Best Banks in Maryland: Our Top 8 Picks for Navigating The Most Trusted Banks

1. Bank Of America

Bank of America is a national bank as opposed to a local bank, but it has 100 branches in Maryland, so if you’re living in this state, it should be easy to visit your nearest branch in person when you need to.

There are plenty of large banks in Maryland, but what makes Bank of America stand out is the fact that its market share is the strongest. Additionally, Bank of America’s banking services are extensive.

Whether you’re just looking to open a basic checking account, choose from a range of investment products, or get a loan, Bank of America can help you with your goal.

There are three different checking accounts to choose from, ranging from the standard account to the Advantage Relationship account, which requires a high minimum balance. Other account options include CDs, MMAs, and IRAs.

There are several savings account options, too, but be aware that their APYs on these are low. You can get a home or auto loan when you open a Bank of America account, and even apply for a credit card.

2. PNC Bank

If you want your banking experience to be supported by some of the latest banking technology, PNC Bank is the Maryland bank you should choose. When you open either a checking or savings account, you’ll get a Virtual Wallet that is linked to your account.

This means that you can always access your financial data at the touch of a button, helping you to stay on top of your financial situation at all times. You can even allocate portions of your budget to different categories and set aside money for wants and needs.

You don’t even need to visit a branch in person to do most banking tasks. Using the online platform, you can do basically everything you need, from checking your balance to depositing your checks.

There are very few downsides to banking with PNC, especially if you prefer to do your banking from the comfort of your home, but the APYs on the savings accounts are admittedly quite low.

3. Wells Fargo

Wells Fargo is one of the largest banks in the United States, and it has plenty of branches in Maryland, so it’s an obvious choice for many people who move to the state.

You can open up various account types with Wells Fargo, including checking and savings accounts, for which the starting fee is $5. You can also apply for a loan or credit card, and there are wealth management and investment products you can choose from as well.

The minimum deposit requirements at Wells Fargo for checking accounts are $25, so you don’t need to have a lot of money to open an account. This applies to the basic accounts with no overdraft services, and the more advanced accounts.

Five credit cards are available to choose from with Wells Fargo, and there are two different savings accounts. However, the interest rates for these accounts aren’t as high as the rates for savings accounts at other banks.

4. CIT Bank

There are many reasons why you might want to open an account with CIT Bank while in Maryland. Not only are the APY rates among the best in the United States as long as you meet certain conditions, but you don’t have to pay a monthly fee either.

For the most part, CIT Bank provides savings accounts, including term CDs and jumbo CDs. You also have the option of opening a money market account or a High-Yield Savings account, depending on your financial situation.

With that being said, the conditions for opening an account and earning savings with CIT Bank are more difficult to achieve compared with some of the other banks in Maryland.

You need to deposit $100 each month into your account at minimum or, alternatively, keep your balance at or above $25,000 long-term if you want good APY rates. However, if you manage to do this, the APY rates are above many other institutions. We prefer to keep liquid cash needs in money market accounts, though. 

There are no in-person branches of CIT Bank, so you will need to be prepared to conduct your banking online using the app.