Best Money Market Accounts in Maryland of May 2021

Mary Gilman

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.

Axos Bank High Yield Money Market Account

axos bank logo

$0

Monthly Fee

$1000

Min. To Open

0.60%

Est. APY

Overview

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.

What we like

  • Reimburses domestic ATM fees twice a month
  • Interest compounded daily
  • Debit card and check writing allowed

What we don't

  • No physical branch
  • $1,000 to open account
  • 6 Monthly Transaction Limit

Account Fees & Information

  • Monthly Fee$0
  • Min. To Open$1000
  • Min. Deposit For No Fee$0
  • Overdraft Fee$25
  • InsuredFDIC
  • State RestrictionsNone

ATM & Limits

  • Monthly Transaction Limits6
  • Excessive Transaction Fee$10+
  • ATM FeesDepends on ATM
  • Check WritingAllowed
  • Debit Card UseAllowed

CIT Bank Money Market Account

cit bank logo

$0

Monthly Fee

$100

Min. To Open

0.50%

Est. APY

Overview

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.

What we like

  • No monthly fees
  • $100 to open
  • Zelle & Paypal available

What we don't

  • No check writing
  • No physical branch locations
  • No tier for higher APY

Account Fees & Information

  • Monthly Fee$0
  • Min. To Open$100
  • Min. Deposit For No Fee$0
  • Overdraft Fee$25
  • InsuredFDIC
  • State RestrictionsNone

ATM & Limits

  • Monthly Transaction Limits6
  • Excessive Transaction Fee$10+
  • ATM FeesDepends on ATM
  • Check WritingN/A
  • Debit Card UseAllowed