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Maryland Savings Rates

If you have your savings dollars in a big bank or a bank with low savings rates, then you are losing money. We've found FDIC insured banks that will pay you more. Take a few minutes to explore the options below and see how you can boost your savings by more than 6X the national average rate. There is competition for your money. Take advantage of it!

MD - February 7, 2016

Savings Account National Average Rate: 0.12% ?

BANKS APY Vs. Nat'l Av. MIN MILES ?
Capital One, National Association 1.10% 9.02x $10,001 -
Branch Banking and Trust Company 0.65% 5.33x $50 -
CFG Community Bank 0.54% 4.43x $25,000 -
BlueRidge Bank 0.50% 4.10x $25,000 -
Midstate Community Bank 0.50% 4.10x $2,500 -
CFG Community Bank 0.50% 4.10x $1,000 -
BlueRidge Bank 0.40% 3.28x $5,000 -
Beal Bank USA 0.40% 3.28x $25,000 -
John Marshall Bank 0.40% 3.28x $25,001 -
Midstate Community Bank 0.40% 3.28x $25 -
Capital One, National Association 0.40% 3.28x $1,000,001 -
Virginia Partners Bank 0.40% 3.28x $100 -
The Farmers Bank of Willards 0.35% 2.87x $25,000 -
North Arundel Savings Bank, FSB 0.35% 2.87x $25,000 -
The Harbor Bank of Maryland 0.35% 2.87x $25,000 -
The Harbor Bank of Maryland 0.30% 2.46x $2,500 -
North Arundel Savings Bank, FSB 0.30% 2.46x $2,500 -
Presidential Bank, FSB 0.30% 2.46x $10,000 -
John Marshall Bank 0.30% 2.46x $2,501 -
BlueRidge Bank 0.30% 2.46x $1 -
Severn Savings Bank, FSB 0.30% 2.46x $25,000 -
Presidential Bank, FSB 0.25% 2.05x $1,000 -
United Bank 0.25% 2.05x $15,000 -
Farmers and Merchants Bank 0.25% 2.05x $25,000 -
Howard Bank 0.25% 2.05x $10,000 -
Beal Bank USA 0.25% 2.05x $500 -
SONABANK 0.25% 2.05x $10 -
North Arundel Savings Bank, FSB 0.25% 2.05x $50 -
MONUMENT BANK 0.25% 2.05x $25,000 -
Congressional Bank 0.25% 2.05x $25,000 -
Capital Bank, National Association 0.25% 2.05x $25,000 -
Rosedale Federal Savings and Loan Association 0.25% 2.05x $2,500 -
The Harbor Bank of Maryland 0.25% 2.05x $15,000 -
CFG Community Bank 0.25% 2.05x $25,000 -
WashingtonFirst Bank 0.25% 2.05x $25,000 -
Bay-Vanguard Federal Savings Bank 0.25% 2.05x $25,000 -
Virginia Partners Bank 0.25% 2.05x $25,000 -
Cardinal Bank 0.21% 1.72x $25,000 -
The Harbor Bank of Maryland 0.20% 1.64x $2,500 -
Congressional Bank 0.20% 1.64x $100 -
Revere Bank 0.20% 1.64x $25,000 -
Somerset Trust Company 0.20% 1.64x $1 -
The Farmers Bank of Willards 0.20% 1.64x $100 -
Community Bank of the Chesapeake 0.20% 1.64x $25,000 -
Northwest Bank 0.20% 1.64x $10,000 -
TD Bank, National Association 0.20% 1.64x $25,000 -
First Mariner Bank 0.20% 1.64x $20,000 -
Virginia Partners Bank 0.20% 1.64x $10,000 -
John Marshall Bank 0.20% 1.64x $1 -
Frederick County Bank 0.20% 1.64x $25,000 -
Hopkins Federal Savings Bank 0.20% 1.64x $100 -
Severn Savings Bank, FSB 0.20% 1.64x $200 -
Cathay Bank 0.20% 1.64x $25,000 -
Beal Bank USA 0.20% 1.64x $1,000 -
Bay-Vanguard Federal Savings Bank 0.20% 1.64x $10,000 -
Essex Bank 0.20% 1.64x $25,000 -
Old Line Bank 0.20% 1.64x $25,000 -
Bank of Hampton Roads 0.20% 1.64x $25,000 -
Bay Bank, FSB 0.20% 1.64x $20,000 -
Bank of Georgetown 0.20% 1.64x $25,000 -
Orrstown Bank 0.20% 1.64x $20,000 -
Middletown Valley Bank 0.20% 1.64x $25,000 -
The Bank of Delmarva 0.18% 1.48x $25,000 -
SONABANK 0.15% 1.23x $1,000 -
Somerset Trust Company 0.15% 1.23x $250 -
Carroll Community Bank 0.15% 1.23x $25,000 -
Bank of Georgetown 0.15% 1.23x $2,500 -
County First Bank 0.15% 1.23x $25,000 -
Colombo Bank 0.15% 1.23x $25,000 -
Cathay Bank 0.15% 1.23x $10,000 -
Howard Bank 0.15% 1.23x $1,000 -
First Mariner Bank 0.15% 1.23x $200 -
Essex Bank 0.15% 1.23x $5,000 -
The Bank of Delmarva 0.15% 1.23x $1 -
MONUMENT BANK 0.15% 1.23x $10,000 -
EagleBank 0.15% 1.23x $10,000 -
Congressional Bank 0.15% 1.23x $500 -
CFG Community Bank 0.15% 1.23x $1,000 -
Community Bank of the Chesapeake 0.15% 1.23x $10,000 -
The Harbor Bank of Maryland 0.15% 1.23x $1 -
Industrial Bank 0.15% 1.23x $10,000 -
TD Bank, National Association 0.15% 1.23x $10,000 -
First Shore Federal Savings and Loan Association 0.15% 1.23x $200 -
Bay-Vanguard Federal Savings Bank 0.15% 1.23x $2,500 -
Farmers and Merchants Bank 0.15% 1.23x $10,000 -
Middletown Valley Bank 0.15% 1.23x $10,000 -
WashingtonFirst Bank 0.15% 1.23x $1 -
National Penn Bank 0.15% 1.23x $10,000 -
Capital Bank, National Association 0.15% 1.23x $100 -
Orrstown Bank 0.15% 1.23x $250 -
The Talbot Bank of Easton, Maryland 0.15% 1.23x $25,000 -
Cardinal Bank 0.15% 1.23x $1 -
Miners & Merchants Bank 0.15% 1.23x $1 -
Virginia Partners Bank 0.15% 1.23x $1 -
Clear Mountain Bank 0.14% 1.15x $25,000 -
Arundel Federal Savings Bank 0.13% 1.07x $1,000 -
Cecil Bank 0.13% 1.07x $2,501 -
Revere Bank 0.12% 0.98x $10,000 -
Harford Bank 0.12% 0.98x $20,000 -
Farmers and Merchants Bank 0.12% 0.98x $2,500 -
Fraternity Federal Savings and Loan Association 0.12% 0.98x $1 -
The Peoples Bank 0.12% 0.98x $10,000 -
Damascus Community Bank 0.12% 0.98x $25,000 -
Community Bank of the Chesapeake 0.12% 0.98x $2,500 -
Provident State Bank, Inc. 0.11% 0.90x $25 -
PNC Bank, National Association 0.11% 0.90x $25,000 -
CNB 0.10% 0.82x $1 -
Carroll Community Bank 0.10% 0.82x $10,000 -
First Shore Federal Savings and Loan Association 0.10% 0.82x $2,500 -
Industrial Bank 0.10% 0.82x $1 -
Farmers and Merchants Bank 0.10% 0.82x $5 -
Cardinal Bank 0.10% 0.82x $1 -
First Mariner Bank 0.10% 0.82x $1,000 -
Bay-Vanguard Federal Savings Bank 0.10% 0.82x $50 -
Standard Bank, PaSB 0.10% 0.82x $20,000 -
United Bank 0.10% 0.82x $2,500 -
Clear Mountain Bank 0.10% 0.82x $1,000 -
Cathay Bank 0.10% 0.82x $1 -
Howard Bank 0.10% 0.82x $1 -
Calvin B. Taylor Banking Company of Berlin, Maryland 0.10% 0.82x $1 -
Hebron Savings Bank 0.10% 0.82x $25 -
The Peoples Bank 0.10% 0.82x $1 -
The Queenstown Bank of Maryland 0.10% 0.82x $20 -
Community Bank of the Chesapeake 0.10% 0.82x $1 -
Capital One, National Association 0.10% 0.82x $1 -
Essex Bank 0.10% 0.82x $1,000 -
MONUMENT BANK 0.10% 0.82x $1 -
EagleBank 0.10% 0.82x $2,500 -
Congressional Bank 0.10% 0.82x $1,000 -
Capital Bank, National Association 0.10% 0.82x $1,000 -
Colombo Bank 0.10% 0.82x $2,000 -
Fraternity Federal Savings and Loan Association 0.10% 0.82x $50 -
Chesapeake Bank of Maryland 0.10% 0.82x $25,000 -
Northwest Bank 0.10% 0.82x $100 -
Rosedale Federal Savings and Loan Association 0.10% 0.82x $100 -
BlueRidge Bank 0.10% 0.82x $100 -
The Columbia Bank 0.10% 0.82x $1,000 -
Woodsboro Bank 0.10% 0.82x $25,000 -
Bay Bank, FSB 0.10% 0.82x $1 -
CFG Community Bank 0.10% 0.82x $1,000 -
Jefferson Security Bank 0.10% 0.82x $25,000 -
Madison Bank of Maryland 0.10% 0.82x $25 -
Miners & Merchants Bank 0.10% 0.82x $5,000 -
Hamilton Bank 0.10% 0.82x $25 -
County First Bank 0.10% 0.82x $100 -
PeoplesBank, a Codorus Valley Company 0.10% 0.82x $25 -
CNB Bank, Inc. 0.10% 0.82x $25,000 -
The Talbot Bank of Easton, Maryland 0.10% 0.82x $5,000 -
National Penn Bank 0.10% 0.82x $10,000 -
Old Line Bank 0.10% 0.82x $5,000 -
Orrstown Bank 0.10% 0.82x $1,000 -
Bank of Hampton Roads 0.10% 0.82x $1,000 -
Citibank, National Association 0.10% 0.82x $25,000 -
New Windsor State Bank 0.10% 0.82x $25,000 -
Bank of Georgetown 0.10% 0.82x $2,500 -
Arundel Federal Savings Bank 0.10% 0.82x $50 -
Provident State Bank, Inc. 0.09% 0.74x $1,000 -
PNC Bank, National Association 0.09% 0.74x $10,000 -
Harford Bank 0.08% 0.66x $1 -
Clear Mountain Bank 0.08% 0.66x $1 -
Revere Bank 0.08% 0.66x $1 -
National Penn Bank 0.08% 0.66x $1 -
Arundel Federal Savings Bank 0.07% 0.57x $1,000 -
Cecil Bank 0.07% 0.57x $10 -
Damascus Community Bank 0.07% 0.57x $10,000 -
New Windsor State Bank 0.07% 0.57x $10,000 -
First United Bank & Trust 0.07% 0.57x $10,000 -
The Talbot Bank of Easton, Maryland 0.06% 0.49x $1,500 -
TD Bank, National Association 0.05% 0.41x $1 -
Bank of Hampton Roads 0.05% 0.41x $100 -
United Bank 0.05% 0.41x $1 -
Eastern Savings Bank, FSB 0.05% 0.41x $1,000 -
Revere Bank 0.05% 0.41x $1 -
Bay Bank, FSB 0.05% 0.41x $1 -
United Bank 0.05% 0.41x $1 -
CNB Bank, Inc. 0.05% 0.41x $1,000 -
New Windsor State Bank 0.05% 0.41x $25 -
1880 Bank 0.05% 0.41x $1 -
First National Bank of Pennsylvania 0.05% 0.41x $25,000 -
The Bank of Glen Burnie 0.05% 0.41x $100 -
EagleBank 0.05% 0.41x $1 -
Chesapeake Bank of Maryland 0.05% 0.41x $100 -
Carroll Community Bank 0.05% 0.41x $1 -
Sandy Spring Bank 0.05% 0.41x $1 -
Branch Banking and Trust Company 0.05% 0.41x $10,000 -
Woodsboro Bank 0.05% 0.41x $200 -
Standard Bank, PaSB 0.05% 0.41x $100 -
Manufacturers and Traders Trust Company 0.05% 0.41x $25,000 -
First United Bank & Trust 0.05% 0.41x $50 -
Old Line Bank 0.05% 0.41x $1 -
Citibank, National Association 0.05% 0.41x $10,000 -
First Shore Federal Savings and Loan Association 0.05% 0.41x $2,500 -
Woodforest National Bank 0.05% 0.41x $1 -
Jefferson Security Bank 0.05% 0.41x $50 -
Colombo Bank 0.05% 0.41x $50 -
Middletown Valley Bank 0.05% 0.41x $50 -
First National Bank of Pennsylvania 0.04% 0.33x $1 -
The Columbia Bank 0.04% 0.33x $10,000 -
First National Bank of Pennsylvania 0.03% 0.25x $2,500 -
Sandy Spring Bank 0.03% 0.25x $2,500 -
Damascus Community Bank 0.03% 0.25x $1 -
Frederick County Bank 0.03% 0.25x $1 -
Bank of America, National Association 0.03% 0.25x $1 -
Branch Banking and Trust Company 0.03% 0.25x $1,000 -
Manufacturers and Traders Trust Company 0.03% 0.25x $2,500 -
The Talbot Bank of Easton, Maryland 0.03% 0.25x $50 -
First United Bank & Trust 0.03% 0.25x $1 -
WashingtonFirst Bank 0.03% 0.25x $1 -
Wells Fargo Bank, National Association 0.03% 0.25x $1 -
PNC Bank, National Association 0.03% 0.25x $1 -
CNB Bank, Inc. 0.03% 0.25x $50 -
Branch Banking and Trust Company 0.02% 0.16x $1 -
Chesapeake Bank of Maryland 0.02% 0.16x $1,000 -
The Columbia Bank 0.02% 0.16x $100 -
Manufacturers and Traders Trust Company 0.02% 0.16x $1 -
SunTrust Bank 0.01% 0.08x $1 -
Wells Fargo Bank, National Association 0.01% 0.08x $2,500 -
Bank of America, National Association 0.01% 0.08x $1 -
HSBC Bank USA, National Association 0.01% 0.08x $100 -
Citibank, National Association 0.01% 0.08x $1 -
PNC Bank, National Association 0.01% 0.08x $2,500 -


BestCashCow strives to maintain the most accurate rates. If you find a rate that is not accurate, please let us know by commenting below so that we can update it. Thank you for your help.

Local Savings Rates

Savings accounts offer depositors flexibility along with the stability of FDIC insurance (when deposit amounts are within FDIC limits). Savings accounts are a good place for money that is needed in the next 6-18 months and that the depositor wants to keep safe. Individuals often use savings accounts for a home downpayment, a vacation, a wedding, a car, an emergency fund, or other near-term expenditures.

While online savings account have grown in popularity over the past ten years, some consumers prefer opening an account in a branch and having a personal relationship with the people who safeguard their money. Physical branches also provide an easy way to get cash instantly, to deposit checks and access to notaries and coffee and donuts.

You will find a map with all banks that are close to you here.

Advantages:

· Higher interest rate than a checking account, usually.

· Personal service and interaction. Unlike an online account you are building a relationship with your banker by opening it in a branch.

· Online access. Often, depending on the size of the bank, good online banking functionality.

· Liquidity. Depositors can withdraw their money at any time.

Disadvantages:

· A variable interest rate. Rates can change at any time. In a falling rate environment, this is a negative. In a rising rate environment, this is a positive.

· A lower rate than an online bank. Branches are expensive and non-online banks often can't afford to pay as much interest as an online bank.

BestCashCow strongly recommends that when depositing money, you stay within FDIC insured limits. If you are considering depositing over $250,000 at a single bank across products (share certificates, time deposits, etc.) or across types of ownership (individual, joint, etc.) you should visit the FDIC's website to determine your coverage limits based on your circumstances.

  • george koshefsky

    April 21, 2015

    Where is the list of the worst online banks to bank with or the States to avoid

  • ctyank January 19, 2015

    January 19, 2015

    Liberty Bank...Hamden, CT...new branch opening...special savings rate, 1.50% up to $100,000.00 through 2016...do not beleive it is available to om-line customer(s)...checking account linked, free...

  • Sol @ Travis

    September 29, 2013

    @ Travis

    In many cases we do provide this information. For example, the Belmont Savings Bank rate you list above comes with a clear disclaimer if you click the Learn more button. We're always trying to improve though and will certainly continue to gather additional information. Thanks for your comment.

  • Travis MacDonald

    September 29, 2013

    I find the numbers decieving. Some of your banks listed with the highest APR have many restrictions and requirements. I feel that these should be listed on your site in the "details" section to avoid any "bait-and-switch" claims. For instance, Belmont Savings Bank in Belmont, MA is listed as having a 1.00% APR, but the savings account requires a companion checking account with a daily average balance of 250,000. Another example is Salen Five cents Bank under the online banks. The account listed is not available on their website. When I inquired about it, they told me that particular savings product was reserved as an add-on for accounts with daily balances in excess of $10,000. It seems alot of research went into the details pages in terms of company financials and whatnot. Seems like a little more research could be done on the savings and checking products themselves.

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Add Your Comment

 

Why do savings rates vary so much?


Even though rates are at levels that are historically very low, there is competition for your money. Like any active marketplace, there are buyers and sellers of goods and services at different prices.

Online banks offer higher savings and CD rates because they have lower expenses from not having to maintain brick-and-mortar locations, but you should also check rates at local banks and credit unions using the tabs above.

What is the difference between a savings account and a money market account?


The differences between a savings account and a money market account are largely arcane. Some money market accounts offer more ways access deposits by issuing checks and debit cards, but prudent consumers will compare the two interchangeably, focusing primarily on rates and service among FDIC-insured banks (or NCUA-insured, for credit unions). Consumers who maximize their use of online savings and money market accounts access these accounts through ACH transfers that are easily set up on the online bank’s website so the additional ways to access deposits that money market accounts offer are rarely valuable.

What does annual percentage yield (APY) mean?


Savings rates are displayed in terms of APY to indicate the effective annual-interest return, including the compounding of interest, of the course of a single year. $100,000 deposited in a savings or CD account with a 1.20% APY will earn $1,200 in the course of the year, but monthly interest in the first few months may be less than $100 a month (this also depends on the number of days in the month). Hence, the APY rate is ordinarily a couple of basis points above the real interest rates. Unlike with a CD, your actual APY in a savings may vary if the rate changes.

How do I choose the right savings account and should I consider CDs?


Begin your search with the table here on BestCashCow.com that you have found. In addition to checking online savings rates, you should also check local bank rates and local credit union rates. If you are unlikely to require access to your cash for some time, you may also consider certificates of deposit (CDs). While CDs have penalties for early withdrawal that may even eat into your principal, the rates on 2, 3, 4 and 5 year CDs are ordinarily significantly higher than savings rates. Several other sections and articles on BestCashCow can also help you to identify your proper cash allocation between savings and CDs. Access these below. You should also familiarize yourself with our Savings Booster Calculator in order to understand the importance of compounding interest at higher rates on your savings over time.