Banking service serves as an effective way of building high financial capacity. For cities like Boston which is among the top 30 most economically powerful cities in the world, it’s more like a necessity.
Yea, as a Bostonian, you may be among the folk that prefers packing their money in their houses just to avoid stories that touch the heart from banks and avoid risk, that’s fine.
But honestly, it’s riskier to keep your money in the house than to keep it in the bank. You can be robbed or tempted the use the money when an urgent need arises. Infact, anything can happen and you will lose it all without compensation.
So, why not pick any of the best bank credit unions in the city of Boston and save yourself from taking such an unnecessary risk?
It’s a nice idea, right? I know!
Also, I know that determining a top bank in Boston that meets your specific banking needs can be challenging considering that Boston has numerous banking options
With that in mind, we thought of making the search easier with this list of the best banks in Boston.
Reading this article will take you through the top 10 Boston’s banks that offer top-notch and exceptional banking services.
How many Banks are in Boston?
As one of the oldest cities in the United States, Boston has been home to numerous banks since 1784.
Boston has more than 30 different banks with over 900 branches in the Boston Metro area, which can make it hard to choose the right bank.
What are the Best Banks in Boston?
Below is a list of 10 best banks in Boston arranged in no particular order:
Note, some of these banks won’t only help you save, they would also offer you platforms to make money with your Bank Account easily.
What we Considered
We made this list by considering factors such as:
- The number of branches available in the city
- Minimum deposits
- The annual percentage yields (APYs)
- The type of accounts they operate.
#1. Ally Bank
Rate: 0.60% APY
Account Types: ( Savings and interest Checking Accounts)
Minimum Deposit: $0
Ally Bank is one of the best banks in Boston especially for people that prefer online mobile services. This bank offers two accounts which include: Online savings Account and Interest Checking account.
Each of these accounts has its minimum APY rate which differs. While online savings account rate is 0.60%, interest checking account rate is 0.25% APY.
And for the fact that Ally bank doesn’t require any minimal deposit, you can open an account with any amount at all.
Furthermore, since it’s online, you will get attended to anytime you want and anywhere you are. To get more information about Ally Bank, click the link below
#2. Bank of America
Rate: 0.01% APY
Account Types: Checking accounts, CD and Savings accounts
Minimum Deposit: $100
Next on our list is Bank of America. This bank has the highest branches in Boston, making it possible and easy for Bostonians to have access to banking services.
The bank has a variety of account options available for its customers. That means, if you make it your choice, you are sure of getting any account you need.
The downside you will face is its low interest rate, high minimal deposit and monthly fees which other banks has better offer.
#3. Citizen Bank
Rate: 0.01% APY
Account Types: Savings Accounts
Minimum Deposit: $0
Just like Bank of America, Citizen Bank is in all the nook and crane of Boston. They have more than 200 branches and ATM, which makes it easy for Bostonians to access their services.
Also, they offer various savings, checking, money market, and CD accounts, including IRA. With an IRA, you can save for your retirement comfortably.
So, if you’re looking for a bank in Boston that can help you save for your retirement, Citizen Bank is here for you.
The major downside of this bank is that they have an interest rate of 0.01% APY which is low, you can earn higher if you have Platinum Plus Savings Account.
To find out more about Platinum Plus Savings account and the bank itself, click the link below.
#4. CIT Bank Savings Builder Account
Rate: 0.45% APY
Account Types: Savings and CDs Account
Minimum Deposit: $100
CIT Bank Savings Builder Account is one of the best Savings banks in Boston. The bank aside from its savings account offers over 15 certificates of deposit which include the bank’s proprietary “RampUp” CDs, jumbo CDS, standard term CDs, and more.
Also, with CIT Bank, you can save for your vacation and long-term loan payment.
Their minimum opening deposit is $100 which is high and an interest rate of 0.45%.
It is important to keep in mind that Cit Bank has no physical location. that means everything is done online.
To get more information about how it works click the link below.
#5. Rockland Trust Bank
Rate: 0.01% APY
Account Types: Savings, checking, CDs, and money market accounts
Minimum Deposit: $10
In search of a good bank in Boston that offers to-notch customer services? Rockland Trust Bank got you covered.
Rockland Trust Bank’s top-rated customer service is second to none as far as Boston is concerned.
The bank offers different account options which include the following: savings account, checking account, CDs, and money market accounts.
Their savings account has an interest rate of 0.01% APY and a minimum deposit of $10, which makes it easy for anyone to open an account with them.
To find out more about this top bank in Boston click the link below
#6. Santander Bank
Rate: 0.01%
Account Types: Savings account
Minimum Deposit: $0
Need an account that will enable you to check your account freely? Santander Bank is the right option for you.
Santander boasts of over 650 branches and 2,000 ATMs throughout the Northeast. Basically, there’s no minimum balance, and you can waive the $10 Monthly Fee with one transaction—a deposit, withdrawal, transfer, or payment—per calendar month.
Aside from checking of account, the bank is also best for students in Boston.
#7. Toronto-Dominion Bank (TD) Bank
Rate: 0.05%
Account Types: Saving Account and checking account
Minimum Deposit: $0
TD Bank is one of the top banks in Boston offers top-notch banking services. It’s an American national bank and subsidiary of the Canadian multinational Toronto-Dominion Bank established in 1852.
The bank offers products and services such as Checking Accounts, Savings Accounts, Credit Cards, Home Equity, Mortgage Loans, and Special Offers.
However, the bank has a zero minimum deposit, a 0.05% APY, and charges $5 monthly maintenance fee which can be waived if you have a minimum of $300 in your account.
It also offers APY rate higher than 0.45%, which you can only get if you link a mortgage or equity loan to them during their incentive program. To know more about this program and other services TD provides, click the link below.
#8. Salem Five Bank
Rate: 0.01%
Account Types: Saving Account and checking account
Minimum Deposit: $100
Salem Five Bank is one of the best Boston Banks for students. It is in 35 locations in Boston. The bank has a Smart Student account that offers students the opportunity to save without worrying about monthly or yearly charges.
To open an account with Salem Five, you just need your credentials, no deposit at all. This makes it more interesting!
Aside from the account, the bank also provides helpful tools such as calculate for students who are their customers. With this tool, they can save for college and plan their lives.
To know more about this best bank in Boston, click the link below.
#9. First Republic Bank
Rate: 0.05%
Account Types: Checking and Savings Accounts.
Minimum Deposit: $500
Next in our list of top banks in Boston is First Republic Bank. It’s an American bank and wealth management company established in 1985 with branches in almost all the states in the USA.
The bank provides personal and business banking service including trust and wealth management services.
Generally, First Republic Bank interest rates are high. The caveat is that deposit minimums are larger than in most banks. For eg, a Passbook Savings account has a rate of 0.05 percent (higher if you have at least $20,000) but a minimum deposit if you have $500 to open an account.
A CD is another form of savings account to remember. First Republic Bank’s short-term CD rates are not necessarily the most favorable, but long-term CD rates are more in line with some of the highest on the market.
Again the CDs come with a minimum investment of $10,000 more than the norm.
Note, as of 2019, the total assets of First Republic Bank were US$111.0 billion.
#10. East Boston Savings Bank
Rate: 0.48% APY
Account Types: Savings Account and Premier Checking account
Minimum Deposit: $25
East Boston Savings Bank is one of the best banks credit unions in boston that is worth checking out. The bank offers a Premier Checking account and online mobile banking system.
With these features, you can open an account with them where ever you are.
Interestingly, the bank has a high yield account if not the highest in Boston. For instance, you can earn 0.48% if you have a minimum balance of $25,000. On the other hand, you can earn 0.10% if you have a higher account balance.
The downside of this option is that it has a monthly maintenance fee of $25, but not to worry, it can be waived if you can maintain a combined account balance of not less than $25,000.
To find out more, click the link below.
In Summary
The best banks in Boston are summarized in the table below. It captures their minimum deposit, the type of accounts they offer and the interest rate.
| Name of Bank | Savings APY Rate | Minimum Deposit | Account Types |
| Ally Bank | 0.60% | $0 | Savings and interest Checking Accounts |
| Bank of America | 0.01% | $100 | Checking accounts, CD and Savings accounts |
| Citizen Bank | 0.01% | $0 | Savings Accounts |
| Cit Bank | 0.45% | $100 | Savings and CDs Account |
| Santander Bank | 0.01% | $0 | Savings account |
| Toronto Dominion Bank | 0.05% | $0 | Saving Account and checking account |
| Salem Five Bank | 0.01% | $100 | Saving Account and checking account |
| Rockland Trust Bank | 0.01% | $10 | Savings, checking, CDs, and money market accounts |
| First Republic Bank | 0.05% | $500 | Checking and Savings Accounts. |
| East Boston Savings Bank | 0.48% | $25 | Savings Account and Premier Checking account |
References
- https://smartasset.com/checking-account/best-banks-boston-ma
- https://www.valuepenguin.com/banking/best-banks-in-boston
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