Brian McKay
The best savings rates for Westwood, Massachusetts and the surrounding area include Dedham Institution for SavingsDedham Institution for Savings673 High St, Westwood, MA 02090A5.0 ★Texas Ratio: 10.91%Real return: +2.20%APY minus 2.8% CPI (February 2026) Start Up Savings at 5.00% APY, Ukrainian Federal Credit UnionUkrainian Federal Credit Union282 Providence Hwy, Westwood, MA 02090A+5.0 ★Texas Ratio: 5.35%Real return: +1.20%APY minus 2.8% CPI (February 2026) High Dividend Share Draft at 4.00% APY, Lowell Firefighters Credit UnionLowell Firefighters Credit UnionA+5.0 ★Texas Ratio: 0.00%Real return: +5.20%APY minus 2.8% CPI (February 2026) Savings Club for Kids at 8.00% APY, MASS INSTITUTE OF TECHMASS INSTITUTE OF TECHA5.0 ★Texas Ratio: 7.47%Real return: +2.20%APY minus 2.8% CPI (February 2026) Starter Savings - $2,000.00 at 5.00% APY, and NESC Federal Credit UnionNESC Federal Credit UnionA+5.0 ★Texas Ratio: 4.62%Real return: +2.20%APY minus 2.8% CPI (February 2026) Christmas Club Savings at 5.00% APY.
Westwood has 11 local institutions in our database, with savings rates as high as 5.00% APY from Dedham Institution for Savings at 673 High St, Westwood, MA 02090. Use the table below to compare all available offers, including options from institutions serving the broader Massachusetts area. Rates are continually updated, so we recommend checking back frequently.
Savings rates reflect recent market quotes and representative offers available to depositors in Westwood, Massachusetts and the surrounding area. Last Updated and Verified: September 15, 2026
Earn 4.00% APY* on balances up to $25,000. Earn 0.500% APY* on balances over $25,000. No minimum balance required. No monthly maintenance fees.
If account requirements are not met, the non-qualifying rate will be 0.00% APY*. New accounts will receive the qualifying dividend rate for the first statement cycle. Existing accounts converted to High Dividend Checking may qualify to receive the qualifying dividend rate beginning on the first day of the following month after the account is converted (for example: High Dividend Checking account is opened October 15. Dividend rate would go into affect beginning November 1).
balances over $25,000
Balance: Up to and including the first $2,000.00; Qualifying balance up to $2,000.00
A dividend rate of 5.00% will be paid on the balance in your account up to the first $1,000.00. A dividend rate of 0.10% will be paid on the portion of your balance in your account that exceeds $1,000.00. For example, a balance between $1,000-$2,000 would earn between 5.116%-2.551% APY.
Qualifications Required; On balances $0.01 up to $25,000.
Qualifications Required: Deposits of $250+ per month; LevelUp Rate applied to full balance when $250+ in deposits made during Evaluation Period. Standard Rate of 3.00% APY applies otherwise. Rates are variable and subject to change.
Qualifications Required: At least $250 in deposits per month; Standard Rate of 3.00% APY accurate as of 09/11/2026. Rates are variable and subject to change at any time without notice, at the sole discretion of the bank. LevelUp Rate is applied to the full balance of LevelUp Savings accounts that receive a total of at least $250 in deposits during the Evaluation Period. Otherwise, accounts will earn the Standard Rate. Interest payments, account bonuses, account credits and reversals or refunds from the bank are not considered deposits for rate evaluation purposes. All LevelUp Savings accounts earn the LevelUp Rate at account opening and continue to earn the LevelUp Rate until the First Evaluation Period, to provide an opportunity to set up deposits. While accounts will not move from the LevelUp Rate prior to the First Evaluation Period, the LevelUp Rate is variable and subject to change at any time, including prior to the First Evaluation Period. An Evaluation Period is a statement cycle. The First Evaluation Period will be the third statement cycle after you open your account, with any rate change becoming effective the next statement cycle. Any rate changes will take place at the end of the first business day of the month and will be based on deposits in the previous statement cycle. Fees may reduce earnings.
Qualifications Required: 1 direct deposit or ACH credit; 12 debit card purchases; e-statements enrollment; online banking enrollment/login; Qualifying balance up to $100,000.00
Qualifications Required: Enrollments must be in place and all of the following transactions and activities must post and settle to your Kasasa checking account during each Monthly Qualification Cycle.; Build savings automatically while earning high interest. 4.00% APY* on balances as much as $100,000. 4.00% to 0.35% APY* on balances over $100,000 depending on balance in account*. 0.02% APY* on all balances if qualifications are not met in your Kasasa checking account.
Subsequent deposits to this account may be made only by means of a preauthorized weekly or monthly transfer from your qualifying checking account. $10,000 maximum opening deposit.
Subsequent deposits to this account may be made only by means of a preauthorized weekly or monthly transfer from your qualifying checking account. $10,000 maximum opening deposit.
New money only. APY shown assumes the account is paired with an active Direct Advantage Checking. Without a Direct Advantage Checking, the APY will be 0.10% lower. Rates are variable and may change after the account is opened at any time at Direct Federal Credit Union's discretion.
to $9,999,999.00
Earn an extra 1.00% APY for 3 months when you refer a friend. Standard APY may change at any time before or after account is opened. Maximum balance limits apply.
New money only. APY shown assumes the account is paired with an active Direct Advantage Checking. Without a Direct Advantage Checking, the APY will be 0.10% lower. Rates are variable and may change after the account is opened at any time at Direct Federal Credit Union's discretion.
Qualifications Required: ACH Credit; ACH Credit Qualifications Met: Yes
Accounts with higher balances will need to be opened at a branch office.
Bump-up^
Fees could reduce earnings. Account rate is variable and is subject to change at any time. Rates and Annual Percentage Yields effective 9/1/26. Free eStatements ($10/month for paper statements). No early withdrawal penalties.
Standard Rate applied when $250+ in deposits not made during Evaluation Period. Rates are variable and subject to change.
ACH Credit Qualifications Met: No
Rate may change after account opening. Fees could reduce earnings. Daily balances of $4,999.99 and below will earn 1.00% APY (1.00% rate). After July 4, 2027, the account will revert to the then current High Yield Savings rate. America 250 Savings account is available to new consumer deposit customers only.
APY - Annual Percentage Yield. APYs stated are accurate as of October 31, 2025. Rates may change without notice and may change after the account is opened. Interest is compounded daily and credited monthly. You must maintain the minimum balance daily to earn the stated APY. Fees could reduce earnings. See Business Schedule of Fees for product and service fee information.
First $500
Compare local Westwood, MA savings rate quotes against the statewide average
Daily savings rate averages tracked across our database of 8,500+ banks and credit unions, updated every evening.
Massachusetts high-yield savings rates fell 0.121 points over the past 7 days to 1.858% APY, down from 1.980%.
Massachusetts standard savings rates fell 0.013 points over the past 7 days to 0.801% APY, down from 0.814%.
Savings rates move with Federal Reserve policy. Our model uses the current MA high-yield average and a Fed funds spread to project the likely rate trajectory for 2026–2027.
Savings account rates are variable and move in close correlation with the Federal Reserve’s federal funds rate target. Our 12-month forecast is derived from the current MA high-yield savings average of 1.858% APY and a Fed funds spread model calibrated to the historical relationship between policy rate changes and deposit rate adjustments at banks and credit unions.
Key assumptions: the Federal Reserve holds the federal funds rate at its current level over the next 12 months, with the possibility of one 25 basis point increase; deposit rates at banks and credit unions track policy-rate changes within 60–90 days. High-yield online savings rates tend to adjust faster than standard branch-based savings rates.
Important notice: This forecast is for informational purposes only and should not be used as the sole basis for financial decisions. Rate forecasts carry significant uncertainty. The actual trajectory will depend on Federal Reserve decisions, economic conditions, and competitive dynamics among financial institutions in Westwood, Massachusetts.
Annual interest earnings at current MA average APYs, based on the high-yield and standard savings averages tracked in our database. Compounding assumed monthly.
| Balance | HY Savings (1.858% APY) | Monthly Earnings | Standard Savings (0.801% APY) | Monthly Earnings |
|---|---|---|---|---|
| $5,000 | $92.92 / year | $7.74 | $40.04 / year | $3.34 |
| $10,000 | $185.84 / year | $15.49 | $80.08 / year | $6.67 |
| $25,000 | $464.60 / year | $38.72 | $200.20 / year | $16.68 |
| $50,000 | $929.20 / year | $77.43 | $400.40 / year | $33.37 |
| Earnings estimates use daily compounding. Actual earnings depend on exact rate, compounding frequency, and daily balance maintained. Rates are variable and subject to change. Source: Westwood, Massachusetts savings rate averages as of September 16, 2026. | ||||
MonitorBankRates found 2 institutions with branches in Westwood (1 bank, 1 credit union), plus 22 additional state-chartered and national online institutions available to Westwood residents. Our proprietary aggregation system pulls verified rate data directly from each institution’s official website, no estimates, no national averages passed off as real offers.
Every rate listed includes the institution’s Safety Grade (A+ to F), Star Rating (1–5), and Texas Ratio, objective financial health metrics calculated from FDIC and NCUA regulatory data, so you can compare yield and institutional safety in one place.
Current top rate: Dedham Institution for Savings offers a savings account at 5.00% APY. Use the rate table above to compare all current offers in Westwood, Massachusetts.
What to compare when shopping for a savings account in Westwood, Massachusetts
To find the best savings APYs in Westwood, Massachusetts, start with credit unions and online-only banks: Westwood, Massachusetts has 11 credit unions in our database, and they consistently offer some of the highest yields because they are member-owned nonprofits with lower overhead than traditional banks.
Always compare the APY (Annual Percentage Yield), not just the interest rate. APY reflects compounding and is the true measure of what you’ll earn. Savings accounts that compound daily earn slightly more than those compounding monthly at the same stated rate. The current MA high-yield savings average is 1.858% but top local institutions are offering as high as 5.00%, so shopping around pays off.
Unlike a CD, savings account rates are variable. Your rate can change at any time with Federal Reserve policy. Many institutions offer elevated introductory rates that reset after a promotional period. Review your account periodically to ensure your APY remains competitive.
Local demographics and economic context for savers. Source: U.S. Census Bureau (state-level data shown; city data not available)
17.9% of residents are 65 or older, in line with the national average of 17.3%. At today’s MA high-yield savings average of 1.858%, saving 10% of the local median salary ($5,723/year) would earn an additional $106 annually in interest.
Data: U.S. Census Bureau and U.S. Bureau of Labor Statistics.
How high-yield savings accounts compare to other deposit products available at banks and credit unions in Westwood, Massachusetts.
| Feature | High-Yield Savings | Standard Savings | Money Market | CD (12-Month) |
|---|---|---|---|---|
| Current MA Avg APY | 1.858% | 0.801% | View MMA Rates | View CD Rates |
| Rate Type | Variable | Variable | Variable | Fixed for term |
| FDIC / NCUA Insured | ✓ Up to $250K | ✓ Up to $250K | ✓ Up to $250K | ✓ Up to $250K |
| Withdraw Anytime | ✓ Yes | ✓ Yes | ✓ Yes | ✗ Penalty applies |
| Check Writing | ✗ No | ✗ No | ✓ Often yes | ✗ No |
| Debit / ATM Card | Some institutions | ✗ Rarely | ✓ Often yes | ✗ No |
| Typical Min Deposit | $0 – $100 | $25 – $100 | $0 – $2,500 | $500 – $1,000 |
| Rate Risk | Variable, moves with Fed policy | Variable, moves with Fed policy | Variable, moves with Fed policy | None, locked for term |
| Best For | Emergency fund, short-term goals, parking cash | Everyday saving, low-balance accounts | Active savers wanting flexibility + check writing | Locking in a rate for a defined period |
APY data reflects Westwood, Massachusetts averages tracked in our database as of September 16, 2026. Rates are variable and may differ by institution. See individual product pages for full details.
At MA’s top rate of 5.00% from Dedham Institution for Savings, a $10,000 deposit earns $500 annually. Enter your balance to see your exact return.
Savings Goal CalculatorA 3-month emergency fund for the median Westwood, Massachusetts earner is roughly $14,300. At 1.858% APY, saving $1,190/month gets you there in about 12 months. Set your target and see your exact timeline.
CD vs. High-Yield SavingsMassachusetts’s high-yield savings average is 1.858% APY, variable and always accessible. A local CD may offer a higher fixed yield in exchange for locking in your deposit. Compare both side-by-side to find the better fit for your timeline.
Budget CalculatorBefore you can grow your savings, you need to know how much you can set aside each month. The median Westwood, Massachusetts earner makes $57,232/year. Track your income vs. expenses to find your monthly surplus, then put it to work at 1.858% APY.
Retirement PlannerA $25,000 high-yield savings balance earning 1.858% APY grows to roughly $36,131 over 20 years with compounding. See how your current savings trajectory lines up with your retirement income needs.
Independent, Free, and Unbiased Rate Comparisons: MonitorBankRates.com is an independent rate comparison service. Our Westwood, Massachusetts savings rate tables are free for consumers to use, and we do not receive payment from any financial institution to be included or to be ranked in any particular order. Listings are based solely on the rates each institution publicly advertises on its own website.
A Note on Third-Party Rate Tools: Some pages on our site also feature rate comparison widgets and tools provided by third-party partners. These tools may include sponsored listings or affiliate links, and we may receive compensation when users click through them. We clearly label these widgets so you can tell at a glance which rates come from our independent MonitorBankRates.com tables and which come from our advertising partners.
Direct-Sourced & Verified Savings Rate Data: We aggregate savings account rates for Westwood, Massachusetts directly from the official websites of banks and credit unions using our proprietary rate aggregation technology and a dedicated team of rate updaters. Every savings rate displayed on MonitorBankRates.com is highly accurate and trustworthy.
Local, Regional, and National Coverage: Our systems constantly monitor the market to provide a complete picture of available yields in Westwood, Massachusetts. We feature a comprehensive mix of institutions, from neighborhood credit unions and competitive regional banks to large national institutions available to savers in MA.
Daily Updates & Time-Stamped Accuracy: Our rate updaters verify and update savings rates daily. Because savings account yields can fluctuate rapidly, every product listed features its own specific “last updated” date, giving you complete transparency.