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

Not sure which bank to open an account with in Maryland? Here are the 8 best banks in Maryland you need to know about…

Updated April 2024
Fact checked by Cathy Gresham
Money in the shape of Maryland

If you’re one of the 6 million residents of Maryland and considering opening a new bank account or taking out a loan then this article is for you. 

With hundreds of banks to choose from and over 2,500 individual branch locations, the scope of choices can feel overwhelming. 

Fortunately, we’ve narrowed it down to what we think are the Top 8 to choose from. Along the way, we considered each bank’s reputation, size and safety, customer satisfaction scores, product lineups, and typical rates on both the deposit and borrowing side. 

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.

Facts about Maryland commercial banks

5. United Bank

When it comes to regional banks in Maryland, United Bank is one of your best options. There are 222 branches of United Bank in Maryland.

United Bank is great if you want a basic checking or savings account because there are no monthly fees for these accounts. If you open a United Reward Checking account, you can benefit from the identity monitoring products as well as the credit file, complete with a score tracker.

There’s also a Platinum Checking account, as well as a Veteran’s Checking account with extra perks.

The CD accounts available through United Bank are high-yield, so you can make a lot of interest. Plus, when you open your account, you can apply for loans and credit cards while getting access to investment options.

However, it’s worth noting that United Bank is still in the process of streamlining its app, so you may need to wait a little while for a totally smooth online banking experience.

6. TD Bank

There are over a dozen branches of TD Bank in Maryland, and even if you live a while from your nearest branch, it’s worth the trip for the amazing customer service you’ll receive when you bank with this institution.

Most of the queries you’re likely to have when banking can be answered online through the comprehensive Customer Service page on TD Bank’s website. However, the call center is also very effective compared to most banks.

You can open various types of accounts with TD Bank, including checking and savings accounts, IRAs, CDs, and many more. TD Bank is known for its high-yield CDs, which operate on a tiered basis when it comes to interest.

However, the APYs on the savings accounts you can open with this bank are not the highest, so this is worth bearing in mind before you make your decision.

7. M&T Bank

If you’re looking for great interest rates on a savings account, you should consider banking with M&T Bank. (We still don’t recommend savings accounts, but we know many people use them). There are over 150 branches of M&T Bank in Maryland, so if you don’t want to use online banking, you never have to.

M&T Bank is known for its amazing sales account options, with low fees that are easy to waive.

There’s no monthly maintenance fee on the Money Market account, and you can waive the fee on your My Choice Money Market account if you maintain a minimum balance or open the right kind of checking or portfolio management bank account.

8. Truist

Truist may only have been founded in 2019, but the fact that it’s quite new shouldn’t put you off! Truist was created when SunTrust merged with BB&T, and both of these are reputable banks dating back to the 1900s, and there are already several branches in Maryland.

You can open both checking and savings accounts with Truist for low monthly fees of $5. The Truist One Checking account comes with a lot of perks, including e negative balance buffer and no charges on your overdraft.

This account is a little more expensive, with a monthly fee of $12, but it’s an excellent option if you want extra benefits from your bank.

Although the interest rates on the savings accounts are not competitive, the minimum deposit is only $50, and you only have to pay $5 a month, so it’s a good inexpensive option if you don’t mind not making much interest on your savings.

Quote on saving for Maryland banks

Choosing from our list of the best banks in Maryland

When it comes to banking in Maryland, there are so many possibilities, ranging from online-only banking institutions to banks with dozens of branches in the state.

Some of our suggested banks offer high-tech banking support, whereas others are known for their competitive interest rates or low monthly fees.

Depending on your personal priorities, you can easily find a bank on this list that’s right for you.


Editor's Note:

At Personal Finance Guru, we want to help you maximize your lifestyle through personal finance. You can trust the integrity of our independent financial advice. Our opinions are our own and have not been provided, reviewed, approved, or endorsed by any advertiser or financial product provider. To support and grow the site, however, we may receive compensation from the issuers of some products.

Author bio:

Cody Beecham

Cody Beecham


Cody is the founder and owner of Personal Finance Guru. His day job is as a management consultant at one of the Top 3 firms (think Mckinsey, Bain), where he advises Fortune 500 C-suite clients on their most important and pressing business problems. He completed his business education at Harvard Business School. 

After seeing the lack of personal finance education for regular people, Cody started the website with the mission to provide everyone access to information that will help them achieve their financial goals.

Cody approaches personal finance from a maximalist perspective, shunning typical advice around simply not buying a cup of coffee instead of more effective methods like investing in yourself to quickly grow your income. 

He believes in saving money and investing for the future, but he also knows that you need to enjoy life today. That’s why Cody approaches money with a sense of humor and a positive attitude. He knows that if you’re not having fun while you’re growing your wealth, then what’s the point?

Cody approaches life with the same gusto that he brings to personal finance. He loves to travel and experience new cultures, and he is an avid reader and learner. He also enjoys playing sports (especially tennis) and spending time with his family and friends.