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We selected Synchrony, Rockland Trust Bank, Salem Five Bank, Digital Federal Credit Union, and OneUnited Bank as the best banks and credit unions in Massachusetts.
These financial institutions were chosen because they offered bank accounts with distinct features and minimal bank fees. Learn more about our top picks below.
Our top picks for best banks and credit unions in Massachusetts
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Synchrony High-Yield Savings Account
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Rockland Trust Free Checking Account
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Salem Five Open Savings Account
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Salem Five Open Account
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DCU Primary Savings Account
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OneUnited Bank Black Wall Street Checking Account
Best savings account
Best checking account
Best savings and checking account
Best savings and checking account
Best credit union
Best local financial institution
On Digital Federal Credit Union’s website
Savings Rates at the Largest Banks in Massachusetts
In February 2023, the average rate for a savings account is 0.33%, according to the FDIC. Below, you’ll also find the savings rates from the 10 biggest banks in Massachusetts.
None of these institutions offer particularly high interest rates. We chose an online bank for our category of the best bank to open a savings account because online high-yield savings accounts offer significantly more competitive interest rates than the top brick-and-mortar banks in the state.
That said, you may still decide one of the above banks is a good match for you.
Best Bank for Opening a Savings Account: Synchrony
Synchrony High-Yield Savings Account
Annual Percentage Yield (APY)
3.75%
Minimum Deposit Amount
$0
Synchrony High-Yield Savings Account
Annual Percentage Yield (APY)
3.75%
Minimum Deposit Amount
$0
on Synchrony’s site. Member FDIC.
Synchrony High-Yield Savings Account
Details
Annual Percentage Yield (APY)
3.75%
Minimum Deposit Amount
$0
Editor’s Rating
5/5
Competitive APY
Comes with an ATM card
No required opening deposit or minimum account balance
No monthly service fee
No physical branch locations
Only reimburses up to $5 of out-of-network ATM fees per month
More Information
- Access your cash online, by phone or via ATM
- Manage your accounts from virtually anywhere in the Synchrony app
- No minimum balance
- Interest compounded daily, paid monthly
- FDIC insured
Why it stands out: Synchrony is an online bank. The Synchrony High-Yield Savings Account offers a competitive interest rate that’s higher than most other savings accounts at brick-and-mortar and online banks.
You’ll also like Synchrony if you’d like to open a savings account with $0, or if you want to use an ATM card to make withdrawals from your account.
What to look out for: Synchrony doesn’t have checking accounts or money market accounts. If you plan to open one of these accounts, you might prefer banking with another financial institution.
Best Bank for Opening a Checking Account: Rockland Trust Bank
Rockland Trust Free Checking Account
Annual Percentage Yield (APY)
None
Minimum Deposit Amount
$25
Fees
No monthly maintenance fees
Rockland Trust Free Checking Account
Annual Percentage Yield (APY)
None
Minimum Deposit Amount
$25
Fees
No monthly maintenance fees
On Rockland Trust Bank’s website
Rockland Trust Free Checking Account
Details
Fees
No monthly maintenance fees
Annual Percentage Yield (APY)
None
Minimum Deposit Amount
$25
Editor’s Rating
3.75/5
No monthly maintenance fee
No minimum balance requirements
Overdraft protection available
$2 out-of-network ATM withdrawal fee
$1.75 out-of-network ATM balance inquiry fee
$35 overdraft fee
$5 overdraft protection transfer fee
More Information
- 120 branches and 200 ATMs in Massachusetts and Rhode Island
- Overdraft protection that lets you link your checking account to a savings account
- There’s a $5 overdraft transfer fee if you transfer money from a savings account to cover an overdraft
- FDIC insured
Why it stands out: Rockland Trust Bank is one of the five largest financial institutions in the state. It also might be appealing if you’re specifically searching for a checking account.
The Rockland Trust Free Checking Account has a $25 minimum opening deposit and no monthly service fees.
You’ll have access to over 120 branches and 200 free ATMs in Rhode Island and Massachusetts.
If you prioritize convenient customer support hours and availability, Rockland Trust also may be worthwhile. You may talk to a representative through live chat from 7 a.m. to 6 p.m. ET on weekdays or 8 a.m. to 5 p.m. ET on Saturdays. You may also call the Customer Information Center from 7 pm. to 8 p.m. ET on weekdays, 8 a.m. to 5 p.m. ET on Saturdays, or 10 a.m. to 3 p.m. ET on Sundays.
What to look out for: Rockland Trust Bank charges a $35 overdraft fee if you have a negative balance on your account. You can get overdraft protection that lets you link your checking account to a savings account. But, there’s a $5 transfer fee if you utilize overdraft protection.
Best Bank for Opening a Checking and Savings Account: Salem Five Bank
Salem Five Open Account
Annual Percentage Yield (APY)
None
Minimum Deposit Amount
$10
Fees
No monthly maintenance fees
Salem Five Open Account
Annual Percentage Yield (APY)
None
Minimum Deposit Amount
$10
Fees
No monthly maintenance fees
On Salem Five Bank’s website
Salem Five Open Account
Details
Fees
No monthly maintenance fees
Annual Percentage Yield (APY)
None
Minimum Deposit Amount
$10
Editor’s Rating
4.25/5
Low minimum opening deposit
No monthly maintenance fees
Earn cash back for all debit card purchases
May be eligible for ATM fee reimbursements depending on your account balance
Can get annual overdraft protection
$35 overdraft fee
$25 annual overdraft protection fee
$2 out-of-network ATM fee
More Information
- 34 branches in Massachusetts
- Access to over 55,000 sucharge-free ATMs through the Allpoint ATM network
- Can add an option savings account
- There are three rewards tiers: Open Prime, Open Prime Plus, and Open Premier
- Open Prime: Earn $0.05 cash back on all debit card purchases
- Open Prime Plus: Earn $0.05 cash back on all debit card purchases and $7.50 in ATM fee reimbursements monthly when you maintain an average monthly account balance between $3,000 and $4,999
- Open Premier: Earn $0.05 cash back on all debit card purchases and unlimited ATM fee reimbursements when you maintain an average monthly account balance of $5,000 or more
- Rewards will be added to your account at the end of each bank statement cycle
- Overdraft protection that lets you link your checking account to a savings account or apply for a line of credit
- There’s a $25 annual overdraft protection fee
- FDIC insured
Salem Five Open Savings Account
Annual Percentage Yield (APY)
0.05%
Minimum Deposit Amount
$10
Fees
No monthly maintenance fees
Salem Five Open Savings Account
Annual Percentage Yield (APY)
0.05%
Minimum Deposit Amount
$10
Fees
No monthly maintenance fees
On Salem Five Bank’s website
Salem Five Open Savings Account
Details
Fees
No monthly maintenance fees
Annual Percentage Yield (APY)
0.05%
Minimum Deposit Amount
$10
Editor’s Rating
4/5
Low minimum opening deposit
No monthly maintenance fee
Low interest rate
More Information
- 34 branches in Massachusetts
- To get the Open Savings Account, you must have the Open Account
- Interest compounded and deposited monthly
- FDIC insured
Why it stands out: Salem Five could be a good option if you like traditional banking — because there are branches in Massachusetts — but you still want to avoid monthly maintenance fees.
The Salem Five Open Account is an overall solid checking account with a low minimum opening deposit and zero maintenance fees. You also have the option to open the Salem Five Open Savings Account alongside this checking account, which also doesn’t charge monthly maintenance fees.
If you maintain a certain balance in your checking account, you may be eligible for Open Rewards. To get the most out of your checking account rewards, maintain an average daily balance of $5,000 or more to receive unlimited ATM fee reimbursements and earn $0.05 cash back on all debit card purchases.
What to look out for: With the Salem Five Open Account, you’ll want to be mindful of overdrawing from your account. The bank charges a $35 overdraft fee. You may get overdraft protection that lets you link your checking account to a savings account or apply for a line of credit, but you’ll still pay a fee when the negative balance is covered.
The Salem Five Open Savings Account also pays a low interest rate You can find other banks with higher savings rates available.
Best Credit Union: Digital Federal Credit Union
DCU Primary Savings Account
Annual Percentage Yield (APY)
0.16% to 6.17%
Minimum Deposit Amount
$5
Fees
No monthly maintenance fees
DCU Primary Savings Account
Annual Percentage Yield (APY)
0.16% to 6.17%
Minimum Deposit Amount
$5
Fees
No monthly maintenance fees
On Digital Federal Credit Union’s website
DCU Primary Savings Account
On Digital Federal Credit Union’s website
Details
Fees
No monthly maintenance fees
Annual Percentage Yield (APY)
0.16% to 6.17%
Minimum Deposit Amount
$5
Editor’s Rating
4/5
Low minimum opening deposit
No monthly maintenance fees
Earn a high interest rate on the first $1,000 in your account
Low interest rate for balances over $1,000
More Information
- 23 branches in Massachusetts
- To become a member of Digital FCU, you or a family member must meet one of the following requirements: 1) You work or are retired from a company that is listed as a participating employer; 2) You belong to an organization that is listed as a participating organization; 3) You live, work, worship, or go to school in a select area in a Massachusetts county (Chelmsford, Lowell, Tewksbury, Worcester are eligible counties)
- Access to over 5,500 shared branches and 30,000 surcharge-free ATMs through the CO-OP Shared Branch and ATM networks
- Earn 6.17% APY on the first $1,000 in your account
- Interest rate drops on the remaining balance on your account
- Must keep $5 in account to maintain membership status
- Interest compounded and deposited monthly
- Federally insured by the NCUA
Why it stands out: You’ll find Digital Federal Credit Union appealing if you favor credit unions instead of banks.
All members must open the DCU Primary Savings Account. This account doesn’t charge any monthly maintenance fees, and you can earn 6.17% APY on the first $1,000 in your account.
The interest rate will drop for account balances over $1,000. The account has a blended APY, which means the interest rate you’ll earn will be different for separate account balances. It’ll be anywhere from 0.16% to 6.17% APY, depending on how much money you have in your account.
Digital Federal Credit Union also offers free checking and money market accounts, and certificates with low minimum opening deposits.
What to look out for: You’ll need to meet certain requirements to be able to join Digital Federal Credit Union.
There are several ways to become a member. You’re automatically eligible if you live, work, worship, or go to school in select areas of Chelmsford, Lowell, Tewksbury, or Worcester county. You may also join if you or a family member are part of a company or organization on these lists.
Best Local Bank: OneUnited Bank
OneUnited Bank Black Wall Street Checking Account
Annual Percentage Yield (APY)
None
Minimum Deposit Amount
$25
Fees
No monthly service fees
OneUnited Bank Black Wall Street Checking Account
Annual Percentage Yield (APY)
None
Minimum Deposit Amount
$25
Fees
No monthly service fees
On OneUnited Bank’s website
OneUnited Bank Black Wall Street Checking Account
Details
Fees
No monthly service fees
Annual Percentage Yield (APY)
None
Minimum Deposit Amount
$25
Editor’s Rating
3.75/5
Low minimum opening deposit
No monthly service fees
No out-of-network ATM fees
$37 overdraft fee
$15 overdraft protection transfer fee
No out-of-network ATM fee reimbursements
More Information
- Black-owned bank with branches in California, Florida, and Massachusetts
- Online accounts available nationwide
- Over 30,000 free ATMs nationwide
- FDIC insured
Why it stands out: OneUnited Bank is a Black-owned bank with three branches in the Boston area (the Roxbury branch is temporarily closed). It also has branches in Miami and Los Angeles.
OneUnited Bank is certified as a community development financial institution (CDFI). To receive this designation, a financial institution must show it serves low-income and disadvantaged communities.
OneUnited Bank offers a second chance checking account, which is a bank account you may use to build back your credibility if you can’t open a standard checking account at a bank. The second chance checking account has a $12 monthly maintenance fee and a $25 minimum opening deposit.
OneUnited Bank also has a free checking account called the OneUnited Bank Black Wall Street Checking Account. This account has a low minimum opening deposit, no monthly fee, and two-day early direct deposit.
What to look out for: The OneUnited Bank BankBlack Savings Account charges a $5 monthly maintenance fee. However, if you set up direct deposits, you can waive the monthly fee.
Other Institutions That Didn’t Make Our List and Why
- Citizens Bank (Member FDIC): Citizens Bank has the most branches in the state, but its accounts do not stand out as much as our top picks. You’ll need to meet certain requirements each month to waive monthly service fees on checking and savings account
s. Read the full review of Citizens Bank here. - Bank of America (Member FDIC): Bank of America has a variety of accounts and a large branch and ATM network, but you’ll need to meet specific requirements to waive monthly maintenance fees on accounts. Read the full review of Bank of America here.
- Santander Bank (Member FDIC): The bank’s savings account pays a low interest rate, and its checking accounts have monthly service fees unless you qualify to waive them. Read the full review of Santander Bank here.
- TD Bank (Member FDIC): TD Bank might be worthwhile if you’re searching for accounts with low or no minimum opening deposits. However, both checking and savings accounts have monthly service fees unless you meet the criteria to waive the fee. Read the full review of TD Bank here.
- Eastern Bank (Member FDIC): Eastern Bank checking and savings accounts do not charge monthly maintenance fees, but they lack distinguishing features. The bank also doesn’t have as many branches in the state as most of our brick-and-mortar picks.
- M&T Bank (Member FDIC): M&T Bank has a decent-sized branch and ATM network, but its savings accounts and checking account may entail monthly service fees. Read the full review of M&T Bank here.
- Middlesex Savings Bank (Member FDIC): Middlesex Savings Bank has a variety of accounts, but our top picks have more branches throughout the state or pay higher interest rates on savings accounts.
- Chase (Member FDIC): Chase has a substantial bank and ATM network throughout the US, but you’ll need to meet specific requirements each month to waive monthly service fees. Read the full review of Chase here.
- Brookline Bank (Member FDIC): Brookline Bank has free checking and savings accounts, but it has fewer branches than most of our brick-and-mortar picks.
- Rockland Federal Credit Union (Federally insured by the NCUA): Rockland Federal Credit Union savings accounts pay low interest rates, regardless of your account balance. Membership is also limited to residents who live or work in Barnstable, Bristol, Middlesex, Norfolk, Plymouth, or Suffolk counties.
- Metro Credit Union (Federally insured by the NCUA): Metro Credit Union has a solid free checking account, but its savings account isn’t as strong.
Bank Trustworthiness and BBB Ratings
We include ratings from the Better Business Bureau to evaluate how financial institutions address customer issues and handle transparency. See each institution’s rating below:
All the banks on our list have at least an A rating from the BBB except for Rockland Trust Bank. The BBB gave Rockland Trust Bank a B rating because it has received 25 complaints on the BBB website.
BBB ratings aren’t necessarily the be-all and end-all. To see if a bank might be right for you, you may also read online customer reviews or talk to current customers.
None of the banks on our list have been involved in any recent public controversies.
Why Trust Our Recommendations?
Personal Finance Insider’s mission is to help smart people make the best decisions with their money. We understand that “best” is often subjective, so under each section, we outline the advantages and limitations of each account or institution. We spent hours comparing and contrasting the features and fine print of various products so you don’t have to.
Methodology: How Did We Choose the Best Banks in Massachusetts?
We reviewed the 15 biggest banks and credit unions in the state. We also looked to see if there were any CDFIs in the state that might be worth considering.
We compared bank account features and fees until we determined the top picks for our list. Institutions chosen for our list stood out from other options because they had minimal bank fees. Many of these accounts also offered perks. For example, some checking accounts come with early direct deposit or cash-back perks. In regards to our savings accounts, we chose picks with competitive interest rates.
For our best credit union and best local bank, we selected financial institutions with easy membership requirements, low minimum opening deposits, and unique bank accounts.
Frequently Asked Questions
Citizens Bank, Bank of America, and Santander Bank have the most branches in the state.
As long as an institution has federal insurance, your money should be safe. Banks need to be insured by the Federal Deposit Insurance Corporation (FDIC). Credit unions need to be insured by the National Credit Union Administration (NCUA).
An individual account is insured for up to $250,000, and a joint account is insured for up to $500,000. This means you won’t lose all of your money should the bank go under.
Experts’ Advice on Choosing the Best Financial Institution
To learn more about what makes a good bank or credit union and how to choose the best fit, four experts weighed in:
We’re focusing on what will make a bank most useful, including customer service, fees, rates, and more. Here’s what they had to say about finding a bank. (Some text may be lightly edited for clarity.)
How can someone determine whether a bank is the right fit for them?
Mykail James, CFEI:
“The No. 1 thing about a checking account is you should know what provider the debit card is coming from. And a lot of people don’t think about that, because there are places that don’t accept MasterCard or don’t accept an Amex.”
Laura Grace Tarpley, Personal Finance Insider:
“I would look for the bank that charges you the least in fees. This means either no monthly fees, or you qualify to waive the monthly fees. If you never overdraw from your account, then a bank’s overdraft fees won’t matter much to you. But if you occasionally overdraw, then I’d look at the fees or overdraft protection options.”
What should someone look for in a brick-and-mortar bank?
Tania Brown, CFP:
“How can that bank grow with you? If you are 25, single or newly married, and all you need is a checking account, that’s going to look very different 15 years from now when you may have had a couple of jobs, you may have an IRA roll over, or you may want a financial adviser.”
Mykail James, CFEI:
“How accessible it is. So where are the branches? And if I am to go out of town or something, how accessible is my money to me?”
What should someone look for in an online bank
?
Tania Brown, CFP:
“With an online bank, absolutely online customer service, because you do not have the advantage of walking inside and talking to a human being. How often are you able to get them? What are their hours?”
Roger Ma, CFP:
“How onerous the transfer process is, transferring money in and transferring money out. Is it same day, next day? Is it pretty easy to sync a brick-and-mortar checking account to this particular high-yield savings account?”
Mykail James, CFEI:
“When it comes to online banks, you want to be a little bit more strict about what type of interest rates they’re providing. That’s the biggest thing, because online banks are supposed to have the higher interest rate because they don’t have the overhead of the brick-and-mortar. You want to make sure that it’s well above the national average. What type of securities do they provide? Do they have two-factor identification? If it’s an online bank, they should definitely have — at the bare minimum — two-factor authentication in how easy it is to change your passwords and things like that because you want to be a little more hypersensitive about the cyber security for a strictly online bank.”
Sophia Acevedo, CEPF
Banking Reporter
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