Best Banks in Massachusetts
Written by
Rudri Patel
Edited by
Elizabeth Constantineau
Massachusetts residents have plenty of options when it comes to banking — but choosing the right one depends on your financial needs. Whether you’re looking for top-notch customer service, robust digital tools or a high-yield savings account, it pays to compare what different banks have to offer.
To help you make the best choice, GOBankingRates has identified the best banks in Massachusetts for 2025. This guide highlights the top picks for checking, savings and certificate of deposit (CD) accounts.
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GOBankingRates' editorial team is committed to bringing you unbiased bank reviews and information. We use data-driven methodologies to evaluate financial products and services - our reviews and ratings are not influenced by advertisers. You can read more about our editorial guidelines and our in-depth bank review methodology.
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TOP MASSACHUSETTS BANKS AT A GLANCE
Bank/Institution
Savings APY
Notable Features
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Detailed Reviews of the Best Banks in Massachusetts
When it comes to choosing a bank in Massachusetts, you have plenty of options. But some of the banking options in the Bay State stand apart from the crowd. Here are the three top banks in Massachusetts.
Gold Winner: Berkshire Bank
Berkshire Bank is a Boston-based bank that has been around since 1846. Over its long history, the bank has established a positive reputation across the Bay State. The community-focused bank offers a range of financial products that could fit your needs.
Best For
High APYs
Loan Options
Credit Cards
Low Monthly Fees
Mobile App
Attractive APYs and Robust Physical Footprint
Berkshire Bank offers strong account options, including its Berkshire One Checking with a $300 bonus and up to $360 in streaming credits — no monthly fees required. Its Berkshire One Money Market account also stands out with above-average rates for savers.
Total Branch Locations
Over 80
Mobile App Rating
4.4 on the Apple App Store and 4.5 on Google Play
Other Products Offered
Checking, savings, CDs, mortgages, auto loans, credit cards
Pros
- Cash bonus and streaming credit for eligible Berkshire One Checking customers
- Attractive APYs for savings accounts
Cons
- Higher APYs may be available elsewhere
- CDs require $1,000 minimum deposit
Why We Like Berkshire Bank
With over 175 years of serving Massachusetts, Berkshire Bank has deep community roots and a strong lineup of products. New customers can earn a generous bonus with the Berkshire One Checking account, which comes with no monthly fees and access to a large ATM network. Many of its savings products also offer competitive APYs.
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Silver Winner: Citizens Bank
Citizens Bank offers a wide range of banking products, including checking accounts, savings accounts, credit cards, home loans, student loans and investing support. With all of these different product options, it’s possible to manage all or some of your financial needs under a single banking umbrella, which could streamline your money management.
Best For
Mobile App
No Minimum Deposit
Wealth Management
Loan Options
Credit Cards
The More You Save, the More You Earn
Citizens Bank stands out for its blend of nationwide reach in key regions and perks for loyal customers. Whether you're managing everyday banking, planning a major purchase or running a business, the bank's wide product lineup and personalized guidance make it a versatile choice for a variety of financial needs.
Total Branch Locations
More than 1,100
Mobile App Rating
4.7 on the Apple App Store and Google Play
Other Products Offered
Checking, savings, credit cards, home loans, student loans, wealth management, business accounts, investment management
Pros
- Many branch and ATM locations
- CitizensPlus loyalty program offers benefits for your checking account if you have a larger balance
- Complimentary personalized guidance from a Citizens Bank professional
Cons
- Low APYs for Citizens Bank's savings accounts
- High $25,000 minimum deposit requirement to get the highest CD rates, and they aren't the most competitive
- Branches aren't spread throughout the country
Why We Like Citizens Bank
Citizens Bank has a vast footprint in the New England, Mid-Atlantic and Midwest regions with more than 1,100 branches and 3,400 ATMs. The CitizensPlus loyalty program opens a lot of opportunities to save money, such as with mortgage discounts, home equity line of credit discounts, a credit card fee reduction, student loan discounts and personalized financial advice.
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Bronze Winner: Salem Five Bank
Salem Five Bank stands out as one of the best banks in Massachusetts thanks to its strong community ties, broad range of products and customer-friendly features.
Best For
Low Minimum Deposits
Mobile App
Low Monthly Fees
Credit Cards
Loan Options
Access a Fee-Free Checking Account and a Wide ATM Network
Salem Five Bank is a Massachusetts-based financial institution with branches spread throughout the eastern side of the Bay State. It’s been around for over 160 years, and has built a reputation of investing in the local community while providing top-notch banking products.
Total Branch Locations
Over 30
Mobile App Rating
4.7 on the Apple App Store and 4.4 on Google Play
Other Products Offered
Checking, savings, CDs, money market, retirement accounts, loans, credit cards
Pros
- Great APYs on CD accounts
- Fee-free checking account option
Cons
- Higher APYs can be found at other banks
- Need at least $500 to open a CD
Why We Like Salem Five Bank
Salem Five Bank combines a strong local presence with digital convenience. Its fee-free checking account has no monthly maintenance fees or minimum balance, and the bank offers over 30 branches for in-person service. While savings APYs are modest, Salem Five’s CD specials are a highlight for savers looking for solid returns.
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Best Banks
Checking Accounts
Savings Accounts
CD Account Rates
Money Market Accounts
Research Methodology
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 July 29, 2025.
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.
How To Choose the Right Bank in Massachusetts
Regional banks can be a great option for Massachusetts residents who prefer visiting local branches but don’t want the impersonal fees of a national chain. From community-focused institutions in smaller towns to regional banks that serve Greater Boston and beyond, you’ll find a range of products and services — but be mindful of account and service fees, which can vary widely.
The best banks in Massachusetts span from locally rooted institutions to national brands with a strong New England presence. While regional bank APYs can be competitive, they may not match the convenience of larger banks when it comes to the number of branches, ATMs or digital tools.
Here are some of the most important factors to consider when comparing your options:
- Location: Many Massachusetts regional banks operate in specific areas of the state. Make sure the bank you’re considering has a nearby location that’s close to you.
- Availability: Check the operating hours, including holidays, of your regional bank. Some Massachusetts credit unions and banks may have limited availability, especially in smaller towns or rural areas.
- Bank health: While many local banks are deeply rooted in their communities, it’s still important to check their financial strength to ensure long-term stability.
- Rewards and promotions: Regional banks are often good at offering rewards and promotions. Compare the current offers at the Massachusetts banks you’re considering.
- Account offerings: Make sure the bank provides the products you need — whether that’s a competitive CD, a free checking account or mobile banking for everyday use.
- Community involvement: Many local banks in Massachusetts are known for supporting schools, nonprofits and community events. If giving back is important to you, look into each bank’s initiatives.
Conclusion
When searching for the best bank in Massachusetts, it’s important to weigh your personal banking preferences. For example, if you prefer face-to-face interactions, you might opt for a bank with branches in your neighborhood. But if you want to get the highest APYs available, you might choose to work with an online bank — even if it means skipping in-person access.
FAQs About Banking in Massachusetts
Here’s more information to help you find the best Massachusetts bank for your needs.- What is the best bank for high-yield savings in Massachusetts?
- In terms of a bank offering a high-yield savings option with physical locations in Massachusetts, Berkshire Bank might be your best option. If you are willing to work with a bank that doesn't have a physical footprint in Massachusetts, consider online banks to get the best rates.
- Which banks have the most ATMs in Massachusetts?
- Citizens Bank has the largest number of ATMs in Massachusetts.
- Are there any banks in Massachusetts with no monthly fees?
- Yes, both Berkshire Bank and Salem Five Bank offer checking accounts with no monthly fees attached.
More Resources for Banking
Best Banks
Checking Accounts
Savings Accounts
CD Account Rates
Money Market Accounts
Sarah Sharkey contributed to the reporting for this article.
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