12 Best Banks in Maryland for 2024

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.

Welcome to Maryland

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.

1. State Employees Credit Union

State Employees Credit Union (SECU) of Maryland offers membership not just to state employees, but also to staff of affiliated businesses, schools, and organizations that benefit from government funding. Family members of eligible individuals can also join.

Membership at SECU is free, and new checking accounts come with a $100 bonus. A minimum deposit of $25 is required to open a checking account, but from then on, you can take advantage of fee-free banking and a broad network of over 50,000 ATMs nationwide.

Adding to the perks, SECU provides cash back on debit card purchases, making it a compelling option for a range of financial needs.

2. SoFi

SoFi is an online bank that makes managing your money easy and flexible. One of their top features is the combined Checking & Savings account, which lets you enjoy the easy access of a checking account along with the high interest rates of a savings account.

When you bank with SoFi, you don’t have to worry about minimum balance requirements, monthly fees, or overdraft fees, making it a budget-friendly choice for many people. Plus, if you set up a direct deposit, you can earn a bonus of up to $300.

The savings account offers an impressive 4.60% annual interest rate, which is much higher than what most banks offer. The free checking account also has an attractive rate of 0.50% per year.

SoFi makes sure your money is safe, insuring all deposits up to $2 million through the Federal Deposit Insurance Corporation (FDIC).

One big plus is the access to over 55,000 Allpoint® ATMs all over the world, which means you can easily withdraw cash at any time. And if you set up your paycheck to be directly deposited into your SoFi account, you could get your money up to two days early.

3. Tower Federal Credit Union

For Maryland residents who prefer home-town banking with extensive reach, Tower Federal Credit Union stands out as a strong choice.

This credit union offers multiple local branches and connects you to over 30,000 ATMs nationwide. The checking accounts are consumer-friendly with no monthly maintenance fees or minimum balance requirements, and no minimum opening deposit.

If you’re looking to grow your money, Tower Federal offers savings accounts, money market accounts, and share certificates, which serve as the credit union’s equivalent to CDs.

Additionally, you can take advantage of competitive rates on personal loans, which makes financing big purchases or consolidating debt easier.

Safety is also a focus at Tower Federal, as they offer free fraud monitoring services to protect your bank accounts. All these features collectively make Tower Federal one of the top banking options in Maryland.

4. GO2bank

For Marylanders seeking a comprehensive digital banking experience, GO2bank emerges as a compelling choice. This online bank, a product of Green Dot, offers hassle-free options for opening both checking and savings accounts, all without a minimum deposit or minimum balance requirement.

The savings account offers 4.50% annual percentage yield (APY) on amounts up to $5,000.

GO2bank makes it easy to deposit cash, with over 90,000 retail locations available for deposits. You’ll also get fee-free access to over 55,000 Allpoint ATMs.

With GO2bank, customers can receive their paychecks up to two days earlier than usual, and government benefits can arrive up to four days ahead of schedule with early direct deposit.

If you receive a direct deposit within a month, the standard $5 monthly fee is waived. GO2bank also extends overdraft protection up to $200.

If you’re focused on improving your credit score, GO2bank’s Secured Visa Card is an invaluable resource. With this card, account holders can build their credit.

5. TD Bank

For those situated along the East Coast, TD Bank offers more than just the essentials. New customers are enticed with a $200 bonus for opening either a checking or savings account.

The checking account comes with a $15 monthly fee, but this can be avoided by maintaining a minimum balance. There is also no minimum deposit requirement to open the bank account.

But what really sets TD Bank apart are its unique credit card options. The TD Clear Credit Card disrupts traditional credit management by eliminating interest rates. Instead, users pay a simple monthly fee based on their credit limit—$10 for a $1,000 limit or $20 for a $2,000 limit.

While the savings account rates are rather low on balances less than $10,000, TD Bank does offer a compelling 4.50% APY on CDs.

6. Bank of America

Bank of America stands as a leading national bank, offering extensive branch coverage throughout Maryland and the D.C. areas.

The bank provides a comprehensive mobile banking experience, complete with interactive money management tools and custom alerts that help you keep track of your finances and detect any fraudulent activities.

While the rates on savings accounts might not be the most competitive compared to online banks, Bank of America offers appealing rates on CDs.

The bank’s checking account comes with a $12 monthly fee, but you can easily get this waived by maintaining a $1,500 balance or setting up direct deposits. Initial account setup is fairly straightforward, requiring just a $100 minimum deposit.

Additionally, checking account customers have fee-free access to over 16,000 Bank of America ATMs nationwide, adding another layer of convenience to one of the best banks in Maryland.

Whether you’re managing your daily finances, safeguarding against fraud, or looking for investment options, Bank of America offers a well-rounded banking solution.

7. Sandy Spring Bank

As Maryland’s largest regional bank, Sandy Spring Bank delivers a broad array of solutions tailored to meet the objectives of both individuals and small businesses.

Individuals can look beyond traditional banking services to specialized offerings such as mortgages and wealth management. The bank allows for diversification through investment and retirement accounts, as well as more complex financial instruments like trusts and endowments.

When it comes to checking accounts, Sandy Spring Bank has several attractive perks. There are no monthly fees to worry about, and you can open a checking account with no minimum deposit. Additionally, customers have free access to more than 55,000 ATMs, ensuring convenience in Maryland and beyond.

The bank also shines with its savings account options, boasting a 3.75% APY for savings accounts and a notable 5.50% APY for CDs.

8. CIT Bank

As a digital-first bank, CIT Bank emphasizes online and mobile services, eliminating the need for local branches. While the bank doesn’t have its own ATMs, you won’t incur charges when using other providers, and you’ll even get reimbursed up to $30 per month for any third-party ATM fees.

In terms of checking accounts, CIT Bank offers one with no monthly maintenance or overdraft fees. You’ll need a $100 initial deposit to get started. Your funds will grow at a modest 0.25% APY while in the checking account.

Savings options are also robust. Accounts with balances exceeding $5,000 earn a high 4.85% APY, while smaller balances yield 0.25%. If you’re interested in longer-term saving options, their CDs offer an appealing 5.00% APY.

9. Navy Federal Credit Union

Navy Federal Credit Union is a top choice for military members and their families in Maryland, offering branches and ATMs across the state for convenient access.

With Navy Federal, you can enjoy fee-free banking without any minimum deposit requirements. If you’re using an ATM outside of Navy Federal’s network, they offer up to $120 in annual fee reimbursements.

For those interested in checking accounts, Navy Federal offers no monthly fees and no minimum deposit requirements. The checking accounts earn a 0.05% APY, while more substantial returns can be had with their money market accounts at a 2.25% APY and CDs at a 4.85% APY.

Beyond everyday banking, Navy Federal also offers competitive rates on personal loans, home and auto loans, and student loans. For credit cards, new cashRewards Credit Card signups can enjoy a $250 cash back bonus.

10. M&T Bank

M&T Bank stands out as a regional bank with a strong presence not just in Maryland, but also across the District of Columbia and various states like New York, New Jersey, and Pennsylvania.

The bank offers various checking accounts to choose from, including one with no monthly maintenance fee. These checking accounts only require a $25 opening deposit.

Small business owners will find M&T’s suite of services particularly beneficial for both growth and management. Adding a personal touch to your banking, M&T allows for custom debit card designs.

For those interested in long-term savings, M&T Bank is offering an attractive 4.00% APY on CDs.

11. Truist Bank

Emerging from the merger of BB&T and SunTrust in late 2019, Truist Bank has quickly climbed the ranks to become the world’s sixth-largest bank. But it’s not just size that sets Truist apart; it’s the bank’s commitment to flexibility and customer rewards.

The Truist One Checking account, for instance, offers multiple pathways to sidestep the $12 monthly fee, whether it’s by maintaining a modest $500 daily balance or securing at least $500 in qualifying direct deposits each month.

If you’re keen on optimizing your everyday spending, you’ll be pleased to know that Truist offers two types of rewards-earning debit cards. In addition, the bank offers a $100 negative balance buffer, so an accidental overdraft won’t spell disaster.

12. Wells Fargo

Wells Fargo is a well-known national bank and one of the largest banks in the U.S. with 37 branches in Maryland, making it a convenient choice for many residents.

The bank is currently running attractive promotions, including a $300 bonus for new checking accounts that meet certain criteria, as well as a $525 bonus for savings accounts with a minimum account balance of $25,000.

Wells Fargo offers an array of financial products that go beyond the standard checking and savings accounts, extending to various loan and investment options. Their digital platforms are intuitively designed, simplifying tasks like bill payments and mobile check deposits.

As for checking accounts, Wells Fargo requires a $25 minimum opening deposit and charges a $10 monthly fee, which can be waived under specific conditions.

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

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.

Customer Service

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.

Additional Features

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.

Bottom Line

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.

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Stephanie Faris
Meet the author

Stephanie Faris is a professional finance writer with more than a decade of experience. Her work has been featured on a variety of top finance sites, including Money Under 30, GoBankingRates, Retirable, Sapling, and Benzinga.