Top 7 Maryland Financial Institutions
There are many different banks to choose from in Maryland if you're in the market for a new checking or savings account. All the banking products and services you could ever need can be found in Maryland's banks, whether you're looking for a large international institution or a small community bank.
This article will discuss the best banks in Maryland and the factors you should take into account when making your final decision.
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The 8 Finest Financial Institutions in the Free State of Maryland
Here are some of the best Maryland banks where you can open an account right now:
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One, Citizens First Bank
First Citizens Bank ranked among the top 20 U.S. banks until it merged with CIT Bank in early 2022. S Organizations in the banking sector with assets in excess of $100 billion First Citizens Bank is one of the few large banks that is still family-owned and operates in a relatively small number of states.
- Provides a full spectrum of financial services including personal banking, business banking, commercial banking, wealth management, and investment management.
- Paperless statement enrollment reduces the cost of checking accounts to zero.
- Cost-free savings accounts
Checking accounts from First Citizens Bank come in three tiers. First Citizens' most basic account type is the free checking account. A $50 opening deposit is all that's needed, and there are no fees whatsoever if you opt for paperless statements.
The monthly maintenance fee for the Premier and Prestige Checking Accounts is waived if certain conditions are met, such as a combined balance of $5,000 in those accounts. If you choose to open a certificate of deposit or make use of EquityLines, you will also gain access to preferential interest rates.
In addition to conventional banking services, First Citizens Bank can meet all of your financial needs by providing you with credit cards, loans, mortgages, insurance, retirement, and investment management.
Set a savings target and stick to it. To help you decide which savings product is right for you, First Citizens Bank offers a savings calculator that generates an estimate.
- Benefits: Free account options, a plethora of services, and a dependable mobile banking app.
- Con: There are only two locations in the state of Maryland, and it may be challenging to meet the criteria necessary to avoid paying a monthly service fee.
Number Two: The Bank of America
The second largest US bank, Bank of America, has a sizable footprint in Maryland, from Aberdeen to Wheaton. The origins of this national bank can be traced back to 1784.
- Checking accounts, savings accounts, credit cards, mortgages, vehicle loans, and investment options are all on offer.
- With savings accounts, you can start with just $4 95
- Cost-effective opening a savings account: 00
There are three different checking accounts available from Bank of America, with prices ranging from $4 95 and $25 00 The monthly fee for all accounts is refundable through Preferred Rewards or other means. The lowest opening deposit is $25, while the other two require a minimum of $100.
BofA also provides an monthly fee savings account. 00 In addition to enrolling in Preferred Rewards, keeping a minimum daily balance of $500, linking a qualifying checking account, and meeting certain other criteria will all result in the fee being removed. There is no initial interest rate (APY = 0%). Maximum of 0.01% 04%
Through Merril, Bank of America also provides a plethora of financial products and services, including credit cards, loans, and investment opportunities.
- Advantages: Huge service range, widespread presence in Maryland
- Low interest rate; monthly fee is a drawback.
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Third, M&T Bank
Manufacturers and Traders Bank (M&T Bank) is a regional bank that operates similarly to smaller, local banks. It has 780 locations across a small number of states (Maryland is one of them). M&T has never had a losing year since 1976.
- Provides a variety of banking, lending, investment, credit card, and insurance products and services
- Free checking accounts are available.
- Account opening fees as low as 50
Among M&T Bank's four checking accounts, the no-fee EZChoice is your first option. This account, as you may have guessed, lacks a lot of bells and whistles but does the job well enough.
MyChoice Premium, on the other hand, has a $24 monthly fee. Keep a daily average of ,500 or $25,000 in qualifying accounts, and the .95 monthly fee is waived. This premium account includes a money market account, interest, and overdraft protection at no extra cost.
In addition to checking and savings accounts, the bank provides several savings options. There is a monthly fee. 50, which is not applicable if you maintain a daily balance of $500 or more There is no interest charged. 0.1% everywhere else
There are four different credit cards, six different lending options, mortgages, insurance, and investment opportunities available at M&T Bank.
- Free checking account, uses the same principles as community banks
- Negative Very low interest rates
Since 2019, Truist has been operating as a bank. SunTrust and BB&T, two major banks with a combined history stretching back to 1872, merged to form the new company. The current configuration of the bank allows it to maintain nearly 3,000 locations across 15 states (and DC).
- Provides a variety of financial products and services including checking, savings, credit, loans, mortgages, investment, retirement, and insurance
- Bank accounts, starting at $5 00
- Opening balances for savings accounts are as low as $5. 00
Truist provides two distinct types of checking accounts. The Truist Confidence Account is ideal for people who want to establish reliable financial habits because it does not charge overdraft fees and does not require physical checks. The account charges $5 per month. 00, which you can avoid if you deposit $500 or make 10 qualifying transactions every month
Truist One Checking, on the other hand, has a plethora of perks, such as no overdraft fees, up to 50% cash back or miles, and a negative balance buffer. There is a $12 monthly fee, but there are several ways to get around it.
The three types of savings accounts provided by Truist are the Regular Savings Account, the Money Market Account, and the Certificate of Deposit Account. The savings account requires a $50 opening deposit and charges $5 monthly. The annual percentage yield is 0%, but the maintenance fee is waived if certain conditions are met. 01%
Credit cards with unique features, multiple loan and investment opportunities, and insurance coverage are all available through Truist.
- Cashback and frequent flyer miles from your checking account.
- Negative: Uncompetitive Interest Rates
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Five. Wells Fargo
The Financial Stability Board classifies Wells Fargo as a Systemically Important Financial Institution (SIFI) because it is the fourth largest bank in the United States. It has 73 locations and 151 ATMs in the state of Maryland alone.
- Provides banking services including deposit accounts, savings accounts, loans, credit cards, as well as investment and wealth management
- Money market accounts: $5 a month 00
- Start saving as little as $5 00
A $25 opening deposit is required for any of Wells Fargo's four checking accounts. 00 Clear Access Banking is the most elementary type of account and costs 5 USD monthly. 00, which is non-refundable unless your age is below 24
There is no check writing or overdraft protection on this account. Teenagers can open this account, too, so long as an adult signs on as guarantor. Monthly fees for the other accounts can be waived anywhere from $10 to $35. Interest is available on Prime Checking and Premier Checking accounts, among other benefits.
There are two different savings accounts available: Way2Save and Platinum Savings. The cost of Way2Save is $5 per month. You can set up recurring transfers and save as much as you want. 00 However, $12 is required for Platinum Savings. 00 a month, and that includes the ability to write checks. Both charges are subject to cancellation. Both accounts earn no interest. 0%, with a possible maximum of 1% Only Platinum account holders can take advantage of the 0.02% Relationship Interest rate.
In addition to offering mortgages, auto loans, and personal loans, Wells Fargo offers five different credit cards with special introductory rates and perks.
- Plus: It's a National Force.
- The low interest rate is a drawback.
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6. TD Bank
The abbreviation for the Toronto Dominion Bank is TD. TD Bank is a Canadian bank, as the name would imply. But it also has a sizable foothold in the United States. It has ten locations throughout Maryland.
- Checking accounts, savings accounts, credit cards, personal loans, mortgages, and other forms of lending are all on offer.
- Pricing for checking accounts begins at $4. 95
- Account opening minimums as low as $5 00
There are a variety of checking accounts available from TD Bank, beginning with TD Essential Banking. The fee for opening the account is $4. For .95 a month, you get access to online bill payment and a debit card but not much else.
TD Bank offers a $5 basic checking account called TD Simple Checking. 99 a month Checks (with a first-order discount), a lower interest rate on loans, and other benefits are available here. The remaining accounts have higher fees, but those fees are waived if the account holder meets certain requirements.
Currently, you can pick between two different types of savings accounts. With just $5 per month, TD Simple Savings is a low-cost option. 00 You can avoid paying the fee if you maintain a $300 minimum balance and set up a recurring transfer of at least $25 for the first year. Annual Percentage Yield = 0% 02%
A better alternative is the TD Signature Savings Account, which charges $15 per month. Multiple options exist for avoiding this charge, and the annual percentage yield (APY) can be as high as 0. 25%
You can get loans, a variety of services, and choose from five different credit cards at TD Bank.
- Advantage: Above-average annual percentage yield
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In the United States, PNC is among the largest banks. It has its headquarters in Pennsylvania and serves 27 states plus DC. One of the largest lenders to Small Business Administration (SBA) borrowers They have over 9500 automated teller machines and over 2,500 locations.
- Provides a variety of banking, credit, debit, prepaid, loan, and investment services
- Bank account openings as low as $5 00
- Start saving as little as $5 00
With PNC, you can open a special account that combines a checking and savings account. We refer to it as a "virtual wallet." It's for the bare minimum. Pay $1000 per month for 12 months and receive a $50 bonus.
In total, there are three distinct variants. The fully loaded option, Virtual Wallet with Performance Select, includes a $400 welcome bonus and costs $25 per month. Any and all regular payments are voidable. If you prefer, you can go with a more conventional checking account.
You can get a savings account on its own, or you can get it bundled with the rest of your Virtual Wallet services. Separate accounts are available for $5. 00 monthly, which can be avoided through a variety of means. Both the initial deposit and the annual percentage yield are set at $0. 01% If you want a better rate, you'll need to meet the requirements for the Relationship Rates. In this case, the maximum score is 0. 03%
PNC also provides a variety of other financial services, including investments, auto loans, mortgages, credit cards, prepaid debit cards, and reloadable prepaid cards.
- A virtual wallet's convenience in account management is a pro.
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Bank, United, No. 8
United Bank is a West Virginia-based regional bank. They've expanded to 222 locations and 33 acquisitions thanks to their dedication to providing superior service.
- Provides a variety of banking, credit, debit, prepaid, loan, and investment services
- Savings accounts: from absolutely nothing 00
- Cost-free savings accounts 00
United's checking accounts range from the free United Free Checking to more premium options. This account has no maintenance charges, minimum balances, or monthly fees.
The United Reward Checking Account is another option that offers useful features like monitoring your credit report and credit score. Other options include interest-bearing Platinum Checking and no-fee Veterans Checking.
United Bank provides a variety of checking accounts in addition to the standard savings account, including CDs and money market accounts. The standard checking account offers a tiered interest rate structure and no monthly maintenance fees.
Additionally, United Bank provides investment opportunities, loans, and a single credit card.
- The current app rating is only moderate at best.
If you're not satisfied with the options at local banks, a federal credit union may be a better fit.
Credit unions are non-profit financial institutions that offer low or no fees on a wide range of services and products, including online savings, business banking, and a mobile app.
The two best Maryland credit unions are:
- Federal Credit Union Tower
Since everyone has their own specific wants and needs, there is no one perfect bank. Instead, you should look for the option that suits you the best. Here are some things to keep in mind as you search for the banking institution that will help you achieve your financial objectives.
- Banking on the web You can save time and energy by doing your banking online instead of going to a branch.
- Online banking With the right banking app on your mobile device, you can pay bills, deposit checks, and more from just about anywhere.
- Choosing an Account Depending on the needs of the account holder, various types of accounts are available, such as checking and savings accounts, high-yield savings accounts, accounts with a debit card, CDs (Certificates of Deposit), and Money Market Accounts.
- Fees In order to avoid ATM fees and monthly maintenance fees, it is often necessary to use in-network ATMs and maintain a certain minimum balance.
- A bare-bones down payment There is typically an opening deposit required for certain accounts.
- Withdrawals There could be monthly withdrawal limits attached to your account.
- Borrowing Costs When you save money, interest is expressed as an annual percentage yield (APY), but when you borrow money, interest is expressed as an annual percentage rate (APR).
- Bank Deposit Insurance from the FDIC Your funds in an FDIC-insured bank account are protected up to $250,000.
Questions That We Get A Lot
Which bank is the most frequently used in Maryland?
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