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what is the best bank in Massachusetts?

what is the best bank in Massachusetts? | Top banks in Massachusetts

Hundreds of banks, ranging from major national players to regional and local institutions, are located in the Bay State. Each of the best stands out for a unique reason. Choosing the right one to work with, however, can be difficult. But don’t be concerned.

You won’t have to read the fine print online or spend an entire day running around to different branches. We did the necessary work for you. So keep reading to learn more about the best banks in Massachusetts.

How Do We Choose the Best Banks in Massachusetts?

We began by compiling detailed information on the state’s 15 largest banks. Then we looked into what else makes these banks noteworthy. We delved into specifics such as checking account affordability, the best savings accounts, fee structure, and customer service. As a result, Massachusetts’ top banks. Continue reading to find out why these banks made the cut and which one might be right for you.

Citizens Bank is the best national bank in the United States.

Citizens Bank provides a variety of products to the people who live in the communities that it serves. Deposit options are generally inexpensive. You can, for example, open a One Deposit Checking account with any amount. In addition, by making at least one deposit per statement cycle, you can avoid the $9.99 monthly service fee.

Citizens Bank offers a Student Checking account to customers under the age of 25. You can open this option with any deposit amount you want, and there is no monthly service fee. More affluent customers may want to open a Citizens Bank Platinum Checking or Citizens Bank Platinum Plus Checking account. Both of these pique people’s interests. However, each account is subject to a monthly service fee of $25. You can avoid it by maintaining a minimum of $25,000 in all of your bank’s deposit accounts.

Citizens Bank, in fact, provides a variety of deposit accounts from which to choose. Savings accounts, money market accounts, certificates of deposit (CDs), and individual retirement accounts are all options (IRAs). Across the bank’s deposit account menu, you have more than a dozen options to choose from.

Each is tailored to a specific customer. For example, if your child is 12 years old or younger, you can open a College Saver account for him or her. And the bank will give you a $1,000 bonus plus interest if you meet the following requirements by the time your child reaches the age of 18:

  • Every year, save the required monthly minimum amount: $25 if the child is under the age of six at the time of account opening, or $50 if the child is between the ages of six and twelve at the time of account opening.

This benefit is almost unheard of among the national and regional banks we’ve looked into. Citizens Bank’s Education Refinance Loan program, however, truly distinguishes it. And, according to a yearly study of its own customers, the bank claims it can help students save an average of $3,252 per year on student loans.

Individual circumstances will, of course, produce different outcomes. If you want to make the most of this and other financing options from Citizens Bank, you should speak with a financial advisor.

However, regardless of the type of account you open, you’ll have easy access to your funds whether you live in Massachusetts or elsewhere.
Citizens Bank operates over 1,000 branches and over 3,000 ATMs. In fact, Citizens Bank has 245 locations in Massachusetts. Furthermore, Citizen Bank offers a variety of digital services to its customers, including online and mobile banking.



  • A large number of branches and fee-free ATMs are available.
  • Several deposit accounts are available, including low-cost checking and savings accounts.


  • Basic online and mobile banking features

Best For

  • Customers interested in low deposit options, as well as recent graduates with student loan debt
Savings Account, 0.01% APY, Minimum Deposit: $0


Rockland Trust Bank is the best regional bank in New York.

Rockland Trust Company is headquartered in Massachusetts and operates over 80 offices throughout the state. Nonetheless, despite its local focus, the bank provides a wide range of products aimed at everyone from individuals to businesses and people interested in investing their wealth or planning for retirement.

The Free Checking account is one of the bank’s most popular offerings. This account, as the name implies, has no monthly service fee charged by Rockland Trust Bank. There is also no minimum balance requirement. The same benefits apply to its Student Checking option. However, in order to give children a break, the bank waives the surcharge that would have been charged if they used out-of-network ATMs.

Individuals can also open two different checking accounts that pay interest. Both, however, earn a low annual percentage yield (APY) of 0.01 percent. As a result, they can’t compete with the best checking account options that also pay interest.

However, Rockland Trust Bank continues to provide a variety of deposit options with reasonable interest rates, particularly if you’re willing to save for the long term. You can, for example, open CDs with terms ranging from six months to five years.

However, Rockland Trust, like most banks, offers the best rates on longer-term CDs. For example, you can open a five-year CD with a $1,000 minimum deposit and earn 0.40 percent APY. CD interest at Rockland Trust Bank is compounded daily. This means that your interest is compounded daily.

In addition, the bank provides a wide range of insurance and loan options, including mortgages and home equity lines of credit. You can also bank online and on your mobile device.


  • There are numerous deposit, insurance, and loan options to choose from.
  • There are high-yield CDs available.


  • Checking accounts with low APYs
  • Only Massachusetts and Rhode Island have branches.

Ideal For

Users that want to work with a bank branch that is deeply rooted in its communities.

Savings Account, 0.01% APY, Minimum Deposit: $0


TD Bank provides the best customer service.

In the financial services industry, TD Bank is a titan. And, with such a strong reputation to uphold, it’s no surprise that it’s been recognized for outstanding customer service. Indeed, J.D. Power recently praised it in its Retail Banking Satisfaction Study. Its Florida service drew a lot of attention. TD Bank, on the other hand, has over 100 locations in Massachusetts.

You’ll find a wide range of personal banking, wealth management, and retirement planning products at any branch. You can also apply for various loan options at the bank. TD Bank also provides customers with access to an online Tax Resource Center. It also has a section on its website dedicated to Finance 101, which is intended to assist people in managing their finances, from budgeting to retirement planning. Check more reviews on TD bank.

The developer may be interested to learn that the TD Bank mobile app has a 4.7/5 star rating on the iTunes store. It was also ranked No. 33 in finance by Apple. Overall, TD Bank creates a welcoming environment in its branches and provides a user-friendly digital experience to its clients.

The website’s customer service section is also very informative. You can get answers to frequently asked questions without having to go to a branch or call. TD Bank’s website, on the other hand, provides a clear outline of how to contact various departments if the need arises.


  • Nationally significant presence
  • Customer service that has won awards



  • Savings and money market options with moderate rates

Ideal For

  • Users who want TD Bank to handle most or all of their banking needs
Savings Account, 0.05% APY, Minimum Deposit: $0


Bank of America is the finest option for students.

Bank of America provides a number of student-focused products. For starters, students under the age of 24 can apply for a waiver and open a free Advantage SafeBalance or Plus account. Students who are on the go can use a variety of online and mobile banking services. They can use the Bank of America app or the bank’s website to track expenses, pay bills, make transfers, and much more. In fact, the Bank of America mobile app was recognized by J.D. Power for its ease of use and abundance of actionable data. Check updated bank for students using Bank of America

Zelle is also available to customers. This app, like Venmo, allows you to send money to another user by simply entering their email address and phone number. This means you won’t have to divulge any sensitive financial data.

Bank of America also has a number of student credit cards. The Bank of America Cash Rewards for Students card, in particular, gives you 1% cashback on everything you buy. Grocery stores and some wholesale clubs, on the other hand, offer 2% off. For the first $2,500 spent in these categories combined, you’d also get a 3% discount on gas. This account also has no annual fee charged by the bank.

Bank of America® Travel Rewards for Students may be of interest to those considering studying abroad. This card gives you 1.5 points for every $1 you spend. Furthermore, your points will not expire. Additionally, if you have an active checking or savings account with Bank of America, you will receive an additional 10% customer point bonus. This account also comes with no annual fee from the bank.

However, if you’re looking for a basic student credit card from Bank of America, the BankAmericard for Students® might be a good fit. During the first 15 billing cycles after you open an account, this option currently has a 0% APR.



  • Students can choose from a variety of checking and credit card options.
  • The app that has been certified by J.D. Power



  • Savings accounts with low APYs

Ideal For

  • Customers looking for basic and affordable deposit options, as well as students who are just starting to build their financial stability and credit history.


Student Checking Account, 0.00% APY, Minimum Deposit: $25


Synchrony Bank has the best online savings account.

Savings account rates weren’t the best, according to our research of Massachusetts’ largest banks. If you’re willing to give up physical branch access, online high-yield savings accounts may be more appealing. Synchrony Bank provides one of the most advantageous options available.

There is no minimum opening balance with Synchrony Bank’s High Yield Savings Account. It also pays a 0.60 percent annual percentage yield. This savings account rate is far higher than the national average. Withdrawals can also be made using your ATM card, over the phone, or online. Several of the banks we looked into do not provide debit cards that are linked to their savings accounts.

However, if you have your Synchrony Bank ATM card, you can easily access your funds if you need them. In fact, any ATM with the Plus or ACCEL logo would be free to use. Synchrony also makes depositing money simple. You can do so through any of the channels listed below.

  • Internal transfer from a Synchrony Bank account that isn’t yours.
  • A registered external account is used to make an electronic fund transfer.
  • Check deposit via mobile device.
  • Deposits are made by a third party.
  • Wire transfers from a Plus or ACCEL ATM by a different financial institution.
  • Personal or cashier’s check for your account, along with a filled-out deposit slip

Moreover, despite the fact that federal law limits most types of withdrawals and transfers to six per statement cycle, Synchrony Bank will not charge you an excessive withdrawal fee if you exceed that limit, as some banks will. However, if this occurs too frequently, Synchrony reserves the right to close the account.


  • Savings option with a high yield
  • Access to funds is simple, with ATMs that do not charge a fee.


  • There are none.

For the best

  • Account for online saving
  • Customers who prefer to conduct all of their banking transactions through the Internet
Savings Account, 0.60% APY, Minimum Deposit: $0


People’s United Bank is the best in technology.

Customers of People’s United Bank have access to a number of high-quality online and mobile banking services. On the Apple iTunes store, its mobile banking app has a near-perfect 4.8/5 star rating. It received a 3.9/5 star rating from Google Play users.

It’s not surprising, either. The app goes above and beyond the standard mobile banking features found in all major banks.
The People’s United Bank app, however, shines because of its security features. For example, if you lose your card, you can use your mobile device to turn it off.

This will prevent anyone from using it until you turn it back on. If you’re worried about your account being used outside of your area, you can restrict it to specific geographic regions or merchant types. You can also set up alerts to keep track of your spending and manage your cash flow.

You’ll also have access to basic mobile banking features such as mobile check deposits, bill payments, and money transfers. To make or accept a money transfer, you will not need to exchange bank account information.

Simply use the phone number or email address of the recipient. You can also use your fingerprint to log into your account if you have an iPhone 5S or later model with iOS 8 or higher. In addition, the app includes interactive features such as savings calculators.


Customers in Massachusetts can choose from three different checking accounts offered by Eastern Bank.


The Free Checking Account is precisely what it says on the tin. 
There are no fees to keep the account open once you’ve made the $25 minimum deposit. 
It provides basic verification services.


The EZ Checking account allows you to use ATMs from other banks and reimburses you for up to $10 in ATM fees per statement.
You can avoid the $10 monthly fee by signing up for e-statements and making 15 debit card purchases, or by signing up for e-statements and maintaining $1,500 balance.
The Premier Checking Account pays interest and reimburses all ATM fees charged by other financial institutions. 
You must make $500 opening deposit and keep total combined balance of $25,000 in your Eastern Bank accounts to be eligible for the account.

Santander Bank

Santander Bank is well-known for its unique checking account category. 
From Santander basic checking to Santander premier plus checking and Santander select checking, there’s something for everyone.
Consumers looking for free, no-frills checking account should consider Santander Bank’s Simply Right Checking. 
The $9.99 monthly maintenance fee is waived if you make only one transaction per month.
Furthermore, there is no requirement for minimum balance, so you will not be penalized iyour account is empty.
Despite the fact that Santander Bank only has branches in the Northeast, it’s over 600 locations make it an excellent banking option for Massachusetts residents. 
It’s no surprise that it ranks among Massachusetts’ best banks.


Rate: 0.01%, Minimum Deposit: $0, Account Types: Savings accounts, money market accounts, CDs, and (IRAs).




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