Top Massachusetts Financial Institutions for March 2023

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There are many great financial institutions in Massachusetts, but we recommend the following: Synchrony, Rockland Trust Bank, Salem Five Bank, Digital Federal Credit Union, and OneUnited Bank.  

These banks were chosen because they provided accounts with useful extras and low monthly fees. Read on for more information about the books we recommend the most.  

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It denotes a pull-down menu, expandable section, or back/forward controls.

Synchrony is the Best Bank to Open a Savings Account

Top savings account financial institution
5 /5
A star with five points a star with five points a star with five points
Yield to Maturity (APY)
5 /5
A five-pointed star, another five-pointed star, another five-pointed star, and yet another five-pointed star.
Yield to Maturity (APY)
at the Synchrony web page Contributing Member of the FDIC
High-Interest Savings Account from Synchrony
Disadvantages and Advantages It denotes a menu that can be expanded, a step-by-step navigation system, or a back/next button.
To mark as complete; check As such, it serves as confirmation of your intended communication.
Effective Annual Percentage Rate
That's a Yes! It's an affirmation of your plans to communicate.
Includes a bank card
Assuredness; a tick What this means is that your intention to interact has been confirmed.
There is no minimum to open an account or maintain a balance.
Assuredness; a tick As such, it serves as confirmation of your intended communication.
Lack of a recurring charge
A dash When a section is reduced in size, it usually indicates an interaction.
Absence of any actual branch offices
A dash When a section is reduced in size, it usually indicates an interaction.
Only up to $5 per month for non-network ATM fees
Highlights If you see this, it means that the section or menu you're viewing can be expanded, or that there are previous and subsequent links available.
  • Get your hands on your money via any of these convenient methods:
  • The Synchrony app allows you to manage your finances from almost any device, at any time.
  • There is no required minimum deposit
  • Payouts occur once per month and interest is calculated daily.
  • Insured by the FDIC
Books to Read More on the Subject That means you can click on it to make it bigger, or to get to the previous or next page.

Synchrony is an innovative online bank because When compared to traditional and online savings accounts, the interest rate offered by Synchrony's High-Yield Savings Account is significantly higher.  

If you want to use an ATM card to withdraw money from your savings account or open a savings account with zero dollars, Synchrony is a great option.

Note: Synchrony does not offer checking or money market accounts, so keep that in mind. The best option for you would be to switch banks if you intend to open one of these accounts.  

Open a checking account at Rockland Trust Bank, the best bank in the area

A checking account at the best bank
3.75 /5
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Yield to Maturity (APY)
Not having to pay for upkeep on a regular basis
3.75 /5
A star with five points, then another star with five points, and yet another star with five points.
Yield to Maturity (APY)
There are no regular fees for upkeep
In the online branch of Rockland Trust Bank
Free Checking Account at Rockland Trust
The Pluses and Minuses It denotes a pull-down menu, expandable section, or back/forward controls.
The presence of a tick It's a confirmation of the communication you had planned.
There is not a mandatory monthly service fee
The presence of a checkmark It's an affirmation of the communication you had planned.
There are no required minimum balances.
The use of a checkmark The confirmation of your intended interaction is indicated.
Provisions for covering overdrafts
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Fee for using an ATM outside of your network is $2.
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$1 75 dollars to check your ATM balance if you're not in the same network
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Overdraft charges of $35
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Instances where a transfer fee of $5 is assessed for overdraft protection
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  • 120 locations in MA & RI, plus 200 ATMs
  • Protection against overdrafts by tying a checking account to a savings account
  • Transferring funds from your savings account to pay for an overdraft incurs a $5 overdraft transfer fee.
  • Deposits are protected by the FDIC.

Reasons to remember: Rockland Trust Bank is among the state's top five largest banks. It could be enticing if you are looking for a checking account in particular.  

There is no monthly maintenance fee or minimum deposit required to open a Rockland Trust Free Checking Account.  

In Rhode Island and Massachusetts, you can use any of our over 120 convenient locations or 200 no-fee ATMs.  

Rockland Trust could be a good option if you value having access to customer service at times that work for you. Start chatting with a representative online at 7 a.m. m to 6 p m Or 8 a.m. ET on weekdays. m to 5 p m Sat. a.m. ET After 7 PM, you can also reach the Help Desk by phone. to 8 p m ET during the week, and 8 a.m. m to 5 p m Time on Saturdays, which is 10 a.m. m to 3 p m Sunday nights at 8:00 p.m.

Keep in mind that the overdraft fee at Rockland Trust Bank is $35 if your account has a negative balance. Connecting your checking account to your savings account provides you with overdraft protection. However, if you use overdraft protection, there will be a $5 transfer fee.  

Salem Five Bank Is the Best Place to Open a Checking and Savings Account.

Most reputable financial institution for checking and savings accounts
4.25 /5
The pattern repeats itself with each star: a five-pointed star, a five-pointed star, a five-pointed star, a five-
Yield to Maturity (YMY) or Annual Percentage Yield
There are no regular maintenance costs.
4.25 /5
Five pointed stars, five pointed stars, five pointed stars, five pointed stars, five pointed stars.
What is the APY (Annual Percentage Yield)?
There are no ongoing costs
Accessible via the Salem Five Bank online portal
The Pluses and Minuses It denotes a clickable link to an expandable section or menu, or back and forth buttons.
A tick in the box It's a confirmation of the communication you had planned.
With a small required initial deposit
That's a Yes! It's a confirmation of the communication you had planned.
There aren't any recurring costs
That's a Yes! That's a confirmation of your planned communication.
Get rewarded monetarily for making purchases with your debit card.
The presence of a tick Having this symbol means you intend to interact with the other party.
Depending on the amount in your account, you may be reimbursed for ATM fees.
There is a check in this box The confirmation of your intended interaction is indicated.
Can get overdraft insurance once a year
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Instances of overdraft cost $35.
A dash When a section is reduced in size, it usually indicates an interaction.
Overdraft insurance premiums are $25 per year.
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There is a $2 fee for using an ATM outside of your network.
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  • There are 34 locations in the Bay State.
  • The Allpoint ATM Network provides access to over 55,000 ATMs without a surcharge.
  • Add a savings account as a possible extra
  • Open Prime, Open Prime Plus, and Open Premier are the three levels of rewards.
  • Start with Zero in Prime: ($0) 5% rebate on all purchases made with your debit card
  • To obtain a sum of zero dollars by opening Prime Plus: Spending with your debit card and getting $.05 cash back on every purchase plus If your average monthly deposit is between $3,000 and $4,999, we'll reimburse $50 monthly toward your ATM fees.
  • Aim for the Premier and Lose It All 5% rebate on all purchases made with your debit card and reimbursement of up to $10 per month in ATM fees when your average monthly deposit balance is $5,000 or more
  • In each new billing cycle, your account will be credited with the corresponding rewards.
  • The ability to transfer funds from a savings account or apply for a line of credit in the event of an overdraft is known as overdraft protection.
  • The overdraft protection fee is $25 per year.
  • Deposits are protected by the FDIC.
What Financial Institution Is Ideal For Opening A Checking And Savings Account?
4 /5
In the shape of a five-pointed star, a five-pointed star, a five-pointed star, a five-pointed star, a five-
APY is an abbreviation for "annual percentage yield."
There are no ongoing costs
4 /5
A star with five points, then another star with five points, and yet another star with five points.
Yield to Maturity (APY)
There are no ongoing costs
Website of Salem Five Bank
Start a Bank Account, Salem 5
Arguments Pro and Con It denotes a pull-down menu, expandable section, or back/next links.
A tick in the box It's an indication that your planned communication went off without a hitch
With a small required initial deposit
Presenting a checkmark It's a confirmation of the communication you had planned.
There is not a regular fee to maintain
A dash When a section is reduced in size, it usually indicates an interaction.
A low interest rate
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  • The Commonwealth of Massachusetts is home to 34 different locations.
  • The Open Checking Account is a prerequisite to opening the Open Savings Account.
  • Monthly interest compounding and deposit.
  • Insurance from the FDIC

Salem Five stands out because it may be a viable option for those who prefer traditional banking (due to the presence of physical branches in the state of Massachusetts) but who are also keen on avoiding monthly maintenance fees.  

Overall, the Salem Five Open Account is a solid checking account, especially given its low opening deposit and absence of monthly maintenance fees. A companion savings account, the Salem Five Open Savings Account, is also available without any ongoing service charges and can be opened in tandem with this checking account.

Maintaining a minimum balance in your checking account could qualify you for Open Rewards. For the best checking account rewards, keep an ADB of $5,000 or more to avoid interest charges and receive unlimited reimbursements for ATM fees. Recoup $.05 on every purchase made with your debit card.

It's important to avoid overdrawing your Salem Five Open Account. There is a $35 overdraft fee at this bank. Overdraft protection may let you cover a negative balance by linking your checking account to a savings account or applying for a line of credit, but you'll still have to pay a fee.

Another account that offers a low interest rate is the Salem Five Open Savings Account.  

Favorite Financial Cooperative
4 /5
A star with five points, then another star with five points, and yet another star with five points.
Percentage of interest earned each year.
There aren't any recurring costs
4 /5
A star with five points a star with five points a star with five points
The yearly percentage yield, or APY, is a measure of profitability.
There are no ongoing costs
On the webpage for the Digital Federal Credit Union
First Savings Account at DCU
Ins and Outs It denotes a pull-down menu, expandable section, or back/forward controls.
That's a Yes! It's a confirmation of the communication you had planned.
Low required initial deposit
That's a Yes! Having this symbol means you intend to interact with the other party.
0 (zero) on the monthly charge for upkeep
There is a check in this box It's a confirmation of the communication you had planned.
The first $1,000 you deposit will earn you a high rate of interest.
A dash When a section is reduced in size, it usually indicates an interaction.
The interest rate is low for balances over $1,000.
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  • A total of 23 locations can be found in the Bay State.
  • To join Digital Federal Credit Union You or a member of your immediate family must meet one of the following criteria: 1) You work or retired from a company that is listed as a participating employer; 2) You are a member of an organization that is listed as a participating organization; or 3) You regularly visit a place of worship, school, or other institution that is listed as a participating location or attend school in a particular region of one of the four counties in Massachusetts (Chelmsford, Lowell, Tewksbury, and Worcester) that qualify.
  • The CO-OP Shared Branch and ATM Network provides access to over 5,500 shared branches and 30,000 surcharge-free ATMs.
  • Earn 6 The first $1,000 in your account earns 17% APY.
  • The rate of interest on your account's outstanding balance will decrease.
  • In order to keep your membership active, you must deposit $5 into your account each month.
  • Monthly compounding and deposit of interest
  • NCUA-insured, a federal guarantee

Differentiating Factor: If you prefer credit unions to banks, you'll love Digital Federal Credit Union.

The DCU Primary Savings Account is required of all members. There are no account maintenance fees associated with this account, and you can earn a maximum of 6 Up to 17% APY on the first $1000 deposited

If your account balance is more than $1,000, your interest rate will decrease. With a blended APY, your interest rate will vary depending on how much money is in each of your accounts. The range is from 0 to infinity. 16% to 6 17% annual percentage yield (APY), capped at $2,500.

Free checking and money market accounts, as well as certificates with low initial deposit requirements, are all available at Digital Federal Credit Union.  

Warning: There are membership criteria that must be met before you can join Digital Federal Credit Union.  

Membership can be obtained in a number of ways. If you meet certain requirements regarding where you live, work, worship, or attend school in the cities of Chelmsford, Lowell, Tewksbury, or Worcester County, then you are eligible. If you or a member of your immediate family are affiliated with any of the businesses or groups below, you are welcome to join as well.  

OneUnited Bank is the Best Local Bank

Top-Rated Community Bank
3.75 /5
A star with five points, then another star with five points, and yet another star with five points.
Yield to Maturity (YM) or Annual Percentage Yield (APY)
3.75 /5
A star with five points, then another star with five points, then another star with five points, etc.
Return on investment per year (APY)
Accessible via the internet at OneUnitedBank.com
Black Wall Street Checking Account at OneUnited Bank
Benefits and Drawbacks It denotes a clickable link to an expandable menu or section, or sometimes previous and subsequent links.
That's a Yes! Indicating a confirmation of your intended interaction.
Reduced required initial deposit
The presence of a checkmark This confirms your intention to engage in conversation.
There are not any membership or subscription costs
To mark as complete; check What this means is that your intention to interact has been confirmed.
Elimination of Non-Network ATM Fees
A dash In most cases, a shrunken section indicates an interaction.
Amount: $37.00
A dash When a section gets smaller, it usually means there was some kind of interaction.
Payment for overdraft coverage transfers is $15.
A dash When a section is reduced in size, it usually indicates an interaction.
There will be no reimbursements for any ATM fees incurred outside of the network.
Highlights The symbol denotes a clickable menu item, expandable section, or back/forward controls.
  • Financial institution run by African-Americans that has locations in the Sunshine State, the Bay State, and Boston
  • In all 50 states, you can open an online account
  • There are over 30,00 free ATMs across the country.
  • Insured by the FDIC

OneUnited Bank is notable because it is a bank owned by African-Americans with three locations in the greater Boston area. Aside from New York, it also has locations in Miami and Los Angeles.

The OneUnited Bank has earned the CDFI designation, making it a dedicated lender to local communities. A qualifying financial institution must demonstrate that it provides services to low-income and underserved populations.  

If you have had trouble establishing credit and are therefore unable to open a regular checking account at a bank, OneUnited Bank offers a second chance checking account that can help you do just that. Account holders in the second chance checking plan are subject to a $12 monthly maintenance fee and a $25 minimum initial deposit.  

There is a free checking account available at OneUnited Bank known as the OneUnited Bank Black Wall Street Checking Account. This account requires no maintenance fees, has a low opening deposit, and provides early direct deposits within two business days.  

Be aware that there is a $5 monthly service charge for the OneUnited Bank BankBlack Savings Account. Direct deposit, however, can get you out of paying that fee every month.

Why These Other Organizations Didn't Make the Cut

  • Citizens Bank (Member FDIC): Citizens Bank has more locations than any other bank in the state, but we do not recommend their accounts. There are monthly requirements that must be met in order to avoid paying a service fee on a checking or savings account. Here you can find a detailed analysis of Citizens Bank.
  • Bank of America (Member FDIC): Bank of America has a wide range of accounts and a widespread branch and ATM network, but in order to avoid paying monthly maintenance fees, you must meet certain criteria. Discover everything there is to know about Bank of America by clicking here.
  • Santander Bank (Member FDIC) has a low interest rate on savings accounts and monthly service fees on checking accounts unless you meet certain criteria to have them waived. The full Santander Bank review is available on this page.
  • If you are looking for a bank that requires little to no money to open an account, you may want to consider TD Bank (Member FDIC). There are monthly service fees for both checking and savings accounts unless you meet the requirements to have the fee waived. For more information about TD Bank, click here to read our detailed review.
  • Checking and savings accounts at Eastern Bank (Member FDIC) do not have monthly maintenance fees and are not subject to Eastern Bank's minimum balance requirement. The bank also does not have nearly as many physical locations throughout the state as the other recommended banks in this roundup.
  • Financial Institutions Guaranteed by the Federal Deposit Insurance Corporation (FDIC) M&T Bank: M&T Bank has a sizable branch and ATM network, but its savings accounts and checking accounts may incur monthly service fees. Here is the full M&T Bank review for your perusal.
  • Middlesex Savings Bank (Member FDIC) offers a wide range of services and products, but the banks we recommend more highly either have more locations across the state or offer better interest rates on savings accounts.
  • Chase (Member FDIC) has a widespread bank and ATM presence across the United States, but in order to avoid paying their monthly service fee, you must meet certain criteria each and every month. Learn everything there is to know about Chase by clicking here.
  • There are no fees for using either a checking or savings account at Brookline Bank (Member FDIC), but the bank has fewer locations than the others on our list.  
  • Savings accounts at Rockland Federal Credit Union (NCUA-insured) earn a low rate of interest. This is true regardless of the size of your savings account. Barnstable, Bristol, Middlesex, Norfolk, Plymouth, or Suffolk county residents are required to either live in or be employed by the organization in order to join.
  • A free checking account at Metro Credit Union (NCUA-insured) is solid, but savings accounts elsewhere are better.

The Better Business Bureau's rankings are used to assess the responsiveness and openness of financial institutions toward their clients' concerns and the general public. Look at the ratings for each school down below:

With the exception of Rockland Trust Bank, all of the banks we've included on our list have earned an A or higher from the BBB. Rockland Trust Bank has received 25 complaints on the BBB's website, earning it a B rating.  

A company's BBB rating isn't everything. You can learn a lot about a bank and whether or not you'd be happy working with them by reading online reviews and talking to current customers.  

Our compiled list contains no institutions that have been the subject of any recent negative media attention.  

How Did We Determine Which Massachusetts Financial Institutions Are the Best?

The goal of Personal Finance Insider is to educate its readers so that they can make sound financial decisions. Because "best" is a relative term, we've included a discussion of each account's and bank's strengths and weaknesses in their respective sections. In order to save you time and effort, we researched and compared the products' features and fine print at length.

A total of 15 of the state's largest financial institutions were analyzed. We also researched whether or not there were any potential CDFIs in the state.

To find the best checking accounts, we compared their features and costs. Our top picks for banks were singled out for their low monthly service charges. Additionally, many of these accounts provided bonus features. Some checking accounts, for instance, provide for early direct deposit or cash-back incentives. We picked savings accounts that offered competitive rates of return.  

Our top picks for best credit union and best local bank are institutions that made it simple to become a member, had low required opening deposits, and offered specialized checking and savings options.

Frequently Asked Questions About the Finest Massachusetts Banks

In terms of branch locations, the top three banks in the state are Citizens Bank, Bank of America, and Santander Bank.

Your funds should be secure in a bank or credit union that carries federal deposit insurance. The FDIC is a mandatory requirement for any bank that accepts deposits. The National Credit Union Administration (NCUA) is responsible for providing credit unions with insurance.

Up to $250,000 per person is covered by insurance, with $500,000 per couple. What this means is that if the bank were to fail, you wouldn't lose all of your money.

How to Pick the Right Bank, According to the Experts

Here are some tips from four experts on how to find the right bank or credit union for you:

PFI Banking Expert Panel that includes: Tania Brown, Roger Ma, Sophia Acevedo, and Mykail James
Insider

We're considering factors like customer service, fees, rates, and more that contribute to a bank's usefulness. Take a look at their recommendations for local financial institutions. (The text may be edited slightly for readability. )

How does one know if a specific bank will best serve their needs?

Mykail James, BoujieBudgets.com, Master of Business Administration, CFE:

"The No One aspect of having a checking account is being aware of the debit card issuer. Additionally, many people forget that some businesses do not accept Visa, Mastercard, or American Express. "

Journalist and certified financial educator Sophia Acevedo of Personal Finance Insider:

"Consider the types of bank accounts you're interested in opening and the services you'll need before making any decisions. What if you use ATMs on a regular basis, either to withdraw cash or to handle financial transactions? Consider the bank's ATM availability and whether it serves a national, regional, or local network when making your selection. Withdrawal fees and maximum amounts from ATMs can also be found in the fee schedules document. " 

Inquiring minds want to know, what qualities does a good traditional bank

Certified financial planner at SaverLife, Tania Brown:

"How can that financial institution expand alongside your needs?" If you're 25 and recently single or married, you might think all you need is a checking account. Fast forward 15 years, and you might have had multiple jobs, an IRA rollover, or wish you had a financial adviser. "

James Mykail, CFEI

Regarding the ease of access, Then why don't we see any limbs? And how easy is it for me to get my hands on my money if I need to, say, take a trip out of town? "

If you're looking for an online bank, what features should you prioritize?

CFP Tania Brown:

Given that you can't just walk into an online bank and talk to a real person, "with an online bank, absolutely online customer service." If so, how frequently do you manage to get them? When do they open and close? "

Certified financial planner and author of "Work Your Money, Not Your Life" Roger Ma of lifelaidout®:

When transferring money in or out, the process can be tedious. Is it the same day or the following day? Is it simple to link a traditional bank account to this high-interest savings account? "

A Message from Mykail James, CFEI

Online banking institutions have a higher bar to clear in terms of interest rates, so be extra picky if you decide to open an account with one. That's the main issue, since conventional wisdom holds that online banks offer a superior rate of interest due to their lack of physical location costs. See to it that it's significantly higher than the average in the country. Where can I find out what sort of security they offer How about two-factor authentication? If you're looking for a strictly online bank, you should be extra cautious about their cyber security measures. At the very least, you should be able to change your passwords and other account information using a combination of your phone number and a security question and answer. "

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