Maryland is known for a lot of things, and its Banking industry is one of the most prominent ones. Known as Little America, the city is surrounded by hundreds of banks with top-notch services and awesome customer service. We will be looking at the best banks in Maryland.
Like I said earlier, the city is known for a lot of things, and it is for this reason that Marquis De Lafayette had this submission about Maryland “It was by a Maryland colonel in the year 1777 that the British received, in the gallant defense of an important fort, one of the first lessons of what they were to expect from American valor and patriotism.”
While Maryland is known for it’s historical antecedents, as mentioned by Marquis, they have a robust business environment. One that allows anyone ready to “pay the price” to thrive.
We want to examine banks in Maryland. And while there are so many of them, some have distinguished themselves from the services they render to their customers and much more. These attributes and more make some of these banks better rated than others.
Therefore, this article will be looking at the best banks you can find in Maryland. We will also discuss their Interest rates, Min. deposit, and account types. Stay with me.
Table of contents
About Mary Land
Nicknamed Little America, Maryland is a state in the Mid-Atlantic region of the United States, bordering Virginia, West Virginia, and the District Of Columbia to its south and west. Pennsylvania to its north, and Delaware and the Atlantic Ocean to its East.
The state’s largest city is Baltimore, and its capital is Annapolis. However, Maryland is not the main subject of this article.
Among its occasional nicknames are Old Line State, the free state, and the Chesapeake Bay State. Maryland is named after The English Queen Henrietta Maria, who was the wife of King Charles.
Maryland is a beautiful place to raise kids, and live and enjoy life.
And it would interest you to know that native Americans once inhabited the city in the 16th century.
Best Banks In Maryland
With hundreds of banks in and around the city, choosing one to bank with might be a little bit of a pickle. It won’t anymore if you read this article.
#1. Ally Bank
The bank offers high APY, great customer service, and no fees or minimums. However, they have no branches.
The bank best suits those that are very comfortable with online and mobile banking.
This financial institution has revolutionized all that online banking stands for. It may not be a brick-and-mortar bank, but they have the best rates, and a good customer service provided through its banking app.
Additionally, Ally is one of the best banks in Chicago and some other big American cities.
Ally’s Interest Checking Account is a great pairing for savings customers who make consistent transactions and need ample access to cash.
In Ally, Accounts with a minimum daily balance above $15,000 earn a 0.25% APY, whereas those under that threshold receive a 0.10% APY.
All customers receive a free debit card they can use anywhere, including 55,000 fee-free ATMs within the Allpoint ATM network.
The bank will cover up to $10 in ATM fees per statement cycle if you’re forced to use an out-of-network ATM.
It’s Apple and Android mobile apps review average a 4.35 rating out of 5.
#2. Bank Of America
The bank offers a variety of checking, savings, and lending options and a top-rated mobile banking experience.
It has the strongest market share out of the largest banks in Maryland. And the reason for this isn’t far fetched. They have a hundred branches in the state alone, so it’s easy for anyone to walk in any of their branches and conducts his or her business.
The bank offers numerous services to its customers, so you’re easily going to find what suits your need. Whether you’re opening an account for the first time or you’re looking to borrow some money, they have a plan that is just right for you.
In addition, the bank allows you to open money market accounts (MMAs), certificates of deposit (CDs), individual retirement accounts (IRAs), and more. You can also apply for credit cards, home loans, and auto loans.
While they have numerous branches littered all over America, they also have an online platform that helps you conduct your transactions seamlessly. The app is easy to use app that offers valuable information.
#3. BB & T Bank
The bank has lots f products and top-rated banking app. They have over 160 offices throughout Maryland and are operational in 15 states.
Branch Banking and Trust bank account holders have access to more than 3,000 fee-free ATMs. The bank has an enormous commitment to the community. However, they still offer virtually the same products you’d find at national banks.
BB & T offers checking, savings, CD, IRA options, loans, and insurance products.
However, the bank stands out from several competitors by offering health saving accounts (HSAs), which you can pair with a high-deductible health plan (HDHP). These savings vehicles are designed to help you pay for qualified medical expenses, says SmartAsset.
They provide the following tax advantages, says
With BB&T, you can open a Bright Banking account for $50. The bank will waive the $12 monthly service fee if you set up a direct deposit of at least $500 or maintain a minimum average checking balance of $1,500. BB&T offers five distinct checking options, one designed for college students and another for senior citizens.
#4. CIT Bank
The bank has one of the best APYs on the market, no monthly fees, and a low $100 minimum.
CIT Bank’s Savings Builder account helps you save and offers a top-tier 0.45% APY when they either make $100 in monthly deposits or maintain a $25,000 account balance.
CIT is an online/ mobile-based bank, which can be very difficult for people joining the bank for the first time. This is because they do not have physical branches, which naturally should affect customer service. However, that isn’t the case. Their mobile app is well-optimized for easy navigation and has a combined 3.5-star rating out of five from Apple and Android users of their app.
The bank is best known for those with a large savings balance or who can contribute frequently.
- Money ma/brket account
- Premier High-Yield Savings account
- 6-month to 5-year term CDs
- 2-year to 5-year jumbo CDs
- 1-year to 4-year “RampUp” CDs
- No-Penalty/11-Month CDs
#5. M&T Bank
They have an inexpensive and easy-to-manage savings account, several branches in and out of Maryland, and many easy ways to waive the monthly fee.
Manufacturers and Traders Trust Company (M&T Bank) offers some of the most affordable and convenient savings accounts.
The bank waives the fee on its Relationship Savings account if you make at least one direct deposit per statement cycle. You can also avoid the fee by maintaining a minimum daily balance of $500 or opening a personal checking account with M&T Bank.
They have over 150 branches in Maryland and many more outside the state, which allows you to have one very close to you.
#6. TD Bank
They have arrays of banking, investment, insurance products and high-yield tiered CDs.
They have impeccable customer support relations and a dozen full branches throughout Maryland, with over a thousand branches nationwide.
TD Bane offers nearly everything in the financial services dictionary. You can open checking accounts, savings options, CDs, IRAs, etc. The bank even extends access to its own Tax Resource center.
#7. PNC Bank
The bank has an opportunity for relationship rate boosts, an auto savings tool, and gives overdraft protection with a PNC checking account.
PNC Bank offers one of the best savings accounts, and they are of two types, with one specifically for kids.
The PNC Standard Savings account offers the best deal with rates as low as 0.01% APY.
However, you can unlock better rates by linking a PNC checking account to your Standard Savings. It could also be done by making at least five qualifying monthly purchases with your debit card or PNC Visa® credit card.
The bank is best known for East Coast and Midwest customers looking for a full suite of banking products and who value physical locations.
PNC provides a virtual wallet tied to your checking and savings accounts.
The bank has several personal banking products, including money market accounts and CDs. Also, they have a wealth of digital features that help users navigate easily to get the best services.
Read also: Best Banks In Kentuck | Rates, Account Types, Min. Deposit
#8. SunTrust Bank
The bank does not take monthly service fees; they have online and mobile banking features.
The Bank is best for college students who value digital features but appreciate access to physical branches.
They have a checking account just for students and waive monthly service fees for up to five years from when you open it. This applies to students enrolling in high school, college, university, technical, or trade school with proof of enrollment.
#9. Wells Fargo
Wells Fargo Company is an American-based company in Maryland. This company is the third-largest bank in the US by assets. They also have the 26th rank in Fortune 500 rankings. This bank provides student loans for students and undergraduates for their educational purpose.
They have a wallet, Fargo wallet, which was launched for easy accessibility. They have the motive to stay with their customers and make them build confidence and succeed in their goals. They have very good customer interaction.
#10. First Citizens Bank
The first citizen bank was established in 1898. They provide digital banking where online net banking and mobile banking are provided for customers’ easy accessibility. The bank has three main sections personal, business, and wealth.
They work for their motto, “Working hard, asking questions, planning ahead, and Taking care of customers”. They are every customer as a valuable one and never let go of their trust. The bank provides car loans, credit cards, CDs, student loans, auto loans, etc.
Conclusion
| Ranking | Bank | Account | Interest Rate | Min. Deposit |
|---|---|---|---|---|
| 1 | Ally Bank | All | 0.50% | $0 |
| 2 | Bank Of America | All | 0.01% | $100 |
| 3 | BB&T | All | 0.01% | $0 |
| 4 | CIT Bank | All | 0.45% | $100 |
| 5 | M&T Bank | All | 0.02% | $25 |
| 6 | TD Bank | All | 0.05% | $0 |
| 7 | PNC Bank | All | 0.01% | $25 |
| 8 | SunTrust Bank | All | 0.01% | $0 |
| 9 | Wells Fargo | All | 0.0% | $0 |
| 10 | First Citizens | All | 0.10% | $0.10 |
Here’s a list of the best banks in Maryland. However, this list does not suggest that other banks are below par. The listing is based on the writer ranking factor and for ease of writing this article.
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