Best Banks and Credit Unions in Maryland
Finding a new bank can be challenging, but it doesn’t have to be. This is our list of the best banks in Maryland.
Find the best CD rates in Maryland here.
1. Bank of America
Savings APY: 0.01% to 0.04%
CD APY: 1-year – 0.03%, 3-year – 0.03%, and 5-year – 0.03% with a minimum deposit of $1,000.
Monthly Fees: $12
Insured by: FDIC (Federal Deposit Insurance Corporation)
How many branches are in the State? The Bank of America has 4,100 retail banking branches and 16000 free ATMs across the United States.
Pros:
- Waivable monthly fees
- Multiple branches and free ATMs.
- Convenient customer service channels
Cons
- Low-interest on savings and CDs
First on our list of the best banks in Maryland, Bank of America is the second largest bank in the United States by assets. It is also the second-largest bank in terms of market capitalization. It is also a multinational bank and financial services company that operates as a bank holding company.
Bank of America offers a range of financial services for both large and small businesses, as well as individual customers. It provides banking, investing, and other financial services to more than 20 million customers.
It is one of the Big Four banks, along with JPMorgan Chase, Citigroup, and Wells Fargo. Bank of America offers banking, investing, credit cards, mortgages, loans, and other financial services to individuals and businesses.
2. CIT Bank
Savings APY: 3.85% on a minimum opening deposit of $100
CD APY: Upto 4.75% depending on the term
Monthly Fees: $0
Insured by: FDIC (Federal Deposit Insurance Corporation)
How many branches are in the State? CIT is an online bank based in Southern California. There is only one physical location at their headquarters in Pasadena. CIT Bank does not have an ATM network. But it doesn’t charge any ATM fees and even reimburses up to $30 per month in other banks’ ATM fees.
Pros:
- High APY rates
- Refunds on ATM fees
- 24/7 customer service
- No monthly fees
- Interest in checking accounts
Cons
- The APY on CDs is low compared to other institutions
CIT Bank is an online financial institution and one of the best banks in Maryland. The bank started in 1908 and is headquartered in Salt Lake City, UT. It is a division of First Citizens Bank. The bank offers its services through CIT BANK SAVINGS CONNECT which is available in all 50 states of the country.
The bank offers financial and banking solutions to individuals and businesses. Their product portfolio includes savings accounts, checking accounts, CDs, home loans & mortgages, and more. It is America’s leading bank in lending, leasing, and banking services to middle-market companies and small businesses.
3. Manufacturers and Traders Trust Company (M&T Bank)
Savings APY: 0.01%
CD APY: 12 Month Promo – 2.75%, 18 Month Promo – 3.00%, 12 Month Select Promo – 3.25%, and 18 Month Select Promo – 3.50% with a minimum deposit of $1000.
Monthly Fees:
Insured by: FDIC (Federal Deposit Insurance Corporation)
How many branches are in the State? The M&T banks have more than 750 branches and over 1800 ATMs for its customer to access banking services more easily.
Featured Product Offerings: The M&T bank provides free checking accounts, savings accounts, CDs, mortgages, loans, investments, and much more.
Pros:
- No monthly fees
- Access to 1800 surcharge-free ATMs
Cons
- Low interest rates
The M&T bank has a history of 166 years, dating back to 1856, and is headquartered in Buffalo, New York. it is one of the best regional banks in NY. if you are someone, who is looking for easy ATM access and free checking account, M&T bank is the best. It has assets valued at over US $155.12 billion and has served more than 710,000 members, making it clear that this is one of the best banks in Maryland.
4. Truist Bank
Savings APY: 0.01% with minimum balance $25
CD APY: 1- Year – 0.05%, 2- Year – 0.05% with a minimum deposit of $1K
Monthly Fees: $12 easy to waive
Insured by: FDIC (Federal Deposit Insurance Corporation)
How many branches are in the State? The bank has 2,781 locations in 17 states and 3,000 ATMs in Washington, D.C.
Pros:
- There are around 2,500 branches.
- The monthly cost for a basic checking account is simple to avoid.
- A diverse range of account options.
- Customers of BB&T pay lower fees.
- Early withdrawals are permitted on certain certificates of deposit.
Cons
- For a standard checking account, there is a $3 cost at non-Truist ATMs in the United States.
- CD and savings account rates are low.
- Overdraft costs are high.
Truist Bank was founded as a consequence of a merger between BB&T Corp. and SunTrust Banks Inc. in December 2019. Truist Bank currently has over 2,100 branches in 17 states and Washington, D.C., ranking it alongside Bank of America, Chase, and Wells Fargo as one of the largest banks in the United States.
The Truist Online Savings account has no monthly maintenance costs, which might help you meet your savings objectives more quickly. Furthermore, because there is no minimum deposit requirement, the account can be opened at any time.
5. TD Bank
Savings APY: 0.01% to 0.05%
CD APY: 1-year – 0.05%, 3-year – 0.05%, and 5-year – 0.05% with a minimum deposit of $250.
Monthly Fees: $15
Insured by: FDIC (Federal Deposit Insurance Corporation)
How many branches are in the State? Around 172 branches are located throughout the Carolinas and Florida, with over 1,900 ATMs.
Pros:
- 24/7 phone support and long banking hours for customer service
- No monthly fee for a checking account if you maintain a $100 balance
Cons
- $3 fee for using a card on nin-TD ATMs
TD Bank USA is one of the leading banks in the state of Florida and one of the best banks in Maryland. It offers a variety of financial products and services for both personal and commercial banking needs. TD Bank USA is headquartered in Cherry Hill, New Jersey, United States.
TD Bank USA is a subsidiary of TD Bank, the seventh-largest bank by deposits in the United States. It has over 1,100 stores & 700 ATMs across the United States. TD Bank was founded in January 1852 as The Toronto-Dominion Bank of Toronto, Canada. In 1955, it changed its name to The Dominion Bank of Canada and in 1997 to TD Canada Trust.
6. Navy Federal Credit Union
Savings APY: 0.25% with a minimum deposit of $5
CD APY: 1-year – 3.00%, 3-year – 3.30%, and 5-year – 3.35% with a minimum deposit of $1,000.
Monthly Fees: $0
Insured by: NCUA (National Credit Union Administration)
How many branches are in the State? Among Navy Federal Credit Union’s 350 branches, many are located near military bases in places like Virginia, Maryland, and California. It also has 30,000+ free ATMs.
Pros:
- No monthly fee
- Free ATMs
- Competitive interest rates
Cons
- Very few branches
The Navy Federal Credit Union was founded on March 13, 1933, as Navy Department Employees’ Credit Union. It has a total of $158.85 Billion in assets and around 11 million customers. The CO-OP Network offers free access to more than 30,000 ATMs. Its headquarter is in Vienna, Virginia, United States.
The Navy Federal Credit Union has competitive interest rates that benefit many potential customers, easily making it a contender for one of the best banks in Maryland. Even though it has a small number of branches around the USA, it helps its customers via mobile applications and provides the best customer support.
7. Agriculture Federal Credit Union
Savings APY: 0.00% with a minimum deposit of &5
CD APY: 1-year -3.75$, 3-year -4.10%, and 5-year -4.05% with a minimum deposit of $250.
Monthly Fees: $0
Insured by: NCUA (National Credit Union Administration)
How many branches are in the State? Agriculture Federal Credit Union has 8 branches in Maryland.There are over 30,000 surcharge-free ATMs nationwide on the Alliance One, Allpoint and CO-OP networks.
Pros:
- Lower fees.
- Lower borrowing rates and higher deposit yields.
- Variety of products.
- Insured depositsMore personal service.
Cons
- Membership required.
- Not the best rates.
- Limited accessibility
AgFed began in 1934, in Washington, DC and now serves individuals nationwide. Providing the highest quality of service.They are offering auto loans, credit cards, home equity loans, checking, and a wide range of other accounts with members’ interests always in mind. AgFed is federally insured by NCUA and is an equal housing lender.
With over $300 million in assets, over 25,000 members, and 6 AgFed branches, members have access to their accounts and services 24 hours a day, 7 days a week, making it one of the best banks in Maryland for those who like to 24/7 access to services.
8. First Eagle Federal Credit Union
Savings APY: 0.15% with a minimum deposit of $5.
CD APY: with a minimum deposit of $
Monthly Fees: $3.50
Insured by: NCUA (National Credit Union Administration)
How many branches are in the State? First Eagle Federal Credit Union has CO-OP’s over 30,000 ATMs and 5,000+ shared branches means you have more direct, surcharge-free* access to your money than most traditional bank customers do.
Pros:
- Has free ATMs nationwide
- Low monthly service fees
- Lower borrowing rates and higher deposit yields.
Cons
- Membership is limited
- No shared branching
- Requirements for Membership
First Eagle Federal Credit Union is headquartered in Owings Mills and is the 35th largest credit union in the state of Maryland. It is also the 1,741st largest credit union in the nation. It was established in 1956 and as of September of 2022, it had grown to 22 employees and 8,285 members at 5 locations. First Eagle Federal Credit Union’s CD rates are 3X the national average, and it has an A health rating. This makes First Eagle one of the best banks in Maryland for those who are serious about investing in CDs.
Way back in 1956, they set off helping their members make life better with low-cost, high-value financial services.
9. Tower Federal Credit Union
Savings APY: 0.85% with a minimum deposit of $5.
CD APY: 1-year – 2.75%, 3-year – 2.40%, and 5-year – 2.55% with a minimum deposit of $500.
Monthly Fees: $0
Insured by: NCUA (National Credit Union Administration)
How many branches are in the State? Tower Federal Credit Union has 30,000+free ATMs, convenient eServices like; mobile banking, online bill payment and mobile deposits.
Pros:
- Has free ATMs nationwide
- No monthly service fees
- High APY on CD with high account balances.
Cons
- Limited branches
- Rates differ from area to area.
Tower Federal Credit Union is the largest federal credit union in Maryland, serving DOD employees and contractors and their families. Tower Federal Credit Union is a member-owned, non-profit financial institution with headquarters in Laurel, Maryland. Established in 1953, Tower is the largest federal credit union in Maryland with over $4.3 billion in assets.
Tower is committed to meeting the diverse financial needs of our members through superior service, lower loan rates, low or no-fee products and services, and untiring innovation. Tower adheres to safe & sound financial practices while offering a full array of financial products including: savings and checking accounts, auto loans, mortgages and credit cards. Members have access to 30,000+free ATMs, convenient eServices like; mobile banking, online bill payment and mobile deposits.
10. First Financial Federal Credit Union
Savings APY: 0.05% with a minimum deposit of $5.
CD APY: 1-year – 1.80%, 2-year – 1.40%, and 3-year – 1.50% with a minimum deposit of $500.
Monthly Fees: $5.00/month, waived with an average daily balance of at least $2500
Insured by: NCUA (National Credit Union Administration)
How many branches are in the State? First Financial Federal Credit Union has7 branches and 10+ ATM is Maryland
Featured Products: Federal Credit Union offers a wide variety of financial products and services including free checking, online and mobile services, as well as auto loans, credit cards and home loans.
Pros:
- Best customer service
- Interest-bearing premium account
- Waivable monthly fees on savings and checking accounts
Cons
- Requires to add minimum deposit for opening an account
- Low savings interest rate (APY).
- Few branches and ATM,s in Maryland
First Financial Federal Credit Union serves the employees, students, and parents of the Baltimore, Carroll, Somerset, and Worcester County Public School systems, as well as the employees and families of many private schools, colleges, hospitals, and businesses in Baltimore, Carroll, Somerset, and Worcester counties. First Financial offers a wide variety of financial products and services including free checking, online and mobile services, as well as auto loans, credit cards and home loans. Don’t just bank, belong.
First Financial Federal Credit Union of Maryland is a Federal Credit Union with 7 branches and $1 billion in assets that is headquartered in Sparks, MD.
11. State Farm Federal Credit Union
Savings APY: 1.01%
CD APY: 1.01% with minimum opening deposit starting at $5.
Monthly Fees: $5.00
Insured by: FDIC (Federal Deposit Insurance Corporation)
How many branches are in the State? State Farm Federal Credit Union has 1 branch across Maryland.
Pros:
- It is available in all 50 states
- Offers the best dividend yield
- Easy loan process and affordable rates
Cons
- Lacks penalty certificate option
- There is no IRA CD
Last up on our list of the best banks in Maryland, State Farm Federal Credit Union was founded in 1936 by G.E. Mecherle, the son of State Farm founder, G.J. Mecherle to offer benefits to the employees and associates.
The credit union deals in a wide range of saving options including primary accounts, secondary accounts, Trust accounts, business accounts, minor accounts, IRA accounts, and specialty accounts. They also offer loans for vehicle, personal, and business purposes.
They are attentive to the customer’s requirements and serve the community with all types of financial resources.