Massachusetts has no shortage of financial institutions to choose from, but finding a great savings bank is still a challenge. Our top picks range from big regional players to small niche lenders. All of these picks provide something their competitors don’t, whether it’s the convenience of multiple branches, specialized products or higher rates. Start your search by using our list, below.
One of the largest savings banks in Massachusetts is Middlesex Savings Bank, with 31 branches and 175 years of history. Their Freedom Gold checking account guarantees reimbursement of other banks’ ATM fees. This account isn’t for everyone, however, since you must maintain a large balance to avoid service fees. Regardless, we love it for the perks: overdraft protection, IRA fee waivers, free checks and travelers checks and more. Middlesex also offers adjustable-rate CDs, which are perfect if you think interest rates might rise soon. This is a great local bank for savers with a chunk of change to put away.
One of the Bay State’s largest community banks, with $2 billion in assets, Cambridge Savings Bank boasts superior customer service even as it grows. One feature we love about Cambridge is its Relationship Banking. With $2,500 in combined deposits, customers get free ATM access worldwide, free checks and travelers checks, and interest paid on checking deposits. Deposit $10,000 or more in combined accounts at Cambridge and get a discount on loans and preferred rates on savings. Try finding a deal like that at the big national lenders!
Another local Massachusetts institution is The Savings Bank, a community mutual (customer-owned) bank founded back in 1869 with branches in Wakefield, Lynnfield and nearby towns. TSB says it opened the first student-run branch in the nation, when it opened a branch at Wakefield High in 1981, and continues to devote significant resources to local educational institutions. Free checking comes with rebates on other banks’ ATMs as long as you sign up for direct deposit and all of TSB’s other checking accounts pay interest on your deposits.
Washington Savings Bank started out in Lowell in 1892 and has stayed close to its roots. This friendly bank offers much of what you’d expect from a small institution, but it is also combined with the reach of a much bigger bank. For instance, it includes a nationwide network of no-fee ATMs, while still maintaining a Christmas savings club that we love! Washington’s standout product is Free Rewards Checking, which allows customers to select from cash, interest or music rewards. Get up to 20 cents cashback for debit card transactions, $5 a month in iTunes or Amazon downloads or a super high interest rate. All checking accounts come with no fees and no minimums. So, whether you carry a low balance or a big one, you’ll find an option you like! .