Best Banks in Maryland

If you’re looking to open a new bank account in Maryland, you’ll find that there’s a large selection from which to choose. Whether you prefer a multinational or local bank, you can find all the banking products and services you might need in Maryland’s banks.

In this article, we will review the best banks in Maryland and what you need to consider to ensure the financial institution you choose is right for you.

7 Best Banks in Maryland

1. Bank of America

Bank of America is the second-largest bank in the US, with a sizable presence in Maryland from Aberdeen to Wheaton. This national bank has a long history that dates back to 1784.

  • Offers: Checking accounts, savings accounts, credit cards, home loans, auto loans, and investing
  • Checking accounts: Starting from $4.95
  • Savings accounts: Starting from $8.00

Bank of America offers three checking accounts with monthly fees that range between $4.95 and $25.00. All accounts can waive their monthly fee by enrolling in Preferred Rewards or meeting other criteria. The minimum opening deposit is $25 for the low-tier account and $100 for the other two.

BofA also offers a savings account with a monthly fee of $8.00. The fee can be waived in several ways, including maintaining a minimum daily balance of $500, linking a qualifying checking account, or enrolling in Preferred Rewards, among other options. Interest rates start at an APY of 0.01% and max out at 0.04%.

Bank of America also has an incredibly large selection of credit cards, loans, and investment options offered through Merril.

  • Pro: Considerable presence in Maryland, a large selection of services
  • Con: Has a monthly fee; low interest rate

2. M&T Bank

M&T Bank, which stands for Manufacturers and Traders, is a regional bank that follows the banking model used by community banks. It operates 780 branches in a handful of states, including Maryland. M&T has never reported a loss since 1976.

  • Offers: Checking accounts, savings accounts, mortgages, loans, investments, credit cards, and insurance
  • Checking accounts: Starting from $0
  • Savings accounts: Starting from $7.50

M&T Bank offers a choice of four different checking accounts, starting with EZChoice, which has no monthly fee. As you might have guessed, this account does not come with many frills but is good enough to get the job done.

At the other end of the spectrum sits MyChoice Premium, with a $24.95 monthly fee waived when maintaining an average daily balance of $7,500 or $25,000 across eligible accounts. This premium account comes with a free money market account, free overdraft protection, and interest, among other perks.

The bank also offers different savings bank accounts, including one traditional savings account. The monthly fee is $7.50, which is waived when keeping a daily balance of at least $500. The interest rate is 0.01% across the board.

M&T Bank also offers four different credit cards to choose from, six different types of lending options, mortgages, insurance, and investment options

  • Pro: Follows the community bank model, free checking account
  • Con: Interest rates very low

3. Truist

Truist is a relatively new bank, as it has been around since 2019. It is the result of a merger between SunTrust and BB&T – two large banks with a history that dates back as far as 1872. In its current format, the bank operates close to 3,000 branches in 15 states (and Washington DC), including Maryland.

  • Offers: Checking accounts, savings accounts, credit cards, loans, mortgages, investment and retirement options, and insurance
  • Checking accounts: Starting from $5.00
  • Savings accounts: Starting from $5.00

Truist offers two very different checking accounts. The Truist Confidence Account is great for those looking to build a solid foundation for their finance and comes with no overdraft fees and no paper checks. The account has a monthly fee of $5.00, which you can avoid when depositing at least $500 or 10 qualifying monthly transactions.

On the other hand, Truist One Checking comes with many bells and whistles, including no overdraft fees, up to 50% in cash back or miles, and a negative balance buffer, among other things. The monthly fee is $12 – but you can avoid paying it in several ways.

Truist also offers three different savings accounts, including a more traditional savings account, Money Market, and CDs. The savings account has a minimum opening deposit of $50 and a monthly fee of $5. The maintenance fee can be waived by meeting any available options, while the APY rate is 0.01%.

Truist offers credit cards with different highlights, several lending and investment options, and insurance.

  • Pro: Checking account cash back and miles
  • Con: Interest rates not competitive

4. Wells Fargo

Wells Fargo is the fourth largest bank in America and is considered a Systemically Important Financial Institution (SIFI) by the Financial Stability Board. It operates 73 branches and 151 ATMs in Maryland alone.

  • Offers: Checking accounts, savings accounts, loans, credit cards, and investing and wealth management
  • Checking accounts: Starting from $5.00
  • Savings accounts: Starting from $5.00

Wells Fargo offers four checking accounts, all of which have a minimum opening deposit requirement of $25.00. The most basic account is Clear Access Banking and has a monthly fee of $5.00, which cannot be waived unless you’re under 24 years of age.

The account has no overdraft services and no checks. This account can also be opened by teens if there is an adult co-signer. The other accounts come with waivable fees that range between $10 and $35 per month. These accounts include more perks and features, including interest – which is available with Prime Checking and Premier Checking.

When it comes to savings accounts, there are two to choose from – Way2Save and Platinum Savings. Way2Save has a monthly fee of $5.00 and allows you to save as you and set up automatic transfers. On the other hand, Platinum Savings costs $12.00 a month and also includes check-writing options. Both fees can be waived. Both accounts have an APY of 0.01%, which can go up to 0.02% thanks to the Relationship Interest rate, which is only available with the Platinum account.

Wells Fargo also has five different credit cards, including pre-selected offers and home, personal, and auto loans.

  • Pro: Country-wide presence
  • Con: Interest rate not so great

5. TD Bank

TD Bank stands for Toronto-Dominion Bank. As the name implies, TD Bank is a Canadian bank. However, it also has a sizable presence in the US. In Maryland, the bank operates ten branches.

  • Offers: Checking accounts, savings accounts, credit cards, personal loans, home, and lending
  • Checking accounts: Starting from $4.95
  • Savings accounts: Starting from $5.00

TD Bank offers quite a few checking accounts – starting with TD Essential Banking. The account costs $4.95 a month and doesn’t include much besides online Bill Pay and a debit card.

One step up is the TD Simple Checking, which comes in at $5.99 a month. Here you’ll get checks (with a discount on your first order), a loan discount, and a few other perks. The remaining accounts come with higher fees, which can be waived when meeting the eligibility criteria.

There are two savings accounts to choose from right now. TD Simple Savings is a cost-effective solution with a monthly maintenance fee of $5.00. To waive the fee, you must set up a recurring transfer of at least $25 for the first year and maintain a minimum balance of $300 afterward. The APY is 0.02%.

You can instead opt for the TD Signature Savings account, which has a monthly fee of $15. There are multiple ways to waive this fee, and the APY can go as high as 0.25%.

TD bank also offers five different credit cards, including a special credit card to help you build your credit, loans, and many services.

  • Pro: Higher-than-average APY
  • Con: No free accounts

6. PNC

PNC is one of the largest banks in the US. It is based in Pennsylvania and operates in 27 states and the District of Columbia. It’s also one of the biggest SBA (Small Business Administration) lenders. They operate over 2,500 branches and have over 9,500 ATMs.

  • Offers: Checking accounts, savings accounts, credit cards, prepaid and reloadable cards, loans, and investment options
  • Checking accounts: Starting from $5.00
  • Savings accounts: Starting from $5.00

PNC has a unique type of account that merges checking and savings into one. It is called Virtual Wallet. The basic version costs $7.00 a month, and you can earn a welcome bonus of $50.

There are three versions in total. The all-decked-out version is Virtual Wallet with Performance Select, costs $25 per month, and comes with a $400 welcome bonus. All monthly fees can be waived. You can also choose a traditional checking account if you so desire.

Savings accounts are available either as standalone or as part of the Virtual Wallet package. The standalone account costs $5.00 per month, which can be waived in several ways. The minimum opening deposit is $0, and the standard APY rate is 0.01%. You’ll need to qualify for the Relationship Rates to get a higher rate. Here, you get to go as high as 0.03%

PNC also offers a decent selection of credit cards, prepaid and reloadable cards, student and home loans, home equity lines of credit, auto loans, and investments.

  • Pro: Virtual Wallet makes it easier to manage accounts
  • Con: No free accounts

7. United Bank

United Bank is a regional bank based in West Virginia. With a mission to offer an excellent service, they operate some 222 locations and have made 33 acquisitions.

  • Offers: Checking accounts, savings accounts, credit cards, prepaid and reloadable cards, loans, and investment options
  • Checking accounts: Starting from $0.00
  • Savings accounts: Starting from $0.00

United offers a selection of checking accounts, starting with United Free Checking. As the name suggests, this account is free with no monthly fees or balance requirements.

You can also opt for the United Reward Checking account, which has benefits such as a credit score tracker, credit file and identity monitoring, and many others. Other available accounts include Platinum Checking, which pays interest, and Veterans Checking.

United Bank also offers one traditional savings account and other types of checking accounts such as CDs and MMAs. The traditional checking account has no monthly fees and a tiered interest rate system.

United Bank also offers one credit card, loans, and investment options.

  • Pro: High-yield CDs
  • Con: The app rating is only low-to-moderate right now

Maryland Credit Unions

If none of the banks are what you’re looking for, you might want to consider a federal credit union instead.

Credit Unions are not-for-profit financial institutions with low or no fees and many of the perks and features found at traditional banks, such as online savings, business banking, and a mobile app, among other products and services.

Two of the top credit unions in Maryland are Tower Federal Credit Union and SECU.

What to Consider When Choosing a Bank in Maryland

Since we all have different requirements and needs, there isn’t one bank that’s best for everyone. Instead, you need to find the best fit for you. Here’s what you should consider when looking for the bank that best aligns with your financial goals.

  • Online banking. Online banking can save you from having to visit a branch in person, making your banking experience more efficient.
  • Mobile banking. A good banking mobile app with features such as bill pay and check deposit can help you accomplish more from practically anywhere.
  • Account selection. Accounts come in all shapes and sizes and can serve specific functions with available options, including checking and savings accounts, high-yield savings, accounts with a debit card, CDs (Certificate of Deposit), and Money Market Accounts
  • Fees. You can often avoid ATM fees and monthly maintenance fees by using in-network ATMs and meeting the minimum balance requirement, so you’ll need to ensure this is achievable.
  • Minimum deposit. Some accounts come with a minimum deposit that you’ll need to make to open the account
  • Withdrawals. Accounts may come with restrictions as to how many withdrawals you can make per month
  • Interest rates. Interest rates are paid to you in the form of APY (Annual Percentage Yield) when saving money but must be paid to the bank in the form of APR (Annual Percentage Rate) when you borrow money.
  • FDIC Insurance. An FDIC-insured account covers you up to $250,000 should something happen to the bank

Frequently Asked Questions

What is the most popular bank in Maryland?

The bank with the largest market share in Maryland is Bank of America. In our best banks in Maryland review, we look at Bank of America and list several other top Maryland banks to help you make the best choice for you.