If you're in Massachusetts and looking for the right bank, you'll be spoilt for choice.
From local to national and online banks, we thoroughly analyzed vital elements: branch presence, product diversity, deposit interest rates, online banking excellence, and customer assistance.
Best Massachusetts Regional Banks
Here are our top picks for regional and community banks in Massachusetts:
Santander Bank
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Santander Bank offers a diverse range of financial banking products, catering to both online and in-person banking preferences. Across Massachusetts, the bank boasts an extensive network of over 150 branches spread across 110 cities.
Among its offerings are three checking accounts that come with free overdraft protection, two savings accounts, and a variety of CDs with different term options. One of the conveniences offered by Santander is the ability for customers to waive monthly fees easily. Additionally, the bank's website allows customers to schedule appointments for various banking needs, simplifying the account opening process and other related tasks.
On the flip side, Santander Bank offers lower interest rates on its savings accounts, which might not be attractive to those seeking higher returns on their savings. Another potential drawback is the relatively restricted ATM network, which could be inconvenient for some customers when accessing cash or conducting transactions.
Citizens Bank
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Citizens Bank, a prominent and long-established US financial institution, boasts an extensive network of 180 branches in Massachusetts, catering to 120 cities.
With a diverse range of financial products and services, including checking accounts, savings accounts, credit cards, and private student loans. While certain accounts carry monthly maintenance fees, customers have avenues to avoid them.
The bank's appealing features encompass no minimum opening deposits for checking and savings accounts, top-rated mobile apps, and access to an extensive network of over 3,000 ATMs nationwide.
However, it is essential to be mindful of some drawbacks associated with Citizens Bank. For instance, their overdraft fee can be costly, and they offer relatively low interest rates on interest-bearing deposit accounts. Despite the presence of monthly fees, customers can explore methods to have them waived. Additionally, specific accounts incur a $3 fee for using out-of-network ATMs.
Rockland Trust Bank
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Rockland Trust is one of the biggest brick-and-mortar banks in Massachusetts, with over 110 branches in 90 cities across the state.
Rockland Trust offers a diverse range of banking products, including checking, savings, CDs, money market accounts, and various mortgage options. They also provide debit and credit cards, along with excellent customer service. The bank has physical branches, providing convenience for in-person transactions. Furthermore, Rockland Trust offers competitive CD rates and appealing mortgage and home equity loan options.
On the downside, customers should be aware that the bank provides lower interest rates on savings and money market accounts. Additionally, some accounts may incur fees that need to be considered when evaluating their services.
M&T Bank
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Money Market APY
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M&T Bank is a comprehensive financial institution catering to both individuals and businesses with an array of services. Across Massachusetts, their presence is widespread, boasting over 60 branches scattered in approximately 40 cities, ensuring accessibility.
The bank's service repertoire includes checking accounts, savings accounts, credit cards, loans, and CDs, the latter functioning as specialized savings accounts with fixed terms. Customers are enticed by the promising rates on certain CDs and the availability of four distinct types of checking accounts.
However, some drawbacks dampen the bank's allure. The interest rates on their savings accounts are relatively low, limiting potential earnings. Furthermore, compared to other banks, their credit card options may be less appealing. For those interested in opening CDs for specific durations, a visit to one of their branches may be required.
Best Massachusetts National Banks
We carefully examined several national banks operating in Massachusetts to identify the ones that excel.
Initially, we studied the locations and distribution of their branches throughout the state. Next, we thoroughly evaluated the various products and services they provide to determine the top performers.
Bank Of America
Checking Fees
Checking Promotion
Savings APY
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Bank of America is a big American bank that offers various financial services like checking and savings accounts, credit cards, mortgages, loans, investments, and wealth management. They have more than 150 branches in Massachusetts, spread across 100 cities, so it's easy to find a nearby branch.
You can do your banking both in-person and online for convenience. They have promotions for checking accounts, high rates on specific CD terms, and the bank usually offers attractive rewards for credit card holders.
But there are some things to be aware of. They charge fees, including overdraft fees, which might not be great if you want fee-free options. Though their customer service has gotten better, some people still experience occasional issues with responsiveness and support.
Also, Bank of America Advantage Savings rates is quite low, and certain loans might not be the best compared to other options.
TD Bank
Checking Fees
Money Market APY
TD Bank offers a welcome bonus for new account – you can get $300 bonus if you open a new checking account, and another $200 if you open a savings account. There is a minimum deposit required of $500 or $2,500, depending on account, within 60 days.
. Expired on 11/30/2024Savings APY
CDs APY
TD Bank boasts a strong presence in Massachusetts, spanning over 90 cities with an extensive network of 120 branches. The bank offers convenience through nearly 2,700 ATMs for its customers.
Banking with TD Bank comes with multiple advantages. Debit card users enjoy the perk of no foreign transaction fees, and highly rated mobile apps facilitate easy banking on the go, and extended operating hours, with many locations open seven days a week, cater to customers' busy schedules. The bank's digital banking features include Zelle, remote check deposit, and online bill pay, further enhancing convenience.
TD Bank CD rates are quite high compared to other traditional banks, and it also offers nice savings rates.
However, it's essential to consider some downsides. TD Bank imposes monthly fees, and the APY on savings accounts is relatively low. Customers also face a $3 charge when using non-TD Bank ATMs, and the overdraft fee is steep at $35 per transaction, with the potential to be charged up to three times a day.
Best Massachusetts Online Banks
Throughout our quest for online banks in Massachusetts, our main emphasis centered on conducting comparisons of their interest rates for savings accounts and CDs.
Furthermore, we were eager to delve into the availability of supplementary services, including checking accounts, loans, credit cards, and mortgages.
LendingClub Bank
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LendingClub's acquisition of Radius Bank has been a game-changer, enabling the company to diversify its product offerings and enhance the overall banking experience for its customers. LendingClub now presents a comprehensive suite, encompassing online personal loans, checking, savings, and CDs. Their user-friendly online platform and mobile app simplify money management.
LendingClub offers competitive rates on savings accounts and CDs, ATM fee rebates, and minimal monthly fees make it an attractive choice. Direct deposit customers enjoy the perk of receiving their paychecks up to two days earlier, and the Rewards Checking account helps avoid NSF and overdraft fees.
Nonetheless, some potential customers may be put off by the absence of physical branches, especially those who prefer in-person banking interactions. Additionally, the scope of lending and investment products offered by LendingClub remains somewhat limited.
Ally Bank
Checking Fees
Checking Promotion
Savings APY
CDs APY
Ally Bank offers a wide array of financial products like checking accounts, savings accounts, CDs, IRAs, mortgages, and auto loans. A key advantage is that most of their accounts have no monthly fees, benefiting their customers financially.
Their standout features include competitive interest rates on savings accounts and CDs that can be opened online and easily. The bank provides convenience with 24/7 customer service, mobile banking, and online bill payment options, streamlining financial management.
However, it's worth noting that Ally Bank operates exclusively online, lacking physical branches, which may not suit those who prefer in-person banking. Additionally, compared to traditional brick-and-mortar banks, Ally's range of services might be relatively limited.
FAQs
What are the biggest banks in Massachusetts?
Citizens Bank, Bank Of America, and Santander Bank have established their supremacy in Massachusetts, with each of these banks having a remarkable presence of over 150 branches as of 2025.
What is the best bank in Massachusetts?
Choosing the best bank in Massachusetts is about finding what suits you – in-person service, high savings rates, or premium checking accounts. Discover our suggested banks above, each with its unique strengths.
Which bank has the best CD rates in Massachusetts?
Massachusett's best CD rates change depending on the term. Some banks excel with 2-year CDs, while others shine with 6-month rates. Explore our recommended CDs in Massachusetts and compare them with credit unions.
What's the bank with the most competitive savings rates in Massachusetts?
Searching for high savings rates can be tricky, but we've narrowed it down for you. Here are some of the best places in Massachusetts for savings in 2025.
How We Picked The Best Bank In Massachusetts: Methodology
The Smart Investor team conducted an extensive review to identify the best banks in Massachusetts. We assessed them based on four main categories, each with specific features:
- Financial Products and Services (40%): We evaluated the range and quality of financial products and services offered by each bank, including checking accounts, savings accounts, CDs, loans, credit cards, and investment options. Banks offering a diverse array of financial products with competitive rates and terms received higher ratings in this category.
- Banking Features and Tools (30%): This category assessed the availability and functionality of banking features and tools, such as transfer options, the ability to set savings goals, account linking capabilities, mobile app usability, check deposit options, and other features important for banks. Banks offering a comprehensive suite of features and user-friendly tools earned higher scores.
- Customer Experience (20%): We closely examined the overall customer experience, including the ease of account opening, communication with customer service representatives, the usability of online banking platforms and mobile apps, and the responsiveness of customer support. Banks with user-friendly interfaces, efficient digital banking tools, and responsive customer service received higher ratings.
- Bank Reputation (10%): Our team analyzed each bank's reputation based on factors such as customer satisfaction ratings, JD Power scores, TrustPilot reviews, and any notable awards or recognitions received. Banks with positive reputations and a history of providing excellent service to customers in Massachusetts received higher ratings.
Within each category, we assigned weights to various features and qualities to ensure a comprehensive evaluation of each bank.
