11 Best Banks in Maryland for 2024

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.

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 up to 4.30% APY, 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.

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.

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 offers competitive rates on CDs.

With the Upgrade Rewards Checking Plus, you can enjoy no monthly fees and earn up to 2% cash back on everyday purchases. This makes it a competitive choice for anyone seeking to maximize their spending.

Additionally, Upgrade allows you to pair your checking account with a Performance Savings account, which offers an impressive 4.69% APY. The bank also ensures your deposits are FDIC insured up to $250,000 through its partner, Cross River Bank.

For those looking to borrow, Upgrade provides personal loans up to $50,000, making it a versatile option for various financial needs. The combination of high APY savings and cash-back rewards, along with loan offerings, makes Upgrade a standout digital bank in Maryland.

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.

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.

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.

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.

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.

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.