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Launching and running a small business in Massachusetts comes with big financial decisions. From managing everyday cash flow to securing funding for expansion, having the right banking partner can make all the difference. But with over 140 banks across the state, finding the best fit for your business isn’t always easy.
The best banks go beyond basic services; they offer tailored tools, reliable support, and flexible solutions that help your business grow. To simplify your search, we’ve evaluated the top banks in Massachusetts based on their small business offerings, from checking accounts to lending and digital features.
>> Earn Up to 3.7% APY: See Which Bank Offers It Now! >>
Best Banks for Small Business in Massachusetts in 2025
- Bluevine – Best Overall Online Bank in Massachusetts
- Lili – Best for Simple, Low-Cost Banking for Freelancers
- Novo – Best for Digital Entrepreneurs and Independent Creators
- Grasshopper – Best for Startup-Friendly Business Banking
- nbkc Bank – Best for Fee-Free Business Checking Accounts
- Chase Business Banking – Best for Full-Service Financial Tools and Local Branch Access
- Found – Best for Solo Business Owners and Self-Employed Professionals
- Mercury – Best for Tech Startups and Scalable Operations
- Live Oak Bank – Best for SBA Loans and High-Yield Business Savings
- Wise Business Banking – Best for International Payments and Multi-Currency Accounts
Bluevine – Best Overall Bank for Small Businesses in Massachusetts
Bluevine stands out in 2025 as a leading option for small businesses in Massachusetts that want a flexible, digital-first banking experience. With no monthly fees, unlimited transactions, and a high-yield business checking account, it’s ideal for entrepreneurs who prefer managing finances remotely.
Its platform supports mobile check deposits, bill payments, and easy vendor transfers, all designed to streamline your workflow and maximize efficiency without the overhead of a traditional bank.
Why We Chose It
Bluevine offers Massachusetts small business owners an unbeatable combination of automation, interest earnings, and fee-free banking, perfect for LLCs, freelancers, and growing startups.
- Earn up to 3.7% APY on eligible balances
- No monthly maintenance or overdraft fees
- No minimum deposit requirement
- No business savings account
- No ATM fee reimbursements
- $4.95 Green Dot cash deposit fee
Mobile Banking
The Bluevine app empowers Massachusetts business owners to bank on the go; pay bills, track spending, transfer funds, and stay in control from anywhere.
>> Bluevine: Trusted by 750K+ Businesses >>
Lili – Best for Simple, Low-Cost Banking in Massachusetts
Lili is an excellent choice for freelancers, independent contractors, and creative professionals in Massachusetts who want streamlined, mobile-first banking without the fees. With no monthly charges on its standard plan and access to 38,000+ fee-free ATMs, Lili makes managing money effortless.
Upgrading to Lili Pro ($9/month) adds smart features like automated tax buckets, invoicing tools, and a high-yield savings account offering up to 4.15% APY, perfect for solopreneurs juggling both business and personal finances.
Why We Chose It
Lili makes life easier for Massachusetts’ independent workers by combining essential banking tools, expense tracking, and real-time insights in one intuitive mobile app.
- Up to 4.15% APY with Lili Pro
- No maintenance fees on standard accounts
- Built-in invoicing and tax tools
- Quick, paperless sign-up
- No physical branches or in-person support
- No joint or multi-user account options
- Cash deposits via retailers may involve fees
Mobile Banking
Lili’s app is built for mobility, Massachusetts professionals can track spending, save for taxes, and issue invoices anytime, anywhere, all from their smartphone.
>> Open Your Lili Account Today! >>
Novo – Best for Freelancers and Digital Entrepreneurs in Massachusetts
Novo is a top choice for Massachusetts-based freelancers, consultants, and online business owners seeking fast, flexible digital banking. It charges no monthly fees, requires no minimum balance, and integrates smoothly with tools like Shopify, Stripe, QuickBooks, and Square.
Though it doesn’t support cash deposits or offer physical branches, Novo makes up for it with unlimited ATM fee reimbursements and valuable features like invoicing, expense tracking, and customizable budgeting “reserves.”
Why We Chose It
Novo supports Massachusetts solopreneurs who want fee-free, no-frills banking that plugs directly into the apps they already rely on.
- No monthly fees or minimum balance
- Unlimited ATM reimbursements
- Direct integrations with key business apps
- Built-in invoicing and budget tools
- Doesn’t pay interest on balances
- No cash deposit support or branches
- No savings or lending products
Mobile Banking
Novo’s mobile dashboard helps freelancers in Massachusetts manage invoices, payments, and app integrations on the go, perfect for digital-first operations.
>> Open Your Novo Account Today! >>
Grasshopper – Best for Startup-Friendly Banking in Massachusetts
Grasshopper is built for Massachusetts startups and digital-first entrepreneurs looking for smart, streamlined business banking. Though not a traditional bank, it offers a tech-forward experience with tools for invoicing, automated payments, and real-time cash flow insights.
While it lacks physical branches, ATM access, or savings products, Grasshopper excels in automation and simplicity, ideal for early-stage businesses aiming to move fast and stay lean.
Why We Chose It
Grasshopper aligns with the needs of Massachusetts-based startups that want no-fuss, intuitive banking tailored for digital growth and agility.
- Smart tools for vendor payments and invoicing
- Clean, mobile-first user experience
- Works well with other startup platforms
- Requires linking to an external bank account
- No lending, ATM, or savings services
- Limited support for cash-based businesses
Mobile Banking
Grasshopper’s sleek app helps Massachusetts founders manage payments, track spending, and automate essential tasks, all from their smartphone.
>> Explore Grasshopper Banking >>
nbkc Bank – Best for Fee-Free Business Checking in Massachusetts
Though based in Kansas City, nbkc Bank is a strong nationwide option for Massachusetts small business owners who value simplicity and low fees. It offers a transparent checking account with no monthly maintenance charges, no minimum balance requirements, and free domestic wires, ideal for lean operations.
With access to 90,000+ fee-free ATMs and full-featured online banking, nbkc is perfect for business owners who don’t need in-person service but still want robust support and functionality.
Why We Chose It
nbkc delivers an affordable, no-frills business banking experience that fits the needs of Massachusetts entrepreneurs looking to minimize fees and maximize convenience.
- No monthly fees or minimum balance
- Free domestic wires and unlimited transactions
- Access to 90K+ surcharge-free ATMs
- No physical branches in Massachusetts
- No business savings account options
- Limited product range beyond checking
Mobile Banking
nbkc’s app makes managing your business account easy, handling check deposits, transfers, bill payments, and transaction tracking from anywhere in Massachusetts.
>> Open an nbkc Bank Account Today! >>
Chase Business Banking – Best for Comprehensive Financial Tools & Services in Massachusetts
Chase is a leading choice for Massachusetts businesses that want full-service banking and convenient branch access. With locations in Boston, Worcester, Springfield, and beyond, it offers unmatched reach and support.
The Chase Business Complete Banking® account includes tools like QuickAccept® for card payments, same-day access to funds, and easy integration with business tools. It also provides business loans, credit cards, payroll services, and merchant solutions, all backed by the resources of J.P. Morgan.
Why We Chose It
Chase gives Massachusetts business owners a one-stop-shop for banking, payments, financing, and financial guidance, both online and in-person.
- Accept card payments and get funds same-day
- Nationwide ATM and branch access
- Broad product suite including loans and merchant services
- Easy-to-waive monthly fees
- $15 monthly fee if balance/activity requirements aren’t met
- Basic account includes only 20 free transactions
- Low interest on balances
Mobile Banking
Chase’s mobile app empowers Massachusetts business owners to manage payments, deposit checks, access QuickAccept®, and collaborate with team members from one centralized hub.
>> Get Started With Chase Business Banking >>
Found – Best for Solo Business Owners in Massachusetts
Found is a mobile-first banking solution designed for freelancers, gig workers, and independent contractors across Massachusetts. With no monthly fees, unlimited transactions, and integrated tools for tax savings, invoicing, and expense tracking, it’s built to simplify the financial lives of the self-employed.
While it doesn’t offer interest-bearing accounts or support for cash deposits, Found excels in providing an all-in-one platform for managing business finances, helping solo professionals stay organized and tax-ready throughout the year.
Why We Chose It
Found empowers Massachusetts solopreneurs with essential financial tools in one streamlined app, perfect for simplifying income tracking, taxes, and invoicing.
- No fees or balance requirements
- Tax automation and built-in invoicing
- Unlimited transactions and mobile setup
- User-friendly dashboard tailored for freelancers
- No interest on account balances
- No support for cash or check deposits
- No credit, lending, or savings products
Mobile Banking
Found’s app is made for self-employed users in Massachusetts, track earnings, send invoices, set aside tax funds, and organize expenses in one easy-to-use dashboard.
>> Open Your Found Account Today! >>
Mercury – Best for Tech Startups in Massachusetts
Mercury is a digital banking platform engineered for early-stage tech startups and remote-first teams, making it a strong choice for Massachusetts-based companies in Boston, Cambridge, and beyond. With no account fees, no minimums, and support for multi-user access, Mercury fits the agile, innovation-driven approach of today’s startups.
It integrates smoothly with tools like Stripe, Xero, and QuickBooks, although it doesn’t support cash deposits or offer in-person banking services.
Why We Chose It
Mercury is ideal for Massachusetts startups that want fast, scalable, and collaborative banking without traditional banking friction or fees.
- No monthly fees or minimums
- Team access with user permissions
- Free domestic wire transfers
- Strong software integrations
- No APY or interest-bearing accounts
- No ATM access or cash handling
- No in-person support or branches
Mobile Banking
Mercury’s app gives startup founders and finance teams in Massachusetts full control over transfers, user roles, and real-time financial monitoring, anytime, anywhere.
>> Get Started With Mercury >>
Live Oak Bank – Best for SBA Lending & High-Yield Savings in Massachusetts
Live Oak Bank specializes in SBA and USDA business lending and offers a remote-friendly banking experience for entrepreneurs across Massachusetts. While it doesn’t operate physical branches in the state, it provides an Essential Checking account with no monthly fees and high-yield savings options earning around 3.5% APY. Business owners also benefit from FDIC-insured cash sweep coverage up to $10 million.
From tech startups in Boston to rural businesses in Western MA, Live Oak’s deep lending expertise makes it a standout for funding and savings growth.
Why We Chose It
Live Oak is a solid option for Massachusetts businesses looking for expert SBA lending and strong interest earnings in a fully digital environment.
- Competitive high-yield savings and CD options
- SBA and USDA lending specialists
- No monthly fees on checking
- FDIC cash sweep coverage up to $10M
- No in-person branches or cash deposits
- Limited everyday banking functionality via app
- Few integrations with accounting or FinTech platforms
Mobile Banking
Live Oak’s online dashboard supports savings and lending management, giving Massachusetts business owners remote access to essential services, even without a full-featured mobile app.
>> Explore Live Oak’s Lending & Savings Options >>
Wise Business Banking – Best for Global Payments in Massachusetts
Wise Business is the go-to banking alternative for Massachusetts-based companies, freelancers, and remote teams that deal with international transactions. Supporting 50+ currencies with mid-market exchange rates and low fees, it helps businesses send, receive, and manage global payments with transparency.
While Wise doesn’t offer loans or interest-earning accounts, its multi-currency platform is ideal for Boston-area startups, e-commerce sellers, and service providers working across borders.
Why We Chose It
Wise Business simplifies global payments for Massachusetts professionals by offering low-cost international transfers and real-time currency management in one app.
- Multi-currency account with real-time conversion
- Transparent low fees for cross-border payments
- Ideal for freelancers and global businesses
- Supports over 50 currencies
- No interest-earning or lending features
- Not suitable for cash-based businesses
- Lacks U.S.-focused business tools
Mobile Banking
The Wise mobile app gives Massachusetts entrepreneurs total control over their international finances, including transfers, balances, and FX alerts, all from a clean, easy-to-use interface.
>> Open Your Wise Business Account Today! >>
How to Choose the Best Bank in Massachusetts for Your Small Business
Choosing the right bank in Massachusetts for your small business requires understanding your specific financial needs and matching them with the services banks provide. Whether you’re launching a startup in Boston, running a family-owned business in Worcester, or freelancing in Cape Cod, here’s a step-by-step guide to help you make a smart banking decision:
- Explore Your Banking Options: Massachusetts businesses can access a range of banking choices, from big national banks to local community institutions, credit unions, and digital-first banks. Traditional banks offer in-person services and long-standing business products, while online banks and fintechs often provide lower fees and mobile-first convenience. Choose a format that suits how you operate and where you bank.
- Identify the Right Business Accounts: Business banking needs are different from personal ones. Evaluate what matters most: business checking, savings, merchant services, credit access, or interest-bearing accounts. Look for banks that support your daily operations, offer integrated tools, and can grow with your business.
- Watch Out for Fees: Some banks charge monthly maintenance fees, transaction limits, or cash deposit penalties. Seek banks in Massachusetts, especially credit unions or online providers, that offer low- or no-fee accounts, and review requirements for fee waivers tied to minimum balances or account activity.
- Consider Access and Convenience: Need to deposit cash or meet face-to-face with a banker? Opt for a bank with strong branch presence in your area or access to a wide ATM network. If your business is mostly digital, prioritize banks that offer ATM fee reimbursements or robust online customer service.
- Look for Business-Friendly Features: Top banks for small businesses offer value-added features like invoicing tools, mobile check deposit, accounting software integration, business credit cards, or early payment options. Select a bank that aligns with how you run your business, not just one with the most advertising.
- Evaluate Customer Service and Support: Responsive service can be a game-changer for busy business owners. Review customer satisfaction ratings, online reviews, mobile app functionality, and support hours. Strong support, whether local or virtual, helps avoid disruptions when issues arise.
- Read the Fine Print Carefully: Before opening an account, ensure it’s FDIC-insured (or NCUA-insured for credit unions) and review all terms, including fees, transaction limits, APYs, and any bonus conditions. Understanding these details protects you from costly surprises.
- Consider Full-Service Capabilities: If you prefer to manage everything in one place, look for banks that offer business loans, credit lines, equipment financing, or even payroll and investment tools. Having an all-in-one banking partner can simplify your financial management as your business scales.
Frequently Asked Questions (FAQs)
Still have questions about finding the best bank for your small business in Massachusetts? Here are answers to some of the most common questions to guide your decision.
>> Check Out Bluevine Business Account >>
Final Thoughts – Best Banks for Small Business in Massachusetts 2025
From innovative digital banks offering competitive rates and streamlined online services, Massachusetts’s business banking options are well-suited for modern entrepreneurs and small business owners.
Whether you prioritize low fees, user-friendly mobile apps, or tools designed for freelancers and startups, banks like Bluevine, Lili, Novo, and Grasshopper deliver flexible, mobile-first solutions that simplify your business finances.
Whether you’re managing cash flow, scaling your operations, or seeking a hassle-free banking experience, these top digital banks are ready to support your business with confidence and agility.
>> Open Your Bluevine Account Today! >>
Patrick is a financial expert with deep knowledge in trading, technical analysis, and market structure. His analytical skills and ability to simplify complex topics have made him a trusted advisor for firms looking to navigate the financial markets effectively. Recognized for his insightful reports and strategic market analysis, Patrick has earned high praise from industry professionals. He is also the host of a widely-followed podcast, where he delves into market trends, options trading, and value investing, providing actionable insights for investors and professionals alike.
