Needham Bank
Locations in Boston:
1
What We Love...
Checking accounts earn interest.
Deposits are fully insured. $250,000 through the Federal Deposit Insurance Corporation (FDIC) and the rest through the Depositors Insurance Fund (DIF).
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What We Don't...
Limited locations (only one in Boston) for in-person banking.
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Rates
Below are the rates we think you should know:
CD | Savings | Checking |
|---|---|---|
3.90% | 0.05% - 4.00% | 0.05% - 2.00% |
Rates can change at any time. Please check with each institution for current details. Last Updated: January 31, 2026
Cash Bonus?
Unknown
Abandonment Fee?
Unknown
Research Fee?
Unknown
Summary
Needham bank consistently has one of the top earning CDs in Boston. You read that right, while the bank originated in Needham, MA, it does have a location in Boston. Being over 100 years old, we are also pretty impressed with the financial products they offer and how they seem to keep their depositors best interest at heart.
History
Needham Bank was established on January 1, 1892 led by William G. Moseley. It was first named the Needham Co-operative Bank and its purpose was to "promote savings and facilitate home ownership" in Needham. At that time customers could earn a healthy 6% on their savings.
The back story of Needham bank is an inspiring one, because "the first 'office' was a chair at the Public Library." Moseley was the sole employee who worked a few hours "in his spare time." At the end of their first year, the bank had attracted 89 depositors with about $5,000 in assets ($171k in today's money). It took about 14 years for the bank to outgrow the library and need full-time working hours.
Needham adopted it's current name in 2007. It continues to be a Massaschusetts-based bank committed to a community-banking feel with one location in Mission Hill. The simple but powerful company motto is "build something."
Sources: Needham Bank, FDIC