Boston Banks

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 over 44 banks in the Boston Banking Rates database today, which might make picking where to open an account or apply for a loan a tough decision. However, choosing a bank is an important decision and can greatly impact the future of your finances. That’s why taking the time to investigate various Boston banks and find the best fit is so important.

Today, Boston Banking Rates collects interest rate information from a total of 43 banks in Boston. Below is a look at the average rates and highest rates for deposit accounts among those banks.

Average Deposit Account Rates at Boston Banks Today

Average 6-Month CD Rate: 0.49% APY
Average 1-Year CD Rate: 0.76% APY
Average 2-Year CD Rate: 1.15% APY
Average Savings Interest Rate: 0.28% APY

If you’re looking to switch your Boston bank, there are plenty of good options out there. Whether you’re looking for a bank for your mortgage, a personal loan, free checking or just searching for a decent place to park your money, you’re in luck. Most local banks are committed to serving the needs of the community and have a focus on delivering quality service, which all trickles down to the consumer. We’ve taken a look at some banks in Boston to give you a rundown of what kind of offers are available right now.

With the economic crisis of 2008 and the Great Recession that followed, many American consumers are skeptical of big banks. Their unsound business practices and focus on profits rather than people put the United States in a bad financial place for an unforeseen amount of time. Now we see a trend emerging, where people are looking to give their business to local banks, where the asset size may be smaller but the staff is readily available to help their customer and neighbor.

There are thousands of financial institutions throughout the U.S., several of which are probably in your home town. From bustling cities to tiny suburbs, there’s no shortage of banks and credit unions nearby. So when you’re trying to maximize your deposits and find the highest interest rates to help them grow, how do you know where to go? Below, Boston Banking Rates has compared the average bank rates in Boston with those at local credit unions to find out whether community banks or CUs have the best overall interest rates to offer.

These days, most banks are dropping interest rates on deposit accounts, which is why it’s so important to know which ones still have competitive offers. Locating the Boston banks with the highest interest rates will ensure you’re always growing your savings to its full potential.

When shopping around for the highest certificate of deposit interest rates, it helps to look at local financial institutions. Generally, smaller banks are especially invested in the communities they serve and thus, make providing the best rates to customers a top priority.

However, finding the best CD rates in Boston can be tough if you don’t know where so start, so we’ve compiled the best rates across various term lengths for community banks in the area.

When it comes to finding the highest interest rates on deposit accounts and loans, a great place to start your search is at your local bank. Local banks, like those found in Boston, often operate with the goal of supporting the surrounding community financially by offering affordable products and services to residents.