Best Banks in Massachusetts | Rates, Account Types, Min. Deposit

Working with the right bank can help you improve your financial goals and give you peace of mind. So, if you live in Massachusetts, you are still looking for options because there are numerous best banks where you can try out their services.

Each one of these banks stands for something different. But, with their years of experience, they still offer top-notch services to their customers.

Hence, with over 200 banks in Massachusetts to choose from, knowing the right bank that provides all the financial needs you expect from a bank may be difficult.

However, it is important you know that amongst all of them, some exceptional banks have stood the test of time, with many positive reviews coming in from customers.

So, in this article, you will get to know the best banks in Massachusetts that offer you satisfactory financial services as well as their minimum deposits, Savings APY rate, and account types.

What Are The Best Banks In Massachusetts?

Depending on your financial need and goals, there are good banks in Massachusetts that can meet your needs.

In fact, the best option is to get a bank that offers all the services you need at a satisfactory rate instead of using different banks for different services.

Among these top banks in Massachusetts are online banks, traditional brick-and-mortar banks with a few branches, and many others.

So, here are the best banks in Massachusetts. Remember that all these banks are FDIC insured, and the rates are on the Savings account.

#1.TD Bank

Rate: 0.05%

Minimum Deposit: None

Account Types: Checking, and Savings account

TD bank is one of the oldest and largest banks in America, with over 150 years of experience. The bank offers the same solutions to customers with different income size.

In a recent study by J.D power, TD bank was recognized for its unique customer service. Although TD Bank has a notable footprint in Florida, Massachussettes still houses most of its branches.

Asides from its exceptional customer service, TD banks offer other services like wealth management, retirement planning products, personal banking, and lots more.

An outstanding feature on TD banks’ website is the “Tax resource Centre” that helps tax departments and others stay aware of any changes to the tax system.

Additionally, the bank offers two savings account options- a simple savings account and the preferred savings account. While other banks may offer several account options, TD bank has better customer service and loyalty.

TD tops this chart as being the best bank in Massachusetts, with over 100 branches in the state.

Find out more by clicking the button below.


#2. Bank of America

Rate: 0.00%APY

Minimum Deposit: $25- for students checking account

Account Types: Savings, Checking

Bank of America is known as one of the oldest banks in the U.S with its over 200 bank branches scattered across Massachusetts. The bank offers a variety of banking products for students.

Its core checking account has a no-fee rule attached to it for students 24 years and younger. You can open the account with a minimum of $25, and after which you don’t have to pay any monthly maintenance fee till you graduate.

Traveling students are not left out as they can easily manage their accounts, make transfers, and carry out other financial transactions through the bank of Americas’ mobile app.

In addition, the Bank of America Cash Rewards for Students card delivers 1% cashback on all purchases. However, you get 2% at grocery stores and select wholesale clubs. You’d also get 3% on gas for the first $2,500 spent on these categories combined. Moreover, the bank charges no annual fee on this account.

Bear in mind that Bank of America has a penalty if you overdraw your account. So you want to be careful and monitor your balance regularly by putting your expenses in check.

The students checking account has an APY of 0.00% and a minimum deposit of $25.

Get to know more about what the Bank of America has for you by clicking the button below.


Get to know these 7 Easy Steps On How To Change Banks Without Stress | Full Guide

#3. Santander Bank

Rate: 0.03%

Minimum Deposit: $25

Account Types: Savings, checking, and CDs,

Santander bank is known fr its exceptional category of checking accounts. Ranging from student value checking, Santander basic checking to Santander premier plus checking, and Santander select checking.

Santander Bank’s Simply Right Checking is ideal for consumers looking for a free, no-frills checking account. If you make one transaction every month, you will not need to pay the monthly maintenance fee of $9.99.

Also, the account doesn’t need a minimum balance, meaning you won’t get any penalties for having an empty account.

Although Santander Bank has branches only up Northeast, it’s still an excellent banking option for residents in Massachusettes with its over 600 branches. No wonder it makes the list of the best banks in Massachusetts.

Find out more by clicking the button below.


#4. Citizens Bank

Rate: 0.01%

Minimum Deposit: $0

Account Types: Savings accounts, money market accounts, CDs and (IRAs).

Citizens bank is ideal for customers who like to have access to traditional brick-and-mortar banks. The bank offers a wide range of products to the community it serves. These products range from savings accounts to money market accounts, and personal loans.

Just like the Santander bank, you can avoid the monthly service fee of $9.99 on your checking account by making at least one deposit each billing cycle.

If you’d like a more advanced checking account, then Citizens Bank Platinum Checking or Citizens Bank Platinum Plus Checking would be a better option for you.

Citizen bank has more than 1000 branches with over 240 operating in Massachusetts.

Furthermore, the bank provides the bank with a series of digital features to ease online banking.

Find out more about these accounts and how they can be of help to you by clicking the button below.


#5. Chase

Rate: 0.01%APY

Minimum Deposit: None

Account Types: Checking, Savings account

Chase is a subsidiary of JP Morgan Chase, a very large financial institution known for providing top-notch financial services to its customers.

The services offered include consumer checking accounts, savings accounts, CDs, credit cards, mortgages, home equity lines of credit, car loans, and investing services.

Additionally, due to their years of banking experience, Chase offers financial advice as well as resources to help you start and grow your business.

Generally, Chase is known to give the best business advice and hence makes the list of best banks in Massachusets.

Get to know more about this top bank in Massachusetts by clicking the button below.


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#6. Rockland Trust Bank

Rate: 0.02%

Minimum Deposit: $50

Account Types: Savings, Checking, CDs

Rockland Trust bank is a regional bank with branches across eastern Massachusetts and the MetroWest region. Due to its years of providing satisfactory services to its clients, the bank continuously ranks top for best customer satisfaction.

As a matter of fact, Forbes ranks it as the #1 bank in Massachusetts for 2020’s World’s best banks.
Also, this full-service commercial bank offers a wide range of banking, investment, and insurance services. Its free checking account is one of the banks’ popular options. The account has no monthly service fee and no minimum balance.

Additionally, Rockland trust bank offers a variety of deposit options with fair rates if you want to save for a long. And a variety of insurance and loan options including mortgages and home equity lines of credit. You also get access to online and mobile banking.

Learn more about the bank by clicking the button below.


#7. Peoples United Bank

Rate: 0.02%

Minimum Deposit: $50

Account Types: Savings, Checkings, and CDs

Another one of the oldest financial services banks in the country is the People United Bank. Established in 1842, Peoples United bank has over 170 years of experience in offering commercial and retail banking, as well as wealth management services.

Asides from its other traditional banking services, a feature that makes Peoples United Bank stand out is its mobile banking app. The app has a 4.8/5 star rating on the Apple iTunes store, and a 3.9/5-star rating on Google Play Store.

This mobile app has a top-notch security system that ensures you don’t lose your money if you lose your card. You can easily block the card through the app if you lose it. This prevents anyone else from using the card.

Additionally, if you suspect that your account is being used somewhere else, you can restrict it to desired geographic locations.

A lot of features make this app one of the best banks in Massachusetts; you can get to know them by clicking the button below.


#8. CIT

Rate: 0.45%

Minimum Deposit: None

Account Types: Savings, Checking, Money market, CDs and custodial accounts.

CIT is a subsidiary of the CIT Group, a leading financial institution with over a century of experience in personal banking, business solutions and commercial banking.

CIT is known as the best bank for savings because of its diverse savings options with fair terms and rates that help you build up your fund in case of an emergency. The banks’ website offers educational content on the best saving practices and tips.

The company’s commercial banking category includes commercial financing, community association banking, middle market banking, equipment and vendor financing, treasury and payments services, and capital markets and asset management.

CIT’s consumer banking segment includes a national direct bank and regional branch network.

Get to know more by clicking the button below.


Learn How to make money with your Bank Account

#9. Axos Bank

Rate: 0.61%

Minimum Deposit: None

Account Types: Savings, Checking, Mortgage

Axos Bank is a subsidiary of the Axos Financial group and is among the first digital banks in the world. This online bank offers personal banking, investing, and business solutions.

Also, it has lending options that include mortgages, personal loans, auto loans and even investment property financing.

The outstanding feature of the Axos bank is its wide variety of no-fee, reward-based checking accounts. There are 3 standard checking accounts and 2 specialized checking accounts you can decide to open, with each having its own benefit.

Bear in mind that you will need to pay an account opening fee of $50.

Again, you can use the Axos bank mobile app to access your accounts, pay bills, transfer or carry out any other financial transaction.

Find out more by clicking the button below.


#10. Synchrony Bank

Rate: 0.60%APY

Minimum Deposit: $0

Account Types: IRA, Money market account, and Savings account.

Customers who don’t mind forfeiting a physical location bank can decide to use Synchrony bank. Synchrony bank is one of the major key players in the online banking sector known for its high yield savings account.

The savings account has a no minimum balance requirement, and an APY that is higher than the national average APY. With the account, you can link your ATM card to it and carry out any transaction.

Synchrony bank also provides a no-fee ATM card that you can use at any ATM to access your funds. So, you can easily deposit, withdraw, and transfer funds.

Get to know all the perks of this online bank by clicking the button below.



Below is a summary of the best banks in Massachusettes as well as their minimum deposits, rates, and account types.

BankSavings APY RateMinimum DepositAccount Types
TD Banks0.05%0.05%Checking, Savings.
Bank of America0.00%$25- for students checking accountChecking, Savings.
Santander Bank0.03%$25Savings, Checking, and CDs
Citizens Bank0.01%$0IRA, Money market account, Savings account, and CDs
Chase0.01%$25Checking, Savings, and CDs
Rockland Trust Bank0.02%$50Checking, Savings, CDs.
Peoples United Bank0.02%$50Savings, checking, and CDs
CIT0.45%NoneSavings, Checking, Money market, CDs and Custodial accounts.
Axos Bank0.61%NoneSavings, Checking, Mortgage.
Synchrony Bank0.60%$0Savings, Checking, money market accounts, IRAs
best banks in massachusetts

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