Best CD Rates in Maryland

In Maryland, the financial market is as diverse as the scenic landscapes. However, in this diversity securing a CD with a favorable rate is key to optimize your investment strategy. Whether you’re a cautious saver looking for a safe investment or a strategic planner for maximizing your returns, the current CD rates in Maryland are essential.

In this regard, the following introduction serves as your gateway to explore the top CD rates available in the state. It ensures that your hard-earned money not only grows but also withstands the economic fluctuations.

Overall Best CD rates in Maryland

No.	Name of the Bank	APY %	Term Length	Address
1	Harford Bank	5.50%	6-month	305 Augustine Herman Hwy Elkton, MD 21921
2	Jarrettsville Federal Savings and Loan Association	5.35%	6-month	3706 Norrisville Rd PO Box 8 Jarrettsville, MD 21084
3	Aberdeen Proving Ground Federal Credit Union	5.15%	12-month	210 Mountain Rd Fallston, MD 21047
4	Arundel Federal Savings Bank	5.10%	6-month	655 Crain Hwy S Glen Burnie, MD 21061
5	Signal Financial Federal Credit Union	5.10%	6-month	3015 University Blvd W Kensington, MD 20895
6	EagleBank	5.07%	6-month	7735 Old Georgetown Rd Bethesda, MD 20814
7	Navy Federal Credit Union	5.05%	12-month	5 Bel Air South Pkwy Bel Air, MD 21015
8	Northrop Grumman Federal Credit Union	5.01%	12-month	898 Airport Park Rd Glen Burnie, MD 21061
9	SECU	5.01%	6-month	250 W Pratt St Baltimore, MD 21201
10	Midstate Community Bank	4.88%	12-month	6810 York Rd Baltimore, MD 21212
11	Rosedale Federal Savings and Loan Association	4.88%	12-month	6708 Belair Rd Baltimore, MD 21206
12	Department of Commerce Federal Credit Union	4.85%	6-month	1325 E West Hwy Silver Spring, MD 20910
13	HSBC Bank USA	4.80%	12-month	10113 River Rd Potomac, MD 20854
14	Northrop Grumman Federal Credit Union	4.65%	12-month	898 Airport Park Rd Glen Burnie, MD 21061
15	NASA Federal Credit Union	4.60%	12-month	6490 Dobbin Rd Columbia, MD 21045
16	BlueRidge Bank	4.50%	12-month	502 Washington Ave Towson, MD 21204
17	NIH Federal Credit Union	4.45%	24-month	111 Rockville Pike, Suite 500, Rockville, MD 20850
18	NASA Federal Credit Union	4.41%	6-month	1592 Rockville Pike Rockville, MD 20852
19	Revere Bank	4.41%	12-month	8529 Veterans Hwy Millersville, MD 21108
20	Sandy Spring Bank	4.41%	12-month	8315 Ice Crystal Dr Laurel, MD 20723
21	Library of Congress Federal Credit Union	4.40%	6-month	8100 Professional Pl Hyattsville, MD 20785
22	Presidential Bank, FSB	4.35%	6-month	14 W Patrick St Frederick, MD 21701
23	Tower Federal Credit Union	4.35%	12-month	2525 Riva Rd Annapolis, MD 21401
24	Congressional Bank	4.32%	6-month	6701 Democracy Blvd Bethesda, MD 20817
25	Atlantic Financial Federal Credit Union	4.25%	12-month	9604 Haven Farm Rd Perry Hall, MD 21128
26	Money One Federal Credit Union	4.16%	18-month	9800 Technology Way, Largo, MD 20774
27	Bank of Ocean City	4.15%	6-month	627 Williams St Berlin, MD 21811
28	Educational Systems Federal Credit Union	4.05%	18-month	7500 Greenway Center Dr, Greenbelt, MD 20770
29	Freedom Federal Credit Union	4.04%	24-month	2019 Emmorton Rd, Bel Air, MD 21015
30	NASA Federal Credit Union	4.01%	12-month	500 Prince Georges Blvd, Upper Marlboro, MD 20774
31	FedChoice Federal Credit Union	4.00%	6-month	8601 Adelphi Rd College Park, MD 20740
32	First Financial Federal Credit Union	4.00%	12-month	1215 York Rd, Lutherville, MD 21093
33	Baltimore County Employees Federal Credit Union	4.00%	6-month	23 W. Susquehanna Ave, Towson, MD 21204
34	Destinations Credit Union	4.00%	24-month	8767 Satyr Hill Rd, Baltimore, MD 21234
35	Farmers Bank of Willards	3.95%	6-month	12831 Coastal Hwy Ocean City, MD 21842
36	Harford Bank	3.95%	12-month	1610 Conowingo Rd Bel Air, MD 21014
37	NRL Federal Credit Union	3.93%	6-month	1024 Saint Nicholas Dr Waldorf, MD 20603
38	Lafayette Federal Credit Union	3.93%	12-month	2701 Tower Oaks Blvd, Rockville, MD 20852
39	Carroll Community Bank	3.92%	12-month	1321 Liberty Rd Sykesville, MD 21784
40	Farmers and Merchants Bank	3.92%	12-month	275 Clifton Blvd Westminster, MD 21157
41	First Eagle Federal Credit Union	3.89%	12-month	600 Red Brook Blvd, Suite 350, Owings Mills, MD 21117
42	MECU Credit Union	3.86%	3-month	7 E. Redwood St, Baltimore, MD 21202
43	Hamilton Bank	3.68%	18-month	Online
44	SECU	3.31%	12-month	210 Plumtree Rd Bel Air, MD 21015
45	PenFed Credit Union	3%	6-month	19901 Germantown Rd Germantown, MD 20874
46	Destinations Credit Union	3.00%	12-month	8767 Satyr Hill Rd Parkville, MD 21234
47	Jarrettsville Federal Savings and Loan Association	3.00%	12-month	3706 Norrisville Rd PO Box 8 Jarrettsville, MD 21084
48	Andrews Federal Credit Union	3.00%	24-month	5711 Allentown Rd, Suitland, MD 20746
49	Democracy Federal Credit Union	3.00%	18-month	5720 Silver Hill Rd, District Heights, MD 20747
50	Glen Burnie Mutual Savings Bank	3.00%	12-month	Now part of Arundel Federal Savings Bank
51	Wells Fargo Bank, National Association	2.50%	6-month	7475 Wisconsin Ave Bethesda, MD 20814
52	BayVanguard Bank	2.50%	12-month	7114 North Point Road, Baltimore, MD 21219
53	Maryland Credit Union	2.25%	24-month	Online
54	State Employees Credit Union of Maryland (SECU)	2.23%	24-month	971 Corporate Blvd, Linthicum Heights, MD 21090
55	Tower Federal Credit Union	2.06%	36-month	7901 Sandy Spring Rd, Laurel, MD 20707
56	Point Breeze Credit Union	2.00%	24-month	11104 McCormick Rd, Hunt Valley, MD 21031
57	Atlantic Financial Federal Credit Union	1.38%	36-month	40 Schilling Rd, Hunt Valley, MD 21031
58	Chesapeake Employers’ Insurance Company	1.07%	24-month	Online
59	Kopernik Federal Bank	1.02%	36-month	2101 Eastern Ave, Baltimore, MD 21231
60	Mid-Atlantic Federal Credit Union	1.02%	3-month	12820 Wisteria Dr, Germantown, MD 20874
61	PeoplesBank	1.00%	13-month	Online
62	Bank of America, National Association	0.03%	12-month	8825 Centre Park Dr Columbia, MD 21045

Current CD Rates of Maryland

In the current economic climate, with the right CD rate, Maryland residents can effectively safeguard their savings against inflation, while earning a predictable income stream.

This financial strategy is particularly valuable for those looking to balance their investment portfolio with a low-risk asset, or for individuals planning for short-term financial goals without exposing their capital to the uncertainties of the stock market.

Best 6 Month CD Rates

For individuals seeking short-term savings solutions with competitive returns, the best 6-month CD rates offer an ideal opportunity to earn interest without a long-term commitment.

1. First Internet Bank of Indiana

Minimum Amount: $1000.00

APY / Rate: 4.39% APY

Pros:

• Only $1,000 minimum balance to open
• Interest is compounded daily and credited monthly
• Rates are locked for the term chosen and cannot go down

Rules:

• In order to open a CD, you’ll need to deposit a minimum amount of money, which may vary depending on the term and rate of the CD.
• The term of the CD is the amount of time that you agree to keep your money in the CD. At Greenwood Credit Union, CD terms range from 3 months to 60 months.
• The interest rate on the CD is the rate at which your money will earn interest. Generally, longer-term CDs will offer higher rates than shorter-term CDs. Greenwood Credit Union offers both fixed-rate and variable-rate CDs.
• If you need to withdraw money from your CD before the maturity date, you will typically be charged an early withdrawal penalty. The specific penalty amount will depend on the term and type of CD you have.
• You can open a CD as an individual or joint account holder. You may also be able to open a CD as an IRA account.

2. Vio bank

Minimum Amount: $500.00

APY / Rate: 4.25% APY

Pros:

• Your money is FDIC insured up to $250,0003
• Terms ranging from 6 months to 10 years, and only $500 minimum to open
• We regularly monitor the competition to ensure our rates are some of the best in the nation2

Rules:

• To earn CD rates, you need to open a CD account with Vio Bank. You can do this online by visiting their website or by calling their customer service team.
• Vio Bank offers CD terms ranging from 6 to 60 months. Choose a term that works best for your financial goals.
• Vio Bank requires a minimum deposit to open a CD account. The minimum deposit varies depending on the CD term, so make sure you have enough funds to meet the requirement.
• Once you open a CD account, you need to maintain the deposit until the CD matures. If you withdraw the funds before the maturity date, you may incur penalties and forfeit some of the interest earned.
• When the CD matures, you have the option to renew the CD for another term or withdraw the funds. If you choose to renew, make sure to review the current CD rates to ensure you are getting the best rate.

Best 2 Year CD Rates

For those willing to commit their savings for a bit longer, the best 2-year CD rates can offer a more attractive interest rate.

1. BMO Harris

Minimum Amount: $1000

APY / Rate: 5.00%

Pros:

• Competitive CD rates
• Decent minimum balance requirement
• Easy CD withdrawal methods
• 3-months to 60-month term available

Rules:

• A CD can be opened via mobile, online,, or telephone.
• The interest on the CD is compounded monthly and added to the account on a fixed date every month.
• There is a penalty for early withdrawal which depends on the term and amount of the CD.

2. Alliant Credit Union

Minimum Amount: $1000

APY Rate: 4.65% APY

Pros:

• Funds are insured up to $250,000 by NCUA
• Low minimum deposit of only $1,000; no maximum
• Great dividend rates

Rules:

• Dividends compounded every month and at maturity.
• Incur an early withdrawal penalty

Best 3 Year CD Rates

Investors looking for a solid return on their investment with a manageable time commitment might find the best 3-year CD rates to be an optimal choice.

1. First Internet Bank of Indiana

Minimum Amount: $1000.00

APY / Rate: 4.44% APY

Pros:

• Only $1,000 minimum balance to open
• Interest is compounded daily and credited monthly
• Rates are locked for the term chosen and cannot go down

Rules:

•  In order to open a CD, you’ll need to deposit a minimum amount of money, which may vary depending on the term and rate of the CD.
• The term of the CD is the amount of time that you agree to keep your money in the CD. At Greenwood Credit Union, CD terms range from 3 months to 60 months.
• The interest rate on the CD is the rate at which your money will earn interest. Generally, longer-term CDs will offer higher rates than shorter-term CDs. Greenwood Credit Union offers both fixed-rate and variable-rate CDs.
• If you need to withdraw money from your CD before the maturity date, you will typically be charged an early withdrawal penalty. The specific penalty amount will depend on the term and type of CD you have.
• You can open a CD as an individual or joint account holder. You may also be able to open a CD as an IRA account.

2. Synchrony Bank

Minimum Amount: $0.00

APY Rate: 4.30% APY

Pros:

• Best APY rate
• No minimum balance required
• High yield savings options
• No penalty on premature interest withdrawal
• 10 days grace period after maturity to add more funds to the CD

Rules:

• The interest is compounded monthly and added to the account at the end of the month.
• There is no minimum balance required to earn interest.
• Also no penalty on premature withdrawals.

Best 5 Year CD Rates

The 5-year CD rates stand out as the premier choice. It offers the highest interest rates among standard CD terms.

1. GTE Financial Credit Union

Minimum Amount: $500

APY / Rate: 4.54% APY

Pros:

• Open with as little as $500
• Some of the best rates in the nation
• Variety of term options
• Open online in minutes
• Federally Insured by NCUA

Rules:

• No early withdrawals may be made during the first 60 days from opening the Share Certificate.
• Early withdrawals will be penalized anywhere from 90 to 180 days of earned dividends. Please review your Certificate disclosure for more details.
• There are no penalties for monthly dividend withdrawals. Early withdrawal penalties will apply if the certificate is closed before the maturity date.
• You can withdraw up to 10% of the principal plus dividends one time per year (20% of the current balance if over 59 1/2 years old) with no early withdrawal penalty on IRA certificates.
• Any monthly withdrawals or transfers reduce earnings.

2. CFG Community Bank

Minimum Amount: $500.00

APY / Rate: 4.50% APY

Pros:

• The high yield rate of interest
• A decent minimum amount required
• FDIC insured banking option
• Strong customer support system

Rules:

• To open a CD an investor can approach the bank online or in-branch.
•  The minimum deposit allowed in a CD is $500 and the maximum limit is set at $250,000.
• The interest on the CD is compounded monthly.
• Premature withdrawal from the CD is subject to a penalty.

Maryland Economic Statistics

Maryland, with its robust economy and diverse demographic profile. It presents a unique landscape for investors who require competitive CD rates. As of the concerned facts and figures;

• The state’s average household income stands at approximately $86,738, reflecting its status as one of the wealthiest states in the U.S. This high income level is indicative of a population with significant saving potential and a keen interest in investment opportunities like CDs to preserve and grow their wealth.
• The average home value in Maryland is around $401,305, showcasing the state’s strong real estate market and the purchasing power of its residents.
• Moreover, with a population exceeding 6 million people, Maryland’s economic environment is bolstered by a mix of industries including biotechnology, manufacturing, and services. All of them make it a fertile ground for investors aiming to leverage CD rates for financial growth.

Statistic	Maryland (2023)
Average Household Income	$86,738
Average Home Value	$361,500
Population	6+ million

These statistics not only highlight Maryland’s economic vitality but also underline the importance of finding the best CD rates in the state.

How to Get Best CD Rates in Maryland

Securing the best CD rates in Maryland involves a combination of research, timing, and strategy.

• Start by comparing rates from a wide range of financial institutions, including both local banks and credit unions, as well as online banks which often offer more competitive rates due to lower overhead costs.
• Also consider factors such as the term length, minimum deposit requirements, and early withdrawal penalties.
• It’s also beneficial to stay informed about the overall economic environment, as interest rates can fluctuate based on federal monetary policy.

This comprehensive approach will enable savers and investors to identify and capitalize on the best possible CD rates available in Maryland, thereby maximizing their investment returns.

CD Rates Methodology

Our methodology for determining the best CD rates in Maryland involved a thorough review of CD rates from 92 banks. This comprehensive analysis encompassed a variety of financial institutions, from large national banks to local community banks and credit unions, ensuring a broad overview of the options available to consumers.

Out of these, 62 banks made the list, chosen based on their competitive interest rates, terms, and the overall value they provide to customers. This selection process was designed to identify the banks that offer the most advantageous CD rates, helping savers and investors make informed decisions that align with their financial goals and preferences.

Conclusion

By reviewing offerings from a wide range of banks and considering the overall economic conditions, individuals can identify opportunities that align with their financial goals. As we move forward, staying informed and adaptable will continue to be key in navigating the ever-changing financial environment and making the most of your savings and investment strategies.

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