Banking / Banks

The Best Regional Banks Throughout New England

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The banks of New England — some of the oldest and most significant financial institutions in America — are wedged into the northeasternmost states of the country, including Massachusetts, Connecticut, Rhode Island, Vermont, New Hampshire and Maine. The oldest banks in several New England states have a history dating back to the Founding Fathers of the 18th century.

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It’s a land of big banks, with very little room given to upstart financial institutions that are little and local. One credit union on the top 10 has fewer than 40 branches, but the rest have either hundreds or thousands of branches.

GOBankingRates sized up the top 10 financial institutions in New England by examining several factors, including whether they offer products and services like credit cards, home and auto loans, investment services and insurance. The most weight, however, was given to checking fees, savings and 12-month CD APYs and the number of branches each institution maintains. The study also looked at each bank’s total assets and the rating their apps hold in the Android and Apple stores.

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Keep reading to learn about the 10 best banks in New England.

JP Morgan Chase

Branch locations: 4,960
Checking fee: $12
Savings APY: 0.01%
12-month CD APY: 0.02%

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Navy Federal Credit Union

Branch locations: 298
Checking fee: $0
Savings APY: 0.25%
12-month CD APY: 0.55%

Bank of America

Branch locations: 4,215
Checking fee: $12
Savings APY: 0.01%
12-month CD APY: 0.03%

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Wells Fargo

Branch locations: 5,024
Checking fee: $10
Savings APY: 0.01%
12-month CD APY: 0.01%

American Airlines Credit Union

Branch locations: 38
Checking fee: $4.75
Savings APY: 0.40%
12-month CD APY: 0.50%

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Keybank

Branch locations: 1,046
Checking fee: $0
Savings APY: 0.01%
12-month CD APY: 0.05%

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Truist Bank

Branch locations: 2,562
Checking fee: $12
Savings APY: 0.01%
12-month CD APY: 0.05%

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PNC Bank

Branch locations: 2,150
Checking fee: $7
Savings APY: 0.01%
12-month CD APY: 0.02%

Valley National Bank

Branch locations: 234
Checking fee: $0
Savings APY: 0.02%
12-month CD APY: 0.05%

Manufacturers and Traders Trust Company

Branch locations: 749
Checking fee: $0
Savings APY: 0.01%
12-month CD APY: 0.05%

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Methodology: To discover the Top 100 Best Banks, GOBankingRates looked at all institutions with available published data (National, Regional, Local, and Online) from the 2021 Best Banks categories as well as all Credit Unions with over $1 billion in total assets and accessible to a wide audience. GOBankingRates looked at the following factors: (1) total assets as sourced from the FDIC and NCUA; (2) number of branch locations as sourced from the FDIC and NCUA; (3) checking account annual fee; (4) savings account APY rate; (5) 12-month CD APY rate; (6) customer service products offered (24/7 customer service and live chat with a human); (7) Bauer rating (out of 5 stars); (8) products/services offered (auto loans, mortgage loans, credit cards, investment services, and insurance); and (9) the average mobile app rating between the android and apple stores. All factors were then scored and combined, with the lowest score being best. Factors (1) and (4) were weighted 1.5 times in final scoring, factor (2) was weighted 2 times, factor (6) was weighted 0.5 times, and factor (8) was weighted 2.5 times. For all Savings and Checking Account data only the basic accounts/products offered at each institution was analyzed. All data is up to date as of 12/8/21, rates and fees subject to change.

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About the Author

Andrew Lisa has been writing professionally since 2001. An award-winning writer, Andrew was formerly one of the youngest nationally distributed columnists for the largest newspaper syndicate in the country, the Gannett News Service. He worked as the business section editor for amNewYork, the most widely distributed newspaper in Manhattan, and worked as a copy editor for TheStreet.com, a financial publication in the heart of Wall Street's investment community in New York City.

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