Finding the right institution that aligns with your financial needs can make a difference when choosing a personal bank in Maryland. Whether you’re looking for competitive savings accounts, low-fee checking, mortgage options, or personalized customer service, Maryland offers a variety of top-rated banks to suit diverse preferences.
From regional credit unions with a community-focused approach to larger banks offering robust digital banking services, Maryland’s financial landscape caters to traditional banking enthusiasts and tech-savvy consumers.
This guide highlights the best personal banks in Maryland, helping you make an informed decision for your financial future.
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7 Best Personal Banks in Maryland
Axos – Best Personal Maryland Banks Overall
In Maryland, Axos Bank leads with its digital-first approach to banking. This bank delivers attractive APYs on high-yield savings accounts, no-fee domestic ATM reimbursements, and various checking accounts without monthly fees.
For business banking, Axos facilitates an effortless cash deposit process. Maryland-based customers can use any Allpoint or MoneyPass ATM to deposit cash without additional fees, with automatic reimbursement of any ATM fees incurred across the U.S.
Pros
- No monthly maintenance fees or minimums are required to open an account
- Unlimited free transactions and complimentary incoming wire transfers
- Reimbursement of all domestic ATM fees
Cons
- No APY earned on the Essential Checking account
- A few physical branches
- Comparatively lower APY on Money Market and CD accounts than other financial entities
>> Axos – Top Personal Bank Maryland >>
Chime – Best User-Friendly Interface
In Maryland, Chime Bank shines as an exceptional personal banking option, recognized for its user-friendly interface, extensive ATM network, and innovative financial solutions. Online banking users prefer it for its contemporary features, which are suitable for tech enthusiasts and those seeking to avoid regular banking fees.
Chime’s early direct deposit feature permits Marylanders to access their paychecks up to two days before traditional banking institutions, offering critical convenience and financial flexibility. With over 60,000 fee-free ATMs in the Allpoint and MoneyPass networks, Maryland residents can effortlessly locate an ATM nearby without fretting over additional fees, facilitating stress-free cash withdrawals.
Pros
- No charges for monthly maintenance, overdrafts, or foreign transactions
- Ability to receive paychecks up to two days earlier
- Competitive APY to grow savings
Cons
- Operates entirely online, which might not appeal to all
- Cash deposits at Green Dot locations may incur fees
>> Apply for a Chime Bank Account Today! >>
SoFi – Best for Saving Accounts
In Maryland, SoFi is renowned for its high-interest savings accounts, offering interest rates that outperform many conventional banks. This positions SoFi as a valuable banking choice for Marylanders seeking to optimize their savings.
Maryland clients of SoFi benefit from accelerated savings growth and more efficient financial planning. SoFi enhances its banking services with additional member benefits that improve financial health.
Marylanders enjoy benefits such as access to career coaching, financial planning, and exclusive events, providing SoFi members with the necessary tools and support to pursue their personal and professional objectives.
Pros
- Competitive interest rates on savings accounts to accelerate savings growth
- Exempt from monthly maintenance fees, overdraft fees, or minimum balance requirements
- Offers student loan refinancing, personal loans, mortgages, and investment opportunities
Cons
- Largely online operations, which may not appeal to all users
- More complicated cash deposit procedures compared to traditional banks
- Customer service is effective but lacks in-person support for complex issues
>> Apply for a SoFi Bank Account Today! >>
Bank of America – Best for Opening a Checking Account
In Maryland, Bank of America (BofA) is a solid choice for personal banking, bolstered by its prominence as one of the most substantial and well-established banks in the U.S. Its extensive service offerings address various banking needs. For those less inclined towards online banking, Bank of America provides a compelling alternative, being a leading national bank.
Featuring nearly 500 branches across Maryland, easy access is a significant benefit, making it straightforward for customers to locate ATMs or obtain personal help when needed. While Bank of America’s savings APY may not be as high as those offered by online banks, it compensates with a broad spectrum of other financial products, including credit cards, home and auto loans, and investment options through its partnership with Merrill.
Pros
- Extensive network of branches and ATMs across Maryland
- Offers checking and savings accounts, credit cards, loans, mortgages, and investments
- User-friendly online and mobile banking services with enhanced security features
Cons
- Monthly maintenance fees apply unless balance or activity thresholds are met
- Savings and CD interest rates are lower than some online banks
- Multiple service fees can be complex and may accumulate, requiring careful monitoring
>> Apply for a Bank of America Account Today! >>
Upgrade – Best for Personal Loans
In Maryland, Upgrade has distinguished itself as a preferred option for personal banking, combining state-of-the-art digital banking services with features tailored to modern consumers. Its high-yield savings account is attractive, offering substantially higher interest rates than those available from traditional banks, which is ideal for savers aiming to enhance their savings.
Upgrade’s commitment to customer service adds to its allure. It provides exemplary support and many customer help channels. Its financial products are straightforward and transparent, making it easy for users to understand terms and avoid hidden fees and complicated agreements.
Choosing Upgrade for personal banking in Maryland means opting for a cutting-edge banking solution that fits the current financial landscape. With its high returns on savings, accessible credit options, and excellent customer service, it’s a smart choice.
Pros
- Higher interest rates for faster savings growth than traditional banks
- No monthly maintenance fees or minimum balance requirements
- Offers financial products like personal loans and the Upgrade Card
Cons
- Mainly an online institution, possibly unsuitable for in-person banking interactions
- Lacks an ATM network for cash deposits, requiring alternative methods
>> Apply for an Upgrade Bank Account Today! >>
U.S. Bank – Best Customer Service
In Maryland, U.S. Bank has led the J.D. Power Customer Satisfaction rankings for three years running, with the lowest monthly fees among national banks, easily waived for customer convenience. Its digital tools, including a mobile app rated best in the industry by Keynova Group for three consecutive years, markedly improve the banking experience.
In the 2017 J.D. Power U.S. Retail Banking Satisfaction Study, U.S. Bank ranked second and was praised for its efficient customer issue resolution, branch accessibility, fair fees, and wide product range. This distinction underlines the bank’s commitment to excellent customer service.
Choosing U.S. Bank in Maryland ensures access to various financial products, including standard savings and checking accounts, money market accounts, credit cards, and various loan options.
Pros
- No monthly service fee for the Silver Business Checking account
- A welcome bonus for new clients (subject to terms)
- Access to 4,700 U.S. Bank ATMs and 2,900 branches nationwide without fees
- Overdrafts less than $50 aren’t charged overdraft fees
Cons
- Limited cash deposit capabilities
- Terms and fees aren’t clearly detailed on the bank’s website
- Only 125 transactions per month, free of fees
>> Apply for a U.S. Bank Account Today! >>
In Maryland, Discover Bank is lauded as an excellent personal banking option, especially for those who prioritize the convenience of online banking and superior interest rates. A significant feature for Marylanders is the high-yield savings account, which offers rates well above the national average and ideally suits those looking to grow their savings.
In addition, Discover offers competitive rates on Certificates of Deposit (CDs), enabling Maryland residents to lock in higher earnings for specified periods. This combination of lucrative savings options distinguishes Discover from conventional banks in Maryland.
Pros
- Discover offers high interest rates on savings, beating the national average
- No monthly fees, overdraft charges, or minimum balance requirements
- Competitive returns on Certificates of Deposit (CDs) are helpful for long-term savings goals
Cons
- As an online bank, Discover may not suit those who prefer in-person services
- Cash deposit difficulties due to a sparse ATM network for such transactions
>> Apply for a Discover Bank Account Today! >>
Best Personal Banks in Maryland – Buyers Guide
Tips on Banking in Maryland
Banking in Maryland offers a wide range of financial services catering to both individuals and businesses. Maryland is home to several prominent national banks, as well as local and regional banks. These institutions provide various services, including personal and business checking accounts, savings accounts, loans, mortgages, and investment services.
Maryland’s banks offer various personal banking options for individuals. Checking and savings accounts often come with competitive interest rates, and many institutions provide online and mobile banking services, allowing customers to manage their finances conveniently.
Maryland’s banks have also embraced new technologies, making transactions and account management more secure and efficient through enhanced digital services. Community banks, in particular, may offer personalized service and local knowledge, which can be advantageous for those seeking specific financial advice or loans.
For businesses, banking in Maryland provides robust support for small, medium, and large enterprises. Many banks offer specialized financial products such as business loans, lines of credit, and cash management services, which help businesses manage their day-to-day operations and scale effectively.
Maryland’s banks also support startups and local businesses, offering targeted financial services like Small Business Administration (SBA) loans, which can be crucial for new ventures looking to establish themselves in competitive markets.
Maryland credit unions are also popular among residents due to their not-for-profit structure, often resulting in lower fees and better rates on loans and savings accounts. These institutions are member-focused and typically offer financial education and counseling services to help members make informed financial decisions.
Maryland’s banking landscape is diverse whether you’re looking for personal financial services or a business seeking funding and banking solutions. It offers plenty of options to meet a wide range of needs. When selecting a banking partner in the state, consider factors such as fees, interest rates, and customer service reputation.
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How to Choose the Right Bank in Maryland
Choosing the right bank in Maryland requires considering your financial needs and preferences. Here’s a step-by-step guide to help you make the best decision:
1. Assess Your Banking Needs
- Checking and Savings Accounts: Determine whether you need a basic checking account, a high-interest savings account, or both. Some banks offer special packages with perks like no fees, cashback, or interest on checking.
- Loan and Credit Products: If you’re planning to take out a mortgage, personal loan, or auto loan, compare the rates and terms offered by banks in Maryland.
- Business Banking: If you’re a business owner, look for banks that provide business checking accounts, small business loans, merchant services, and lines of credit.
2. Compare Fees and Interest Rates
- Monthly and Transaction Fees: Look for banks that offer low or no monthly fees for maintaining accounts. Pay attention to fees for ATM use, overdrafts, or minimum balance requirements.
- Interest Rates on Deposits: Check the interest rates offered on savings accounts and Certificates of Deposit (CDs). Maryland banks may vary in their savings products, so finding a higher interest rate could benefit your financial growth.
- Loan Interest Rates: Compare the interest rates between banks for mortgages, personal loans, or credit cards. Some local or regional banks might offer competitive rates for residents or local businesses.
3. Consider Accessibility
- Branch and ATM Locations: If you prefer in-person banking, ensure the bank has conveniently located branches and ATMs near your home or work. This can be especially important if you live in a rural area of Maryland.
- Online and Mobile Banking: Ensure the bank offers strong online banking and mobile app services. Features like mobile check deposits, bill pay, and easy fund transfers are essential for managing your finances remotely.
4. Look for Good Customer Service
- Customer Service Reputation: Research customer reviews and ratings to find banks with a reputation for good service. Check whether they have convenient customer support options, such as 24/7 phone support or live chat.
- Local vs. National Banks: Local Maryland banks and credit unions may offer more personalized service, while national banks can provide more extensive branch and ATM networks. Decide if you value personalized service over convenience.
5. Check for Specialized Services
- Mortgages and Home Loans: Maryland residents, especially in areas near Washington, D.C., and Baltimore, may have access to specialized mortgage products or local homebuyer assistance programs. Check if the bank offers these services.
- Investment and Retirement Accounts: If you want to invest or save for retirement, check whether the bank offers Individual Retirement Accounts (IRAs), 401(k) rollovers, or investment advising services.
- Environmental or Ethical Banking: Some banks focus on sustainable practices or support local community projects. If these values are important, research banks align with these principles.
6. Evaluate Security and Stability
- FDIC or NCUA Insurance: Ensure the bank is insured by the Federal Deposit Insurance Corporation (FDIC) or, if you’re considering a credit union, by the National Credit Union Administration (NCUA). This protects your deposits up to $250,000 per account.
- Financial Health and Reputation: Research the financial stability of the bank. You can use third-party rating agencies to check the bank’s financial health and read reviews to understand customer experiences.
7. Credit Union vs. Traditional Bank
- Credit Unions: Members-owned credit unions often offer better rates and lower fees than traditional banks. They may also provide more personalized service but might have fewer branches and services.
- Traditional Banks: Large national banks may offer a wider range of products, including investment services, wealth management, and extensive ATM networks. However, they might charge higher fees and be less flexible.
You can choose the right bank in Maryland by comparing different institutions’ services, rates, and features and considering your long-term financial goals.
>> Axos – Top Personal Bank Maryland >>
Frequently asked questions
Fees can vary, but common ones include:
- Monthly maintenance fees (sometimes waived if certain conditions are met)
- ATM fees for using non-network machines
- Overdraft fees
- Wire transfer fees
- Fees for paper statements
Banks: For-profit institutions that offer a wide range of financial services to anyone.
Credit Unions: Nonprofit, member-owned institutions that may offer better rates and lower fees, but membership is often restricted to certain groups (e.g., employees of a specific company or residents of a geographic area).
Some strategies include:
- Maintaining the minimum required balance
- Signing up for direct deposit
- Opting for paperless statements
- Using only in-network ATMs
Yes, online banks can offer higher interest rates, lower fees, and the convenience of 24/7 access. However, they may lack physical branches, which can be a downside if you prefer in-person services.
Benefits include:
- 24/7 access to your accounts
- Easy money transfers between accounts or to others
- Bill pay options
- Instant notifications for account activity
- Convenient mobile check deposits
Yes, as long as you follow the best practices:
- Use strong, unique passwords
- Enable two-factor authentication
- Keep your mobile software and banking app updated
- Avoid using public Wi-Fi for financial transactions
Yes, non-citizens can typically open bank accounts, but they may need additional documents like a passport, visa, and Individual Taxpayer Identification Number (ITIN).
To switch banks:
- Open the new account
- Update direct deposits and automatic payments to the new account
- Transfer funds from your old account
- Close the old account after ensuring all transactions have cleared
Common services include:
- Checking and savings accounts
- Debit and credit cards
- Personal loans and lines of credit
- Investment options
- Mortgages and home equity loans
- Financial advisory services
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Bottom Line
Selecting the best personal bank in Maryland depends largely on your individual financial goals, preferences, and lifestyle. Whether you prioritize local, community-driven banking, seek out the convenience of larger, nationwide banks, or look for institutions with cutting-edge digital features, Maryland offers a broad range of options to suit everyone.
By evaluating factors such as fees, interest rates, customer service, and the availability of financial products, you can find the bank that best supports your financial well-being and long-term success. The right choice will provide a place to store your money and a trusted partner in achieving your financial aspirations.
>> Axos – Top Personal Bank Maryland >>
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