Savings & Checking Account Information for Massachusetts Consumers

Determining which bank or credit union may be right for you can be a daunting task for any consumer. Several factors such as location, automated teller machine (ATM) access, fees, and products and services come into play when choosing where to bank. When choosing an account, consumers should consider their banking habits and preferences and attempt to match them with an account's features and benefits.

What Consumers Should Know About Savings & Checking Accounts in Massachusetts

  • Federal Truth-in-Savings Acts require banks and credit unions to disclose all account fees in advance.
  • State-chartered banks in Massachusetts are required to provide no cost checking and savings accounts to any persons sixty-five years of age or older or eighteen years of age or younger. These accounts are commonly referred to as "18 - 65 Accounts."
  • Massachusetts offers the Basic Banking Program for individuals who may be unable to maintain large account balances.

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What Consumers Should Know About the Basic Banking Program in Massachusetts

  • The Basic Banking Program provides a low cost banking account alternative with the goal of expanding access of bank products and services to consumers with modest incomes.
  • Bank and credit union participation in the program is voluntary and guidelines for both checking and savings accounts are available.
  • Basic Banking Savings Account Guidelines:
    • require no more than $10 to open account;
    • charge no monthly fee on account balances of $10 or more;
    • charge a monthly fee of no more than $1;
    • pay interest on all account balances of $10 or more.
  • Basic Banking Checking Account Guidelines:
    • require no more than $25 to open account;
    • charge a monthly fee of no more than $3;
    • provide at least 15 free withdrawals, including at least 8 checks per month;
    • charge no more than $1 for each withdrawal over the allowable number of free withdrawals.
  • Participating banks and credit unions can be viewed by visiting the Massachusetts Community & Banking Council webpage.

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Relevant Statutes and Regulations for Savings & Checking Accounts

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Additional Savings & Checking Account Resources for Consumers 

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