If you live in Massachusetts, you'll want to keep your money in a financial institution that operates in the state. We surveyed banks and credit unions in Massachusetts and found Synchrony, Rockland Trust Bank, Salem Five Bank, Digital Federal Credit Union, and OneUnited Bank to be the best banks and credit unions for Massachusetts.
The Best Banks in Massachusetts for April
- Best bank in Massachusetts for opening a savings account: Synchrony Bank
- Best bank in Massachusetts for opening a checking account: Rockland Trust Bank
- Best bank in Massachusetts for opening a savings and checking account: Salem Five Bank
- Best credit union in Massachusetts: Digital Federal Credit Union
- Best local financial institution in Massachusetts: OneUnited Bank
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.
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 2025.
Best Bank for Opening a Savings Account
Synchrony is the best bank for opening a savings account nationally. The Synchrony High Yield Savings Account offers a competitive interest rate that's higher than most other savings accounts at brick-and-mortar banks.
A good savings account also has lenient opening and maintenance requirements. At Synchrony, you only need $0 to open its savings account and you have an ATM card to make withdrawals.
Best Bank for Opening a Checking Account
Rockland Trust Bank is the best bank in Massachusetts for opening a a checking account.
Its one of the five largest banks in Massachusetts, so you'll have access to over 120 branches and 200 free ATMs in Rhode Island and Massachusetts.
The Rockland Trust Free Checking Account has a $25 minimum opening deposit and no monthly service fees, making it a free checking account.
Rockland Trust Bank charges a $35 overdraft fee if you have a negative balance on your account beyond $20. You can get overdraft protection, though, to avoid the $35 fee.
Best Bank for Opening a Checking and Savings Account
Salem Five Bank is the best bank in Massachusetts for relationship banking.
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 reimbursements 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 best banks for overdrafts don't charge overdraft fees or overdraft transfer fees.
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
Digital Federal Credit Union is the best credit union choice in Massachusetts.
There are several ways to become a member at Digital Federal Credit Union. 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.
Digital Federal Credit Union offers checking and savings accounts with no monthly service fees, and certificates with low minimum opening deposits.
All members must open the DCU Primary Savings Account. This account doesn't charge any monthly maintenance fees, and you can earn up to 5.50% APY on the first $1,000 in your account.
Best Local Bank
OneUnited Bank is the best local bank because its 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 Black-owned bank also has other strong checking and savings options with strong banking features. For example, its standard checking account has no monthly service fees and allows you to receive early direct deposits.
It has three branches in the Boston area. It also has branches in Miami and Los Angeles.
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. We 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.
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:
| Feature | BBB rating |
| Synchrony | NR |
| Rockland Trust Bank | A+ |
| Salem Five Bank | A- |
| Digital Federal Credit Union | A+ |
| OneUnited Bank | A+ |
Synchrony currently has an NR rating from the BBB because it is in the process of responding to previously closed complaints.
Salem Five Bank has an A- rating because it hasn't responded to a customer complaint.
Synchrony has been involved in a public controversy. 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.
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 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:
- What types of accounts are you planning to open?
- How can this bank grow with you, as your life and money priorities change?
- How important is ATM access? What are the fees and where are ATMs located?
- How secure and accessible is the bank's website or app?
- If you want to bank in person, does it have a branch nearby?
- What are the customer service hours, and how do you get in touch?
- 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 our bank account rating methodology to learn more about how we rate bank accounts.
Best Banks in Massachusetts: FAQs
Which bank is best for savings accounts in Massachusetts?
We chose the online bank Synchrony and the brick-and-mortar bank Salem Five Bank as the two best banks for opening savings accounts in Massachusetts.
What bank is most popular in Boston?
Bank of America is probably the most popular Boston bank, since it has the most locations in the city. Citizens Bank and Santander Bank aren't far behind.
How many banks are in Massachusetts?
There are almost 140 credit unions and banks in Massachusetts, according to Massachusetts' Division of Banks government website.
What is the best bank in Massachusetts?
We've chosen Synchrony, Rockland Trust Bank, Salem Five Bank, Digital Federal Credit Union, and OneUnited Bank as some of the best credit unions and banks in Massachusetts.
What is the most common bank in Massachusetts?
Citizens Bank is probably the most common bank in Massachusetts because it has the most branches in the most cities.
