Just south of Pennsylvania and neighboring Delaware, Maryland is steeped in American history. From the USS Constellation, the last ship to survive the Civil War, to the modern banking institutions of today, Maryland has come a long way. In this guide, we will explore the best banks in Maryland for 2023, offering a range of services to suit your financial needs.
Why Regional Banks Beat Out National Banks
When it comes to banking, regional banks have some distinct advantages over their national counterparts. Let’s take a look at why you might consider choosing a regional bank:
Personalized Service: Regional banks prioritize personal relationships and provide a higher level of customer service. With fewer customers to handle, they can offer more individualized attention and a deeper understanding of your financial needs.
Flexibility: Regional banks have the power to make decisions at the local level, resulting in quicker loan approvals, more favorable terms, and customized solutions for their customers.
Better Interest Rates: Due to lower operating costs, regional banks often offer higher interest rates on savings accounts and lower interest rates on loans compared to large banks.
Local Economic Impact: Regional banks reinvest a significant portion of their profits into the community through loans and support for local businesses, stimulating economic growth and job creation.
Community Involvement: By banking with a regional bank, you align yourself with an institution committed to giving back to the local community and supporting important causes.
Streamlined Decision-Making: Regional banks have fewer layers of bureaucracy, allowing for faster responses to customer needs and quicker problem resolution.
It’s important to assess your specific banking requirements and weigh the benefits of regional banks against the services and convenience offered by larger institutions to make the best choice for your financial needs.
The Best Banks in Maryland
Here are the top 16 banks in Maryland for 2023:
Chase offers robust welcome offers, with the opportunity to earn up to $200 when opening a Chase Total Checking® account. With thousands of branches and ATMs nationwide, Chase provides convenient access to your funds either in-person or through their mobile app.
2. First Citizens Bank
With a range of accounts and services, First Citizens Bank remains family-owned and operated. Their comprehensive banking experience includes free checking accounts and paperless communication options.
3. APG Federal Credit Union
APG Federal Credit Union offers checking and savings accounts, along with a referral program that rewards you for bringing in new customers. Their High Yield Checking account allows you to earn up to 3.25% APY, provided you maintain a balance of $10,000 or more.
Aspiration stands out as an online-only bank that lets you pay what you think is a fair monthly fee. They offer a range of benefits, from FDIC insurance to cashback on purchases, with the option to earn up to 3% APY on your first $10,000.
5. First National Bank
First National Bank provides a variety of checking accounts and other services, catering to different banking needs. From Freestyle Checking to Premierstyle Checking, they have options for every individual.
6. Bank of America
Bank of America offers a range of promotions and services, including loans, savings accounts, credit cards, and checking accounts. Their savings account allows you to earn up to 0.04% APY, with options to waive the monthly maintenance fee.
7. Educational Systems Federal Credit Union
Educational Systems Federal Credit Union provides various accounts and loans, catering to students and educators. Their Dividend Checking account allows you to earn up to 0.05% APY.
8. Freedom Federal Credit Union
Freedom Federal Credit Union offers checking and savings accounts, along with a range of loans. As a member, you can also access financial education courses and seminars to enhance your knowledge.
9. Harco Federal Credit Union
Harco Federal Credit Union provides a personal free full-service checking account that comes with a $100 bonus. With no monthly fees or minimum balance requirements, this account offers flexibility and convenience.
HSBC’s Choice Checking account offers a variety of benefits, including the opportunity to waive the monthly fee and earn up to $475 as a new customer. They also offer international banking services and a range of credit card options.
11. Northwest Bank
Northwest Bank offers a $160 bonus for opening an Affinity Checking account and provides a range of other banking services, including loans and credit cards. Their online tools make banking on the go easy.
12. PNC Bank
PNC Bank offers a wide range of financial products and services, including Virtual Wallet accounts. While they do not offer free accounts, Relationship Rates allow you to earn up to 0.03% APY on savings.
13. TD Bank
TD Bank offers various checking accounts, savings accounts, and credit cards. Opening a TD Essential Banking account can earn you $300 when you meet certain requirements.
14. Truist Bank
Truist Bank provides checking and savings accounts, along with insurance, loans, mortgages, and investment accounts. Their Truist One Checking account comes with no overdraft fees and offers rewards.
15. Wells Fargo
Wells Fargo, one of the largest banks in the U.S., offers a comprehensive range of banking services. With numerous branches and ATMs across Maryland, they provide convenience and accessibility.
16. Atlantic Union Bank
Atlantic Union Bank, while mainly based in Virginia, offers personal, commercial, wealth, and business accounts in Maryland. Their checking accounts come with a variety of features, and their savings accounts offer high APY rates.
Trade Your Old Bank Account for the Best Banks in Maryland
Now that you’re armed with information about the best banks in Maryland, it’s time to make a change. Whether you’re looking for personalized service, better interest rates, or a bank committed to giving back to the community, there’s a regional bank in Maryland that can meet your needs. Share this article with friends and family who may also benefit from opening an account with one of the best banks in Maryland. Happy banking!