Banking » Savings » Top Savings Accounts In Massachusetts: 7 Competitive Options
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Top Savings Accounts In Massachusetts: 7 Competitive Options

We understand the hassle of finding a highly competitive savings account in Massachusetts. That's why we've done the research for you.
Author: Baruch Mann (Silvermann)
Baruch Mann (Silvermann)

Writer, Contributor

Experience

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor.  Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more.
Interest Rates Last Update: April 15, 2024
The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.
Author: Baruch Mann (Silvermann)
Baruch Mann (Silvermann)

Writer, Contributor

Experience

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor.  Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more.
Interest Rates Last Update: April 15, 2024

The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.

We earn a commission from our partner links on this page. It doesn't affect the integrity of our unbiased, independent editorial staff. Transparency is a core value for us, read our advertiser disclosure and how we make money.

For those residing in Massachusetts who are currently on the lookout for the most exceptional savings account, we have taken great care to compile a range of the finest savings accounts accessible in Massachusetts.

Whether your aspirations revolve around saving for a vacation, building an emergency fund, or funding your children's education, these accounts offer attractive interest rates, minimal or zero fees, and convenient functionalities.

Bread Financial Savings

Bread Financial logo
Bread Financial logo

Bread Financial Savings

APY Savings

5.15%

Minimum Deposit

$100

Promotion

None

Fees

$0

For Massachusetts residents seeking an online savings account, Bread Financial presents a high-yield savings option that boasts a competitive APY of 5.15% along with notable features.

To begin with, it mandates a minimum initial deposit of $100. Furthermore, no monthly maintenance fees alleviate concerns about meeting waiver criteria. Interest is compounded on a daily basis and credited monthly to your account. Bread Financial also provides a savings calculator to aid in monitoring progress toward financial goals.

Having been established in 1996 and headquartered in Columbus, Ohio, Bread Financial (formerly known as Comenity Direct) is a forward-thinking financial services company. It offers many innovative payment, lending, and saving solutions.

Marcus by Goldman Sachs

Marcus logo
Marcus logo

Marcus by Goldman Sachs

Savings APY

4.40%

Minimum Deposit

$0

Promotion

None

Fees

$0

The Marcus by Goldman Sachs High-Yield Online Savings Account is considered one of the top choices among high-yield savings accounts. Currently, it provides a satisfactory 4.40% APY for all balances.

When opening a savings account with Marcus, there are no one-time fees involved, and you can rest assured that there won't be any recurring fees for account maintenance, service, or transfers. Furthermore, there are no minimum deposit or balance requirements to fulfill.

In 2016, Goldman Sachs made a noteworthy entrance into consumer banking by introducing Marcus by Goldman Sachs. This strategic move aimed to diversify their offerings beyond investment banking, thereby providing valuable financial management solutions to individuals across the United States.

Synchrony High Yield Savings

synchrony-bank-logo-vector
synchrony-bank-logo-vector

Synchrony High Yield Savings

Savings APY

4.75%

Minimum Deposit

$0

Promotion

None

Fees

$0

If you're a Massachusetts resident, you can take advantage of the benefits provided by The Synchrony High Yield Savings account. It offers an attractive yield of 4.75% APY.

There is no need for a minimum opening deposit, and it does not impose a minimum balance requirement either. To make banking more convenient, Synchrony provides an optional ATM card. This allows customers to access their funds free of charge at ATMs that display an Accel or Plus logo.

The Synchrony mobile application, which has been highly rated on both Apple's App Store and the Google Play Store, facilitates mobile check deposit and other routine banking operations. It also features live chat support where customers can pose their queries and receive immediate responses.

Ivy Bank High Yield Savings

Ivy Bank
Ivy Bank

Ivy Bank High Yield Savings

APY Savings

5.30%

Minimum Deposit

$2,500

Promotion

None

Fees

$0

People living in Massachusetts are well-placed to leverage Ivy Bank's high-yield savings account, featuring a notably competitive interest rate of 5.30%. This rate easily outshines many top-end savings accounts in the current market, positioning Ivy Bank as an exceptional choice. While the mandated minimum deposit is not incredibly low, it remains a viable sum for most customers.

Concerning withdrawals from the Ivy Bank Savings account, many options are available to customers, such as eTransfer, domestic wire transfer, or obtaining a Treasurer's Check. It's important to note that withdrawals are only permissible to the account owners.

Operating under the banner of Cambridge Savings Bank, Ivy Bank subscribes to the same standards of this respected Massachusetts state-chartered bank, a Member FDIC. 

Laurel Road High Yield Savings

Laurel road logo svg
Laurel road logo svg

Laurel Road High Yield Savings

Savings APY

5.00%

Minimum Deposit

$0

Promotion

None

Fees

$0

The Laurel Road High Yield Savings service is not only extended to residents in Massachusetts but also offers a superb interest rate of 5.00% APY, devoid of any minimum deposit or recurrent fees.

You can add funds to the account in multiple ways, such as transfers, wire transfers, direct deposits, mobile check deposits, or mailing checks. Your peace of mind is paramount as the FDIC insures your funds.

Laurel Road initially dedicated its services to student loans. Still, they have broadened their scope to offer other online banking services, including savings and checking accounts, personal loans, and mortgages. Since KeyBank acquired Laurel Road in 2019, its banking services have become accessible nationwide.

Citi Accelerate Savings

citi logo
citi logo

Citi Accelerate Savings

Savings APY

4.45%

Minimum Deposit

$0

Promotion

$100 – $5,000 Minimum deposit of $10,000 – $1,000,000+ needed. Expired on 07/07/2023

Fees

$4.50/$10 per month Can be waived if you maintain an average combined monthly balance of $500/$1,500 in your eligible accounts, make one enhanced direct deposit or one qualifying bill payment per statement period

The Citi Accelerate Savings account is an ideal choice for residents of Massachusetts who prefer conventional banking services. As part of Citi's comprehensive banking packages, this account offers various services, including banking, lending, and investment options. If you are looking for a comprehensive solution to cater to your financial needs, the Citi Accelerate account is a recommended choice.

Despite having a slightly lower APY compared to leading online savings accounts, the 4.45% account remains highly competitive. Additionally, it offers the convenience of automated transfers from a linked checking account, simplifying saving money.

Furthermore, linking this account to a Citi checking account allows you to enjoy the added benefits of overdraft protection. Moreover, depending on your deposit amount, you may qualify for a bonus.

SoFi High Yield Savings Account

SoFi logo
SoFi logo

SoFi High Yield Savings Account

APY Savings

up to 4.60%

Minimum Deposit

$0

Promotion

$50 – $300 New customers should deposit $1,000 – $5,000 to get the promotion. Expired on 06/30/2024

Fees

$0

For those residing in Massachusetts and seeking both savings and checking account services, SoFi has a viable solution. They provide a distinctive package that incorporates these two features into a singular account, eliminating the need to maintain separate ones. Additionally, SoFi Bank ensures no additional charges for cash withdrawals or payments are levied, guaranteeing an effortless banking experience.

Boasting an impressive APY of up to 4.60%, SoFi stands out as an appealing choice. For those who are new to their services, they have a promotional offer that allows you to earn some additional cash by depositing a specific amount.

Furthermore, SoFi has introduced savings Vaults that enable you to allocate your funds according to various objectives. It's an efficient digital alternative to the traditional piggy bank. If you possess at least one Vault, you can use the Roundups feature. SoFi automatically rounds up your debit card expenditures and deposits the remaining change into your selected Vault.

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Savings Rate: 5.21% APY
Minimum Deposit:
$0
 
CIT-Bank-Logo
Savings Rate: 4.45% APY
Minimum Deposit:
$5,000
Quontic bank logo
Savings Rate: 4.50% APY
Minimum Deposit:
$100
 
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The product offers that appear on this site are from companies from which this website receives compensation.

Can I Find Better Savings Accounts In Massachusetts?

Indeed, most likely. The earlier mentioned savings account is simply a representative example from a broad spectrum of account types that are accessible both in Massachusetts and across the country. A variety of options are presented by banks and credit unions for your perusal.

When you contemplate opening a savings account, it's recommended to analyze interest rates and weigh in the factors most pertinent to your circumstances – these may include the bank's reputation, the availability of mobile banking, or savings tools that could aid in maximizing your savings. If you maintain a current banking affiliation, it might be prudent to ask about any specific promotions they may have that are tailored for you.

With that in mind, the subsequent savings accounts are incontrovertibly excellent choices. They provide competitive APY and typically lack monthly fees. Furthermore, each account extends unique features to accommodate diverse savers.

These alternatives could be notably pertinent for different individuals, like novice investors, those who require an all-inclusive bank, or those who favor the comfort of online banking over the traditional visit to a physical branch.

Alternative Savings Accounts To Consider

A variety of financial institutions, which include banks and credit unions, extend a multitude of alternatives for those aiming to save their earnings.

As referenced earlier, an extensive selection of choices exists both statewide in Massachusetts and on a national level. The subsequent chart illustrates some of the foremost selections presently accessible for individuals pursuing a savings account.

Bank/Institution
Savings APY
Minimum Deposit
Upgrade
5.21%
$0
Capital One
4.35%
$0
Wealthfront
4.55%
$0
CIT Platinum Savings
4.45%
$5,000
Citizens Access
4.50%
$0.01
Ivy Bank High Yield Savings
5.30%
$2,500
Lending Club
5.00%
$100
Quontic
4.50%
$100
Ally Bank
4.25%
$0
UFB Premier Savings Account
Up to 5.25%
$0

Best Savings Accounts In Massachusetts: Methodology

The Smart Investor team thoroughly researched various banks and credit unions to uncover the best savings accounts in Massachusetts . We focused on essential factors such as interest rates, minimum deposit requirements, and fees. Here's how we rated them:

  1. Rates And Terms (40%): We examined the savings rates offered by Massachusetts -based banks and credit unions, considering any unique terms and conditions. Institutions offering competitive rates, reasonable minimum deposit requirements, and minimal fees received higher scores in this category.
  2. Savings Account Features (30%): This category assessed the range of features tailored to Massachusetts savers, including methods for saving and transferring money, withdrawal options, and any special promotions specific to the state. Banks providing a diverse array of Massachusetts -centric options earned higher scores.
  3. Customer Experience (20%): We evaluated the ease of opening an account, the responsiveness of customer service, the usability of mobile apps (tested by our team), and the bank's policies for assisting Massachusetts Savings accounts offering seamless account opening processes, efficient customer service, and user-friendly digital platforms received better ratings.
  4. Bank Reputation (10%): We considered the reputation of each Massachusetts -based bank or credit union, taking into account ratings from JD Power, TrustPilot, and local Better Business Bureau reviews. Institutions with positive reputations and satisfied Massachusetts customers received higher scores.

Savings Accounts Reviews

Baruch Mann (Silvermann)

Baruch Mann (Silvermann)

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor.  Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more.
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Best Savings Accounts
Top Offers From Our Partners

UpgradeLogo

Savings Rate: 5.21% APY
Minimum Deposit:
$0
 
CIT-Bank-Logo
Savings Rate: 4.45% APY
Minimum Deposit:
$5,000
Quontic bank logo
Savings Rate: 4.50% APY
Minimum Deposit:
$100
 
Advertiser Disclosure
The product offers that appear on this site are from companies from which this website receives compensation.
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Promotion:
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