Did you know that over half of Millennials and 64% of Gen Z have a financial account with a neobank or other financial technology institution? It just shows you that the traditional idea of finance and banking in the modern age has quickly evolved in the past few years.
The same level of evolution can be found in Massachusetts. This historical state was part of America’s proving grounds and continues to add to its history as the years go by.
Banking in Massachusetts doesn’t have to follow the same old rulebook. Instead, the best banks in Massachusetts offer modern checking and savings accounts with plenty of features to help you achieve your financial goals.
Our list below includes several of the best banks in Massachusetts, including a few you may be curious about. We’ll also cover a few credit unions that make joining as easy as making a simple donation.
Are you ready to learn more about the best banks in Massachusetts? Let’s get started!
10 Best Banks in Massachusetts
The list below includes several of the best banks in Massachusetts. These banks can rival some of the best digital banks, depending on what services you’re looking for.
Best Checking Accounts
Best for sign up bonus of $300
Access to the largest bank in the U.S.
- More than 15,000 ATMs and 4,700 physical locations
- New customers can qualify for a $300 intro bonus
- User-friendly online and mobile banking tools
- No minimum deposit to open
- Chase Overdraft Assist and Zero Liability Protection
Best for APY and customer service
Checking & savings combined into one account
- Grow your money with the highest APY on your balances
- Member FDIC, up to $2M of additional FDIC insurance
- No account fees or balance minimums
- Earn up to $300 with qualifying direct deposit, terms apply
Best for mobile banking
Zero fees with online and mobile banking made easy
- No. Fees. Period.
- Get up to $30 in other bank’s ATM fees reimbursed per month
- .25% APY on balances over $25K
Best for building credit
- Build credit with everyday purchases
- No annual fees
- No credit checks or history required to apply
- Get up to a $500 paycheck advance anytime
- Get paid up to 2 days faster
Best Savings Accounts
Best for large balances
- APY: 4.70%
- Minimum to Earn APY: $5,000
No monthly fees
- APY: 4.35%
- Minimum to Earn APY: $100
Offers welcome bonus
- APY: 4.50%
- Minimum to Earn APY: $1
- Up to $325 welcome bonus for new accounts
Ease of use
- APY: 4.50%
- Minimum to Earn APY: $100
No balance req.
- APY: 4.30%
- Minimum to Earn APY: $0
1. KeyBank (Our Pick)
Key Smart Checking® from KeyBank is one of the best checking account options available to Massachusetts residents. With no monthly maintenance fees and no minimum balance requirements, it’s designed for simplicity and convenience.
New customers can earn a $300 bonus by opening an account online by May 16th, 2025, making a $10 minimum deposit, and completing one single eligible direct deposit of $1,000 or more within the first 60 days. This is one of the easiest bank account bonuses to score.
This account offers several perks, including free access to KeyBank and Allpoint® ATMs nationwide, overdraft protection with no transfer fees when your checking account is linked to an eligible KeyBank credit or savings account, and you may be able to get paid up to two days early with Early Pay.
Additionally, the EasyUp® feature helps you build up savings or pay down debt without even thinking about it.
Key Smart Checking® also provides robust online and mobile banking services, allowing you to deposit checks, pay bills, and manage your account securely from anywhere. Enjoy added security and convenience with a KeyBank Debit Mastercard®.
You can find more information about fees and availability on KeyBank’s official website.
Earn $300 with qualifying activities
Key Smart Checking®
4.6
Key Smart Checking® from KeyBank offers no monthly fees or minimum balance requirements, making it affordable. It provides convenient online and mobile banking features, including mobile check deposit and contactless payments. With a large network of ATMs and overdraft protection options, it’s ideal for tech-savvy and budget-conscious users.
2. Alden Credit Union
Alden Credit Union is a financial institution offering various services, including its unique “No Boundaries Checking” account. This account is designed explicitly as a second-chance checking option for individuals with past banking challenges.
With the No Boundaries Checking account, customers receive an ATM card and 50 free personalized checks. Additionally, the credit union provides online banking and bill pay services, allowing customers to manage their finances from the comfort of their homes.
Alden Credit Union also offers notary services to assist customers with important document authentication. Opening an account requires a minimum deposit of $10, and a monthly fee of $7.50 is associated with the No Boundaries Checking account.
The credit union operates two branches, located in Chicopee and Belchertown. Membership eligibility extends to individuals who live, work, worship, or attend school in Hamden and Hampshire Counties and family members of existing members.
3. Citizens Bank
Citizens Bank, a Rhode Island-based financial institution, offers various services with multiple branches. Among its offerings are three checking account options tailored to various banking needs.
Citizens Checking Accounts provides basic checking account services. It has no monthly fees if you make one deposit each statement period.
There is no minimum balance requirement for this account. You can also enjoy free digital banking, bill pay, 24/7 mobile deposits, and get paid up to 2 days early with Citizens Paid Early.
You can also opt for convenience when you open a One Deposit Savings from Citizens. You can track your balance and deposit checks anytime, anywhere.
There is no minimum balance required, save as much or as little as you’re ready for. You can avoid the $4.99 monthly fee by making a deposit each month. And, earn interest on your daily balance and receive monthly credits.
4. Eastern Bank
Eastern Bank provides customers various checking account options to suit their banking needs. They offer three distinct accounts with different features and benefits.
The Free Checking account requires a minimum deposit of $25 and has no monthly fees. It provides basic checking services, allowing customers to manage their finances without incurring additional costs.
Eastern Bank’s eZ Checking offers the freedom to use other ATMs, and customers are reimbursed up to $10 in fees per statement cycle. While it carries a $10 monthly fee, this can be waived by:
- Signing up for e-statements
- Making 15 debit card purchases
- Maintaining a minimum balance of $1,500
Eastern Bank’s Premier Checking Account is an option for those seeking an interest-earning account with fee reimbursements. It requires a $500 opening deposit and maintaining a balance of $25,000 or more across accounts.
With this account, customers can earn interest on their balance and have all fees from other ATMs reimbursed. By offering these varied checking accounts, Eastern Bank aims to provide options that cater to different customer preferences and needs.
5. Greylock Federal Credit Union
Greylock Federal Credit Union offers a Free Checking account that requires a minimum deposit of $15. This account has no monthly fees or minimum balance requirements.
With this Free Checking account, you can enjoy the convenience of a free Visa debit card and access to online and mobile banking services. This Massachusetts-based credit union is also home to several credit union promotions from time to time.
With the Free Checking account, members can easily manage their finances through online and mobile platforms. This credit union also provides a remote deposit capture feature, allowing customers to deposit checks from home.
Greylock Federal Credit Union has branches in various cities in western Massachusetts, serving customers who live or work in Berkshire County or specific areas in Massachusetts such as Westfield, Southwick, Granville, Montgomery, and Russell. The credit union extends its membership eligibility to individuals in particular New York and Vermont counties.
6. Mass Bay Credit Union
Opened in 1939, Mass Bay Credit Union offers multiple savings accounts and two checking accounts. Mass Bay Free Checking and Mass Bay NOW Checking offer customers online and mobile banking access.
Mass Bay Credit Union requires that you live, work, worship, or attend school in the following areas to be eligible for membership:
- Norfolk County
- Suffolk County
- Middlesex County
- Abington
- Brockton
- Hanover
- Hingham
- Lynn
- Marshfield
- Norwell
- Peabody
- Rockland
- Saugus
- Scituate
- Whitman
This credit union also awards membership to employees (past or present) of Massachusetts Bay Transportation Authority (MassDOT) and the state police. You can find Mass Bay Credit Union branches in South Boston, Quincy, Everett, and the Seaport District.
Unlike the largest banks in the U.S., Mass Bay Credit Union offers local services. This includes home and auto loans for its members, with additional access to early pay with direct deposit.
7. Middlesex Savings Bank
Middlesex Savings Bank offers a range of five checking account options to meet different customer needs. Each account has its own features and benefits:
The Basic Checking account is ideal for those who write 10 or fewer checks per month and prefer not to worry about maintaining a minimum balance. It has a $3 monthly fee that cannot be waived.
The eBlue account is an online-only option with a $5 monthly fee. You can waive this fee by maintaining a $100 balance or enrolling in direct deposit.
The Freedom Blue account is the most popular choice and provides access to the Allpoint network of ATMs. It carries a $10 monthly fee, which can be waived by either setting up direct deposit or maintaining a minimum balance of $250.
The Freedom Gold account has a $19 monthly fee, which can be waived by maintaining a combined balance of $10,000. This account offers free unlimited ATM fee reimbursements.
For those who can maintain a combined balance of $50,000, the Freedom Platinum account is available at no cost. It offers the same benefits as the Gold account but with the added advantage of earning interest.
8. Rockland Trust
Rockland Trust operates over 120 branches with 200 ATMs in Massachusetts and Rhode Island. Most accounts require a $25 minimum deposit, and Rockland Trust charges $5 to transfer funds from savings to cover your overdrafts.
This bank offers some of the best checking accounts you can use for free by maintaining a minimum balance. In addition, Rockland Trust’s Free Checking account has no monthly maintenance fees or minimum balance requirements.
Maintain a $500 minimum balance with the Advantage Checking account, and you can waive the $8 monthly fee. The Free and Advantage Checking accounts come with a free first order of checks.
The Complete Checking account comes with a $25 monthly fee, which you can avoid with a $25,000 minimum balance. This account offers unlimited checks and ATM fee reimbursements.
9. SalemFive Bank
SalemFive Bank offers a range of features and benefits with their checking accounts. With no monthly fees and a minimum deposit requirement of $10, their checking accounts provide a cost-effective banking solution and cashback rewards.
Depending on the account balance, SalemFive Bank provides ATM fee reimbursements. They also offer annual overdraft protection, though there is a $35 fee for overdraft occurrences.
SalemFive Bank has a vast network of 34 branches in Massachusetts, providing convenient access to in-person banking services. Additionally, customers can access their funds at over 55,000 ATMs nationwide.
In addition to checking accounts, SalemFive Bank offers optional savings accounts to help customers save and grow their money. SalemFive Bank rewards customers with different tiers of benefits based on their account type.
The Open Prime, Open Prime Plus, and Open Premier accounts offer increasing levels of cashback rewards. Additionally, there is an annual fee of $25 for the overdraft protection feature.
Customers can have peace of mind knowing that SalemFive Bank is a member of the FDIC, providing insurance protection for their deposits. With these features and options, SalemFive Bank aims to provide customers with a rewarding and convenient banking experience.
10. Santander Bank
Santander Bank offers a range of banking services, including Simply Right Checking account, Santander Money Market Savings account, and Santander Savings accounts. With over 600 branches nationwide and headquartered in Boston, Santander Bank serves both personal and small business customers.
This Massachusetts bank’s checking and deposit accounts provide essential banking features, while online bill pay adds convenience to managing financial obligations. Additionally, Santander Bank offers cashback credit cards with no annual fees and often provides sign-up bonuses for new customers.
Savings rates at Santander Bank are slightly above average, allowing customers to earn more on their savings. The bank also has an international presence, with branches available in select locations.
It’s important to note that Santander Bank has many branches across the United States but is primarily concentrated in nine states. Monthly fees may apply for certain accounts and services.
Santander Bank offers a comprehensive suite of personal and small business banking solutions. It also commands a vast branch network, competitive savings rates, and plenty of rewards programs to enhance the banking experience for its customers.
FAQ
The most popular bank in Massachusetts is Citizens Bank. Nearly a quarter of the bank’s branches can be found in Massachusetts.
Eastern Bank, Santander Bank, Rockland Trust, and Middlesex Savings Bank offer free checking accounts. While some of the best banks in Massachusetts don’t charge a monthly fee, others require that you meet specific criteria to waive the monthly fee.
Some of the best credit unions in Massachusetts include Alden Credit Union, Greylock Federal Credit Union, Metro Credit Union, and Mass Bay Credit Union. Instead of FDIC insurance, credit unions are insured by the NCUA.
Banking in the Bay State
You don’t need a degree from MIT, Harvard, or Boston University to know that you can often bank better with local banks, especially those in Massachusetts. When you’re armed with this list of the best banks in Massachusetts, you will find one that suits your needs.
We hope this article has helped locate banks near you that offer personalized services and the assistance you need. Navigating the banking world can be treacherous, but with the right bank to guide you, you’ll soon set foot on solid land.
If you’re unsure about local banks in Massachusetts, you’ve also got your pick of national and digital banks. These banks may not offer the same perks you’d find at community and regional banks, but they can make banking on the go a cinch.
Which of the best banks in Massachusetts caught your eye?