Young adults should choose a reputable financial institution with digital-first banking solutions, low or no fees, and an emphasis on transparency and security. For those living in or relocating to New England, community banks are ideal for localized customer service, while national branches offer a broader network of ATMs and advanced technologies. Here are the best banks in every New England state to help you manage your personal savings.
1. Machias Savings Bank — Maine
Machias Savings Bank is a bank that provides services in Maine, with many literacy resources and online tools to make financial management and education more convenient. You can take advantage of this bank's personal checking, savings, credit cards, loans and mortgage services. Young entrepreneurs will also appreciate that it’s rated No. 1 by Under30CEO for business checking in the state.
The online platform offers a straightforward interface that lets you easily control your financial well-being, whether you’re depositing checks or paying bills. The high-yield savings account is an excellent option for young people, featuring no monthly maintenance fees to help you budget and save more money.
Machias Savings Bank is insured by the Federal Deposit Insurance Corporation (FDIC). Numerous branches and ATMs are also located throughout the state, including in major metropolitan areas.
Key Features
- Personal and business banking solutions
- High-yield savings account with no monthly maintenance fee
- Rated No. 1 by Under30CEO for business checking
2. Capital One — Massachusetts
Capital One is renowned for its quality banking services nationwide. Although there are limited branch locations in Massachusetts, the bank has numerous ATMs and Cafés in Boston and Cambridge, two popular cities for college-age students, graduates and young professionals.
At a Capital One Café, you can enjoy a beverage and snack, manage your account, and use Wi-Fi and workspaces as you gain in-person banking support from bank representatives. The Cafés are also a great place to learn about the institution's Money & Life Program, a free service that helps you connect your finances to your life goals.
Open an account with zero monthly maintenance fees, no minimum balance requirements and access to over 70,000 ATMs, with locations in CVS and Walgreens. Its student credit cards are also designed to help you build a positive credit history while attending school, offering rewards and no foreign transaction fees for those studying abroad.
Key Features
- Capital One Cafés for in-person banking, education and working
- No monthly or maintenance fees and no minimum balance requirements
- Student credit cards with no foreign transaction fees
3. Liberty Bank — Connecticut
Liberty Bank is a community-oriented financial institution in Connecticut with personal, business and investing solutions for young finance enthusiasts. It provides accounts with no minimum balance or monthly fees, and its Quarter Back Checking pays $0.25 cash back for debit purchases over $25.
Students can open a University Checking account, which offers $20 per school year for high grades. Young adults can also establish a credit history with the Credit Builder Loan & Saver Program, which reports positive payments to credit bureaus.
Liberty Bank’s Academy for Financial Wellness is particularly ideal for individuals seeking to build financial independence. Experts show you how to manage your savings and invest with confidence. Sessions will teach you how to set short and long-term financial goals, budget like a pro, improve your credit score, and plan for retirement. Speakers will also review homeownership and provide guidance on applying for a mortgage.
Key Features
- Personal bank accounts with no minimum balance or monthly maintenance fees
- University Checking account for college-age students with cash back benefits
- Credit Builder & Loan Saver Program for building credit
4. Citizens Bank — Rhode Island
Citizens Bank has a significant presence in New England, including Rhode Island. Its online banking tools allow comprehensive financial management with convenient check deposits, simple money transfers with Zelle integration and robust security features.
The Citizens' Student Checking account helps young adults under 25 avoid overdraft and monthly maintenance fees. It automatically converts to a One Deposit Checking account when the customer reaches the age limit. All deposit accounts enable access to paychecks up to two days in advance, so you can pay bills and manage cash flow without worrying about insufficient funds.
Citizens Bank's headquarters is centrally located in Providence, so state residents can easily access in-person banking services. This institution also partners with Junior Achievement to teach young people accountability for their economic success, make wise investment decisions, plan for the future and track their savings.
Key Features
- Citizens’ Student Checking account for young adults under 25
- Two-day advanced access to paychecks
- Partnership with Junior Achievement for comprehensive financial management education
5. Franklin Savings Bank — New Hampshire
Franklin Savings Bank offers a Student Checking account for people between the ages of 13 and 23. Its features include no monthly service fees or minimum balance requirements and up to $550 in tuition assistance for higher education costs. You can also receive a $1,000 lender credit for buying your first New Hampshire home.
Personal checking accounts are easy to open and have low to no balance requirements, giving you access to over 55,000 ATMs with no surcharge fees. This financial institution also provides programs and an extensive resource library to help you build financial literacy, with several articles geared toward young savers.
Forbes recognized Franklin Savings Bank as the Best In-State Bank of 2023 and a veteran-friendly business. It gives back to several community organizations and has awarded 725 scholarships totaling $422,679 to college-age students.
Key Features
- Student Checking account for those between 13 and 23
- Low to no-balance personal checking accounts
- Provides scholarships to in-state college-age students
6. Vermont Federal Credit Union — Vermont
Vermont Federal Credit Union (VFCU) is a great option for young people, with lower fees and interest rates. As a cooperative owned and operated by its members, VFCU has fewer branches and ATMs than national banks. However, it gives back to the community, which appeals to those interested in social responsibility.
The special high-yield savings account offers no minimum balance requirements, higher return rates on your deposits, and unlimited ATM deposits and withdrawals. It can assist you in saving for college expenses and homeownership, while the Vermont Federal IRA account can help you begin saving for retirement.
VFCU offers a range of resources, including guidance on navigating recent tax updates and managing identity theft. Its partnership with GreenPath gives you exclusive access to personalized financial counseling to help you achieve your economic objectives at no additional cost.
Key Features
- High-yield savings account with unlimited deposits and withdrawals
- Vermont Federal IRA for retirement savings
- GreenPath partnership, with free personalized financial counseling
What Should You Look for in a New England Bank?
Proximity and local expertise are key considerations when selecting a bank. For example, if you’re looking for services in Maine to help you achieve financial well-being, Machias Savings Bank is a great option. Here are additional factors to look for in a New England financial institution.
Reputation | Read online reviews and testimonials to understand what customers like and dislike about particular banks in your state. |
Convenience and accessibility | Check for in-person banking, fee-free ATM networks and online platforms for digital financial management. |
Fees and rates | Determine each bank’s pricing structure, such as monthly maintenance, overdraft and out-of-network ATM fees. Interest rates and annual percentage yields are other common charges for personal savings accounts. |
Security | Ensure proper security and fraud protection, and confirm that your preferred institution is covered by the FDIC or the National Credit Union Administration. |
Customer service | Consider the banks’ customer support, including responsiveness to queries, knowledgeable staff, online resources and chat assistance. Visiting a local branch can give you a better indication of customer service. |
Making the Smart Choice for Your Financial Future
The right bank enables you to manage your finances more effectively and feel confident that your savings are protected. New England states have some of the best community-based and national banks to choose from. Make an informed decision about which financial institution will allow you to reach your economic goals and opt for one with a reputation for excellence for young adults.
