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Best Money Market Accounts in Maryland of November 2022

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.

Access to a debit card

0.25%

Est. APY

$0

Min. To Earn APY

Overview

Axos offers no monthly fees and no minimum balance requirement but requires $1,000 to open the account which you can take out after opening.

What we like

  • No monthly fees
  • Access to debit card
  • Access to check writing

What we don't

  • No physical branch
  • $1,000 to open account

Schedule payments with Bill Pay

1.55%

Est. APY

$0

Min. To Earn APY

Overview

Build your savings with an above-average APY.

What we like

  • No monthly fees
  • FDIC Insured
  • Bill Pay feature

What we don't

  • Online banking only
  • Excess transaction fees
  • Overdraft fee

Interest compounded daily

3.00%

Est. APY

$0

Min. To Earn APY

Overview

Quontic provides a money market account that offers a competitive interest rate, which accrues daily. Also, customers can receive a debit card for the account.  

What we like

  • Competitive interest rate
  • Interest compounded daily
  • Debit card available

What we don't

  • Transfer and withdrawal limits

Fee-free access to ATMs

3.83%

Est. APY

$0

Min. To Earn APY

Overview

UFB Money Market Account comes with a debit card (you must request it) and allows fee-free access to any ATM within the US. 

What we like

  • Access to ATMs
  • High APY
  • No minimum balance requirements
  • Compliementary debit card

What we don't

  • $5,000 minimum to avoid monthly fees
  • No physical branches