Study places Mass. near top of best banking list
A new study from personal finance website GOBankingRates.com, found that Massachusetts is the fourth most affordable state for banking, offering residents access to less expensive banking options than 46 other states and the District of Columbia.
With 75 unique financial institutions in the state -- the eighth most in the country -- and the third lowest minimum deposit amount requirements for checking and savings accounts, Massachusetts trails only Arkansas, Iowa and Oklahoma for affordability, GOBankingRates said in a statement.
"The amount of competition is one reason why it's great to be a banking consumer in Massachusetts," Chris Tremont, senior vice president and director of marketing at Boston-based First Trade Union Bank, said in a statement. "This competition causes banks to be more innovative with … products and service offerings, along with constantly thinking 'client-first.'"
As part of its investigation to determine the 10 best and worst states for affordable banking, GOBankingRates said it surveyed all 50 states and the District of Columbia, assessing several factors, including interest rates on checking and savings accounts, various banking fees, minimum account balance requirements, and the number of local banking options available.
The bottom of the list was filled out by Connecticut, Washington, D.C., and Arizona ranking worst.
WBJ Web Partners
Most Recent
Most Recent
0 Comments