High-yield savings accounts offer an excellent avenue to grow wealth, with significantly higher returns than traditional ones. Some of these accounts provide annual percentage yields of over 5%, surpassing the 0.45% offered by conventional savings accounts. Such accounts are ideal for building an emergency fund, saving for a wedding, a dream vacation, or a downpayment for a new home. Here’s what you need to know about high-yield savings account in Maryland.
10 High-Yield Savings Account in Maryland
Several banks and credit unions offer high-yield savings accounts with competitive annual percentage yields in Maryland. In this blog, we highlight ten such accounts, detailing their APYs, monthly fees, pros, and cons to help you make an informed decision. From established banks to mobile-only options, there’s a high-yield savings account for every saver.
Beem
Beem is a wallet app that provides its users with various financial services. Although Beem does not offer high-yield savings accounts alone, its platform offers multiple high-yield savings accounts from banks and financial institutions offering competitive APYs. You can compare them to find the one that suits your needs.
| APY Rate | Up to 5.00% |
| Monthly Fees | None. |
| Pros | High-interest rate compared to the national average. No setup, hidden, or annual fees. FDIC-insured up to $250,000 per depositor. Seamless online banking experience. Easy access via online transfers, ATMs, and checks. Encourages regular savings with consistent deposits. Secure and low-risk growth. |
| Cons | Minimum balance requirements may apply. Interest earned is taxable. |
Ally Bank
The Ally Bank High Yield Savings Account offers a competitive 4.20% APY across all balance tiers, helping your money grow faster with no monthly maintenance fees. Smart savings tools, such as savings buckets and boosters, make organizing and maximizing your savings easier.
| APY Rate | 4.20%. |
| Monthly Fees | None. |
| Pros | High, competitive interest rate. Smart savings tools like buckets and boosters. No minimum opening deposit. No fees for overdraft items, ACH transfers, incoming wires, or excessive transactions. |
| Cons | Expedited delivery fee ($15). Outgoing domestic wires fee ($20). Account research fee ($25 per hour). |
Bank of America
The Bank of America Advantage Savings account offers a minimal 0.01% APY, with slightly better rates available for Preferred Rewards members. These rates are lower than online-only institutions. The account comes with a monthly fee of $8, waived for the first six months, with several ways to avoid it.
| APY Rate | 0.01%. |
| Monthly Fees | $8, waived for the first six months. |
| Pros | Waivers available for monthly fees. Better rates for Preferred Rewards members. Large, well-established bank with numerous branches. |
| Cons | Very low APY compared to online banks. Monthly fee if criteria not met. Minimum opening deposit required ($100). |
CIT Bank
CIT Bank offers an attractive option for customers seeking high-yield savings accounts and certificates of deposit with above-average yields. An online bank, it provides competitive interest rates and a fee-friendly environment, though it requires users to be comfortable with online-only banking. The bank also offers an interest-bearing checking account and reimburses ATM fees up to $30 monthly.
| APY Rate | Varies with account. |
| Monthly Fees | None. |
| Pros | Competitive yields on savings and some CDs. No monthly fees for any accounts. Interest-bearing checking account. Up to $30 in ATM fee reimbursements per month. |
| Cons | Some CD rates are below the national average.No physical branches. |
M&T Bank
The M&T Premium Savings Account offers a flexible and accessible way to grow your savings. With no minimum opening balance and competitive interest rates, this account helps you manage your money easily while earning interest. The account also provides online and mobile banking, ensuring convenient access and management of your funds.
| APY Rate | Competitive. |
| Monthly Fees | $20, waived if conditions are met. |
| Pros | No minimum opening balance. Competitive interest rate. Easy access via online and mobile banking. FDIC-insured deposits. Overdraft protection for linked M&T checking accounts. |
| Cons | $20 monthly fee if balance or account requirements are not met. |
TD BANK
The TD High-Interest Savings Account offers a high interest rate on balances of $5,000 or more, helping you reach your savings goals faster. With no monthly fee and waived transaction fees for maintaining a balance of $25,000, it provides a convenient and cost-effective way to grow your savings.
| APY Rate | The high-interest rate on balances of $5,000+. |
| Monthly Fees | None, if the minimum balance is maintained. |
| Pros | No monthly fee with a $25,000 balance. Automated savings options. Flexible management (online, in-branch, mobile). Free paperless statements. |
| Cons | $25,000 minimum balance to avoid fees. $5 transaction fee if the balance requirement isn’t met. Non-TD ATM and foreign ATM fees. |
PNC Bank
The PNC High Yield Savings Account is a good choice for those looking to maximize their savings, with an APY of 4.65%. This account, part of PNC’s Virtual Wallet package, offers nil minimum deposit requirement and monthly service fees. However, it includes a limit of six free monthly transfers, with fees applied afterward.
| APY Rate | 4.65%. |
| Monthly Fees | Nil. |
| Pros | No minimum deposit. Large ATM network. Full-service banking options. In-person branches in some states. |
| Cons | Monthly fees may apply to other accounts. Poor mobile app ratings. Availability varies by ZIP code. Limited number of free monthly withdrawals. |
Milli Bank
Milli Bank, a First National Bank of Omaha division, offers a mobile-only banking experience with a high-yield savings account boasting an impressive 4.75% APY. It provides banking without monthly fees, minimum balance requirements, or overdraft fees, making it an attractive option for tech-savvy savers.
| APY Rate | 4.75%. |
| Monthly Fees | Nil. |
| Pros | High APY. No monthly or overdraft fees. No minimum deposit or balance. Automated savings tools. Access to over 55,000 Allpoint ATMs. |
| Cons | Mobile app access only. No physical branches. No paper checks, mobile check deposits, or bill payment services. |
Brio Direct
BrioDirect, the online division of Webster Bank, offers a high-yield savings account with competitive interest rates and no monthly maintenance fees. While its savings account rates are among the best, BrioDirect lacks checking and money market accounts, with average CD rates.
| APY Rate | Competitive (specific rate not provided). |
| Monthly Fees | Nil. |
| Pros | High APY. No monthly maintenance fees. Short CD terms available. |
| Cons | No checking or money market accounts. Average to below-average CD rates. High $5,000 minimum opening deposit. No physical branches. |
MECU Credit Union
MECU Credit Union offers a high-yield savings account with competitive interest rates. With an APY of 0.55% on balances up to $20,000 and 0.25% on portions over $20,000, this account requires a minimum initial deposit of $5. While MECU Credit Union lacks physical branches, it offers consumer-friendly rates, and valuable member benefits.
| APY Rate | Up to 0.55%. |
| Monthly Fees | None. |
| Pros | Competitive APY. No monthly fees. Commitment to community. Consumer-friendly rates and loans. |
| Cons | No physical branches. A RealSaver account requires a linked checking account. Limited access for non-local members. |
Conclusion
Maryland residents have various options, ranging from innovative, mobile-only banks like Milli Bank to well-known institutions like PNC Bank and Ally Bank. Each has special advantages, like competitive APYs, no monthly costs, and easy-to-use features. Traditional banks offer stability and physical branches, whereas credit unions and banks that solely accept mobile deposits, such as MECU, and BrioDirect, provide better rates and are less expensive. Explore the Beem app to compare the latest and best high-yield savings accounts that align with your priorities.
Read Related Article: High-yield savings account in Vermont.
FAQs
How do I open a high-yield savings account in Maryland?
Opening a high-yield savings account in Maryland is straightforward. Choose a bank or credit union that offers competitive rates, visit their website or local branch, and complete the application process. You’ll need personal identification, proof of address, and initial deposit details if required.
Are high-yield savings accounts in Maryland insured?
How do I open a high-yield savings account in Maryland?
Opening a high-yield savings account in Maryland is straightforward. Choose a bank or credit union that offers competitive rates, visit their website or local branch, and complete the application process. You’ll need personal identification, proof of address, and initial deposit details if required.
What are the minimum balance requirements for high-yield savings accounts in Maryland?
Minimum balance requirements for high-yield savings accounts in Maryland vary by institution. Some banks and credit unions offer accounts without minimum balance requirements, while others may require a minimum balance to earn interest or avoid fees. It’s essential to check specific account details before opening.
