12 Best Banks in Massachusetts

1. Chase

Chase runs 99 branches in Massachusetts, and it will pay you $400 to open a checking account. That is the largest new-checking bonus any major bank is offering right now, and it is money most Massachusetts residents leave on the table by keeping the account they opened years ago.

Here is the entire requirement. Open a new Total Checking account, then have $1,000 or more in qualifying direct deposits arrive within 90 days of enrolling in the offer. It is cumulative, so two or three ordinary paychecks clear it, and the bonus is paid within 15 days of you meeting the requirement. The $15 monthly service fee drops to $0 in any statement period with $500 or more in qualifying electronic deposits, a $1,500 daily beginning balance, or $5,000 in average beginning day balance across linked accounts. One trap to know: Zelle, cash, checks, wires and interest do not count toward either number.

Past the bonus, the footprint is the argument. 99 Massachusetts branches plus 5,000+ branches and 14,000+ ATMs nationwide means you can deposit cash near home and still use the account anywhere you travel. Zelle is built in, the mobile app is well rated, and you can add a Chase savings account or credit card later under the same login.

The catch worth naming: the bonus is only open to people who are not already Chase checking customers, and you can collect one new-checking bonus every two years. It is reported to the IRS on a 1099-INT. If that fits you, open a Total Checking account and route your paycheck to it.

If you want the biggest checking bonus on the market alongside a real Massachusetts branch network, claim the $400 with Chase here.

2. Current

Boston rent takes its cut on the first regardless of your pay schedule. The gap between when a bill is due and when your paycheck lands is where most budgets actually break, and it is the specific problem Current is built for.

The signup math is simple. Open an account with promo code WELCOME75 and get $75 once your Eligible Payroll Deposits total $1,500 or more in your first 35 days. It is cumulative rather than one big deposit, it is new customers only, and the cash arrives about 10 business days after you cross the line. Recurring wages from an employer, a payroll provider or a government payer count. Non-direct-deposit ACH transfers, Venmo, Cash App, Zelle, PayPal, Google Pay, mobile check deposits, cash and one-off deposits such as a tax refund do not.

The feature that earns its keep after the bonus is Paycheck Advance, which lets you draw up to $1,000 of pay before payday and is offered by Finco Advance LLC rather than a bank. There is no monthly fee on the account, and the whole thing opens from your phone, which is the point in a state where the nearest branch may not be convenient.

One thing to be clear about, because it is routinely written up wrong: Current is a financial technology company, not a bank. Banking services come from Choice Financial Group and/or Cross River Bank, both Member FDIC, so deposit insurance reaches you on a pass-through basis up to $250,000 and depends on those conditions being met. If that structure is fine with you, open an account with code WELCOME75 and claim the $75.

3. SoFi

SoFi Checking & Savings is one of the easiest and most rewarding bank accounts you can open. There are no monthly fees, no minimum balance requirements, and you can set everything up online in just minutes.

New customers can earn up to a $450 bonus by setting up direct deposit.

SoFi also gives you free access to more than fifty five thousand ATMs nationwide, fee-free overdraft protection up to fifty dollars when you have qualifying direct deposits, and powerful mobile banking tools to deposit checks, pay bills, and transfer money instantly. You can even create savings vaults to set aside money for goals automatically.

If you want a bank account that is simple, modern, and pays you more, SoFi Checking & Savings is the best choice.

4. Alden Credit Union

Alden Credit Union is a financial institution offering various services, including its unique “No Boundaries Checking” account. This account is designed explicitly as a second-chance checking option for individuals with past banking challenges.

With the No Boundaries Checking account, customers receive an ATM card and 50 free personalized checks. Additionally, the credit union provides online banking and bill pay services, allowing customers to manage their finances from the comfort of their homes.

Alden Credit Union also offers notary services to assist customers with important document authentication. Opening an account requires a minimum deposit of $10, and a monthly fee of $7.50 is associated with the No Boundaries Checking account.

The credit union operates two branches, located in Chicopee and Belchertown. Membership eligibility extends to individuals who live, work, worship, or attend school in Hamden and Hampshire Counties and family members of existing members.

5. Citizens Bank

Citizens Bank, a Rhode Island-based financial institution, offers various services with multiple branches. Among its offerings are three checking account options tailored to various banking needs.

Citizens Checking Accounts provides basic checking account services. It has no monthly fees if you make one deposit each statement period.

There is no minimum balance requirement for this account. You can also enjoy free digital banking, bill pay, 24/7 mobile deposits, and get paid up to 2 days early with Citizens Paid Early.

You can also opt for convenience when you open a One Deposit Savings from Citizens. You can track your balance and deposit checks anytime, anywhere.

There is no minimum balance required, save as much or as little as you’re ready for. You can avoid the $4.99 monthly fee by making a deposit each month. And, earn interest on your daily balance and receive monthly credits.

6. Eastern Bank

Eastern Bank provides customers various checking account options to suit their banking needs. They offer three distinct accounts with different features and benefits.

The Free Checking account requires a minimum deposit of $25 and has no monthly fees. It provides basic checking services, allowing customers to manage their finances without incurring additional costs.

Eastern Bank’s eZ Checking offers the freedom to use other ATMs, and customers are reimbursed up to $10 in fees per statement cycle. While it carries a $10 monthly fee, this can be waived by:

• Signing up for e-statements
• Making 15 debit card purchases
• Maintaining a minimum balance of $1,500 

Eastern Bank’s Premier Checking Account is an option for those seeking an interest-earning account with fee reimbursements. It requires a $500 opening deposit and maintaining a balance of $25,000 or more across accounts. 

With this account, customers can earn interest on their balance and have all fees from other ATMs reimbursed. By offering these varied checking accounts, Eastern Bank aims to provide options that cater to different customer preferences and needs.

7. Greylock Federal Credit Union

Greylock Federal Credit Union offers a Free Checking account that requires a minimum deposit of $15. This account has no monthly fees or minimum balance requirements. 

With this Free Checking account, you can enjoy the convenience of a free Visa debit card and access to online and mobile banking services. This Massachusetts-based credit union is also home to several credit union promotions from time to time. 

With the Free Checking account, members can easily manage their finances through online and mobile platforms. This credit union also provides a remote deposit capture feature, allowing customers to deposit checks from home. 

Greylock Federal Credit Union has branches in various cities in western Massachusetts, serving customers who live or work in Berkshire County or specific areas in Massachusetts such as Westfield, Southwick, Granville, Montgomery, and Russell. The credit union extends its membership eligibility to individuals in particular New York and Vermont counties.

8. Mass Bay Credit Union

Opened in 1939, Mass Bay Credit Union offers multiple savings accounts and two checking accounts. Mass Bay Free Checking and Mass Bay NOW Checking offer customers online and mobile banking access. 

Mass Bay Credit Union requires that you live, work, worship, or attend school in the following areas to be eligible for membership: 

• Norfolk County
• Suffolk County
• Middlesex County
• Abington
• Brockton
• Hanover
• Hingham
• Lynn
• Marshfield
• Norwell
• Peabody
• Rockland
• Saugus
• Scituate
• Whitman

This credit union also awards membership to employees (past or present) of Massachusetts Bay Transportation Authority (MassDOT) and the state police. You can find Mass Bay Credit Union branches in South Boston, Quincy, Everett, and the Seaport District. 

Unlike the largest banks in the U.S., Mass Bay Credit Union offers local services. This includes home and auto loans for its members, with additional access to early pay with direct deposit. Homeowners borrowing against their house should also compare rates against the top HELOC lenders first. 

9. Middlesex Savings Bank

Middlesex Savings Bank offers a range of five checking account options to meet different customer needs. Each account has its own features and benefits:

The Basic Checking account is ideal for those who write 10 or fewer checks per month and prefer not to worry about maintaining a minimum balance. It has a $3 monthly fee that cannot be waived.

The eBlue account is an online-only option with a $5 monthly fee. You can waive this fee by maintaining a $100 balance or enrolling in direct deposit. 

The Freedom Blue account is the most popular choice and provides access to the Allpoint network of ATMs. It carries a $10 monthly fee, which can be waived by either setting up direct deposit or maintaining a minimum balance of $250.

The Freedom Gold account has a $19 monthly fee, which can be waived by maintaining a combined balance of $10,000. This account offers free unlimited ATM fee reimbursements.

For those who can maintain a combined balance of $50,000, the Freedom Platinum account is available at no cost. It offers the same benefits as the Gold account but with the added advantage of earning interest.

10. Rockland Trust

Rockland Trust operates over 120 branches with 200 ATMs in Massachusetts and Rhode Island. Most accounts require a $25 minimum deposit, and Rockland Trust charges $5 to transfer funds from savings to cover your overdrafts. 

This bank offers some of the best checking accounts you can use for free by maintaining a minimum balance. In addition, Rockland Trust’s Free Checking account has no monthly maintenance fees or minimum balance requirements. 

Maintain a $500 minimum balance with the Advantage Checking account, and you can waive the $8 monthly fee. The Free and Advantage Checking accounts come with a free first order of checks. 

The Complete Checking account comes with a $25 monthly fee, which you can avoid with a $25,000 minimum balance. This account offers unlimited checks and ATM fee reimbursements. 

11. SalemFive Bank

SalemFive Bank offers a range of features and benefits with their checking accounts. With no monthly fees and a minimum deposit requirement of $10, their checking accounts provide a cost-effective banking solution and cashback rewards. 

Depending on the account balance, SalemFive Bank provides ATM fee reimbursements. They also offer annual overdraft protection, though there is a $35 fee for overdraft occurrences.

SalemFive Bank has a vast network of 34 branches in Massachusetts, providing convenient access to in-person banking services. Additionally, customers can access their funds at over 55,000 ATMs nationwide.

In addition to checking accounts, SalemFive Bank offers optional savings accounts to help customers save and grow their money. SalemFive Bank rewards customers with different tiers of benefits based on their account type. 

The Open Prime, Open Prime Plus, and Open Premier accounts offer increasing levels of cashback rewards. Additionally, there is an annual fee of $25 for the overdraft protection feature.

Customers can have peace of mind knowing that SalemFive Bank is a member of the FDIC, providing insurance protection for their deposits. With these features and options, SalemFive Bank aims to provide customers with a rewarding and convenient banking experience.

12. Santander Bank

Santander Bank offers a range of banking services, including Simply Right Checking account, Santander Money Market Savings account, and Santander Savings accounts. With over 600 branches nationwide and headquartered in Boston, Santander Bank serves both personal and small business customers.

This Massachusetts bank’s checking and deposit accounts provide essential banking features, while online bill pay adds convenience to managing financial obligations. Additionally, Santander Bank offers cashback credit cards with no annual fees and often provides sign-up bonuses for new customers.

Savings rates at Santander Bank are slightly above average, allowing customers to earn more on their savings. The bank also has an international presence, with branches available in select locations.

It’s important to note that Santander Bank has many branches across the United States but is primarily concentrated in nine states. Monthly fees may apply for certain accounts and services.

Santander Bank offers a comprehensive suite of personal and small business banking solutions. It also commands a vast branch network, competitive savings rates, and plenty of rewards programs to enhance the banking experience for its customers.