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
Despite its relatively small size, Maryland offers a wide array of financial institutions for your banking needs. From local establishments to larger regional and national banks, and even credit unions, the choices are abundant.
This curated list of the best banks in Maryland features only FDIC or NCUA insured options. Whether you’re a tech-savvy individual seeking advanced online and mobile app capabilities, or you prefer the personal touch of a local branch with a comprehensive suite of banking products, we’ve got you covered.
How to Choose the Best Bank in Maryland
Choosing the best bank in Maryland involves considering multiple factors that align with your financial needs and lifestyle. Here are some important aspects to keep in mind.
Location and Convenience
Consider your ATM usage when choosing a bank. If you seldom withdraw cash, a local bank without a broad ATM network might be sufficient for you. These banks often provide robust digital services through their online platform and mobile banking app, such as online bill pay, mobile check deposit, and electronic funds transfers.
On the flip side, there are also benefits of opening a bank account with the largest banks. National banks and regional banks offer the advantage of extensive ATM and branch networks. This is particularly beneficial if you travel often and need to access your accounts on the go. However, note that some savings accounts may limit your monthly transfers.
The bank’s physical proximity to your daily routine should also be a factor. Opt for a bank with ATMs or branches near your home or workplace for maximum convenience.
Bank Account Types and Services
Different banks offer a variety of account types like checking, savings, money market accounts, and CDs. Match the available account types with your needs, whether it’s for daily transactions, long-term savings, or a mix of both.
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, savings, or money market account. High-yield savings accounts can often come with high deposit requirements.
Fees and Charges
Be aware of any maintenance, ATM, and overdraft fees. Some banks waive these costs if you maintain a minimum account balance or have a certain number of transactions each month. It’s crucial to understand the fee structure to avoid any surprises.
Interest rates can vary significantly from one bank to another. Whether you’re looking to save or invest, higher interest rates will allow your money to grow more quickly. Compare rates for both loans and deposit accounts.
As convenient as online banking services 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.
Some credit unions and banks in Maryland offer added perks like budgeting tools, free checks, sign-up bonuses and cash-back rewards on debit and credit cards, or even investment services. Consider these as extras, but weigh them in context with the other, more essential features and services.
Reviews and Ratings
Customer reviews and third-party ratings can provide valuable insights into a bank’s reputation. Websites often publish comparison articles that can be quite informative.
By evaluating banks based on these criteria, you’ll be better equipped to make an informed decision that best serves your needs in Maryland.
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 national bank. Small businesses will have different needs than consumers.
Maryland is home to a diverse range of banking options, catering to everyone from the tech-savvy individual to those who value the familiarity of a local branch. National banks like Wells Fargo offer attractive bonuses, while local options like SECU provide broad membership and perks. Overall, Maryland’s best banks offer convenience, attractive benefits, and strong services.
Whatever your banking needs, the financial institutions on this list offer a range of services designed to meet various lifestyles. By evaluating each bank’s unique offerings against your personal criteria, you can find the perfect fit for your financial future in the Old Line State.