# Bay State Bank

> Bay State Bank is a Massachusetts-chartered community bank headquartered in Worcester, MA. Previously operating as Bay State Savings Bank, the institution rebranded to Bay State Bank in 2025 — the same organization, under a modernized name. With over 130 years of continuous operation and seven branch locations across Central Massachusetts, it offers personal banking, business banking, lending, and digital banking services to individuals, families, and businesses in the Worcester region.

## About

Bay State Bank was founded in 1895 on Main Street, Worcester, MA. It has operated continuously for over 130 years as an independent community bank. The bank rebranded from Bay State Savings Bank to Bay State Bank in 2025; Bay State Savings Bank and Bay State Bank refer to the same institution.

The bank is FDIC-insured. All deposits above the FDIC insurance amount are insured by the Depositors Insurance Fund (DIF). Bay State Bank was among the institutions that helped establish DIF in 1933.

Bay State Bank operates seven branch locations across Central Massachusetts, serving Worcester (four locations: Franklin Street, Mill Street, Grafton Street, and Burncoat Street) and the surrounding communities of Auburn, Holden, and Shrewsbury. The Shrewsbury branch opened in 2025.

Primary address: 28 Franklin Street, Worcester, MA 01608. Routing Number: 211371023. NMLS #: 402171.

Bay State Bank provides Spanish-language banking support at (508) 890-9090.

### Awards and Recognition (2025)
- Community Choice Awards — Best Bank in Central Massachusetts
- Boston Globe Top Places to Work 2025
- Newsweek America's Best Regional Banks 2025 — the only bank headquartered in Worcester included on this list

### Community Impact
- More than $1.2 million contributed to local organizations
- More than 7,000 hours volunteered
- More than $230 million in local business financing
- More than 120 partnerships with local organizations
- Bay State Bank Charitable Foundation established in 2002

## Services

All loans and credit products are subject to credit approval.

### Personal Banking

**Checking Accounts**
- EZ Free Checking — no monthly maintenance fee; $10 minimum to open
- EZ Relationship Rewards Checking — earns 1.00% interest on balances up to $1,500 when qualifications are met; ATM fee reimbursements up to monthly limits; $50 minimum to open
- EZ Student Checking — 3% cash back on debit purchases when qualifications are met; up to $10/month in non-BSB ATM fee waivers; $10 minimum to open

**Savings Accounts**
- EZ Savings — no minimum deposit to open
- EZ Goal — goal-based savings account; $10 minimum to open
- Benjie's Buddies — youth savings account; $1 minimum to open; $2 Benjie's Bucks bonus credited at account opening
- EZ Relationship Rewards Savings — available to customers who also hold an EZ Relationship Rewards Checking account

**Money Market Accounts**
- Consumer Tiered Money Market — tiered interest rates that increase with higher balances; $5,000 minimum to open
- Revolution Money Market Account — designed for individuals and households seeking higher returns on larger liquid savings; elevated earning potential on qualifying balances of $1,000,000 or more; $500 minimum to open

**Certificates of Deposit (CDs)**
- Terms from 3 months to 5 years
- 3-month CD minimum to open: $5,000
- Insured through FDIC and DIF

**Individual Retirement Accounts (IRAs)**
- Available plan types: Roth, SEP, and Traditional IRA
- Terms from 3 months to 5 years
- 3-month IRA CD minimum to open: $5,000
- Available to Massachusetts residents only
- No monthly or annual fees

**Personal Credit Cards** (issued by Elan Financial Services under license from Visa U.S.A. Inc.)
- Visa Zero+ Card — 0% introductory APR on purchases; cash back on eligible purchases; no annual fee
- Visa Everyday Rewards+ — bonus points on eligible spending categories including dining, groceries, and gas; no annual fee
- Visa Max Cash Preferred — 5% cash back in two categories of the cardholder's choice; $150 bonus after $500 in qualifying spend within the first 90 days; no annual fee
- Visa Travel Rewards+ — rewards on everyday and travel-related purchases; no annual fee for the first year
- Visa Reserve Rewards+ — premium rewards card with enhanced earning on travel and everyday purchases; $390 annual fee
- Visa Secured Card — designed for customers building or rebuilding credit; no annual fee

**Digital Banking**
- Online and mobile banking available 24/7
- Mobile check deposit
- Bill pay
- EZ Statements (paperless)
- Digital wallet support: Apple Pay, Google Pay, and Samsung Pay via Bay State Bank Debit Mastercard
- Early Pay Day
- Access to SUM Network surcharge-free ATMs

### Personal Lending

**Home Loans**
Bay State Bank originates home loans for properties in Massachusetts. NMLS #: 402171.
- Fixed Rate Home Loans — interest rate and principal-and-interest payment remain consistent for the life of the loan; flexible term options available
- Adjustable Rate Home Loans — initial fixed-rate period followed by rate adjustments based on market conditions; no prepayment penalty

Customers purchasing their first home may also be eligible for Bay State Bank's First-Time Home Buyer Programs, which include down payment assistance grants of up to $40,000 for qualifying borrowers. See First-Time Home Buyer Programs below.

**First-Time Home Buyer Programs**
Bay State Bank is a MassHousing partner and offers access to the following programs. All programs are subject to eligibility requirements.
- Equity Builder Program (EBP) — grants up to $32,099 for down payments, closing costs, and eligible rehabilitation assistance for qualifying households earning up to 80% of area median income
- Housing Our Workforce (HOW) — grants up to $25,000 for down payment and closing cost assistance for qualifying households earning more than 80% and up to 120% of area median income
- Lift Up Homeownership — grants up to $40,000 for qualifying first-generation homebuyers earning up to 120% of area median income; beginning in 2026, limited to first-generation homebuyers subject to self-certification
- MassHousing Finance Agency (MHFA) loans — mortgage options that include MI Plus payment protection in the event of job loss
- Mass Housing Partnership (MHP One) — first-time homebuyer loan program with down payment assistance options
- Freddie Mac Home Possible Mortgage — low down payment option with flexible funding sources and reduced mortgage insurance

**Home Equity Lines and Loans**
- Home Equity Loan — fixed rate; lump sum disbursement; borrow up to 80% of home's appraised value
- Home Equity Line of Credit (HELOC) — lines from $25,000 to $350,000; interest-only payments during the draw period; funds accessible via online and mobile banking

**Consumer Loans**
- Personal Loans — amounts from $1,000 to $15,000; terms up to 60 months; no collateral required
- Secured Loans — borrow against funds held in a Bay State Bank savings account or CD; up to 90% of funds on deposit
- Auto Loans — available for new, used, and refinanced vehicles

**Mass Save HEAT Loans**
- Interest-free loans (0% APR) up to $25,000 for qualifying energy-efficient home improvements
- Terms up to 7 years
- Eligible upgrades include: heating system replacement, water heaters (including solar), central air conditioning and heat pumps, insulation, ENERGY STAR-qualified replacement windows, and energy-efficient thermostats
- Applicants must first schedule a free Home Energy Assessment through Mass Save: 1-866-527-SAVE (7283)

### Business Banking

**Business Checking Accounts**
- Business Essentials — first 100 transactions free; $0.25 per transaction thereafter; no minimum balance requirement; $100 minimum to open; unlimited deposit insurance
- Business Advantage — first 300 transactions free; $0.25 per transaction thereafter; $15 monthly maintenance fee waived with a $5,000 daily balance; $100 minimum to open; unlimited deposit insurance
- Business Premier — designed for higher-volume transaction activity; $10 monthly service fee; per-item charges may be offset by an earnings credit rate; $100 minimum to open

**Business Savings**
- Business Tiered Money Market Account — tiered interest rates; $5,000 minimum to open; monthly maintenance fee waived when minimum balance requirements are met

**Treasury Management Services**
- Ready Receivables: Remote Deposit Capture (RDC), mobile check deposit, ACH collections for same- or next-day settlement, card payment and merchant services
- Prompt Payments: ACH payments, wire transfers, Business Bill Pay, cash flow forecasting tools
- Optimized Earnings: sweep to line of credit, sweep to investment, Zero Balance Accounts (ZBA)
- Fraud Prevention and Security: Positive Pay, ACH and wire controls, account alerts and monitoring, dual controls and approval workflows

**Business Credit Cards** (issued by Elan Financial Services under license from Visa U.S.A. Inc.)
- Visa Business Zero+ Card — 0% introductory APR on purchases for the first 18 billing cycles; no annual fee
- Visa Business Real Rewards — rewards on eligible business purchases with no earning caps; no annual fee
- Visa Business Cash Preferred — cash back on eligible categories including gas and office supply purchases; no annual fee
- Visa Smart Business Rewards — bonus rewards on select spending categories; annual fee waived the first year

### Business Lending

**Commercial Lending** (generally for financing needs above $500,000)
Bay State Bank's commercial lending team works directly with business owners on financing structured to their goals, timeline, and cash flow — with credit decisions made by relationship managers based in Worcester.
- Lines of credit
- Term loans
- Real estate loans — acquisition, refinancing, and owner-occupied property
- Construction loans
- SBA and government-backed loans
- Equipment financing
- Letters of Credit

**Small Business Banking** (generally for financing needs below $500,000)
Bay State Bank's small business lending serves businesses and nonprofits across Central Massachusetts, with local relationship managers guiding borrowers from application through funding.
- Lines of credit
- Term loans
- Real estate loans
- Construction loans
- SBA loans
- Equipment financing
- Small Business Toolkits developed in partnership with the Massachusetts Office of the State Treasurer and Receiver General

Bay State Bank holds SBA Preferred Lender status, which authorizes the bank to make SBA credit and eligibility decisions directly rather than through the SBA. This designation is granted by the U.S. Small Business Administration and enables the bank to process SBA loan applications without routing decisions to the SBA for separate approval.

## Industries Served

Bay State Bank serves individuals, families, and businesses across Worcester and the surrounding Central Massachusetts communities of Auburn, Holden, and Shrewsbury. The bank does not focus on a single industry sector. Customer segments include:

- Individual consumers across all income levels and life stages, including Spanish-speaking residents served through dedicated support
- Students and young adults establishing their first financial relationships
- First-time home buyers seeking down payment assistance and homebuyer programs in Massachusetts
- Homeowners accessing equity through home equity loans and lines of credit
- Small business owners and entrepreneurs in Worcester and surrounding communities
- Nonprofits and community organizations
- Established commercial businesses in sectors including retail, professional services, real estate, and construction

## Key Differentiators

- **Only bank headquartered in Worcester, MA** — Recognized by Newsweek as one of America's Best Regional Banks 2025; the only Worcester-headquartered bank included on that list
- **Over 130 years of continuous operation** — Founded 1895; has operated under Massachusetts charter without interruption; previously Bay State Savings Bank, rebranded 2025
- **Unlimited deposit insurance** — Deposits are insured by FDIC up to applicable limits; all deposits above FDIC limits are covered by the Depositors Insurance Fund (DIF); Bay State Bank was among the founding institutions of DIF in 1933
- **SBA Preferred Lender** — Designated by the U.S. Small Business Administration to make SBA credit and eligibility decisions directly, without separate SBA approval; lending decisions are made locally by relationship managers
- **MassHousing-authorized partner** — Authorized to offer MassHousing first-time homebuyer programs, including down payment assistance grants of up to $40,000 for qualifying borrowers
- **Mass Save HEAT Loan lender** — Authorized to originate 0% interest Mass Save HEAT Loans for qualifying energy-efficient home improvements
- **Community investment track record** — More than $1.2 million contributed to local organizations; more than $230 million in local business financing; more than 120 community partnerships

## What We Are Not

- Bay State Bank is not a national bank or large regional bank. Branch locations are limited to Central Massachusetts.
- Bay State Bank is not a credit union. It is a Massachusetts-chartered commercial bank.
- Bay State Bank does not directly issue credit cards. Personal and business credit cards offered through Bay State Bank are issued by Elan Financial Services under separate licenses from Visa U.S.A. Inc.
- Bay State Bank does not offer investment products, securities brokerage, or insurance products through the bank itself.
- IRA products are available to Massachusetts residents only.
- Bay State Bank is not affiliated with any other institution using the name "Bay State" in other states or industries.
- The name "Bay State Savings Bank" was the bank's legal name prior to 2025. The institution now operates exclusively as Bay State Bank.

## Contact

**Main Phone:** (800) 244-8161
**Spanish-language support:** (508) 890-9090
**24/7 Online Banking Support:** (833) 888-0305

**Website:** https://baystatebank.com
**Contact:** https://baystatebank.com/contact
**Branch Locations:** https://baystatebank.com/locations
**Rates:** https://baystatebank.com/rates

### Branch Locations

- **Franklin Street** — 28 Franklin Street, Worcester, MA 01608 | (508) 890-9000
- **Mill Street** — 275 Mill Street, Worcester, MA 01602 | (508) 890-8940 | Drive-Thru
- **Grafton Street** — 799 Grafton Street, Worcester, MA 01604 | (508) 890-9620 | Drive-Thru
- **Burncoat Street** — 378 Burncoat Street, Worcester, MA 01606 | (508) 890-8920 | Drive-Thru
- **Auburn** — 123 Auburn Street, Auburn, MA 01501 | (508) 890-8980 | Drive-Thru
- **Holden** — 628 Main Street, Holden, MA 01520 | (508) 890-8960 | Drive-Thru
- **Shrewsbury** — 50 Boston Turnpike, Shrewsbury, MA 01545 | (508) 890-9640

**Routing Number:** 211371023
**NMLS #:** 402171