Best Banks and Credit Unions in Massachusetts of September 2024 (2024)

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If you live in Massachusetts, you'll probably want to bank with a financial institution that's either online-only or has branches in Massachusetts. We selected Synchrony, Rockland Trust Bank, Salem Five Bank, Digital Federal Credit Union, and OneUnited Bank as the best banks and credit unions for people who live in Massachusetts.

Selection Criteria for the Best Banks in Massachusetts

To determine the best banks in Massachusetts, we reviewed the 15 biggest banks and credit unions in the state and considered online banks for our top picks for savings accounts. These financial institutions were chosen because their bank accounts with interesting perks and minimal bank fees. Learn more about our top picks below.

The Best Banks in Massachusetts for September

• Synchrony Bank: Best bank in Massachusetts for opening a savings account
• Rockland Trust Bank: Best bank in Massachusetts for opening a checking account
• Salem Five Bank: Best bank in Massachusetts for opening a savings and checking account
• Digital Federal Credit Union: Best credit union in Massachusetts
• OneUnited Bank: Best local financial institution in Massachusetts

All of the financial institutions on our list are protected by FDIC or NCUA insurance. Your money is safe at a federally insured financial institution. When a financial institution is federally insured, up to $250,000 per depositor is secure in a bank account.

Compare the Best Banks in Massachusetts

Best Banks in Massachusetts: FAQs

Massachusetts Bank Reviews

The best credit unions and banks in Massachusetts offer strong interest rates, good perks, and ease of use for Massachusetts residents. They also offer lots of different types of bank accounts, such as money market accounts, checking accounts, savings accounts, and CDs.

Here are the best credit unions and banks in Massachusetts as picked by Business Insider editors in 2024.

Best Bank for Opening a Savings Account

Synchrony is an online bank offering a high-yield savings account. The Synchrony High Yield Savings Account offers a competitive interest rate that's higher than most other savings accounts at brick-and-mortar 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.

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.

Synchrony Bank Review

Best Bank for Opening a Checking Account

Rockland Trust Bank is one of the five largest banks in Massachusetts. It also might be appealing if you're specifically searching for the best checking account.

The Rockland Trust Free Checking Account has a $25 minimum opening deposit and no monthly service fees, making it a free checking account.

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 may also be worthwhile, even though it doesn't have 24/7 customer service. 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.

Rockland Trust Bank charges a $35 overdraft feeif 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 could be a good option if you like traditional banking — because there are branches in Massachusetts — but you still want to avoid monthly bank 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 reimbursem*nts and earn $0.05 per purchase with its cash-back debit card.

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

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 0.15% 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.

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 DCU's list.

Best Local Bank

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.

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.

Bank Trustworthiness and BBB Ratings

We include ratings from the Better Business Bureau to evaluate how banks in Massachusetts address customer issues and handle transparency. The BBB lowers banks' scores based on how many customer complaints they've received, how long it takes them to respond to complaints, whether they resolve complaints, and whether banks have government action taken against them, among other reasons. See each institution's rating below:

Synchrony currently has an NR rating from the BBB because it is in the process of responding to previously closed complaints.

The BBB gave Rockland Trust Bank a B rating because it has received many complaints on the BBB website.

Salem Five Bank has an A- rating because it hasn't responded to a customer complaint.

Synchrony has been involved in some public controversies. In 2023, Synchrony was required to pay $2.6 million in a settlement when accused of calling customers about bank accounts they didn't have. In 2021, the bank also was required to pay $3.5 million in a settlement when accused of making unreasonable phone calls to debtors living in California.

Why You Should Trust Us: 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:

• Tania Brown, CFP® professional and vice president of coaching strategy at OfColor
• Roger Ma, CFP® professional with lifelaidout®and author of"Work Your Money, Not Your Life"
• Sophia Acevedo, banking editor, Business Insider
• Mykail James, MBA, certified financial education instructor,BoujieBudgets.com

Our experts highlighted seven things to look for when you're choosing a bank:

1. What types of accounts are you planning to open?
2. How can this bank grow with you, as your life and money priorities change?
3. How important is ATM access? What are the fees and where are ATMs located?
4. How secure and accessible is the bank's website or app?
5. If you want to bank in person, does it have a branch nearby?
6. What are the customer service hours, and how do you get in touch?
7. How much interest does the bank pay in savings? And does it matter to you?

Methodology: How Did We Choose the Best Banks in Massachusetts?

Business 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.

We reviewed the 15 biggest credit unions and banks in Massachusetts. 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.

See ourbank account rating methodologyto learn more about how we rate bank accounts.