Launching and running a small business in Massachusetts is an exciting adventure, but it’s also one filled with important financial considerations. From managing day-to-day cash flow to securing loans for growth, having the right business banking services is crucial for your success. However, with over 140 banks in Massachusetts vying for your business, choosing the perfect fit can feel overwhelming.

A great banking partner tailors its services to meet your business’s unique needs, offering the tools and support essential for success. To help you find the best bank for your business, we’ve assessed Massachusetts banks based on their small business services.

The Top Banks for Small Businesses in Massachusetts

We evaluated banks based on their loan options and rates, checking and savings account features, merchant services, online and mobile banking capabilities and customer service to identify the best banks for small businesses in Massachusetts. Here are our top picks:

1. North One

North One is a forward-thinking financial institution dedicated to small businesses. Its technology-driven approach focuses on providing a seamless banking experience through a user-friendly mobile app and online tools tailored for budgeting and cash flow management. North One operates entirely online, eschewing traditional physical branches in favor of a streamlined, efficient digital platform. Despite its online-only model, the bank ensures accessibility through a partnership with GreenDot, offering 90,000 locations for cash deposits and withdrawals. Additionally, North One partners with The Bancorp Bank, N.A., to provide FDIC insurance, securing all deposits up to $250,000.

For small business owners, North One presents a host of features designed to simplify financial management. The online application process is fast and easy, eliminating the paperwork associated with traditional banking. They also offer flexible business term loans, lines of credit and fee-free checking accounts, catering specifically to the financial needs of startups and growing businesses. North One’s integrated financial management tools enable efficient payment processing through various channels, including paper checks, ACH transfers and wire transfers. 

North One’s emphasis on customer support and team banking features particularly benefits small business owners. Co-owners have the luxury of individual logins and debit cards, ensuring clear expense management. Additionally, North One’s customer care team provides personalized support fast — often in less time than a trip to the bank.

2. Eastern Bank 

Eastern Bank, a Massachusetts-based institution founded in 1818, boasts a rich history spanning over 200 years. Known for its commitment to local communities, Eastern Bank has grown from a modest savings bank into a full-service commercial bank. With assets totaling approximately $24 billion and more than 120 locations across eastern Massachusetts, southern and coastal New Hampshire and Rhode Island, Eastern Bank combines stability, technology and deep financial expertise to offer tailored solutions to its customers. 

For small business owners, Eastern Bank presents attractive features and services designed to support growth and financial health. The bank offers free business checking accounts with low minimum balances, providing an accessible entry point for startups and small businesses. Dedicated small business advisors are available to guide owners through various financial decisions, ensuring personalized and knowledgeable support. Additionally, Eastern Bank is a leading SBA lender in Massachusetts, offering a range of loan options, including the Eastern Express Business Loan for quick funding up to $100,000 and traditional SBA loans.

Eastern Bank also emphasizes convenience and advanced financial management tools. Business customers receive complimentary access to Monit, a mobile-friendly financial assistant that aids in cash flow forecasting, actionable insights and real-time planning tools. This digital assistant, combined with the bank’s comprehensive cash management services, allows business owners to manage their finances efficiently and effectively anytime, anywhere.

3. Cambridge Savings Bank 

Cambridge Savings Bank (CSB), with a history spanning 190 years, is structured as a mutual bank, emphasizing its commitment to customer service and community. This model allows CSB to focus on the needs of its customers rather than shareholders, fostering a personalized banking experience.

For small business owners, Cambridge Savings Bank offers a range of competitive features designed to support their growth and financial health. The bank provides competitive rates on business term loans and checking accounts, making it an attractive option for businesses looking to manage their finances effectively. CSB’s online and mobile banking tools offer customizable, secure and convenient options for business owners to manage their accounts on the go. The bank also provides merchant services, allowing businesses to accept credit and debit card payments easily and securely, which can boost sales and improve customer satisfaction.

CSB’s comprehensive suite of business banking solutions caters to various stages of a business’s lifecycle. Whether you need a small business checking account with no monthly fees, a flexible line of credit or a tailored term loan, CSB has options to meet your needs. The bank’s treasury management services help businesses optimize their finances, offering solutions such as remote deposit capture, ACH payments and lockbox services. Additionally, CSB provides a dedicated payroll service through a partnership with Complete Payroll Solutions, ensuring that businesses can efficiently manage payroll, benefits and HR tasks. This combination of competitive financial products, advanced online tools and dedicated customer support makes Cambridge Savings Bank a solid choice for small business owners in Massachusetts.

4. The Provident Bank 

A small business owner might find The Provident Bank (BankProv) particularly useful due to its focus on building strong relationships and providing specialized commercial lending services. Founded in 1828, BankProv has evolved to meet the needs of modern businesses while maintaining a legacy of trust and reliability. The bank offers a comprehensive range of services, including fully insured business accounts, advanced cash management tools and various lending options, emphasizing personalization in all interactions.

BankProv is especially attentive to the needs of small businesses by offering customized solutions tailored to businesses with different transaction volumes. Additionally, the bank’s investment products, including business savings and money market accounts, provide competitive interest rates and deposit insurance, ensuring the safety and growth of business funds.

Furthermore, BankProv’s dedication to innovation and technology-driven solutions makes it an attractive partner for small business owners. The bank provides a variety of services designed to streamline financial management, including online and mobile banking, ACH origination, remote deposit capture and advanced fraud prevention resources. By combining traditional banking values with modern financial solutions, BankProv positions itself as a trusted advisor and partner committed to supporting the growth and success of small businesses.

5. Salem Five 

Salem Five is a mutual bank with a strong commitment to community banking and personalized customer relationships. Their flexible and customer-focused approach is reflected in their products and services tailored to meet the unique needs of small businesses.

The bank’s free business checking accounts and flexible cash management solutions enable business owners to manage their finances efficiently without unnecessary fees. Salem Five also offers robust merchant services, ensuring that small businesses can seamlessly process payments and manage cash flow.

In addition to its business banking services, Salem Five also provides extensive loan options, including SBA loans, term loans, lines of credit, and real estate financing, to small businesses. These financial products provide businesses with the capital necessary to grow.

Furthermore, Salem Five leverages innovative technology to enhance the banking experience for small business owners. Their business online banking and treasury management services offer secure, convenient and efficient ways to handle transactions, monitor accounts, and manage liquidity.

Methodology: How We Chose the Best Banks for Small Business in Massachusetts 

We set out to identify the Massachusetts banks that provide the most valuable service for small businesses. To do that, we looked at several key factors that directly affect your business’s finances and day-to-day operations.

First, we considered the loan options and rates offered by each bank. This included the variety of loans available, like SBA loans, credit lines and term loans, along with their interest rates. Competitive rates are crucial to ensure you get the most affordable financing for your needs.

Next, we assessed the features of business checking and savings accounts. This included minimum balance requirements, any transaction fees and the potential to earn interest on your savings. We also looked for banks that offer merchant services, which can make it easier to accept credit card payments from customers.

Technology plays a big role in efficient business management, so we evaluated the user-friendliness and functionality of each bank’s online banking platform and mobile app. Features like online bill pay, mobile check deposit and easy money transfers were highly valued. Finally, because a good banking partner can save you time and frustration, we researched each bank’s customer service reputation. 

Partner with the Best Bank for Small Business in Massachusetts

Choosing the right bank is an essential step for any small business owner in Massachusetts. By considering the factors outlined above — loan options and rates, account features, online and mobile banking functionality and customer service reputation — you can identify a banking partner that aligns with your specific needs and supports your financial success.

Remember, there’s no one-size-fits-all answer. The best bank for your business depends on your unique circumstances, like whether you prioritize access to capital, user-friendly technology or exceptional customer service.  With a variety of strong options available in Massachusetts, take some time to research and compare the features offered by each bank.