Massachusetts continues to foster a strong environment for small businesses, but managing finances effectively starts with choosing the right banking partner. Whether you’re launching a new venture in Boston or growing a local shop in Worcester, access to tailored financial services can make a significant difference.
From low-fee business checking accounts to flexible lending and hands-on support, the state offers a wide range of banking options. In this guide, we’ve curated the top 7 banks that combine service, innovation, and small business focus. Read on to find the best fit for your business in 2025.
>> Best Business Banking at Massachusetts – Bluevine >>
7 Best Banks for Small Business in Massachusetts
Our Methodology
In selecting our top picks for Massachusetts banks for small businesses, we focused on several critical factors. We analyzed monthly costs and potential additional fees that small business owners commonly encounter.
We also evaluated the interest rates offered and the minimum balance requirements necessary to maintain the accounts. We considered the availability of mobile banking solutions and the overall user-friendliness of the banks, from setting up an account to daily operations.
You can view our detailed methodology here for a more in-depth look at our selection process.
Bank
|
Monthly Fees
|
Additional Charges
|
Interest Rates
|
Minimum Balance
|
Access to Mobile Banking
|
Bluevine
|
$0
|
$4.95 per cash deposit, $2.50 for out of network ATM fees, $15 for outgoing wires
|
2.0% APY
|
$0
|
Pay vendors by wire or check, schedule payments, manage cash flow
|
Capital One
|
$15 for checking (waivable), $3 for savings (waivable)
|
$15 per incoming domestic wire, $25 for outgoing domestic wire, fee for cash deposits
|
0.20% APY
|
$2,000
|
Access credit card accounts,
transfer money,
deposit checks,
access bank statements,
access to CreditWise service
|
Eastern Bank
|
$0 to $18 (waivable)
|
Up to $30 wire transfers, overdraft fees
|
0.1% to 0.5% APY
|
$2,500 for savings
$10,000 (for higher tier checking)
|
View account statements, links with Zelle, debit card controls, deposits and transfers
|
U.S. Bank
|
$4 (waivable)
|
$0.50 fee for transactions after the first 125, fees at out of network ATMs
|
0.01% APY
|
$500 for business savings
|
Transfer funds, view documents, find branch/ATM locations, manage cards
|
Bank of America
|
$16 for checking (waivable), $10 for savings (waivable)
|
Out of network ATM fees, fees for excessive deposits
|
Up to 0.04% APY
|
$5,000 for checking, $2,500 for savings
|
Manage accounts, pay and transfer, digital wallets, bill pay
|
Citizens Bank
|
$4.99 (waivable)
|
$0.50 fee for each excessive transaction, $39 overdraft fee
|
Up to 0.02% APY
|
$500 for savings account
|
Custom business alerts, check balances, transfer funds, find branch locations
|
Chase
|
$15 (waivable)
|
$25 to $40 for wire transfers, $0.40 per transaction (after first 20)
|
Up to 0.02% APY
|
$2,000
|
Fraud monitoring, card control, pay and transfer, view offers
|
Bluevine: Best Overall Bank for Small Business in Massachusetts
Interest Rates |
Up to 2.0% APY |
Star Rating |
4.7 |
Bluevine breaks the mold with a checking account that offers a 2.0% APY. By consolidating all funds in one convenient location, it eliminates the need for a separate savings account. You don’t have to maintain a minimum balance, and fees are rare.
Why we chose it: Bluevine stands out as the top bank for small businesses in Massachusetts due to its exceptional interest rate, minimal fees, and user-friendly system.
Pros
- Very low fees
- High-interest rates
- No minimum balance
Cons
- No business savings account
- No ATM fee coverage
- Charges for cash deposits
Fees
With Bluevine, you’re free from monthly service fees, regardless of your account balance. If you handle a lot of cash, note that each cash deposit costs $4.95. To avoid other fees, use Bluevine’s in-network ATMs for your transactions.
Interest Rates
Bluevine offers a 2.0% interest rate on balances up to $100,000 in your checking account. Amounts above this don’t earn interest, and there’s no separate savings account available to store excess cash.
Minimum Balance
Bluevine doesn’t impose minimum balance requirements. Whether your account holds $5 or $5,000, you won’t face any monthly service charges, and your interest rate remains constant regardless of your balance.
Access to Mobile Banking
The Bluevine mobile app puts powerful banking tools at your fingertips. It allows you to monitor cash flow, pay bills, and deposit checks effortlessly. Plus, its user-friendly design makes banking simple and convenient wherever you are.
>> Get Started With Bluevine >>
Capital One: Best Bank for Small Business in Massachusetts for Traditional Checking
Interest Rates |
0.20% APY |
Star Rating |
4.6 |
Capital One understands the challenges small businesses face in cash management. Its checking accounts offer unlimited digital transfers and protect against overdraft fees, giving you a safety net if you overextend your finances.
An expansive ATM network ensures you can access your funds nationwide. Capital One’s excellent mobile app completes the banking experience, providing convenience and efficiency.
Why we chose it: Capital One equips small businesses with all the essential checking tools needed for success, making it a robust choice for financial management.
Pros
- No overdraft fees
- Unlimited digital transfers
- Extensive ATM network
Cons
- Monthly account fee
- Few physical branches
- Fees for out-of-network ATMs
Fees
Capital One offers an introductory business checking account with a $15 monthly service fee that can be waived. You can deposit up to $5,000 in cash each month for free, but there’s a $1 charge for every additional $1,000. The primary other fees to watch out for are related to wire transfers.
Interest Rates
Capital One’s savings account comes with a promotional 0.20% APY for the first 12 months. While the rate’s future beyond that isn’t guaranteed, it has remained stable for over two years.
Minimum Balance
To waive the $15 maintenance fee on your checking account, maintain an average balance of $2,000 over the last 30 or 90 days. For the savings account, keeping a minimum balance of $300 will eliminate the $3 fee.
Access to Mobile Banking
Capital One’s highly-rated mobile app allows for flexible payment scheduling and makes it easy to handle mobile deposits and digital payments, including Zelle integration. The CreditWise feature helps monitor your credit score and provides tips for improvement.
>> Get Started With Capital One >>
Eastern Bank: Best Local Bank for Small Business in Massachusetts
Interest Rates |
0.1% to 0.5% APY |
Star Rating |
4.6 |
Eastern Bank has branches across Eastern Massachusetts, reaching into New Hampshire and Rhode Island. It offers a variety of checking and savings options, with most services provided free. While there are some transaction limits, the exceptional interest rates more than make up for these minor constraints.
Why we chose it: Eastern Bank stands out as the essential local choice, widely favored across the state, and known for its impressive interest rates.
Pros
- No-fee checking account
- Competitive interest rates
- Widely recognized in Massachusetts
Cons
- Low transaction limit per month
- High balance requirements
- Limited presence outside Massachusetts
Fees
Eastern Bank offers a no-fee business checking account that’s perfect for sole proprietors. Other business checking options start at a $11 monthly fee, which can be waived with a sufficient balance. Savings accounts incur a low $2 monthly fee, which is also waivable under certain conditions.
Interest Rates
Eastern Bank’s business savings accounts start with a modest 0.01% APY. Higher yields are available through their money market accounts, which offer rates from 0.10% to 2.50% APY for balances over $250,000.
Minimum Balance
The free checking account doesn’t require a minimum balance. Other checking accounts need a minimum of $10,000 to avoid fees, while savings accounts require at least $500. A money market account with at least $2,500 is recommended for better earnings.
Access to Mobile Banking
The Eastern Bank mobile app lets you easily manage your finances, including balance checks, fund transfers, and payments. It integrates with Quicken for detailed budgeting and spending tracking. The app also provides notifications for key account activities via email or text.
U.S. Bank: Best Bank for Small Business in Massachusetts for Low Fees
Interest Rates |
0.01% APY |
Star Rating |
4.5 |
U.S. Bank’s Silver Business checking account is perfect for new or small businesses, offering no monthly fees. While there might be charges for excess transactions or using out-of-network ATMs, careful usage can avoid any fees. With over 2,400 branches nationwide and various merchant services, U.S. Bank caters well to business needs.
Why we chose it: U.S. Bank provides an opportunity to manage your business finances efficiently and cost-effectively, making it an excellent choice for businesses looking to minimize banking costs.
Pros
- Minimal fees
- Specialized services for various businesses
- 2,400 branches
Cons
- Overdraft fees
- Low APY
- Available in 28 states only
Fees
U.S. Bank offers no monthly fees for its basic small business checking accounts, and the fees on higher-tier accounts and savings accounts can be waived. You can avoid fees altogether by keeping track of your transactions and using only in-network ATMs.
Interest Rates
U.S. Bank offers modest interest offerings, with savings accounts providing only a 0.01% APY and checking accounts not accruing interest.
Minimum Balance
The Silver checking account from U.S. Bank requires no minimum balance, making it hassle-free for small businesses. For those opting for the Gold package or higher, a minimum of $10,000 is needed to avoid fees. A $500 balance in savings accounts will also waive the $3 monthly service fee.
Access to Mobile Banking
The U.S. Bank mobile app allows you to manage bills and transfer funds with just a few taps. It also offers valuable financial insights tailored to your accounts, helping you make informed business decisions.
>> Get Started With U.S. Bank >>
Bank of America: Best Bank for Small Business in Massachusetts for Rewards
Interest Rates |
Up to 0.04% APY |
Star Rating |
4.4 |
Bank of America features a Preferred Rewards program designed to enrich your banking experience with many perks. Participation in this program can enhance your interest rates, eliminate deposit fees, and provide additional rewards for credit card usage.
With extensive branch locations and ATMs across Massachusetts and nationwide, accessing your banking services is always convenient.
Why we chose it: Bank of America rewards your business loyalty with a robust and beneficial rewards system.
Pros
- Waivable monthly fee
- Rewards boost interest rates
- Over 17,000 ATMs and 4,300 branches
Cons
- Monthly fees
- No 24/7 customer service
- Fees at non-Bank of America ATMs
Fees
Bank of America imposes a service fee on each account, but you can avoid these fees with strategic planning. For the Fundamentals checking account, maintain a $5,000 average monthly balance, make at least $250 in debit card purchases, or join the Preferred Rewards program. For savings accounts, keeping $2,500 or being a Preferred Rewards member can also waive the fees.
Interest Rates
Bank of America checking accounts don’t earn interest, so you’ll want to look to savings accounts for earning potential. Interest rates begin at 0.01% APY for lower balances but can increase to 0.04% as your rewards accumulate.
Minimum Balance
You’ll need to maintain $5,000 in your checking account or $2,500 in your savings account to avoid monthly service fees unless you qualify for fee waivers through other means. Your balance also influences which rewards tier you qualify for and the associated benefits.
Access to Mobile Banking
Bank of America’s highly-rated mobile app enhances your banking experience, giving you full control over your accounts from your smartphone. You can set up custom alerts for due payments or low balances, ensuring you stay informed and in control.
>> Get Started With Bank of America >>
Citizens Bank: Best Bank for Small Business in Massachusetts for Branch Locations
Interest Rates |
Up to 0.02% APY |
Star Rating |
4.3 |
Citizens Bank boasts a strong presence in New England, with over 1,200 branches, including over 200 in Massachusetts alone. Their introductory checking accounts are free of monthly maintenance fees and include an overdraft line of credit for unexpected expenses.
Additionally, Citizens Bank provides round-the-clock customer support, ensuring help is always available when you need it.
Why we chose it: Citizens Bank is a major player in the New England banking scene, offering extensive accessibility and dependable service across Massachusetts.
Pros
- 1,200+ branches in New England
- 24/7 customer support
- No monthly fee on select accounts
Cons
- Low interest rates
- High overdraft fees
- ATM fees on some accounts
Fees
Citizens Bank’s small business checking account comes with no service fees, allowing you to manage your finances without worrying about additional charges. For savings accounts, there’s a monthly fee of $4.99, but this is waived for the first four months to ease your transition.
Interest Rates
Interest rates at Citizens Bank peak at 0.02% for higher-tier money market accounts. For standard savings, you’re more likely to see a return of 0.01% on your funds.
Minimum Balance
There’s no minimum balance requirement for the small business checking account at the entry level. For savings accounts, maintaining a $500 balance will eliminate the monthly fee, and the APY will remain constant regardless of the balance.
Access to Mobile Banking
The Citizens Bank mobile app provides the flexibility to manage your finances on the go. It allows you to handle payments, transfer funds, and gain insights into your accounts. The app also includes features to manage debit cards and access the document center for important banking documents.
>> Get Started With Citizens Bank >>
Chase: Best Bank for Small Business in Massachusetts for Sign-On Bonus
Interest Rates |
Up to 0.02% APY |
Star Rating |
4.2 |
Chase is renowned for its high-quality banking services and a robust array of business offerings that help keep your operations running smoothly. To sweeten the deal, Chase offers a $300 bonus simply for signing up and completing qualifying activities.
Although there’s a monthly fee, Chase provides several ways to have it waived. While most branches are concentrated in the Boston area, Chase’s extensive online banking capabilities effectively compensate for the limited physical locations.
Why we chose it: Chase not only provides excellent banking features but also incentivizes new customers with up to $300 just for opening an account.
Pros
- $300 sign-on bonus
- Diverse business services
- Ways to waive monthly fees
Cons
- Low APY
- Monthly fees
- 20 free transactions monthly
Fees
If you can’t maintain the minimum daily balance, Chase imposes a $15 monthly service fee for its small business checking accounts. Fees also apply to savings accounts, although these can be waived by linking a qualifying checking account. Be aware of higher costs for wire transfers, and note that Chase allows 20 free transactions per month before fees are applied.
Interest Rates
Chase offers a modest interest rate of 0.02% for savings accounts once you establish a banking relationship. Business CDs, however, can yield up to 3.00% APY, provided you can lock in funds for periods ranging from 3 to 12 months.
Minimum Balance
Your small business checking account must have a minimum balance of $2,000 to avoid the monthly maintenance fee. To receive the sign-up bonus, you must deposit at least $2,000 within the first 30 days and maintain that balance for the subsequent 60 days.
Access to Mobile Banking
Chase’s mobile app allows you to set and manage alerts, transfer money, and locate the nearest ATM. It also features QuickPay with Zelle, enabling you to send money swiftly and conveniently.
>> Get Started With Chase >>
Methodology for the Best Banks for Small Businesses in Massachusetts
Our mission was to identify the best banks for small businesses across Massachusetts, from the bustling Greater Boston area to the quieter reaches of the western part. We weighed the following criteria to guide our selections:
- Fees: Understanding that every penny counts in business, we prioritized banks that keep fees low, significantly enhancing your financial health. We also noted how these fees could be waived, ensuring you have options to reduce costs.
- Interest Rates: In an era where many banks are cutting back on rewards, we sought out those still offering competitive interest rates. Earning interest on your balances can be a significant advantage, providing an additional income stream to your business.
- Minimum Balance: Recognizing that new businesses might start with limited funds, we focused on banks with low or no minimum balance requirements. This is crucial for avoiding monthly charges and keeping your business financially flexible.
- Mobile Banking: With nearly everyone using smartphones today, the ability to bank on the go is more important than ever. We highlighted banks with outstanding mobile apps that allow you to manage your finances anywhere you have internet access.
- Ease of Setup and Use: We chose banks that offer quick and straightforward account setup processes, whether online or in-person. Many on our list require just an EIN to start and continue offering user-friendly banking experiences.
> Get Started With Bluevine >>
Frequently asked questions
Opening a business bank account for your LLC is a wise decision to use all the features available to your company fully. Maintaining a separate account for your LLC also offers personal liability protection, safeguarding your personal finances.
Local banks often provide the advantage of deep familiarity with your region, while banks with a strong online presence offer the convenience of accessibility from anywhere in the country.
Yes, you can open a bank account using your EIN. It’s essential to have a tax identifier when setting up a business bank account, and an EIN allows you to keep your personal information separate from your business dealings.
To open a business bank account, you’ll need to present your business license and Employer Identification Number (EIN). Most banks will also require your ownership agreement and articles of organization.
Bottom Line – Best Business Banks in Massachusetts
Finding the right bank is a key step in setting your small business up for long-term success. The banks featured in this list offer a strong mix of local expertise, digital tools, and flexible financial products tailored to Massachusetts entrepreneurs.
Whether you’re focused on minimizing fees, accessing capital, or building lasting financial relationships, there’s a reliable option available. Evaluate your priorities and choose a partner that aligns with your growth goals. The right bank can become a valuable asset in your business journey.
>> Best Business Banking at Massachusetts – Bluevine >>