Banks in Boston with the Best Savings Rates: September 2011
Everyone has a preference when it comes to where they like to bank. Some prefer the convenience of national chains, while others may actually belong to a credit union. A large number of local residents happen to prefer the smaller, community-oriented Boston banks.
There are plenty of advantages to banking with a local bank, so if you’re not satisfied with your existing financial institution, give banks in Boston at try.
Top 3 Advantages of Banks in Boston
So what can a local bank offer you that the big chains often can’t? Every bank is different, but the smaller ones tend to boast the following:
1. Higher Interest Rates: Since local banks are more focused on the financial stability of the community, they tend to provide much more competitive interest rates on deposit accounts and loans.
2. Better Customer Service: Local banks make it a point to show their appreciation for customers with more attentive bank employees who do their best to meet your needs.
3. Local Decision Making: Because Boston banks are run by residents who are familiar with the needs and concerns of local families and businesses, loan approvals and other major decisions can be made quickly.
Boston Banks with the Highest Savings Rates
A savings account is the foundation to financial security. Of course, you’ll want to be sure your deposits are reaching their full potential by obtaining the best interest rate available. Below are the local banks with the top Boston savings rates today.
- Eagle Bank: 0.5%
- Bank of Cape Cod: 0.4%
- Pentucket Bank: 0.35%
- Mercantile Bank and Trust Company: 0.35%
- Hyde Park Savings Bank: 0.35%
These savings rates are accurate as of September 29, 2011, but can change at any time in the future. Please contact individual banks to verify rates, as well as learn about additional terms and requirements, before opening an account.
