Berkshire Bank Review: Competitive Rates and Community-Focused Banking
Written by
Cynthia Measom
Edited by
Elizabeth Constantineau
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Earn high returns on the Berkshire One Savings account with just a $250 minimum opening deposit and a linked Berkshire Bank checking account.
Berkshire Bank operates over 90 branches across Massachusetts, Connecticut, Vermont, New York and Rhode Island. Berkshire Bank combines the resources of a large bank with the personal attention and care of a community bank. Its aim is to help customers achieve their financial goals, whether that’s purchasing a home, starting a business or saving for retirement.
Berkshire Bank offers a variety of banking products and services, including competitive savings account rates and easy-to-use mobile banking, which makes it an appealing option for customers in its service area. GOBankingRates recognized Berkshire Bank as a gold winner for Best Banks in Massachusetts.
Berkshire Bank Checking Accounts
Berkshire Bank offers one checking option. The Berkshire One Checking Account keeps things simple with a low required opening deposit and no overdraft fees for pre-authorized transactions.Â
- Required opening deposit of $10.
- Earn variable APY on balances starting at $0.01 with enrollment in paperless statements.
- Avoid overdraft fees for pre-authorized transactions.
- Includes options for identity theft protection.
- $15 monthly Stream On credit to apply toward streaming services.
Best For
Banking in Massachusetts
Mobile App
Loan Options
Credit Cards
Low Monthly Fees
Earn Interest With Paperless Statements
The Berkshire One Checking Account combines affordability with convenience, offering no overdraft fees for pre-authorized transactions and a $15 Stream On credit for streaming services.
Fees
$3 external funds transfer
APY
Min Opening
$10
Pros
- Low $10 minimum opening deposit
- No overdraft fees for pre-authorized transactions
- Interest-bearing account from the first pennyÂ
- Stream On credit for up to 24 months
Cons
- APY is lower than many online banks
- Paperless statement enrollment required to earn interest
Quick Take
The Berkshire One Checking Account is a good choice for customers seeking low fees and basic features. While its interest rate may not be as competitive as what some other banks offer, its lack of overdraft fees and low opening deposit make it a practical option.
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Berkshire Bank Savings Accounts
The Berkshire Bank Statement Savings Account allows you to manage and grow your savings while earning APY.
- $250 minimum opening deposit.
- Monthly service fee of $5 waived by maintaining $250 minimum balance.
- Free ATM transactions at Berkshire Bank ATMs; non-Berkshire ATM withdrawals incur $3 fee.
- Link to a checking account for overdraft protection.
Best For
Banking in Massachusetts
Mobile App
Loan Options
Credit Cards
Low Monthly Fees
Unlimited Deposits and Withdrawals
The Berkshire Bank Statement Savings Account offers unlimited deposits and withdrawals, plus fee-free ATM transactions at Berkshire ATMs.
Fees
$5 waivable monthly service fee
APY
Min Opening
$250
Pros
- Fee-free ATM withdrawals at Berkshire Bank ATMs
- Low $250 balance required to waive monthly fee
- Minimum balance to obtain APY is $10
Cons
- Non-Berkshire ATM fees can add up quickly
- Monthly service fee if minimum balance isn’t met
Quick Take
The Berkshire Bank Statement Savings Account offers convenient access and low fees, but customers who frequently use out-of-network ATMs may find the fees a drawback.
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Berkshire Bank CD Accounts
Berkshire Bank certificates of deposit provide a secure way to grow your savings with guaranteed returns. Earn – APY on the bank’s standard CDs.
- $1,000 minimum opening deposit.
- Terms range from 3 months to 60 months or longer.
- Earn higher interest rates than standard savings accounts.
- Guaranteed returns let you know exactly how much you’ll earn at maturity.
Best For
Banking in Massachusetts
Mobile App
Loan Options
Credit Cards
Low Monthly Fees
Guaranteed Returns for Predictable Growth
Berkshire Bank CDs offer guaranteed returns with terms ranging from 3 to 60 months. Competitive rates up to APY.
Fees
Early withdrawal penalties may apply
APY
Up to
Min Opening
$1,000
Pros
- Competitive interest rates with guaranteed returns
- Special or relationship CDs available with higher rates — up to
Cons
- Early withdrawal penalties apply
Quick Take
Berkshire Bank CDs are a secure investment option for customers seeking predictable returns. However, while rates are competitive, they may not measure up to rates from online-only banks.
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Berkshire Bank Money Market Accounts
The Berkshire Bank Money Market Account provides a way to easily access funds while earning an APY of that’s significantly higher than standard savings accounts.
- $5 monthly fee is waived by maintaining a $1,000 minimum balance.
- Write checks with no per-check fees (limited check writing applies).
- Unlimited fee-free ATM withdrawals at Berkshire Bank ATMs.
- Overdraft protection available.
Best For
Banking in Massachusetts
Mobile App
Loan Options
Credit Cards
Low Monthly Fees
Flexible Access and Competitive Rates
Berkshire Bank’s Money Market Account combines flexibility and a high APY, offering unlimited ATM withdrawals at Berkshire locations and check-writing capabilities.
Fees
$5 waivable monthly service fee
APY
Min Opening
$25,000
Pros
- Higher APY than standard savings accounts
- ATM card with unlimited withdrawals
- No per-check fees
Cons
- $1,000 balance required to waive the monthly fee
- Fees apply for non-Berkshire ATM transactions
Quick Take
Berkshire Bank’s Money Market Account offers a mix of flexibility and competitive interest rates. However, the $1,000 balance to avoid fees may not work for everyone.
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Banking Experience
The experience a bank provides is an important consideration. Here’s a quick look at what Berkshire Bank has to offer.Â
Online Banking
Offers 24/7 account management, bill pay, funds transfer options and customizable alerts.
Mobile Banking
Includes everything expected from a mobile banking app, plus a financial insights tool, which offers a 360-degree view of finances.
Additionally, users can facilitate quick funds transfers to family and friends who also use the Berkshire Bank mobile app or online banking. The app is rated 4.4 on the App Store and 4.5 on Google Play. Positive Google Play ratings highlight its ease of use, though some users mention that the app no longer has daily balance alerts or debit transaction alerts, which they find disappointing.Â
Customer Support
Support is available through branches, over the phone and via secure online banking messages. Berkshire Bank customer service is available Monday to Saturday from 8:00 a.m. to 6:00 p.m. EST.Â
Comparable Regional Bank Options
Here’s how Berkshire Bank stacks up against other regional banks.
SELECTED BANK
MOST COMPARABLE
MOST COMPARABLE
Fees
Fees
Fees
$3 external funds transfer
$0 to $25
No monthly service fee
APY
APY
APY
0%
N/A
Min Opening
Min Opening
Min Opening
$10
$0
$10
SELECTED BANK
MOST COMPARABLE
MOST COMPARABLE
Fees
Fees
Fees
$5 waivable monthly service fee
$0-$4.99
$0 to $3 monthly
APY
APY
APY
–
Up to
Min Opening
Min Opening
Min Opening
$250
$0
$10
SELECTED BANK
MOST COMPARABLE
MOST COMPARABLE
Fees
Fees
Fees
Early withdrawal penalties may apply
No monthly service fee
Early withdrawal penalties may apply
APY
APY
APY
Up to
–
Up to
Min Opening
Min Opening
Min Opening
$1,000
$1,000- $25,000
$500 to $10,000
SELECTED BANK
MOST COMPARABLE
MOST COMPARABLE
Fees
Fees
Fees
$5 waivable monthly service fee
No monthly service fee
$0 to $15 monthly
APY
APY
APY
Up to
Up to
Min Opening
Min Opening
Min Opening
$25,000
$0
$10
Berkshire Bank vs. TD Bank
Berkshire Bank operates 96 branches, while TD Bank offers over 1,100 branches, providing greater accessibility. However, Berkshire Bank’s APY savings account outshines TD Bank’s best rate of APY.Â
Berkshire Bank vs. Eastern Bank
Berkshire Bank’s customer service hours of 8 a.m. to 6 p.m., Monday-Friday are shorter than Eastern Bank’s hours of 7 a.m. to 8 p.m., which gives customers more opportunities to get answers to their questions.
However, Eastern Bank’s checking, savings and CD rates, across the board, are considerably less competitive than Berkshire Bank’s rates — especially when it comes to Berkshire Bank’s APY savings rate.Â
Berkshire Bank vs. Webster Bank
Webster Bank operates over 200 branches across Connecticut, Massachusetts, Rhode Island and the New York Metro area — over double Berkshire’s regional presence of 96 branches. However, Berkshire Bank publishes its full menu of checking, savings and CD rates online, whereas you have to call Webster Bank to find out its rates.Â
Final Take
Berkshire Bank provides practical banking solutions for customers in its service area, offering competitive savings rates and an interest-bearing checking option with a low minimum opening deposit of $10. However, its lower APY on its checking account and limited ATM-fee reimbursements may not meet the needs of those looking for higher returns or out-of-network ATM access.
Berkshire Bank FAQ
Here are the answers to some of the most frequently asked questions about Berkshire Bank.- How much can you withdraw from Berkshire Bank?
- Berkshire Bank's standard daily cash withdrawal limits are $1,000 for debit cards and $500 for ATM cards.
- How much can you overdraft with Berkshire Bank?
- The bank's Courtesy Pay service allows qualifying accounts to overdraft up to $750, including any associated fees.
- How long does direct deposit take Berkshire Bank?
- Direct deposits are typically available on the business day they are received.
- What is the minimum balance at Berkshire Bank?
- Minimum balance requirements vary by account type; for example, the Berkshire One Checking Account requires a $10 minimum opening deposit.
To discover the Best Banks by state, GOBankingRates analyzed the top institutions (excluding online banks and neobanks) by state branch locations. To determine rankings, GOBankingRates looked at the following factors: (1) total assets as sourced from the FDIC; (2) checking product minimum deposit; (3) monthly checking fee ratio (percentage of the minimum to avoid fees compared to the monthly fee itself); (4) savings product minimum deposit; (5) savings product APY; (6) Bauer rating (out of 5 stars); (7) products/services offered (auto loans, mortgage loans, credit cards, investment services and insurance); and (8) the average mobile app rating between the Google Play (Android) and Apple stores. All factors were then scored and combined, with the lowest score being the best. Factors (1), (2) and (4) were weighed 0.5 times, factor (5) was weighed 2.5 times and factor (7) was weighed 1.5 times. All products and offerings had to be available as of Nov. 8, 2024, to be considered. Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Dec. 5, 2024.
To qualify as one of the Best Banks in the state, the institution needed at least five branch locations in the respective state, with some exceptions for larger and/or smaller states.
Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.
Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Dec. 5, 2024.Â
