if your main goal is to grow your savings, Rockland Trust is a good community bank to consider.

Pros + Cons

Eastern Bank: Best Regional Bank

Eastern Bank is a Boston-based regional bank dedicated to serving the communities of Massachusetts, New Hampshire, and Rhode Island. They have over 90 locations in MA and access to thousands of ATMs through the SUM® network.^[3]

One of their best offerings is the Eastern Free Checking account with no monthly fees or minimum balance. It includes a complimentary Mastercard debit card, providing free access to SUM® ATMs and convenient worldwide purchases.

If you're looking to make your money work harder, Eastern Bank has excellent savings options, too. Their money market account and CDs come with good rates to help you grow your funds effectively.

Pros + Cons

Synchrony Bank: Best Online Bank

If you prefer to handle your banking online, Synchrony might be your best bet. Though they lack physical branches in the US, they have a user-friendly online platform and an extensive ATM network (via Accel).

Plus, they have great savings options to help you grow your money. Their most popular product is the High-Yield Savings account, boasting a 4.50% APY and $0 monthly fees.^[4]

While the rate isn't the highest, this account stands out with its optional ATM card, a rarity for online banks. You can access your savings easily both online and at ATMs whenever you need them.

Pros + Cons

Citizens Bank: Best Savings Options

Citizens is a bank with the strongest presence in the state. With over 190 locations spread across various cities in MA and access to over 3200 ATMs nationwide, they've got you covered.^[5]

For your everyday banking, they have several options loaded with great features like early direct deposit and overdraft coverage. Plus, students under 25 can enjoy a checking account with no monthly maintenance fees.

Meanwhile, if you're looking to grow your money, Citizens Bank offers a variety of options, including savings accounts, money market accounts, and CDs.

Pros + Cons

TD Bank: Best for Interest Checking

TD Bank is a great choice for nationwide coverage with over 1,100 locations and 2600 ATMs. They have 295 branches and ATMs in Massachusetts alone, ensuring accessibility wherever you go.^[6]

They offer a range of financial products, including checking and savings accounts, CDs, credit cards, personal loans, and mortgages. Notable among these are the TD Beyond Checking, an interest-bearing account, and the TD Signature Savings with a good APY on certain balances. ^[7][8]

Ultimately, if you prefer a big bank that lets you earn on your checking balance, TD Bank is a good option.

Pros + Cons

Santander Bank: Best for CDs

Another institution with a strong presence in Massachusetts is Santander Bank, a multinational bank headquartered in Spain. In the US, Santander is based in Boston, primarily serving the northeastern states.

With over 200 locations in MA,^[9] Santander is a convenient option for residents. They offer a range of personal and business banking services, including checking, savings, CDs, loans, and more.

It's a great choice for growing your savings since they offer a 6-month and a 12-month CD with competitive rates.^[10] If you're okay with locking up your money for a while, consider getting a CD with Santander Bank.

Pros + Cons

Types of Banks in Massachusetts

Below are the different types of banks you'll find in Massachusetts:

National Banks
National banks, chartered and supervised by the U.S. Treasury, offer a wide range of financial products like banking, credit cards, loans, and investments. These banks typically provide convenient access to services with branches and ATMs across multiple states.

Regional Banks
Regional banks, on the other hand, serve specific geographic areas such as a state or region. They have fewer branches than national banks but offer more personalized services.

Community Banks
A community bank provides financial products and services to a specific area or neighborhood. They focus on building relationships with residents and businesses which supports local economic development.

Online Banks
Online banks offer financial services without physical locations. Everything is handled through their website or mobile app, and you can usually withdraw cash at ATMs.

Without the cost of maintaining branches, online banks often provide higher interest rates, no service fees, and lower balance requirements.

Our Methodology

In making this list, we mainly looked at FDIC-insured financial institutions with branches in the state to emphasize convenience and community support. We considered factors like branch locations, online banking, and the range of services offered.

Nonetheless, eligibility on this list was also extended to reputable online-only banks. After all, they are rapidly becoming more popular among those who want better APY for their savings.

We collected data by researching websites and financial reports. While we tried to be comprehensive in our presentation, we relied on information available to everyone.

How to Choose the Best Bank for You

Before settling on a bank, it's important to consider these factors:

Monthly Fees
Be mindful of monthly fees that some banks charge as these can quickly drain your funds. To keep your money safe and growing, search for a bank with no fees or where you can easily meet the requirements to avoid them.

Branch and ATM Access
While online banking is incredibly convenient, having nearby branches and ATMs makes a big difference. Choosing a bank with local branches gives you easier access to your money and the benefit of in-person assistance whenever you need it.

Online Banking
A user-friendly online banking system is essential because it makes managing your money a breeze. When you're busy and can't get to the bank, a great online or mobile banking app lets you access your funds quickly and easily with just a few taps.

Products and Services Offered
Choosing a bank with a variety of services is a game-changer. Start with a checking account and easily add a savings account or other services as needed. This convenience makes managing your finances stress-free.

Bottom Line

Massachusetts offers a wide range of banking options, each with its own distinct advantages and considerations. But, at the end of the day, the best choice depends on your specific needs and preferences.

For instance, if you want a community-oriented banking experience, consider regional banks like Rockland Trust or Eastern Bank. Alternatively, if maximizing your savings is your priority, banks offering competitive rates like Synchrony or TD Bank may be the ideal choice.

References