Massachusetts is home to a diverse range of banking options, including national banks, regional banks, and credit unions. When it comes to managing finances, residents of the Bay State have numerous choices for savings accounts, checking accounts, and other financial services. With so many options available, it’s essential to understand the different types of bank accounts and services offered by various financial institutions. In this article, we’ll explore the best banks in Massachusetts, including their features, benefits, and requirements.
Business Banking in Massachusetts: A Guide for Small Business Owners
Massachusetts boasts a thriving economy driven by industries such as technology, healthcare, education, and manufacturing. From startups in Boston’s innovation districts to family-owned businesses in smaller towns across the Bay State, small businesses are critical contributors to the state’s growth. However, managing finances effectively is essential to overcoming challenges and sustaining success. Many banks offer commercial banking services tailored to the needs of small businesses.
Some banks offer relationship banking options that provide enhanced features and benefits for small businesses.
Types of Bank Accounts for Small Businesses
Small businesses in Massachusetts can benefit from various types of bank accounts, including checking accounts, savings accounts, and money market accounts. Citizens Bank, for example, offers a range of business banking services, including checking accounts with no monthly maintenance fees. Credit unions, such as Digital Federal Credit Union, also provide competitive rates and terms for small business loans. When choosing a bank account for a small business, it’s crucial to consider factors like overdraft fees, monthly fees, and minimum balance requirements. Rockland Trust Bank, a regional bank with a strong presence in Massachusetts, offers a free checking account with no minimum balance and no monthly service fees.
Key Challenges for Small Businesses in Massachusetts
Small businesses in Massachusetts face several banking-related challenges:
Access to Capital: Securing affordable loans or lines of credit can be difficult for startups or businesses with limited collateral.
High Bank Charges: Many traditional banks impose high bank charges for account maintenance and transactions.
Limited Digital Tools for Banking Online: Some banks lack modern digital features essential for efficient banking online.
Choosing the right bank can help small businesses overcome these hurdles by offering tailored solutions, competitive rates, and accessible tools. Below is a curated list of the best banks for small businesses in Massachusetts.
How to Choose the Best Bank
Selecting the best bank in Massachusetts depends on individual needs and preferences. For those looking for online banking services, Synchrony Bank offers a high-yield savings account with a competitive interest rate and no monthly fees. TD Bank, a regional bank with a wide network of branches and ATMs, provides early direct deposit and overdraft protection. When choosing a bank, consider factors like ATM access, branch locations, and customer service. Santander Bank, a national bank with a significant presence in Massachusetts, offers a range of personal banking services, including savings accounts and personal loans.
Methodology for Selecting the Top 10 Banks
To determine the top 10 banks in Massachusetts, we evaluated various factors, including interest rates, fees, and customer service. We considered online banks, regional banks, and credit unions, as well as their deposit accounts, loan options, and banking services. Our selection criteria included the availability of high-yield savings accounts, free checking accounts, and competitive interest rates. We also looked at the banks’ physical locations, mobile banking services, and overall customer satisfaction. By analyzing these factors, we identified the best banks in Massachusetts, including Citizens Bank, Rockland Trust Bank, and Eastern Bank. Whether you’re looking for a savings account, checking account, or personal loan, these banks offer a range of services to meet your financial needs.
The 10 Best Banks for Small Businesses in Massachusetts
#1: Holdings (Best for Digital-First Banking)
Holdings is a top-tier choice for small businesses seeking a modern, digital-first banking experience. With no account fees, no minimum balances, and tiered APY rates that grow with your deposits (up to 3%), Holdings provides easy access to funds through its digital platform, empowering businesses to save more while managing their finances seamlessly.
Holdings also offers a competitive online savings account with high-yield interest rates.
Pros:
$0 account fees and no minimum balance requirements
High APY rates: 1.5% ($50K-$250K), 2% ($250K-$1M), 3% (over $1M)
Free ACH transfers and domestic wires
Allpoint ATM network access with no fees
Cons:
No physical branches for in-person banking
Limited cash deposit options
Verdict: Holdings is perfect for tech-savvy entrepreneurs who prioritize cost-efficiency and advanced digital tools.
#2: Eastern Bank (Best Local Bank)
Eastern Bank is one of the most trusted community banks in Massachusetts, offering personalized service and competitive business checking accounts tailored to local entrepreneurs.
Eastern Bank has a strong presence in Worcester County, providing personalized service to local entrepreneurs.
Pros:
Strong local presence with personalized customer service
SBA loans and flexible financing options available
Robust online banking tools
Cons:
Monthly fees on some accounts unless waived
Limited branch network outside Massachusetts
Verdict: Ideal for small businesses seeking personalized service from a trusted local institution.
#3: Rockland Trust (Best Regional Option)
Rockland Trust Company provides flexible business checking accounts with waivable fees and robust digital tools tailored to small businesses.
Rockland Trust Bank charges a $35 overdraft fee for negative balances, but they also offer free checking accounts with no monthly service fees and no minimum balance requirements.
Pros:
Waivable monthly fees on tailored accounts
SBA loans and lines of credit available
Strong presence across Massachusetts communities
Cons:
Limited free transactions on basic accounts
Higher-tier accounts may have steep fees
Verdict: A reliable option for growing businesses seeking regional expertise.
#4: TD Bank (Best Convenience)
TD Bank offers extended branch hours and convenient business banking services across Massachusetts. TD Bank provides an ATM card for easy access to funds. Additionally, TD Bank offers bonuses for new account openings with specific requirements.
Pros:
Extended branch hours
Unlimited free transactions on select accounts
Strong mobile app integration
Cons:
Monthly maintenance fees unless balance thresholds are met
Limited high-yield savings options
Verdict: Perfect for small businesses needing flexible banking hours and accessibility.
#5: Citizens Bank (Best Customer Service)
Citizens Bank offers a variety of banking products and services, combining excellent customer service with tailored business solutions designed specifically for Massachusetts-based entrepreneurs.
Citizens Bank also offers student checking accounts with no monthly service fees.
Pros:
Personalized service from local experts
Flexible lending options
Strong focus on community support
Cons:
Limited branch network outside rural areas of Massachusetts
Monthly fees unless waived
Verdict: Great choice for businesses that value personalized service from a community-focused bank.
#6: U.S. Bank (Best National Bank)
U.S. Bank, one of the largest banks in the country, offers fee-free checking packages along with lending options designed to support business growth.
U.S. Bank's offerings are competitive compared to other banks.
Pros:
No transaction or maintenance fees on Silver Checking package
Nationwide accessibility via branches and ATMs
Specialized merchant services available
Cons:
Relatively low APY rates on savings accounts
Verdict: A solid choice for small businesses needing national reach and fee-free banking.
#7: KeyBank (Best Cash Flow Management Tools)
KeyBank offers unique cash flow management tools through its KeyBank Business Checking account, making it ideal for growing enterprises. KeyBank also provides wealth management services to help businesses manage their finances.
KeyBank offers retirement planning services for small businesses.
Pros:
Cash flow management tools included
Waivable monthly maintenance fee
Extensive branch network
Cons:
Fees apply after free transaction limits exceeded
Higher minimum balance requirements
Verdict: A solid choice for businesses focused on optimizing cash flow.
#8: Bluevine (Best Online Banking Option)
Bluevine combines no-fee checking with a competitive 2.0% APY on balances up to $100K. It’s designed for online-first businesses seeking high-yield accounts and the advantages of banking online without unnecessary fees.
Bluevine also offers a competitive online savings account with a 2.0% APY.
Pros:
No monthly fees or transaction limits
High APY on balances
Seamless integration with accounting software
Cons:
Limited cash deposit options
No physical branches
Verdict: Ideal for digital-savvy entrepreneurs who want to earn interest on their funds.
#9: Berkshire Bank (Best Community Support)
Berkshire Bank is a community bank providing personalized service alongside community-focused programs designed to support local entrepreneurs.
Berkshire Bank offers low-cost checking options to help businesses save money.
Pros:
Low-cost checking options
Access to SBA loans and lines of credit
Strong focus on community involvement
Cons:
Limited advanced digital tools compared to larger banks
Monthly fees unless waived
Verdict: Best suited for businesses that value community-focused banking services.
#10: Chase (Best Payment Processing Features)
Chase’s Business Complete Banking® account includes QuickAccept®, allowing same-day deposits from card payments. Chase also offers personal checking accounts with generous new customer bonuses. It’s perfect for retail or service-based businesses. Additionally, the account allows businesses to pay bills easily through its integrated payment processing features.
Pros:
Integrated payment processing with QuickAccept®
Generous new customer bonuses (up to $500)
Extensive branch and ATM network
Cons:
Monthly fees unless waiver conditions are met
Low savings interest rates
Verdict: A strong choice for businesses that rely on credit card transactions.
Comparison Table
Bank | Monthly Fee | Min Deposit | Min Balance | Transaction Limits | ATM Access | Mobile App Rating | Branches in MA | CD Rates | Business Bureau Rating |
|---|---|---|---|---|---|---|---|---|---|
Holdings | $0 | $0 | $0 | Unlimited | Allpoint Network | 4.8/5 | 1.50% (7-month) | A+ | |
Eastern Bank | $10-$25 | $50 | Varies | Varies | Local Network | 4.5/5 | 40+ | 1.25% (7-month) | A |
Rockland Trust | $15-$25 | Varies | Varies | Local Network | 4.5/5 | 30+ | 1.30% (7-month) | A+ | |
TD Bank | $10-$50 | Varies | Unlimited | Nationwide | 4.6/5 | 20+ | 1.20% (7-month) | A | |
Citizens Bank | $10-$75 | $25 | $500+ | 100+ | Nationwide | 4.6/5 | 40+ | 1.35% (7-month) | A+ |
Conclusion
Massachusetts’s diverse economy requires reliable banking partners that cater specifically to local needs while providing modern financial solutions. Whether you prioritize low costs, high yields, or personalized service, there’s an option tailored to your goals. For those seeking a cutting-edge digital-first solution, Holdings stands out as the best choice. Many of the top banks offer retirement planning services to help businesses manage their financial future. Open your account today at GetHoldings.com and simplify your business finances with comprehensive wealth management services!
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