Best Banks and Credit Unions in Massachusetts
Massachusetts is home to hundreds of banks and credit unions from national players as well as local and regional institutions. But you do not need to spend hours running around branches or researching online. We did the hard work for you. Here is our take on the best banks and credit unions in Massachusetts.
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1. Citizens Bank
Savings APY: 0.01%
CD APY: 0.03% – 3 months, with a $1000 minimum opening deposit
Monthly Fees: $0 – $4.99
Insured by: FDIC (Federal Deposit Insurance Corporation)
How many branches are in the State? Citizens Bank has over 1,000 branches and more than 3,000 ATMs in the United States. In Massachusetts, there are 203 branch locations of Citizens Bank.
Pros:
- A wide network of bank branches and fee-exempted ATMs in Massachusetts
- Waivable monthly maintenance fees
- 24/7 banking with online and mobile banking
- Any minimum balance amount to open a savings account
Cons
- Only three credit card options to choose from
- A high minimum deposit amount is required to open a Citizens Access account
Citizens Bank is one of America’s largest and oldest banking institutions, with over $226.7 billion in assets. The bank has its head office in Providence, Rhode Island, and provides a wide range of personal and commercial banking solutions to individuals, middle-market companies, small businesses, and large corporations.
The bank also offers a wide range of products and services, including credit cards, home loans, student loans, retirement planning, auto loans, business loans, investments, and more.
2. Rockland Trust Bank
Savings APY: 0.01%
CD APY: 0.05% – 6 months, with a $1000 minimum opening deposit
Monthly Fees: $0
Insured by: FDIC (Federal Deposit Insurance Corporation)
How many branches are in the State? Rockland Trust Bank has over 120 branches, 9 mortgage centers, 11 investment management offices, and 20 commercial lending centers in Massachusetts and Rhode Island.
Pros:
- One of the best regional banks in Massachusetts
- Superior customer service
- A broad range of savings and checking account options
- Easy-to-use mobile banking app
- Interest earnings compound daily
Cons
- Low APY on savings and checking accounts
- The bank has branches only in Massachusetts and Rhode Island
Rockland Trust Bank is a subsidiary of Independent Bank Corp, offering a broad spectrum of banking, insurance, and investment services to individuals and businesses. It requires no minimum balance and there is also no monthly service fee for some savings and checking accounts.
Their CD APY is comparatively higher than other banks in Massachusetts. The bank also offers a variety of loan and insurance options, including lines of credit and mortgages. You can also access their mobile and online banking solutions.
3. TD Bank
Savings APY: 0.02% for TD Simple Savings account
CD APY: 0.50% standard APY – 6months, with a $250 minimum opening deposit
Monthly Fees: $5 – $15
Insured by: FDIC (Federal Deposit Insurance Corporation)
How many branches are in the State? TD Bank has 289 branches and ATMs in Massachusetts
Pros:
- Over 289 branches and ATMs in MA
- A wide range of account options
- Excellent customer service
- Waivable monthly maintenance fees
Cons
- The $15 monthly service fee is typically high
- Moderate APY on savings and money-market accounts
TD Bank is one of the largest banks in the U.S., offering several levels of personal savings and checking accounts, CDs, credit cards, and money market accounts. Additionally, it also offers several retirement planning and wealth management products.
TD Bank offers a friendly ambiance at its branches and an improved user experience to its customers online. Award-winning customer service makes the bank stand out in the banking and finance market.
4. Bank of America
Savings APY: 0.03%
CD APY: 0.03% – 2.75% depending on balance and termit
Monthly Fees: $8 for savings accounts and $12-$25 for checking accounts
Insured by: FDIC (Federal Deposit Insurance Corporation)
How many branches are in the State? Bank of America has branches and ATMs in over 200 branches in Massachusetts
Pros:
- Waivable monthly maintenance fees
- Bank of America Preferred Rewards members may get special interest rates
- 24/7 customer service
- A broad range of banking and financial services
Cons
- Higher ATM fees of up to $5 for non-Bank of America withdrawals
- Monthly maintenance fees on checking accounts are high
Headquartered in Charlotte, NC, Bank of America is one of the best national banks with a global presence. It has over 4,100 financial centers and more than 16,000 ATMs worldwide. GoBankingRates ranks Bank of America among the Best National Banks in 2022.
Its products and services include savings and checking accounts, credit cards, auto loans, home loans, and other investment options. Through its digital platform, Bank of America serves 41+ million active users worldwide.
For members of Preferred Rewards, there are several benefits like interest rate boosters and waivers on monthly maintenance fees and other services.
5. Santander Bank
Savings APY: 0.03% on Santander Savings and 0.10% on Money Market Savings
CD APY: 2.75% for a 9-month term, depending on location
Monthly Fees: $1 for the savings account and up to $25 for checking accounts
Insured by: FDIC (Federal Deposit Insurance Corporation)
How many branches are in the State? Santander Bank has branches and ATMs in 220 locations in Massachusetts
Pros:
- Full-service banking and financial services
- Attractive sign-up bonuses
- Moderate interest rates on savings and checking accounts
- Tons of bank account options
- Bank anywhere and anytime via online or mobile banking
Cons
- Monthly fees can be higher for some accounts
- Limited credit card options
Santander Bank is one of the largest retail and commercial banks in America, with $89.5 billion in assets. The bank offers multiple checking and savings bank account options, and also other banking products & services like credit cards, personal loans, mortgages, and investments.
It also has a wide range of options for small business and commercial banking. The bank offers several sign-up bonuses and the interest rates are also better than other national banks.
6. Greylock Federal Credit Union
Savings APY: 0.05% on a minimum deposit of $2,500
CD APY: 0.55% for a 6-month term
Monthly Fees: N/A
Insured by: NCUSIF (National Credit Union Share Insurance Fund)
How many branches are in the State? Greylock Federal Credit Union has 12 branches and 20 ATMs in Massachusetts
Pros:
- A wide range of banking & financial products and services
- eStatements for up to 24 months available at your fingertips
- 0% APR on credit cards for 6 months
- Minimum opening balance as low as $5
Cons
- Need to maintain minimum account balance to enjoy interest earnings
- Not too many branches or ATMs available in Massachusetts
Greylock Federal Credit Union is one of the best financial institutions in Massachusetts that is an independent company, entirely owned by its members. Despite its small-scale operation, the credit union provides a wide range of products & services that include checking & savings account, credit cards, auto loans, mortgages, personal loans, home loans, retirement planning, and more.
It also offers convenient online and mobile banking platforms, with free eStatements. Members and customers can open savings bank accounts for as little as $5.
7. Chase Bank
Savings APY: 0.01% (the rates are variable)
CD APY: 0.02% for 1 month CD term, with a minimum deposit amount of $1000
Monthly Fees: $0-$5 on Chase Savings; up to $25 on checking accounts
Insured by: FDIC (Federal Deposit Insurance Corporation)
How many branches are in the State? Chase Bank has more than 4,700 branches and 16,000 ATMs across the United States. In Massachusetts, the bank has branches and ATMs in 102 locations.
Pros:
- Nationwide presence with a broad range of banking products and services to choose from
- Waivable monthly service fees
- Earn an attractive bonus when you open a checking account
- Mobile and online banking facilities that make transactions hassle-free and fast
Cons
- Comparatively lower APY on savings and CD accounts
- Monthly fees on certain checking accounts can be as high as $25
Chase Bank is one of the largest banks in the United States, offering an array of banking and financial services. These include personal savings & checking accounts, mortgages, credit cards, auto loans, business lending, investments, and payment processing.
Established in 1799, it is one of the oldest banks in the U.S., serving its customers for more than 223 years. In addition to its global presence in 100 countries across the world, it brings banking on the go through its online and mobile banking platforms.
8. Eastern Bank
Savings APY: 0.01% (the rates are variable)
CD APY: 1.41% for 3 month CD term, with a minimum deposit amount of $2,500
Monthly Fees: $0-$7 on savings accounts; up to $10 on checking accounts
Insured by: FDIC (Federal Deposit Insurance Corporation)
How many branches are in the State? Eastern Bank has a presence in over 120 locations in eastern Massachusetts, Rhode Island, and coastal and southern New Hampshire
Pros:
- A robust portfolio of banking products and investment services
- Excellent customer support
- Ideal for local businesses
Cons
- Lower APY on savings and checking accounts
- The bank has a presence only in three states
Eastern Bank is headquartered in Boston, MA, and is one of the best banks in Massachusetts. Starting from a modest saving bank, it has transitioned into a full-service commercial bank today that provides a wide range of banking & financial solutions.
It has over $24 billion in assets and offers tailored services that include checking & savings accounts, home and personal borrowing, credit cards, debit cards, mortgages, retirement planning, business banking, insurance, investments, commercial banking, and more.
The bank also has expertise in wealth management, commercial real estate, cash management, capital market activities, Forex services, and equipment leasing. It also has the complete digital banking solutions you require.
9. First Citizens Federal Credit Union
Savings APY: 0.05%with a minimum balance of $100
CD APY: 0.15% for a 3-month CD term
Monthly Fees: No monthly maintenance fee on most accounts
Insured by: NCUA (National Credit Union Administration)
How many branches are in the State? First Citizens Federal Credit Union has 11 branch locations in Massachusetts
Pros:
- No monthly maintenance fee
- Minimum balance as low as $1
- Robust online & mobile banking solutions
- A wide range of personal and business banking products & services
Cons
- Limited branches in Massachusetts
With over 80 years of experience, First Citizens Federal Credit Union is one of the best financial institutions in Massachusetts. Despite being a credit union, it provides a broad range of products and solutions that include personal checking & savings account, debit card, mortgages, student loans, term certificates, business checking & savings account, business loans, etc.
It also offers end-to-end digital banking solutions via convenient and hassle-free online and mobile banking. With a digital wallet, it allows you to pay bills online and perform several other functions.
10. Webster Bank
Savings APY: 0.02%
CD APY: 0.10% for 1-year CD term
Monthly Fees: No monthly maintenance feewith a minimum opening balance of $5
Insured by: FDIC(Federal Deposit Insurance Corporation)
How many branches are in the State? Webster Bank has over 22 branches and ATMs in Massachusetts
Pros:
- Open a savings account with as little as $5
- Online bill pay facility
- Students can open a personal checking account with just $50
- Webster Bank mobile app that also allows you to deposit checks digitally
- Options for overdraft protection are available
Cons
- The bank has a presence only in Connecticut, Massachusetts, Rhode Island, and New York
- Only two savings accounts
- Need to have a high balance amount to enjoy higher interest rates
Webster Bank is based in Connecticut, with over $60 billion in assets. It is one of the best commercial banks, offering a broad range of financial solutions to individuals, businesses, etc.
It offers traditional and digital banking services across a differentiated line of products that include checking accounts, savings accounts, debit & credit cards, mortgages and loans, business banking & lending, commercial banking, and wealth management.
Webster Bank is also one of the U.S.’s leading providers of employee benefits solutions through HSA programs. It provides banking products & services tailored to help individuals, businesses, partners, and families achieve their long-term financial goals.
11. M&T Bank
Savings APY: 0.01% on Relationship Savings; 0.02% on MyChoice Money Market
CD APY: 2.75% – 3.25% for 18 months; 2.50% – 3.00% for 12 months
Monthly Fees: $7.50 if certain requirements are not met
Insured by: FDIC (Federal Deposit Insurance Corporation)
How many branches are in the State? M&T Bank has branches and ATMs in 10 locations in Massachusetts
Pros:
- Waivable monthly service fees
- A wide range of personal, business, and commercial banking solutions
- A low minimum deposit is required at the time of opening an account
Cons
- Limited service area
- The monthly maintenance fee can be significantly higher if certain criteria are not fulfilled
M&T Bank was founded in 1856 and has a strong history of community-focused banking, making it one of the best banks in Massachusetts. It is one of the top 20 full-service commercial banks in the U.S., offering a comprehensive lineup of financial products and services. The People’s United is now a part of M&T Bank, helping clients meet their financial goals.
Its diversified line of business includes checking & savings accounts, loans & mortgages, credit cards, insurance, investments, cash management, business financing, commercial financing solutions, deposits, and much more.
The bank has a robust mobile banking app that is fully encrypted and easy to use, bringing all banking features to your fingertips. Using this app, you can also deposit checks digitally.
12. GFA Federal Credit Union
Savings APY: 0.05%for a minimum account balance of $50
CD APY: 0.20% with a minimum balance of $500 and a $500 minimum opening balance
Monthly Fees: $0 on most accounts
Insured by: NCUA (National Credit Union Association)
How many branches are in the State? GFA Federal Credit Union has over 5,000 shared branch locations and 30,000 ATMs nationally. It has 7 branches in Massachusetts
Pros:
- Zero monthly maintenance fees on most checking and savings accounts
- A broad network of shared branches and ATMs
- A wide range of account options, mortgages, and loans
- Excellent customer service
Cons
- Need to have a minimum account balance of $50.00 to earn interest and avoid a monthly maintenance fee
- Limited branches and ATMs in Massachusetts
GFA Federal Credit Union is a community-based financial institution that serves individuals and businesses in Southern New Hampshire and Central Massachusetts. It is entirely held by members and not stockholders. The credit union was established in 1938 and has since, expanded to be one of the best financial institutions in Massachusetts.
It has a diversified portfolio of financial products and services, including checking and savings account, mortgages & loans, insurance, investments, business banking, and digital banking solutions. Their digital banking services include 24/7 online banking, mobile banking, online bill payments, mobile deposits, and more, which helps make it one of the best banks in Massachusetts.
13. Middlesex Savings Bank
Savings APY: 1.00% with a minimum account balance of $10
CD APY: 2.50% with a minimum balance of $10 and a $250 minimum opening balance
Monthly Fees: $0 on most accounts
Insured by: FDIC (Federal Deposit Insurance Corporation)
How many branches are in the State? Middlesex Savings Bank has around 34 branches in Massachusetts
Pros:
- Minimum opening deposit amounts as low as $1
- Lower minimum account balances
- Higher APY on CD terms
- A broad range of personal savings and checking account options
- Robust online and mobile banking solutions
Cons
- Located only in Massachusetts
- No free checking account options
Finishing off our list of the best banks in Massachusetts, Middlesex Savings Bank is a mutual bank with over $6 billion in assets. It provides dedicated services combining traditional and digital banking platforms, helping clients meet their financial goals.
Despite being a regional bank, it has a comprehensive product line with a broad spectrum of savings and checking account options. Additionally, it specializes in mortgages, loans, credit cards, personal financing, retirement accounts, commercial lending, and much more.
Middlesex Savings Bank also provides access to an array of online services that include digital banking, online bill payment, external transfers, eStatements, eBills, and more. Through its robust mobile banking solution, it provides various services like a digital wallet, eDeposit, text banking, P2P payments, etc.
Safe deposit boxes, wire transfers, telephone banking, paycheck protection, cash management, SBA financing, and commercial real estate lending are some other facilities you will receive at the bank.