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Maryland is home to a strong economy, top universities, and a thriving technology sector. Whether you need everyday banking services or specialized financial products, there are plenty of options to choose from.
With a mix of community banks, regional institutions, and major national brands, Maryland offers something for every banking preference. Whether you prioritize branch access, low fees, or high-interest savings, the right bank is out there.
11 Best Banks in Maryland
This list features banks and credit unions known for strong customer service, convenient access, and a solid mix of financial products.
State Employees Credit Union (SECU) of Maryland extends membership beyond state employees to staff at affiliated businesses, schools, and organizations receiving government funding.
Family members of eligible individuals can also join. Membership is free, and new checking account holders receive a $100 bonus.
Opening an account requires a $25 deposit, but after that, members enjoy fee-free banking and access to over 50,000 ATMs nationwide.
SECU also offers cash back on debit card purchases, adding extra value to everyday transactions.
SoFi offers a streamlined online banking experience with its combined Checking & Savings account, giving customers the flexibility of a checking account alongside the high interest of a savings account.
With no minimum balance requirements, monthly fees, or overdraft fees, SoFi is a cost-effective choice. Customers who set up direct deposit can qualify for a welcome bonus of up to $300.
The savings account earns up to 3.80% APY, significantly higher than most traditional banks, while the free checking account offers a competitive 0.50% APY.
Deposits are insured up to $2 million through the Federal Deposit Insurance Corporation (FDIC), ensuring security and peace of mind.
Customers also benefit from access to over 55,000 Allpoint® ATMs worldwide, and those who enroll in direct deposit can receive their paycheck up to two days early.
For Maryland residents looking for a credit union with deep local roots and broad accessibility, Tower Federal Credit Union is a standout option.
With branches in cities like Annapolis Junction, Columbia, Crofton, and Laurel, it combines community-focused service with access to over 30,000 fee-free ATMs nationwide.
Tower’s checking accounts come with no monthly maintenance fees, no minimum balance, and no minimum opening deposit—ideal for everyday banking.
Savers can take advantage of competitive rates on regular savings accounts, money market accounts, and share certificates.
Tower also offers low-rate personal loans and free fraud monitoring, giving members both financial flexibility and peace of mind.
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 offers competitive rates on CDs.
Bank of America is a top national bank with a strong presence across Maryland and the D.C. area, offering both in-person and digital banking convenience.
Its mobile banking platform includes interactive money management tools and custom alerts to track spending and detect fraud.
While savings rates may not be the highest, Bank of America offers competitive CD options.
The standard checking account has a $12 monthly fee, which can be waived by maintaining a $1,500 balance or setting up direct deposits.
Customers also get fee-free access to over 16,000 ATMs nationwide, making banking more convenient.
Sandy Spring Bank, the largest regional bank headquartered in Maryland, serves customers across cities like Annapolis, Baltimore, Bethesda, Rockville, and Silver Spring.
It offers a full range of financial solutions for both individuals and small businesses.
Customers can open checking accounts with no monthly fees or minimum deposit requirements, and enjoy fee-free access to over 55,000 ATMs nationwide.
Sandy Spring Bank also provides mortgages, investment accounts, wealth management, and financial planning services. For long-term financial strategies, the bank offers specialized products such as trusts and endowments.
With competitive rates on savings accounts and CDs, it’s a strong option for Maryland residents looking for personalized service and comprehensive banking.
Navy Federal provides fee-free banking with no minimum deposit requirements. They offer up to $120 annually in ATM fee reimbursements for using ATMs outside their network.
Their checking accounts come with no monthly fees or minimum deposit requirements. For those looking to grow their savings, Navy Federal offers various options, including checking accounts with modest interest, as well as higher returns on money market accounts and CDs.
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.
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 offers attractive rates on CDs.
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.
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
If you rarely use cash, a local bank with strong digital banking tools might be enough. Many offer online bill pay, mobile check deposit, and electronic transfers. However, if you travel often or prefer in-person banking, a national or regional bank with a larger ATM and branch network may be more convenient.
Bank Account Options
Banks offer various accounts, including checking, savings, money market accounts, and CDs. Online banks often provide checking accounts with no monthly fees or minimum deposits, while high-yield savings accounts may require larger balances. Choose an account that fits your financial goals.
Fees and Charges
Monthly maintenance fees, ATM fees, and overdraft fees can add up. Some banks waive these fees if you maintain a certain balance or set up direct deposits. Understanding fee structures helps avoid unnecessary costs.
Interest Rates
Whether saving or borrowing, compare interest rates to maximize earnings or minimize loan costs. Online banks tend to offer higher APYs, while traditional banks may provide better loan rates.
Customer Service
If you value in-person support, a local bank or credit union might be the best fit. Those comfortable with online banking can opt for digital banks with 24/7 customer support.
Additional Features
Look for perks like budgeting tools, sign-up bonuses, cash-back rewards, or investment services. While not essential, these extras can enhance your banking experience.
Reviews and Ratings
Customer reviews and independent ratings can provide insight into a bank’s reputation and service quality.
By considering these factors, you can choose a bank that meets your needs. Residents in major cities like Baltimore or Columbia may prefer national banks, while small business owners may benefit from specialized banking solutions.
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.
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.
