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Best Banks & Credit Unions in Massachusetts

Compare the best banks and credit unions in Massachusetts: up to 5.00% APY, verified fees, minimums, and membership rules from 43+ local institutions.

Massachusetts has one of the country's oldest savings-bank traditions, and some of its savings banks are still depositor-owned mutuals, such as Webster Five, open since 1868. Others have converted: Eastern Bank became a stock company in 2020. Marlborough-based Digital Federal Credit Union (DCU) accepts members nationwide and now operates as a division of First Tech Federal Credit Union after the two merged. State-chartered institutions are supervised by the Massachusetts Division of Banks, and all carry FDIC or NCUA insurance to $250,000.

State regulator: Massachusetts Division of Banks. Every institution below is FDIC- or NCUA-insured to $250,000.

Best banks and credit unions in Massachusetts 2026

Every bank with a branch in Massachusetts

110 FDIC-insured banks run 1,834 full-service offices in Massachusetts. 77 of them are community banks, and 70 operate nowhere else. This is the federal record: every figure below is the regulator's own.

Deposits by office come from the FDIC Summary of Deposits, counted each 30 June; the leverage ratio is capital as a share of assets, from each bank's latest Call Report. Nothing here is blended into a score. Search by ZIP to see the offices nearest you.

Every bank we publish a page for in Massachusetts

27 of them, largest first. Each page carries the bank's own Call Report figures and every office it runs.

Branches by town in Massachusetts

Where a bank runs more than one office in a town, every one of them is listed on a page of its own.

Branch pages in Massachusetts

Every office we publish a page for in Massachusetts, by town. Each carries what that branch holds, when it opened and the other branches within five miles.

Boston

Cambridge

Beverly

Haverhill

Winchester

Woburn

Worcester

Andover

Chelmsford

Chelsea

Dedham

Fairhaven

Framingham

Hingham

Holyoke

Lexington

Marblehead

Milford

Millbury

Needham

New Bedford

Peabody

Quincy

Rockland

Saugus

Somerset

Somerville

Wakefield

West Springfield

Every credit union with an office in Massachusetts

134 federally insured credit unions run 481 offices in Massachusetts, between them serving 5,723,403 members. 62 carry the NCUA's low-income designation. Figures are from each credit union's own NCUA Call Report.

A credit union is measured differently from a bank and the numbers are not interchangeable: the net worth ratio here is the NCUA's capital measure under 12 CFR 702, where 7% is well capitalised, and shares are the credit union equivalent of deposits. Membership usually turns on where you live or work, so a local credit union is often open to you even when its name suggests otherwise.

What makes a Massachusetts bank account worth opening

Look at four things in order: the APY (does it beat the FDIC national average of about 0.60%?), the monthly fee (anything above $0 should come with a clear waiver path), the minimum opening deposit, and the membership rule for credit unions. Massachusetts residents typically qualify for at least one large state-chartered credit union on residency alone, and that credit union is often the highest-APY option available locally.

Is my money safe at a Massachusetts bank or credit union?

Yes, if the institution is federally insured. FDIC covers banks up to $250,000 per depositor, per ownership category; NCUA covers credit unions at the same limits. Every institution in this directory carries one of those insurances. The FDIC or NCUA ID is listed on the full provider row.

Best banks in Massachusetts cities

Massachusetts banking FAQ: credit unions, rates & insurance

Who can join Digital Federal Credit Union (DCU)?

Almost anyone in the country. DCU, now a division of First Tech Federal Credit Union after the two merged, lets you qualify through a participating employer, a relative who is a member, a listed community or a partner organization. If none applies, a one-time donation of as little as $10 to one of its listed organizations makes you eligible.

Does Massachusetts tax bank-account interest?

Yes. Massachusetts has a flat 5% state income tax that applies to interest income. The state also imposes a separate 4% surtax on income above $1 million (effective 2023), which can push the marginal rate on deposit interest to 9% for very high earners. A 4.85% HYSA nets roughly 2.84% after combined federal and MA state tax for a standard top-bracket earner.

Why does Massachusetts have so many mutual savings banks?

Savings banks took root early here: Boston's Provident Institution for Savings dates to 1816. Some, such as Webster Five (open since 1868), are still depositor-owned mutuals; others have converted, including Eastern Bank in 2020. A mutual has no outside shareholders to pay, which can leave room for better rates or lower fees, but check the rate sheet.

Are Massachusetts state-chartered deposits federally insured?

Yes. State-chartered banks carry FDIC insurance and credit unions carry NCUA insurance, both up to $250,000 per depositor per ownership category. Massachusetts adds a second layer: the Depositors Insurance Fund (DIF) insures deposits above the FDIC limit at its members, the savings and cooperative banks chartered in Massachusetts. Check DIF membership before depositing more than $250,000.

Related guides for Massachusetts savers

Rates and fees change frequently. Confirm current figures directly with each institution before applying, and see our editorial methodology for how this directory is built and maintained.