7 Best Banks in Maryland 2024

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

Here are the top banks in Maryland that you can open an account with today:

  1. TD Bank: Best for Convenient Banking Options
  2. PNC: Best for Checking & Savings in One
  3. Truist: Best for Low Opening Deposits
  4. M&T Bank: Best for High CD Rates
  5. First Citizens Bank: Best for Checking Account Selection
  6. Bank of America: Best for New Account Promotions
  7. United Bank: Best for Customer Service

1. TD Bank TD bank Logo

Best For: Convenient banking options

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 and ranks 10th largest in the country. In Maryland, the bank operates 19 branches and ATMs.


TD Bank offers several checking accounts, each with monthly maintenance fees, but most can be waived. They have low minimum opening balance requirements and they often run promotions for new customers.

Consumers can also open a savings account or deposit funds in a high-yield CD with terms of 6 – 18 months. Other products TD Bank offers include credit cards, personal loans, and IRAs. TD Bank also offers banking products for small business and commercial operations.


  • High APYs on CDs
  • Large selection of checking accounts
  • Many branches in Maryland


  • All accounts have maintenance fees
  • The highest APYs on savings accounts require high balances


2. PNC PNC bank Logo

Best For: Checking and savings accounts in one

PNC is the sixth largest bank in the US. It is based in Pennsylvania and operates in 29 states and the District of Columbia. It’s also one of the biggest SBA (Small Business Administration) lenders. They operate over 2,300 branches and have over 60,000 ATMs.


PNC has a unique type of account that merges checking and savings into one called Virtual Wallet.

The account is three accounts in one: an account for spending (checking), a short-term savings account (Growth), and a long-term savings account (Reserve). The APYs on the Growth account are the highest, and they often run promotions for new customers, paying hefty welcome bonuses.

Other banking options at PNC include student banking, credit cards, mortgage loans, home equity lines of credit, auto, and personal loans. PNC also offers investment options and private banking for those with a high net worth. They also have banking services for small businesses and corporations.


  • Virtual Wallet accounts make saving much easier
  • Great welcome bonuses
  • Many account options


  • Monthly fees are high
  • APYs are low


3. Truist “Truist

Best For: Low opening deposit requirements

Truist is a relatively new bank that has been around since 2019. It results from a merger between SunTrust and BB&T – two large banks with a history dating back to 1872. In its current format, the bank operates close to 2,000+ branches in 17 states (and Washington DC), including Maryland.


Truist offers two checking and savings accounts, a money market account, and CDs. The minimum opening deposit requirements for most accounts are low, except for the CDs, which require $1,000 – $2,500 minimum opening deposits. Most accounts have a monthly maintenance fee that’s easily waivable.

Consumers can also apply for loans, mortgages, or credit cards or get help with investments and insurance. Small businesses and commercial operations also have a handful of banking products at Truist Bank.


  • Easily waivable monthly fees
  • Many accounts to choose from
  • No overdraft fees


  • Low interest rates
  • Can’t open CDs online


4. M&T Bank MT bank Logo

Best For: High CD rates

M&T Bank, which stands for Manufacturers and Traders, is a regional bank that follows the banking model community banks use. It operates 700 branches in a handful of states, including Maryland. M&T Bank offers exceptional rates on short-term CDs, including an 8-month CD with a 4.75% APY. Accounts

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 it’s a good basic account.

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 interest-bearing account offers no ATM fees at non-network ATMs, free overdraft protection, and special deposit interest rates.

The bank also offers different savings bank accounts, including one traditional savings account, four credit cards, various loans and mortgages, plus investment options. They also have banking solutions for business and commercial needs.


  • Follows the community bank model
  • Has a free checking account option
  • Great CD rates


  • Low interest rates on basic accounts
  • Most checking accounts have a monthly fee (waivable)


5. First Citizens Bank First Citizens bank Logo

Best For: Checking account selection

First Citizens Bank is owned by First Citizens BancShares, the country’s 15th-largest bank by asset size.

While there are only two branch locations in Maryland, the bank has a robust online and mobile banking platform with a large lineup of financial products, including deposit accounts, loans, mortgages, investments, and credit cards. They also have a large selection of small business and commercial banking products.


First Citizens Bank has three checking accounts with waivable monthly maintenance fees and online savings, money markets, and CDs to help you with all your deposit banking needs.

They also have education savings accounts to help you put money away for college and loans for almost any financing need, whether buying a house, car, or you need a personal loan.


  • Robust mobile banking
  • Wide variety of services
  • Free account options


  • Only two branches in MD
  • Requirements to waive monthly fees can be difficult to meet

Free Checking Logo

Free Checking

Learn More

6. Bank of America Bank of America Logo

Best For: New account promotions

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.

Bank of America is known for its great bank promotions and user-friendly mobile app, making it great for people looking for a new account who are comfortable banking online.


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 a large selection of credit cards, loans, and investment options offered through Merril.


  • Considerable presence in Maryland,
  • A large selection of services
  • Great mobile app ratings


  • Most accounts have a monthly fee
  • Low APYs


7. United Bank united bank Logo

Best For: Customer Service

United Bank is a regional bank based in West Virginia. With a mission to offer excellent service, they operate 250 locations across eight states. They were named the #1 Most Trustworthy Bank in the United States by Newsweek in 2023 and offer a wide selection of banking products.


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. Other checking account options include 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 savings options, including a standard account, CDs and MMAs.

Other banking products United Bank offers include a credit card, loans, and investment options. They also offer plenty of options for small businesses.


  • Offers many high-yield CD options
  • Large number of branches
  • Focused on helping their clients reach their financial goals


  • Low interest rates on savings accounts
  • High minimum opening balance requirements


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:

  1. Tower Federal Credit Union
  2. SECU

How to Choose the Best Banks 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.

  • Understand different types of banks: You have access to traditional banks, online banks, credit unions, and neobanks. It’s important to understand the differences between them and determine which type of institution aligns best with your preferences.
  • Choose the right account: Checking, savings, money market, and certificate of deposit accounts are the most common types of bank accounts. Understand what each offers and choose a bank with the type of account(s) you need.
  • Look for low-fee banks: Account fees can add up quickly. As you compare bank accounts, look for an account that doesn’t charge unavoidable monthly maintenance fees, overdraft fees, and ATM fees.
  • Consider branch and ATM access: If having access to branches matters to you, choose a bank with physical locations. Regardless, you should prioritize banks that have a vast ATM network or reimburse ATM fees.
  • Compare account features: Determine which features you’re looking for. A few common bank account features to consider are interest, cashback, mobile features, cash deposits, and minimum account balance requirements.
  • Check out reviews and ratings: It’s crucial to pick a reputable bank. To get an idea of a bank’s customer experience, you can read expert reviews and look to sources like TrustPilot, the Better Business Bureau, and J.D. Power.
  • Read the fine print: Don’t sign up for an account without understanding the terms and conditions. Make sure the account is FDIC or NCUA insured and get a sense of its requirements, fees, and expiration dates for bank bonuses.
  • Look at the bank’s additional products: If you want to manage all of your finances under one roof, look into each bank’s additional products. A lot of banks also offer credit cards, wealth management, investment accounts, and loans.

Our Methodology

The BankBonus team has analyzed dozens of banks to provide our readers with thoroughly informed and accurate reviews.

We evaluated digital financial platforms, online banks, regional banks, and national banks with a presence in Maryland.

Our assessment of each bank factors in these considerations:

  • Product lineup: We review the types of accounts, loans, and services offered by each bank, as well as the number of accounts.
  • Fees and pricing: We also consider each institution’s fees, including monthly maintenance fees and other service charges.
  • Account features: To compare banks, we take a close look at the features, limits, and capabilities each one has to offer.
  • Interest: Along with these features, we consider whether or not the bank offers interest-bearing accounts and compare their rates to industry averages.
  • Brand reputation: The bank accounts we recommend have been carefully vetted to ensure they are legitimate, secure, and backed by FDIC insurance.
  • User experience: Additionally, we consider the ease of use and availability of resources on each bank’s website and factor in reviews of the mobile app from the Apple App Store and Google Play Store.
  • Branch and ATM access: To gauge convenience, we also look at each bank’s branch and ATM availability and consider their ATM reimbursement policies.
  • Customer service: In our review process, we also explore their customer service channels, hours of availability, and third-party reviews.

Leave a Reply

Your email address will not be published. Required fields are marked *