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Bank On Boston

Bank On Boston connects residents with safe, affordable, reliable financial products and services that can help them save, grow, and access their money.

Many households in Boston do not have a checking or savings account. Instead, they rely on costly check-cashing and other alternative financial services. Opening a safe, affordable, non-predatory, and FDIC-insured checking or savings account is an important step toward improving financial wellness. Bank On Boston helps make that step easier. The Bank On National Account Standards help point residents to vetted accounts.

Find a Savings Account             Find A Checking Account

Why Bank On Boston

Bank On Boston is part of a national initiative that helps residents achieve economic mobility with better access to financial services at lower or no fees.

In addition to connecting residents with non-predatory financial services, Bank On Boston:

  • increases trust in financial institutions
  • raises public awareness of mainstream banking
  • expands access to financial education, and
  • connects residents to other programs of the Center for Working Families.

Approximately 10% of Boston households are unbanked. This means they do not have a checking or savings account. Twenty percent of households are underbanked. Underbanked households may have a checking or savings account but continue to use costly alternative financial services.

These financial challenges disproportionately affect low-income families in Boston and nationwide.

Boston’s Roxbury, Dorchester, and East Boston neighborhoods are in need of mainstream banking options. These neighborhoods have 57% of the City’s check-cashing locations, but only 12% of the City’s commercial bank branches.

A household with an income of $32,000 per year can spend up to $2,400 annually cashing paychecks at check-cashing locations. These are funds that could instead go to savings accounts, college savings plans, or other important financial goals.

Explore the Banking Access Map

Explore Bank On Boston's interactive Banking Access Map to see where financial services are located in the City of Boston.

Explore the Map

Bank On Boston Coalition

Coalition Members

The Bank On Boston Coalition brings together government agencies (city, state, and federal), financial institutions, community organizations, and direct service providers, like coaches to guide Bank On Boston. Together, the Coalition analyzes the landscape of financial services offered throughout the City and gathers resident input. It also establishes program processes and policies.

* Financial Institutions who offer Bank On National Account Standards Products.

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