Just south of Pennsylvania and neighboring Delaware, Maryland contains some of America’s most significant historical moments. In fact, the USS Constellation docked in Baltimore remains the last ship to survive the Civil War.
Maryland banks, however, have come a long way since those early days of the country. Instead, these banks offer modern amenities to manage your money in the twenty-first century.
Our guide below includes everything you need to know about the best banks in Maryland. Some banks on our list are available to Americans nationwide, while others are regional.
Researching banks before you open an account can help you find the best one to suit your needs. Plus, you can take advantage of a welcome bonus or another opportunity to make some extra cash.
Are you ready to learn more about the best banks in Maryland? Let’s get started!
15 Best Banks in Maryland
Among the banks on this list, you’ll find several that offer convenient perks and affordable services. Look out for the best bank account bonuses that reward you for your banking business.
1. Chase
Chase offers some of the most robust welcome offers you can find in a large national bank. For example, opening a Chase Total Checking® account can earn up to $200 when you complete various criteria.
Members can access over 4,700 branches and 16,000 ATMs nationwide. You can also bank on the mobile app if you can’t reach a physical location.
Chase offers overdraft protection and FDIC insurance. You can also use Zelle to send and receive money from your Chase account.
Earn $200 bonus
Chase Total Checking®
If you’re new to Chase and open a Chase Total Checking® account, you can earn up to a $200 welcome bonus. To complete the requirements for this consumer checking account, set up a direct deposit within 90 days. You’ll receive your bonus within 15 business days.
2. APG Federal Credit Union
In addition to offering checking and savings accounts, APG Federal Credit Union runs a referral program. You can earn $50 every time a referral opens an account and completes the qualifying activities.
You can earn up to 3.25% APY on APG’s High Yield Checking account. However, you must maintain a balance of $10,000 or more to qualify for this rate.
APG Federal Credit Union offers Youth Membership Savings Accounts, IRAs, and insurance. You can do your banking online or on your smartphone for banking on the go.
3. Aspiration
Unlike practically every other bank on our list, Aspiration lets you pay whatever you think is fair for a monthly fee. If you choose $0, you’ll pay $0.
Aspiration bank accounts offer various benefits, from FDIC insurance to cashback on purchases made with ethical retailers. However, Aspiration is an online-only bank, so you cannot deposit cash.
Open an Aspiration Spend & Save account to earn up to 1% APY. Choose the Aspiration Plus account, and you’ll earn 3% APY on your first $10,000.
If you choose this Plus account, you can also add IRAs and investments. Subscriptions cost $7.99 or $5.99 per month when you bill annually.
4. Atlantic Union Bank
Though based mainly in Virginia, Atlantic Union Bank does have some locations in Maryland and North Carolina. You can open any one of several personal, commercial, wealth, and business accounts with Atlantic Union Bank.
All Atlantic Union Bank checking accounts require a $25 minimum opening deposit. Members will receive a free Visa debit card when they open a checking account.
If you open a Preferred Checking Account, you can waive the $25 monthly fee if you have a daily balance of $25,000 or more or a $50,000 combined balance. The three savings accounts from Atlantic Union Bank offer high APY rates to help you plan for the unexpected.
5. Bank of America
This national bank serves customers in Maryland and nationwide and offers several promotions. You can turn to BofA for your loans, savings, credit cards, checking, and investing needs.
Checking accounts from Bank of America range from $4.95 to $25 per month. The minimum opening deposit varies between accounts, ranging from $25 on the low end to $100 on the higher side.
When you open a BofA savings account, you can earn up to 0.04% APY. You can waive the savings monthly maintenance fee if you have a balance of $500 or more or link it to your BofA checking account.
6. Educational Systems Federal Credit Union
To open an Educational Systems Federal Credit Union account, you can send your application through the mail, go to a branch physically, or open one online. Educational Systems Federal Credit Union offers the following:
- Checking accounts
- Savings accounts
- Auto loans
- Mortgages
- Personal loans
- Student loans
- Money market IRAs
Attendees of schools within Caroline, St. Mary’s, Talbot, and Anne Arundel counties qualify for membership, in addition to community college students. You can earn up to 0.05% APY with Dividend Checking and 0.01% APY with an Educational Systems Federal Credit Union savings account.
7. First Citizens Bank
This bank merged with CIT Bank in 2022 but remains family-owned and operated. It offers checking, savings, retirement, investment, wealth management, and small business accounts.
If you enroll in paperless communication, you can keep your bank account for free. This applies to savings accounts as well.
You’ll need at least $50 to open a First Citizens Bank account. Only two physical branches exist, but First Citizens Bank has a stellar mobile banking app.
8. Freedom Federal Credit Union
If you’re a Harford County Association of Realtors member, you can join Freedom Federal Credit Union. You can also become a member if you’re an employee of the Harford and Baltimore County school district.
Freedom Federal Credit Union offers both checking and savings accounts. You can also turn to them for home, auto, and personal loans.
This Maryland-based credit union also offers several courses and seminars on financial topics. You can find more financial education on the credit union’s website.
9. Harco Federal Credit Union
This credit union in Maryland has three locations but was founded in 1955. You can earn a $100 bonus when you open a personal free full-service checking account:
- Earn $40 when you open the account
- Get $30 more when you sign up for direct deposits
- Earn your last $30 when you pay your first bill online
Harco Federal Credit Union doesn’t charge monthly fees or require a minimum balance. You are also allowed up to four free non-ATM transactions per statement cycle and get free checks yearly.
10. HSBC
HSBC’s Choice Checking comes with a $15 monthly fee you can waive. Keep $1,500 or more within your account or set up a recurring direct deposit.
New customers can earn up to $475 when they open a new interest-bearing checking account. You can also earn up to $2,000 when you refer friends.
In addition to several credit cards, HSBC gives you access to international banking. You can also apply for several credit cards with this bank as well.
11. Northwest Bank
If you open a Northwest Affinity Checking account by June 30, you can earn $160 when you make a direct deposit of $500 or more within a single statement cycle within the first three months of ownership. You must also enroll in eStatements to earn this bonus.
Northwest Bank offers three variants of the Affinity Checking account, each of which requires a $25 opening deposit. Some don’t come with a monthly fee, while others can go up to $25.
You can obtain CDs, auto and personal loans, and credit cards from Northwest Bank. Its online tools also make it easy to bank on the go.
12. PNC Bank
PNC Bank is based out of Pennsylvania, right next door to Maryland. This bank offers many financial products, from credit cards and loans to investments, checking, and savings accounts. If you’re wondering about PNC Bank hours, it’s pretty standard compared to most national banks.
The most famous PNC Bank accounts are the Virtual Wallet accounts. These start at $5 per month, depending on your chosen account.
Regarding PNC overdraft fees, it offers a low cash mode, which gives you more control when your balance is low.
While PNC Bank doesn’t offer free accounts, you can earn up to 0.03% APY on savings if you qualify for Relationship Rates. Remember to check PNC Bank’s website for more information on the various account options, fees, and rates they offer.
13. TD Bank
The Toronto-Dominion Bank (TD Bank) offers numerous checking accounts, two savings accounts, and five credit cards. You can also obtain a loan from TD Bank, provided you meet its qualifications.
When you open a TD Essential Banking account, you must pay a $4.95 monthly fee. However, you can earn $300 when you:
- Open your account and set up direct deposit
- Receive a direct deposit of $2,500 or more within 60 days
Each TD Bank checking account has a free Visa debit card and standard check orders. TD Bank will also monitor your account for fraud 24/7.
14. Truist Bank
You’ll find the following banking services at Truist Bank:
- Checking accounts
- Savings accounts
- Insurance
- Loans
- Mortgages
- Investment accounts
- Retirement accounts
Open a Truist One Checking account, and you’ll never pay an overdraft fee. You’ll also receive up to 50% in miles or cashback rewards.
However, this checking account does come with a $12 monthly fee you cannot waive. Truist also incorporates three savings accounts, CDs, and money market accounts into its products.
You can also choose the Truist Confidence Account if you want overdraft coverage. You can also avoid the $5 monthly fee when you deposit $500 or more or make 10 qualifying transactions per month.
15. Wells Fargo
Ranked among the largest banks in the U.S., Wells Fargo commands over 73 branches and 151 ATMs within this small state. Checking and savings accounts come with a $5 monthly fee that’s waivable.
Maryland Wells Fargo branches also offer credit cards, loans, and wealth management. This bank is a one-stop shop if you’re looking for the full banking package.
Why Regional Banks Beat Out National Banks
Regional banks, as compared to large banks, offer several advantages that make them a better choice for certain individuals and businesses. Here are some reasons why regional banks can be advantageous:
- Personalized Service: Regional banks tend to prioritize personal relationships and provide a higher level of customer service. With fewer customers to handle, they can offer more individualized attention and develop a deeper understanding of your financial needs. This can be especially beneficial if you prefer a more personalized banking experience.
- Flexibility: Regional banks can make decisions at the local level rather than being constrained by corporate protocols. This can result in quicker loan approvals, more favorable terms, and customized solutions for their customers.
- Better Interest Rates: Since regional banks have lower operating costs than large banks, they can pass on those savings to their customers through higher interest rates on savings accounts or lower interest rates on loans.
- Local Economic Impact: Regional banks reinvest a significant portion of their profits into the community through loans and financial support for local businesses, which can stimulate economic growth and job creation.
- Community Involvement: By banking with a regional bank, you can align yourself with an institution committed to giving back to the local community and supporting important causes.
- Streamlined Decision-Making: Regional banks typically have fewer layers of bureaucracy than large banks. This streamlined decision-making process allows faster responses to customer needs and quicker problem resolution.
It’s crucial to assess your specific banking requirements and weigh the benefits of regional banks against the services and convenience offered by larger institutions to make the best choice for your financial needs.
FAQs
TD Bank and Chase offer lucrative promotions if you open a Maryland bank account. You can earn up to $200 with Chase or receive a direct deposit of $2,500 or more within 60 days of opening your TD Bank account to earn $300.
Some of the best local banks in Maryland include Harco Federal Credit Union, Freedom Federal Credit Union, Educational Systems Federal Credit Union, and Atlantic Union Bank. These local banks can’t offer some of the same perks as online-only banks but offer more personalized service.
Finding the best bank account requires some research. You must also ask yourself what you’re looking for in a bank account and what perks work best for your lifestyle.
Trade Your Old Bank Account in for the Best Banks in Maryland
Maryland may be known for its trading port, but that doesn’t mean you have to settle for less-than-desirable banks in the area. Instead, you can choose from some of the best banks in Maryland from our list and bank how you want to.
We hope this article has helped you to figure out what you need from a bank account and how a Maryland bank account can help. Many of the banks on our list above included welcome bonuses so you can make the most of your financial needs.
Now that you know about the best banks in Maryland, it’s time to share the news. Who else do you know who might want to open a bank account in Maryland?