Best Banks in Massachusetts

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Contributor, Benzinga
July 2, 2020

Are you in the market for a bank? Banks today offer more than just a checking account or savings account. Find your match today with Benzinga’s list of the best banks in Massachusetts. 

Best Banks in Massachusetts Near You:

Best for Online Banking: BBVA

BBVA provides personal banking, investment banking, wealth management and small business solutions. You can use BBVA for checking, saving, credit cards, lending, mortgages and investing. 

BBVA operates locations across the United States and offers comprehensive online banking service. BBVA also offers mobile banking, so you can manage your accounts through its award-winning mobile app. 

Visit the  BBVA website to get started. Choose the type of  checking or savings account you want to open and submit the online application. A bank representative will reach out to you to complete your accounts. 

Bank of America Banking
securely through Bank of America Banking's website

Best Credit Card Selection: Bank of America

Bank of America is 1 of the nation’s largest banks with branches throughout Massachusetts. It offers personal banking and wealth management, as well as small business solutions, investment banking and services for large corporations and institutions. 

You’ll have access to checking accounts, savings accounts, home loans, auto loans, personal loans and more. Through Merrill Lynch, Bank of America’s wealth management division, you can speak with a financial advisor, build your own investment portfolio or get a professionally-managed portfolio.

Bank of America boasts 22 different credit cards to choose from. Credit cards come with different perks that include cash back, travel rewards, low-interest rates, bonus offers and more. If you enroll in the Preferred Rewards program, you’ll receive 25% to 75% more points and cash back on every purchase. 

CIT Bank
Best For
  • Business and Personal Checking
securely through CIT Bank's website

Best Savings Accounts: CIT Bank

CIT Bank is an online bank that specializes in personal banking, business solutions and commercial banking. Personal banking clients can open checking accounts, savings accounts and even take out a mortgage or home loan. The website offers a heap of articles about best savings practices and tips. 

If you need to build an emergency fund or save up for a down payment on a home, CIT Bank offers a wide variety of savings accounts. Choose between 2 different savings accounts with adjustable terms and rates. You can also open a money markets account, interest-generating eChecking account and various Certificates of Deposits (CDs). 

Chase Bank
Best For
  • Best for Checking Account Variety
securely through Chase Bank's website

Best for Businesses: Chase

Chase, a subsidiaryy of JPMorgan Chase, operates both consumer and commercial banking divisions. It offers consumer checking accounts, savings accounts, CDs, credit cards, mortgages, homes equity lines of credit, car loans and investing services. 

Chase also offers business banking products including lines of credit, loans, checking, debit cards, credit cards and more. The bank can provide resources to help you start and grow your business. You’ll find information to help build a website, design a marketing plan and attract top talent. Chase also offers business software to help with eCommerce, accounting, invoicing, contract services and contract tools.  

Axos Bank Savings
Best For
  • No Maintenance Fees
securely through Axos Bank Savings's website

Best Checking Accounts: Axos Bank 

Axos Bank is an online bank that offers personal banking, investing and business solutions. Lending options including mortgages, personal loans, auto loans and even investment property financing. You can save your money in a savings account, through CDs or invest with an automated, personalized investment portfolio. 

Axos Bank’s most notable features are its multitude of no-fee, reward-based checking accounts. There are 3 standard checking accounts and 2 specialized checking accounts. Benefits include reimbursements for ATM fees, faster direct deposits and no overdraft fees. 

You can easily access your accounts online or through the Axos Bank mobile app. The mobile app allows you to pay your bills, deposit checks and monitor your accounts from a single dashboard. You can also transfer money through peer-to-peer payments. 

Frequently Asked Questions

Q: What are Certificates of Deposit (CDs)?

A: CDs are a timed deposit made for a set amount of time. You can’t access your money during the timeframe of your CD, but you’ll receive a higher interest rate in exchange. 

Q: What do I need to open a bank account?

A: You’ll always need your identification, Social Security number and personal information. Make sure to get in touch with your bank’s representative to confirm the required documentation and information.

The Right Bank for Your Finances

Finding the right bank is a process. Take the time to make sure you understand all the pros and cons of your options, and don’t be afraid to ask questions. Working with the right bank can improve your financial management and give you peace of mind.

Methodology: To determine the best banks in Massachusetts, Benzinga analyzed over 100 banks and financial institutions. We gave weight to banks in Massachusetts with co-op ATMs and cash-back options. We also gave greater rankings to banks which offered the following: checking and savings accounts, online banking, personal loans, mortgages, educational resources and a mobile app.

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