Money market accounts present a way for you to accelerate interest-earning through high annual percentage yields (APYs).
Banks in Maryland offer a wide variety of money market accounts to the residents. The challenge is to choose one that is best suited for your needs. The first consideration is usually the APY. The higher the APY, the higher the rate of return for your savings. It is important to note that some banks offer tiered interest rates, i.e., the higher your balance, the higher the APY.
Another factor to consider is the minimum account requirements. Most money market accounts with a high APY typically have a higher minimum balance requirement or higher initial minimum deposit. Aim at finding an account with the best combination of high APY with low fees and minimum requirements.
Ease of access is also a characteristic offered by most banks. Find an account that offers a debit card, check-writing capabilities, online or mobile access. Shop around and compare the available options before making a choice.
We reviewed some of the available options and came up with our top picks for the best money market accounts in Maryland. Use our recommendations to find the most suitable fit for you today.
This is a great money market account which acts like a checking account in some aspects.
It comes with a debit card and check writing privileges but be careful not to go over the monthly limit of 6 transactions. Per transaction above the limit will be expensive, around $10 per transaction.
This money market account comes with a low intial deposit of $100 to open the account and comes with no monthly fees. Interest is compounded daily and paid monthly.
You'll earn the current APY rate regardless the amount you deposit in the account - there is no tiered system.
