Best Savings Accounts in Maryland of December 2021

Victoria Daniel

Maryland has over 80 banks operating in the state. These banks provide a wide variety of high-yield savings accounts. Whether you prefer online or brick-and-mortar banking options, there is an account for you. 

High-yield savings accounts are an excellent place for savings towards achieving your financial goals, especially when you don’t want to risk losing money with high-risk investments. For example, if you are saving towards building an emergency fund, the high APY can help increase your funds faster, helping you achieve your goal in a short period.

When shopping around for a high-yield savings account, apart from the APY, consider account fees, minimum requirements, safety, digital experiences, among others. The goal is to find an account with the best combination of features that will be best suited for your financial needs.

Take a look at our review of some of the Best Savings Accounts in Maryland, and choose one that will best help you take advantage of higher APY and features best suited to your financial needs.

Axos Bank High Yield Savings Account

axos bank logo

$0

Monthly Fee

$250

Min. To Open

0.60%

Est. APY

Overview

This savings account will provide a flat APY regardless of your balance, and you won't worry about monthly fees. A great perk with this account is you can request a free ATM card.

What we like

  • No monthly fees
  • Interest compounded daily
  • Free ATM card

What we don't

  • No physical branch
  • No sign up bonus
  • No rate tier, APY same regardless of balance

APY ranges

Range APY
$0.01+ 0.60%

Account Fees & Information

  • Monthly Fee$0
  • Min. To Open$250
  • Min. Deposit For No Fee$0
  • CompoundedDaily
  • State RestrictionsNone

ATM & Debit Card

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

CIT Bank Savings Account

cit bank logo

$0

Monthly Fee

$100

Min. To Open

0.45%

Est. APY

Overview

This savings builder account is unique where you need to deposit $100 a month to get the highest APY. If you don't deposit $100+ a month, then you need to maintain $25,000 in the account.

If you don't do either, you won't receive the higher end APY. It's best to go by depositing $100 a month because you will have accumulated a significant balance in a few years without realizing it.

What we like

  • No monthly fees
  • Deposit $100 a month to receive higher APY
  • One of the top APYs around

What we don't

  • No sign up bonuses
  • No physical branch locations
  • No ATM card

APY ranges

Range APY
$1 - $24,999.99 0.30%
$25,000+ 0.45%

Account Fees & Information

  • Monthly Fee$0
  • Min. To Open$100
  • Min. Deposit For No Fee$0
  • CompoundedDaily
  • State RestrictionsNone

ATM & Debit Card

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