Massachusetts

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You are viewing savings rates from banks across Massachusetts

If you have your savings dollars in a big bank or a bank with low savings rates, then you are losing money. We've found FDIC insured banks that will pay you more. Take a few minutes to explore the options below and see how you can boost your savings by more than 6X the national average rate. There is competition for your money. Take advantage of it!

MA - July 20, 2024

Savings Account National Average Rate: 0.44% ?

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Rate History: 1.00% → 5.46% → 5.45%

Rate History: 5.15% → 5.30%

| Jul 5, 2024

I took out a substantial CD with Forbright, a small bank that tries hard. At the time, it was the highest rate around. The bank officer I dealt with most, Walid, knocked himself out to be helpful and get t... Read More

Requires checking account.
Rate History: 4.05% → 5.14%

| Mar 25, 2020

I was told on the phone by a bank rep that my present money market acct interest rate would continue at 2.25% until June 30, 2020 and would be FDIC covered up to $250,000. Please verify if this is true???... Read More

Rate History: 5.00% → 5.10% → 5.00% → 5.10%

| Apr 20, 2024

Save your tears for another day. Very frustrating. 1-star. Read More

Rate requires download of bank app and recording of over 12,500 average daily steps (or 10,000 if over age of 65).
Rate History: 4.75% → 5.00%

| Oct 11, 2022

Glad to have found this one and thanks to bestcashcow for not hiding the best rates like bankrate does Read More

Rate History: 4.25% → 5.00% → 4.75% → 5.00%

| Feb 25, 2022

I joined Citi with a Costco-VISA card. An Accelerate followed, and then a checking account. Costco-VISA is necessary for using a credit card at Costco, otherwise cash is necessary. Accelerate Savings w... Read More

Online Savings Account
Rate History: 5.25% → 5.00% → 4.90%

| Nov 18, 2023

bank delayed 1-2days to credit into your account, pay less interest. Read More

Rate History: 4.69% → 4.79% → 4.65% → 4.64% → 4.63%

Rate History: 3.51% → 4.50%

Rate History: 1.00% → 5.03% → 4.50%

| Jan 23, 2017

2.50 Read More

Certain conditions apply.
Rate History: 1.00% → 4.50%

| Mar 20, 2016

Good solid bank. Read More

Rate History: 4.30% → 4.35% → 4.25%

| Jan 2, 2024

Like others, I've been with Capital One and its predecessor ING Direct since 2007. I've also been getting cheap bank rates on my savings account and didn't realize that there was something better, although... Read More

| Feb 9, 2021

The wonderful assistants at Beal Bank are wonderful. Rebeca took great care of me and made sure all my concerns were addressed. Read More

Rate History: 1.00% → 4.00% → 4.25%

Rate History: 4.25% → 0.10% → 4.25% → 0.10% → 4.25%

| Jan 30, 2020

Find branch personnel are genuinely interested in my business. Read More

Rate History: 4.50% → 4.25%

| Jun 12, 2023

US Bank reported me to dult Protective Services because my husband is 85 and I am63. He got sick and went into a nursing hime for 3 months. My husband always handled the financial affairs. I had to take ov... Read More

Rate History: 4.50% → 4.08%

| Jan 23, 2017

2.50 Read More

Rate History: 4.96% → 4.59% → 4.33% → 4.07%

| Aug 28, 2022

Rates are totally uncompetitive now. Read More

Rate History: 4.05% → 0.10% → 4.05%

| Feb 9, 2021

The wonderful assistants at Beal Bank are wonderful. Rebeca took great care of me and made sure all my concerns were addressed. Read More

| Apr 4, 2016

I been with trustco for years and it is well run. They really are a home town bank. As a small business person i appreciate the business card stand they have in the branches for there customers. I was w... Read More

| Jun 13, 2016

I'm interested in your special sav send info Read More

Rate History: 1.00% → 4.25% → 4.00%

| May 19, 2018

Experience Read More

Rate History: 1.00% → 4.08% → 3.87%

| Aug 16, 2019

Deceptive Sales Practices: Huge Penalties What an awakening! Without any clear statement, and nothing at all on its website, Avidia charged us 50% of the CD’s FULL TERM interest, including both paid... Read More

Rate History: 1.00% → 3.75%

Rate History: 0.01% → 3.70%

| Jan 8, 2018

Another bad bank! Did a hard pull just to open a checking account with no overdraft and denied me. Never even bothered to send a letter or e-mail. Now I have another inquiry on my credit report for nothin... Read More

Rate History: 1.00% → 3.50%

| Nov 13, 2019

My favorite bank in South Dennis MA. There are always sufficient enough staff so that there is never a long waiting line. And the staff is always pleasant and efficient. Read More

Rate History: 3.00% → 3.50%

| Sep 3, 2020

Went in to open accounts in Middleboro foy my husband and myself as well as one for my grandson. Without being invited into an office I was asked from across the room if I was opening accounts for the chi... Read More

Rate History: 1.00% → 3.50%

Rate History: 1.00% → 3.50%

Rate History: 1.00% → 0.10% → 3.50%

Rate History: 3.25% → 3.15%

Rate History: 1.00% → 3.04%

| Apr 18, 2017

Village Bank currently has a 15 mo. CD special at 1.50% Read More

Rate History: 3.00% → 3.05% → 2.95%

Rate History: 1.00% → 2.80%

| Jan 30, 2020

Find branch personnel are genuinely interested in my business. Read More

Rate History: 2.53% → 2.52%

Rate History: 1.00% → 2.52%

| Jul 1, 2022

Very easy opening process and wonderful staff. Read More

Rate History: 1.00% → 2.50%

| Jan 2, 2024

Like others, I've been with Capital One and its predecessor ING Direct since 2007. I've also been getting cheap bank rates on my savings account and didn't realize that there was something better, although... Read More

Rate History: 1.00% → 2.28%

| Apr 21, 2020

Expect to not have e-mails responded to properly or phone calls returned. this is the type of institution that you will be dealing with if you go here Read More

Rate History: 1.00% → 2.00%

Rate History: 1.00% → 2.00%

Rate History: 1.00% → 2.00%

Rate History: 1.00% → 2.00%

| Nov 13, 2019

My favorite bank in South Dennis MA. There are always sufficient enough staff so that there is never a long waiting line. And the staff is always pleasant and efficient. Read More

Rate History: 1.00% → 2.00%

| Mar 27, 2019

Still waiting for a call back from Liz over a long standing,annoying account problem Read More

Rate History: 1.00% → 1.65%

| Jan 9, 2021

Used to be a good bank!! Taking money out of my account for something I did not purchase. This is the second time they did this. They do it on Fridays knowing that no one from the Fraud Department isn't th... Read More

1.60%

0.01%

$1,000,000

$1
Learn More

| Nov 28, 2022

While USAA was at one point a great option for all your banking needs, the service has deteriorated so much that I'm currently in the process of changing banks after more than 2 decades. The final straw w... Read More

| Sep 14, 2023

Used them my whole life! Great little bank! Read More

| Jan 9, 2021

Used to be a good bank!! Taking money out of my account for something I did not purchase. This is the second time they did this. They do it on Fridays knowing that no one from the Fraud Department isn't th... Read More

| Dec 27, 2022

They gave a hard time with their cashier's check. They returned my deposited check that was emitted by them. Could you believe? Read More

Rate History: 1.26% → 1.31%

Rate History: 1.00% → 1.26%

Rate History: 1.00% → 1.25%

Rate History: 1.11% → 1.16%

Rate History: 1.01% → 1.02%

| Feb 6, 2023

after over 100k in transactions through this bank in the course of a year not only did i suffer from fraud but this bank closed my accounts and i have been lliable for all the losses and to top it off with... Read More

| May 18, 2019

Had checking and savings for years when living in Philly. Went into PNC 2.35 APY high yield savings. They have thus far maintained rate. Easy web site and great customer phone service. Still maintain check... Read More

Rate History: 1.36% → 1.11% → 0.85%

Rate History: 0.30% → 0.01% → 0.75%

| Aug 16, 2019

Deceptive Sales Practices: Huge Penalties What an awakening! Without any clear statement, and nothing at all on its website, Avidia charged us 50% of the CD’s FULL TERM interest, including both paid... Read More

Rate History: 1.00% → 0.75%

Rate History: 1.00% → 0.60%

Rate History: 1.00% → 0.50%

| Apr 21, 2020

Expect to not have e-mails responded to properly or phone calls returned. this is the type of institution that you will be dealing with if you go here Read More

| Mar 27, 2019

Still waiting for a call back from Liz over a long standing,annoying account problem Read More

Rate History: 1.00% → 0.50%

Rate History: 0.35% → 3.50% → 0.35% → 3.50% → 0.35%

| Jan 30, 2020

Find branch personnel are genuinely interested in my business. Read More

Rate History: 1.00% → 0.30%

| Jun 25, 2016

Is it possible to purchase a cd by mail Read More

Rate History: 1.00% → 0.30%

Rate History: 1.00% → 0.30%

0.30%

$25,000

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0.30%

$2,500

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| Aug 28, 2022

Rates are totally uncompetitive now. Read More

0.30%

$25,000

Learn More

| Feb 14, 2022

I had a personal checking account and a business account. All went well until I sent a polite letter pointing out that it is improper, and not good practice, to make online passwords expire. Why should ... Read More

| Mar 28, 2023

On line banking gives a confirmation number when paying bills. But it doesn’t confirm that the bill will be paid only that they have the information. Ridiculous. Read More

0.25%

$10,000

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0.25%

$10,000

Learn More

0.25%

$2,500

Learn More

| Feb 14, 2022

I had a personal checking account and a business account. All went well until I sent a polite letter pointing out that it is improper, and not good practice, to make online passwords expire. Why should ... Read More

0.25%

$10,000

Learn More

0.20%

$0

Learn More

| Sep 14, 2023

Used them my whole life! Great little bank! Read More

Rate History: 0.25% → 0.20%

Rate History: 1.00% → 0.20%

Rate History: 1.00% → 0.20%

Certain conditions apply.

Rate History: 3.50% → 0.20%

0.20%

$25,000

Learn More

0.20%

$2,500

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0.20%

$2,500

Learn More

Rate History: 1.00% → 0.15%

Rate History: 1.00% → 0.15%

0.15%

0.05%

$2,500

$10
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0.15%

$10

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0.15%

$2,500

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0.15%

$25,000

Learn More

| Feb 21, 2015

Interesting. Is there an approximate Texas ratio for a bank at which other banks may become very interested in an acquisition. Read More

0.15%

$10,000

Learn More

0.15%

$25,000

Learn More

| Jan 12, 2021

They put paychecks on hold for a day so don’t expect your paycheck right away and they don’t answer their phones Read More

0.15%

$2,500

Learn More

0.15%

$10,000

Learn More

| Apr 18, 2016

No 2% 12 month CD unless IRA. Misleading at best. Read More

0.15%

$25,000

Learn More

| Nov 5, 2020

Appalling customer service! Don't answer the phone, a simple credit line takes days & a mountain of paperwork - absolutely not worth the trouble! Read More

0.15%

$2,500

Learn More

0.15%

$2,500

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0.15%

$2,500

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0.15%

$2,500

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0.13%

$25,000

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Rate History: 0.07% → 0.12%

0.10%

0.05%

$10

$1
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0.10%

0.05%

$100,000

$1
Learn More

Rate History: 1.00% → 0.10%

0.10%

$10

Learn More

Rate History: 1.00% → 0.10%

0.10%

$2,500

Learn More

0.10%

$0

Learn More

0.10%

$10

Learn More

0.10%

$2,500

Learn More

0.10%

$10,000

Learn More

| Feb 21, 2015

Interesting. Is there an approximate Texas ratio for a bank at which other banks may become very interested in an acquisition. Read More

0.10%

$2,500

Learn More

0.10%

$10,000

Learn More

| Jan 12, 2021

They put paychecks on hold for a day so don’t expect your paycheck right away and they don’t answer their phones Read More

0.10%

$10,000

Learn More

0.10%

$2,500

Learn More

| Apr 18, 2016

No 2% 12 month CD unless IRA. Misleading at best. Read More

0.10%

$10,000

Learn More

| Nov 5, 2020

Appalling customer service! Don't answer the phone, a simple credit line takes days & a mountain of paperwork - absolutely not worth the trouble! Read More

0.10%

$10,000

Learn More

0.10%

$2,500

Learn More

| Jan 1, 2016

I very much prefer banking here. Everyone is so friendly and know who is calling by voice. Your help getting me through this year where I did as much as possible to launch my business, CryoRain Inc., is ... Read More

0.10%

$2,500

Learn More

| Feb 14, 2022

I had a personal checking account and a business account. All went well until I sent a polite letter pointing out that it is improper, and not good practice, to make online passwords expire. Why should ... Read More

0.10%

$2,500

Learn More

0.10%

$2,500

Learn More

0.08%

$25,000

Learn More

Rate History: 1.00% → 0.05%

| Apr 18, 2017

Village Bank currently has a 15 mo. CD special at 1.50% Read More

0.05%

$0

Learn More

0.05%

$0

Learn More

0.05%

0.02%

$10

$0
Learn More

0.05%

$10

Learn More

0.05%

$10

Learn More

| Jun 25, 2016

Is it possible to purchase a cd by mail Read More

Rate History: 1.00% → 0.05%

0.05%

$100

Learn More

0.05%

$10

Learn More

0.05%

$2,500

Learn More

| Feb 21, 2015

Interesting. Is there an approximate Texas ratio for a bank at which other banks may become very interested in an acquisition. Read More

0.05%

$10,000

Learn More

| Nov 1, 2021

worst bank ever and they racist ruth bitchell and the rest of them ban frontline workers that complain about their mistakes this only happens to blacks Read More

0.05%

$2,500

Learn More

0.05%

$2,500

Learn More

| Jan 12, 2021

They put paychecks on hold for a day so don’t expect your paycheck right away and they don’t answer their phones Read More

0.05%

$2,500

Learn More

0.05%

$2,500

Learn More

0.05%

$2,500

Learn More

| Apr 18, 2016

No 2% 12 month CD unless IRA. Misleading at best. Read More

0.05%

$2,500

Learn More

0.05%

$2,500

Learn More

0.05%

$2,500

Learn More

0.05%

$2,500

Learn More

| Nov 5, 2020

Appalling customer service! Don't answer the phone, a simple credit line takes days & a mountain of paperwork - absolutely not worth the trouble! Read More

0.05%

$10,000

Learn More

0.05%

$2,500

Learn More

0.05%

$2,500

Learn More

| Jan 1, 2016

I very much prefer banking here. Everyone is so friendly and know who is calling by voice. Your help getting me through this year where I did as much as possible to launch my business, CryoRain Inc., is ... Read More

0.05%

$2,500

Learn More

0.04%

$2,500

Learn More

| Jul 24, 2023

BOFA is a den of people thieves camouflaged as bank operatives. There’s a soon to be uncovered carrel of money laundry there. They took all my money and don’t want to release it to me for no particular... Read More

0.03%

$2,500

Learn More

Rate History: 0.03% → 0.03%

0.02%

$10

Learn More

Rate History: 0.04% → 0.02%

| May 18, 2019

Had checking and savings for years when living in Philly. Went into PNC 2.35 APY high yield savings. They have thus far maintained rate. Easy web site and great customer phone service. Still maintain check... Read More

| Jan 2, 2023

Terrible customer service by investment side. Fees too high , too full of themselves Read More

0.02%

$2,500

Learn More

| Nov 1, 2021

worst bank ever and they racist ruth bitchell and the rest of them ban frontline workers that complain about their mistakes this only happens to blacks Read More

0.02%

$2,500

Learn More

0.02%

$2,500

Learn More

0.02%

$2,500

Learn More

Rate History: 0.03% → 0.01%

| May 18, 2019

Had checking and savings for years when living in Philly. Went into PNC 2.35 APY high yield savings. They have thus far maintained rate. Easy web site and great customer phone service. Still maintain check... Read More

0.01%

$1

Learn More

| Mar 28, 2023

On line banking gives a confirmation number when paying bills. But it doesn’t confirm that the bill will be paid only that they have the information. Ridiculous. Read More

| Aug 5, 2020

I used to go to M&T when it was still Provident Bank. M&T has been very responsive to my needs and I have been pleased with the banking experience. Read More

0.01%

$0

Learn More

0.01%

$1

Learn More

0.01%

$0

Learn More

| Sep 14, 2023

Used them my whole life! Great little bank! Read More

| Jan 8, 2018

Another bad bank! Did a hard pull just to open a checking account with no overdraft and denied me. Never even bothered to send a letter or e-mail. Now I have another inquiry on my credit report for nothin... Read More

| Sep 3, 2020

Went in to open accounts in Middleboro foy my husband and myself as well as one for my grandson. Without being invited into an office I was asked from across the room if I was opening accounts for the chi... Read More

0.01%

$1

Learn More

| Jun 12, 2023

US Bank reported me to dult Protective Services because my husband is 85 and I am63. He got sick and went into a nursing hime for 3 months. My husband always handled the financial affairs. I had to take ov... Read More

0.01%

$2,500

Learn More
All rates listed are Annual Percentage Yield (APY). The APY rate in a savings account or money market account is a variable rate that is subject to change at any point. The Min listed is the minimum deposit account balance required to obtain the rate listed.


BestCashCow strives to maintain the most accurate rates. If you believe a rate is not accurate, please let us know.

MASSACHUSETTS SAVINGS ACCOUNT ENVIRONMENT


Depositors in Massachusetts have the same FDIC and NCUA protections that depositors have in other states (generally, up to $250,000 per depositor is insured or $500,000 per couple).

In addition, depositors at certain Massachusetts banks receive coverage from the Massachusetts Deposit Insurance Fund (DIF), a private, industry-sponsored insurance company that is not backed by the federal government or the Commonwealth of Massachusetts.   Out-of-state depositors at these banks can also avail themselves of these coverage by engaging with these banks.

The banks that are members of the DIF are listed on this page.

FREQUENTLY ASKED QUESTIONS ABOUT LOCAL SAVINGS RATES


Why do savings rates vary so much?

Even though rates are at levels that are historically very low, there is competition for your money. Like any active marketplace, there are buyers and sellers of goods and services at different prices. Banks have different cost structures and they also have different needs for capital. This leads to different rates.

BestCashCow’s surveys show that online banks offer higher savings and CD rates because they have lower expenses from not having to maintain brick-and-mortar locations. Therefore, we strongly recommend that all depositors consider the rates at online banks as savings and money market accounts online can easy be set up to enable quick transfers to your favorite local bank.

What is the difference between a savings account and a money market account?

The differences between a savings account and a money market account are largely arcane. Some money market accounts offer more ways access deposits by issuing checks and debit cards, but prudent consumers will compare the two interchangeably, focusing primarily on rates and service among FDIC-insured banks (or NCUA-insured, for credit unions). Most savvy consumers who plan their expenses and financial needs ahead find the additional functionality offered by money markets to be of little value and will choose whichever account (savings or money market) has the higher rate.

What does annual percentage yield (APY) mean?

Savings rates are displayed in terms of APY to indicate the effective annual-interest return, including the compounding of interest, of the course of a single year. $100,000 deposited in a savings or CD account with a 1.20% APY will earn $1,200 in the course of the year, but monthly interest in the first few months may be less than $100 a month (this also depends on the number of days in the month). Hence, the APY rate is ordinarily a couple of basis points above the real interest rates. Unlike with a Certificate of Deposit, your actual APY in a savings may vary if the rate changes.

How do I choose the right savings account and should I consider CDs?

Begin your search with the table here on BestCashCow.com that you have found. In addition to checking online savings rates, you should also check local bank rates and local credit union rates. If you are unlikely to require access to your cash for some time, you may also consider certificates of deposit (CDs). While CDs have penalties for early withdrawal that may even eat into your principal, the rates on 2, 3, 4 and 5 year CDs are ordinarily significantly higher than savings rates. Several other sections and articles on BestCashCow can also help you to identify your proper cash allocation between savings and CDs. Access these below. You should also familiarize yourself with our Savings & CD Calculator in order to understand the importance of compounding interest at higher rates on your savings over time.

8 POINT CHECKLIST FOR A GREAT BANKING RELATIONSHIP WITH YOUR LOCAL BANK

  • Find a bank with a location convenient to you. Location counts.
  • Choose a bank with good rates. Rates are important to get continued growth of your capital.
  • Choose a bank with an extensive network of fee-free ATM machines or which reimburses out-of-network ATM fees, if you still need to regularly access cash.
  • Avoid fees. Choose a bank which doesn’t have service fees provided you maintain a certain balance, which doesn’t charge for ACH inbound and outbound transfers, and which has low fees for things like international wire transfers and bounced checks.
  • Choose a healthy bank. If you click on a bank above, you’ll be taken to the bank’s financial detail. A healthy bank has happy employees and provides loyal service to its customers. No matter how healthy your bank is, stay within FDIC insurance limits.
  • Find something of value to offset what may be slightly lower rates than online accounts offer. Develop personal relationship with your bankers. Personal relationships can help you to get appropriate financial advice, and to navigate financial challenges and needs in the future. (Be careful with the financial advice you receive. Inappropriate financial advice is worth a lot less than no financial advice.) They can also put you in touch with others in your community who could be valuable personally and professionally to know. If you don't use your local savings account as an opportunity to build these relationships, you may find that you are better of banking online.
  • Choose a bank that is going to let you access your cash when you need. The great benefit of savings accounts over any other financial product (including CDs) is that you have absolute liquidity. If your bank in creating impediments to accessing your cash (paperwork, fees, etc.), then you need another bank.
  • Be aware that you can have more than one account. Having a great local savings account at a large or small bank near you can be great, but it doesn't need to stop you from opening one or more online savings accounts, or even developing a relationship with another local bank or credit union.

SAVINGS & CD CALCULATOR

Find out how much extra money you can earn by moving your bank money into an account that pays more.