Free to Use Business Checking Accounts in Massachusetts (August 2024 Update)
Use Meow to Apply for a Business Checking Account in Massachusetts
Meow is a financial technology company, not a bank.
Meow helps businesses in Massachusetts apply for a high-interest business checking account from FirstBank, a Tennessee corporation; Member FDIC.
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This table shows an overview of some financial health metrics for the top 5 community banks in Massachusetts ranked by total deposits. This data is sourced from the Federal Deposit Insurance Corporation's (FDIC) BankFind Suite. The table shows data as of 3/31/24.
| Bank Name | Year Founded | Branches | Total Deposits | Net Interest Margin | Return on Assets | Loan to Deposit Ratio | |
|---|---|---|---|---|---|---|---|
Harborone Bank | 2013 | 33 | $4.43b | 2.40% | 0.44% | 121.4% | |
Enterprise Bank And Trust Company | 1989 | 27 | $4.11b | 2.49% | -3.09% | 24.0% | |
Needham Bank | 1892 | 12 | $3.78b | 5.55% | 2.35% | 90.2% | |
Leader Bank, National Association | 2002 | 6 | $3.71b | 0.37% | -6.25% | 25.9% | |
Peoplesbank | 1885 | 20 | $3.43b | 2.67% | 1.02% | 60.7% |
*Source: Federal Deposit Insurance Corporation's (FDIC) BankFind Suite for reporting period ending 3/31/24
Understanding Financial Health Indicators
Total Deposits: Deposits are the primary source of liquidity for a bank. They are used to fund loans and other investments, which generate income for the bank. A higher amount of deposits indicates a greater capacity to lend and invest, which can lead to higher profitability.
Net Interest Margin: A key profitability indicator for banks. It measures the difference between the interest income generated by the bank (from loans and other interest-earning assets) and the amount of interest paid out to their lenders (such as depositors), relative to the amount of their interest-earning assets.
Return on Assets: Measures the efficiency of a bank in using its assets to generate profit. It is calculated by dividing the net income of the bank by its total assets. A higher return on assets indicates that the bank is more efficiently managing its assets to produce income.
Loan to Deposit Ratio: Calculated by dividing the total loans and net leases of the bank by its total deposits. A higher ratio indicates that the bank is lending out more of its deposits, which can lead to higher profitability. However, a higher ratio also indicates that the bank has less liquidity to meet its obligations to depositors.
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Click the button below to apply for a business checking account from FirstBank, a Tennessee corporation; Member FDIC.
For more information, take a look at our article on the key benefits of business checking accounts.