Maryland is known for its science and technology industries, as well as its proximity to Washington, D.C. The best banks in Maryland offer a variety of banking products, from savings options to low-cost checking accounts. Whether you choose to do your banking online or go with a local bank, there are plenty of banks in Maryland to help you find the right option.
12 Best Banks in Maryland
Although Maryland is a small state, there’s no shortage of banking options, whether you’re looking for a local bank, a regional bank, a national bank, or a credit union. The list below includes only banks insured by the FDIC, combining online banking options with mobile apps that apply to tech-focused individuals, as well as banks with local branches that have all the banking products you’ll need.
1. SECU Credit Union
The State Employees Credit Union of Maryland isn’t limited to state employees. In fact, membership is open to employees of partner businesses, schools, organizations that receive government funding, and families of eligible employees.
There’s no fee to join, and SECU is currently offering a $100 checking account bonus to new members. You’ll get fee-free banking and access to more than 50,000 ATMs nationwide.
Fees:
- No monthly service fees
- $30 overdraft fee
Balance requirements:
- $25 minimum deposit to open
- No minimum daily balance required
ATMs:
- Fee-free at more than 50,000 locations nationwide
- No fees for out-of-network ATM transactions
Interest on balance:
- Up to .10% APY on savings
- Up to 4.50% APY on CDs
Additional perks:
- $100 bonus for new SECU Total Checking account
- Cash back on debit card purchases
2. Tower Federal Credit Union
Tower Federal has branches and ATMs throughout Maryland. If you’re looking for a bank or credit union with plenty of local branches as well as a national network of ATMs, you may see Tower Federal as one of the best banks in Maryland.
Checking comes with no monthly maintenance fees or balance requirements, and you can get competitive rates on share certificates, which are the credit union version of CDs.
Fees:
- No monthly service fee
- $25 overdraft fee
Balance requirements:
- No minimum opening deposit
- No minimum daily balance required
ATMs:
- Fee-free at more than 30,000 locations nationwide
- $1 fee for each out-of-network ATM transaction
Interest on balance:
- Up to .15% APY on checking
- Up to .85% APY on savings
- Up to 4.05% APY on share certificates
Additional perks:
- Competitive rates on personal loans
- Free fraud monitoring services
3. Bank of America
Bank of America is a top national bank with branches throughout the Maryland and D.C. areas. You’ll also get robust mobile banking features, including money management tools and fraud alerts. Although the savings account rates aren’t competitive with many online and mobile banking options, Bank of America does offer great rates on CDs.
Fees:
- $12 monthly service fee (waived with qualifying direct deposit or minimum balance)
- $10 overdraft fee
Balance requirements:
- $100 minimum opening deposit
- No minimum daily balance required ($1,500 or direct deposit to waive service fee)
ATMs:
- Fee-free at more than 16,000 Bank of America ATMs nationwide
- $5 fee for each out-of-network ATM transaction
Interest on balance:
- .01% APY on savings
- Up to 4.35% APY on CDs
Additional perks:
- Interactive money management tools
- Custom alerts
4. Chime
Another online bank with plenty of amenities is Chime. You’ll get a fee-free account with no minimum opening deposit requirement, as well as a high-yield savings account that pays 2.00% APY. Although you won’t have the local branches that come with traditional banks, you’ll get fee-free cash access at more than 60,000 ATMs nationwide.
Fees:
- No monthly service fee
- No overdraft fee
Balance requirements:
- No minimum opening deposit
- No daily balance required
ATMs:
- Fee-free withdrawals at more than 60,000 ATMs nationwide
- $2.50 for each out-of-network ATM transaction
Interest on balance:
- Up to 2.00% APY on savings
Additional perks:
- Spot Me covers up to $200 in debit card charges
- Access to paycheck up to two days early
5. CIT Bank
CIT Bank is an online and mobile banking solution with no local branches or ATMs. There are no fees from CIT Bank when you use an ATM, and CIT Bank will reimburse up to $30 a month in ATM fees charged by other banks.
If you can maintain a savings account balance of more than $5,000, you’ll earn 4.85% APY, but otherwise, savings accounts earn only .25% APY, which is lower than other online banking options.
Fees:
- No monthly service fee
- No overdraft fees
Balance requirements:
- $100 minimum opening deposit
- No daily balance required
ATMs:
- Up to $30 in out-of-network ATM fees reimbursed monthly
Interest on balance:
- Up to .25% APY on checking
- Up to 4.85% APY on savings
- Up to 5.00% APY on CDs
Additional perks:
- Award-winning customer service
- Variety of business borrowing options
6. GO2bank
GO2bank is an online banking solution with competitive rates and fees. With direct deposit, your bank account makes you eligible for a secured Visa credit card that helps build credit.
Savings accounts come with an impressive 4.50% APY, and the checking account has no monthly maintenance fees. There aren’t any branches or ATMs, but you’ll have fee-free access to cash withdrawals and deposits through its partner network.
Fees:
- No monthly service fee
- $15 overdraft fee
Balance requirements:
- No minimum opening deposit
- No daily balance required
ATMs:
- Fee-free withdrawals at AllPoint ATMs nationwide
- $3 for each out-of-network ATM transaction
Interest on balance:
- Up to 4.50% APY on savings
Additional perks:
- Cash deposits at more than 90,000 retail locations
- 7% cash back on debit cards
7. Navy Federal Credit Union
For military members and their families, one of the best banks in Maryland may be Navy Federal Credit Union, which has branches and ATMs across the state. Navy Federal offers fee-free banking with no minimum deposit or balance requirements.
You can also withdraw funds at any Navy Federal ATM. If you can’t find an in-network ATM, you can use a third-party ATM, with Navy Federal refunding up to $120 in fees each year.
Fees:
- No monthly service fee
- $20 overdraft fee
Balance requirements:
- No minimum opening deposit
- No daily balance required
ATMs:
- Fee-free at Navy Federal ATMs
- Up to $120 in third-party ATM rebates yearly
Interest on balance:
- .05% APY on checking accounts
- Up to .25% APY on savings
- Up to 2.25% APY on money market accounts
- Up to 4.85% APY on CDs
Additional perks:
- Competitive rates on home and auto loans
- $250 cash back bonus on cashRewards Credit Card signup
8. M&T Bank
M&T Bank is a regional bank with branches and ATMs throughout Maryland, as well as in the District of Columbia, New York, New Jersey, Pennsylvania, Delaware, Connecticut, Virginia, and West Virginia. There are multiple checking account options, including one with no monthly maintenance fees and no minimum balance requirements.
Fees:
- No monthly service fee
- $15 overdraft fee
Balance requirements:
- $25 minimum opening deposit
- No daily balance required
ATMs:
- Fee-free at more than 1,600 M&T Bank ATMs
- Rebates for up to $2 per each out-of-network ATM fee
Interest on balance:
- Up to .01% APY on savings
- Up to 4.00% APY on CDs
Additional perks:
- Robust small business banking offerings
- Custom debit card options available
9. Ally Bank
Another online banking option is Ally Bank, which has checking accounts with no monthly maintenance fee or minimum deposit. But one of the best things about Ally Bank is its impressive 3.75% APY on savings accounts and up to 4.80% on CDs.
Fees:
- No monthly service fee
- No overdraft fees
Balance requirements:
- No minimum opening deposit
- No daily balance required
ATMs:
- Fee-free at more than 43,000 AllPoint ATMs
- Rebates for up to $10 in out-of-network fees monthly
Interest on balance:
- Up to 3.75% APY on savings account
- Up to 4.80% APY on CDs
Additional perks:
- Robo Portfolios automate investing
- Competitive rates on mortgage loans
10. TD Bank
With locations primarily on the East Coast, TD Bank is a great regional bank for those looking for excellent customer service and access to ATMs. Currently, you can earn a $200 bonus on either a new checking or savings account.
Fees:
- $15 monthly service fee (waived with minimum balance)
- $35 overdraft fee
Balance requirements:
- No minimum opening deposit
- No daily balance required ($100 to eliminate fees)
ATMs:
- Fee-free at more than 2,600 TD Bank ATMs
- $3 fee for out-of-network transactions
Interest on balance:
- Up to .50% APY on savings
- Up to 4.50% APY on CDs
Additional perks:
- $200 bonus for new accounts
- No-interest credit cards available
11. Truist Bank
In late 2019, BB&T and SunTrust merged to become Truist Bank, making it the world’s sixth-largest bank. There are multiple checking accounts, but if you’re looking for a fee-free option, check out Truist One Checking. There are five ways to waive the $12 monthly fees, including maintaining a $500 daily balance or having at least $500 in qualifying direct deposits each month.
Fees:
- $12 monthly service fee (waived with requirements)
- $36 overdraft fee
Balance requirements:
- $50 minimum opening deposit
- No daily balance required ($500 to waive fees)
ATMs:
- Fee-free at Truist Bank ATMs
- $3 fee for out-of-network transactions
Interest on balance:
- Up to .01% APY on savings
- Up to 4.25% APY on CDs
Additional perks:
- Two rewards-earning debit cards available
- $100 negative balance buffer
12. Wells Fargo
Wells Fargo serves most of the U.S., with 37 branches in Maryland. If you travel often, you may find it tough to access an ATM in certain states, and out-of-network ATM fees cost $2.50.
Currently, Wells Fargo is offering a $300 checking bonus for customers who open new checking accounts and meet activity minimums. There’s also a $525 savings bonus if you can maintain a balance of at least $25,000.
Fees:
- $10 monthly service fee (waived with requirements)
- $35 overdraft fee
Balance requirements:
- $25 minimum opening deposit
- No minimum daily balance required ($500 to waive fees)
ATMs:
- Fee-free at Wells Fargo ATMs
- $2.50 fee for out-of-network transactions
Interest on balance:
- Up to .26% APY on savings
- Up to 2.01% APY on CDs
Additional perks:
- Bonuses on certain accounts
- Great deals on loans for Maryland residents
What to Consider
When narrowing down the best banks in Maryland, it’s important to consider both personal preferences and your daily habits. Those who live in major cities like Baltimore or Columbia might find it easy to go with a local branch of a large bank. Small businesses will have different needs than consumers. Here are a few things to consider as you’re shopping for banks in Maryland.
Cash Accessibility
How often do you need cash? If the answer is “rarely,” you may be fine going with a local bank that has no ATMs or branches outside your area. You can manage features like online bill pay, mobile check deposit, and funds transfers using mobile apps.
But there are benefits to going with the largest banks. National banks and regional banks often have widespread ATMs and branches, allowing you to access your checking and savings accounts while traveling. Convenient savings accounts can also be tough to find, with many limiting the number of transfers you can make each statement period.
Customer Service Options
As convenient as online banks can be, they may lack the benefit of that in-person experience. If you define great customer service as being able to visit your branch in person, traditional banks and credit unions may be better for you.
Another thing many local Maryland banks offer is great interest rates on loan and deposit accounts. Since they’re community-based, you may find you get the best savings account rates and competitive rates on personal, home, and auto loans. Since you can typically access your account online, the only thing to check is ATM accessibility. Also, take a look at interest rates offered on deposit accounts, money market accounts, and CDs.
Account Features
Where online banks typically excel is in account requirements. You’ll often find checking accounts with no minimum deposit or monthly fees. Look at the opening deposit required with any checking or savings account. High-yield savings accounts can often come with high deposit requirements.
Pay attention to any perks a financial institution might be offering. Some credit unions and banks in Maryland have features designed to win local business. This may include signup bonuses and cash-back rewards on debit and credit cards.
From the largest banks to online banks to local and regional banks, you can find the right option for you in Maryland. The best savings accounts and checking accounts for personal bankers might differ from small businesses. Shop around and compare rates to make sure you’re getting the best bank to suit your needs.
Source: crediful.com