Because financial needs vary from customer to customer, the best bank in Massachusetts for you might be the one with the best interest rates, whereas your friend or neighbor might be more interested in loan rates. When it comes to picking a bank, however, some banks are better overall than others.
GOBankingRates has selected the top 10 banks in Massachusetts according to bank asset size, accessibility, savings account interest rate, monthly checking account fee and available products. The following list can help you narrow down your choice of a bank in Massachusetts based on specific details to help you choose the best bank for you.
10 Best Banks in Massachusetts
Consider what you’re looking for in a bank, such as what you’re not getting from your current bank or the product or service you need to achieve your next financial goal. The best banks in Massachusetts are:
- Century Bank
- Salem Five Cents Savings Bank
- Middlesex Savings Bank
- Eastern Bank
- Berkshire Bank
- Rockland Trust Company
- East Boston Savings Bank
- Cambridge Savings Bank
- The Cape Cod Five Cents Savings Bank
- Brookline Bank
Related: Best Credit Unions of 2021
Century Bank makes this GOBankingRates ranking based on numerous strengths. The bank offers products across five categories: auto loans, home mortgages, credit cards, investment services and insurance.
Century’s Silver Checking offers free checking with no minimum balance required, as well as the following for free:
- Unlimited debit card usage
- Online banking
- Mobile and text banking
- Mobile check deposit
Century Bank also offers the highest savings APY on this GOBankingRates top 10 list, with its Super Savings account paying 0.25 percent as long as you sign up for a monthly transfer of at least $50 from your open checking account.
Salem Five Cents Savings Bank
Salem Five Cents Savings Bank offers services across the same five main product lines as Century Bank, from auto loans to insurance. Salem also offers four types of checking accounts that can all be free if various criteria are met.
The most basic account, the Free Checking account, is always free but has limited services. The upgraded tiers, Star Checking and Gold Star Checking, can be fee-free with minimum sustaining balances, automated transfers or combined balances of varying levels. These upgraded tiers provide additional benefits, including:
- Cash-back rewards
- ATM surcharge reimbursements
Middlesex Savings Bank
Middlesex Savings Bank is another institution recognized by GOBankingRates for its breadth of services, offering home mortgages, auto loans, insurance, investment services and credit cards. The bank offers a variety of checking account options, all of which provide the following free services:
- Check writing
- Monthly eStatements
- Online banking and bill pay
- Mobile and text message banking
- Debit Mastercard and ATM transactions
- Withdrawals and ACH/electronic transactions
- Access to thousands of fee-free ATMs
The bank’s eBlue account is its all-electronic version of a checking account. Although none of Middlesex’s checking accounts are free to everyone, the eBlue account has the lowest threshold for avoiding fees: If you’re under age 25, sign up for direct deposit, or have an average monthly balance of $100, then ATM fees, along with the monthly maintenance charge of $5, are waived.
Learn More: How to Open a Checking Account
Eastern Bank offers mortgage loans, credit cards and investment services, but it does not provide auto loans or insurance. It is one of the largest banks on this GOBankingRates top 10 list, however, with over $10.5 billion in assets, and it also has the most brick-and-mortar branches on the list, with 84.
The Eastern Free Checking account requires $25 to open but has no ongoing account or maintenance fees, no matter what your balance is. The account offers the following for free:
- Unlimited check writing
- Eastern Bank debit Mastercard
- Mobile banking
- Eastern HomeConnect, the bank’s online banking with bill pay service
Berkshire Bank is the second-largest bank in the GOBankingRates Massachusetts top 10, with over $9.5 billion in assets. The bank offers mortgage and auto loans, insurance, and investment management services.
The bank also offers a variety of checking account options, such as the Free Checking account, which features:
- No minimum balance
- No monthly service charge
- Free unlimited online banking and bill pay
On the business front, Berkshire Bank provides an array of services, ranging from business checking, savings, escrow and certificate of deposit accounts to cash management and equipment financing.
Rockland Trust Company
Rockland Trust Company doesn’t offer auto loans or credit cards, but it provides home mortgages, insurance, and extensive wealth management services, including trust and fiduciary services, retirement plan management, and administration and business services.
Rockland’s free checking offering has no minimum monthly balance and no service fees. The account offers:
- Free online and mobile banking
- Rockland Trust MasterCard debit card
- Surcharge-free access to nationwide ATMs in the SUM Network
- Free first order of standard checks
The bank does charge some small fees for certain transactions at non-Rockland ATMs that are not part of the SUM Network.
East Boston Savings Bank
It also offers checking options, such as its Simply Free checking account featuring:
- No minimum balance required
- No monthly fee or service charge
- Free access to the nationwide Allpoint ATM network
- Free ATM Visa debit card
You’ll need just a $50 minimum deposit to open the account. The bank’s Statement Savings account also scores points for offering a 0.10% APR on balances of $25 or more.
Cambridge Savings Bank
Cambridge Savings Bank doesn’t offer insurance but does offer products in all of the other four main banking categories assessed for this ranking:
- Auto loans
- Home mortgages
- Investment services
- Credit cards
For checking accounts, Cambridge Savings offers four tiers of available accounts, based on the services you need. The Simple checking account is the most basic, requiring just a $10 opening deposit and no monthly fees at any time. The other tiers carry monthly fees starting at $10, but those fees can all be waived if you meet certain criteria, such as maintaining minimum balances or signing up for investment accounts.
The Cape Cod Five Cents Savings Bank
The Cape Cod Five Cents Savings Bank is the smallest bank on this Massachusetts top 10 list, with just over $3.1 billion in assets and 17 brick-and-mortar branches. It does provide extensive services relative to some larger banks, however, including:
- Auto loans
- Home mortgage loans
- Investment management
Cape Cod offers four checking accounts to choose from, but only the Free Checking account carries no monthly service fee. A $25 minimum opening deposit is required, and you must sign up for electronic monthly statements within 60 days of account opening. Other checking accounts charge fees of up to $20 per month but provide a deeper range of services.
Brookline Bank offers auto and mortgage loans but no credit cards, insurance or investment services. The bank’s AccessOne checking account is entirely free, with no monthly maintenance fee or sustaining balance required. Similar to other free checking accounts on this list, Brookline’s AccessOne offers:
- Free online banking
- Mobile banking
- Mastercard debit card
AccessOne checking also comes with a free Access Savings account, free telephone banking, and a discount on certain loans. Two other upgraded checking accounts are also available, but they have higher fees.
Up Next: Best Regional Banks of 2021
Methodology: To determine the best banks in the state, GOBankingRates ranked the top 10 banks based on (1) asset-size, with $100 million minimum in assets held, according to the FDIC; (2) monthly checking account service fee; (3) savings account annual percentage rate, which was either a flat rate or the lowest tiered rate available from the bank for non-specialty savings account products; (4) bank accessibility, based on the approximate number of branches; and (5) products, with banks being scored on selection of products offered, including auto loans, mortgage loans, credit cards, investment services, and insurance.
Data for this ranking was compiled from and verified against the individual institutions’ websites between Sept. 21 and Sept. 26, 2017. Rates, terms and conditions are subject to change at the discretion of the individual financial institutions. APY was based on the minimum deposit required to open the account. Some interest rates might be short-term or promotional offers only, and it is possible additional terms and conditions must be met in order to obtain the interest rates listed. Rates and availability might vary by region. Please verify terms and conditions before opening an account.
GOBankingRates is a personal finance and consumer interest rate website owned by ConsumerTrack, Inc., an online marketing company serving top-tier banks, credit unions, and other financial services organizations. Some banks mentioned in this ranking are clients of ConsumerTrack, Inc., which serves more than 100 national, local and online financial institutions. Rankings are completely objective, and no institution, client or otherwise, paid for inclusion or specific placement.
Related: The Best Banks of 2021