You are viewing savings rates across Maryland

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 - May 29, 2016

Savings Account National Average Rate: 0.12% ?

BANKS APY Vs. Nat'l Av. MIN MILES ?
Capital One, National Association 0.80% 6.61x $10,001 -
CFG Community Bank 0.54% 4.46x $25,000 -
Midstate Community Bank 0.50% 4.13x $2,500 -
CFG Community Bank 0.50% 4.13x $1,000 -
SONABANK 0.50% 4.13x $1,000 -
Revere Bank 0.50% 4.13x $25,000 -
Capital One, National Association 0.40% 3.31x $1,000,001 -
Midstate Community Bank 0.40% 3.31x $25 -
Beal Bank USA 0.40% 3.31x $25,000 -
John Marshall Bank 0.40% 3.31x $25,001 -
Revere Bank 0.40% 3.31x $5,000 -
The Harbor Bank of Maryland 0.35% 2.89x $25,000 -
North Arundel Savings Bank, FSB 0.35% 2.89x $25,000 -
The Harbor Bank of Maryland 0.30% 2.48x $2,500 -
North Arundel Savings Bank, FSB 0.30% 2.48x $2,500 -
Presidential Bank, FSB 0.30% 2.48x $10,000 -
John Marshall Bank 0.30% 2.48x $2,501 -
Revere Bank 0.30% 2.48x $1 -
Farmers and Merchants Bank 0.25% 2.07x $25,000 -
United Bank 0.25% 2.07x $15,000 -
Somerset Trust Company 0.25% 2.07x $25,000 -
The Harbor Bank of Maryland 0.25% 2.07x $15,000 -
Rosedale Federal Savings and Loan Association 0.25% 2.07x $2,500 -
North Arundel Savings Bank, FSB 0.25% 2.07x $50 -
Colombo Bank 0.25% 2.07x $25,000 -
Presidential Bank, FSB 0.25% 2.07x $1,000 -
Severn Savings Bank, FSB 0.25% 2.07x $25,000 -
Bay-Vanguard Federal Savings Bank 0.25% 2.07x $25,000 -
CFG Community Bank 0.25% 2.07x $25,000 -
Capital Bank, National Association 0.25% 2.07x $25,000 -
Congressional Bank 0.25% 2.07x $25,000 -
WashingtonFirst Bank 0.25% 2.07x $25,000 -
Howard Bank 0.25% 2.07x $10,000 -
Beal Bank USA 0.25% 2.07x $500 -
MONUMENT BANK 0.25% 2.07x $25,000 -
SONABANK 0.25% 2.07x $10 -
Cardinal Bank 0.21% 1.74x $25,000 -
Orrstown Bank 0.20% 1.65x $20,000 -
The Farmers Bank of Willards 0.20% 1.65x $100 -
Somerset Trust Company 0.20% 1.65x $1 -
Middletown Valley Bank 0.20% 1.65x $25,000 -
TD Bank, National Association 0.20% 1.65x $25,000 -
Cathay Bank 0.20% 1.65x $25,000 -
The Harbor Bank of Maryland 0.20% 1.65x $2,500 -
Bank of Hampton Roads 0.20% 1.65x $25,000 -
Old Line Bank 0.20% 1.65x $25,000 -
Northwest Bank 0.20% 1.65x $10,000 -
Community Bank of the Chesapeake 0.20% 1.65x $25,000 -
Colombo Bank 0.20% 1.65x $10,000 -
Severn Savings Bank, FSB 0.20% 1.65x $200 -
Bay-Vanguard Federal Savings Bank 0.20% 1.65x $10,000 -
Frederick County Bank 0.20% 1.65x $25,000 -
Congressional Bank 0.20% 1.65x $10,000 -
Beal Bank USA 0.20% 1.65x $1,000 -
Bank of Georgetown 0.20% 1.65x $25,000 -
John Marshall Bank 0.20% 1.65x $1 -
Revere Bank 0.20% 1.65x $25,000 -
Virginia Partners Bank 0.20% 1.65x $25,000 -
Bay Bank, FSB 0.20% 1.65x $20,000 -
The Bank of Delmarva 0.18% 1.49x $25,000 -
Orrstown Bank 0.15% 1.24x $250 -
The Talbot Bank of Easton, Maryland 0.15% 1.24x $25,000 -
Farmers and Merchants Bank 0.15% 1.24x $10,000 -
Essex Bank 0.15% 1.24x $25,000 -
The Bank of Delmarva 0.15% 1.24x $1 -
Branch Banking and Trust Company 0.15% 1.24x $10,000 -
Somerset Trust Company 0.15% 1.24x $250 -
Miners & Merchants Bank 0.15% 1.24x $1 -
Middletown Valley Bank 0.15% 1.24x $10,000 -
Industrial Bank 0.15% 1.24x $10,000 -
TD Bank, National Association 0.15% 1.24x $10,000 -
Cathay Bank 0.15% 1.24x $10,000 -
The Harbor Bank of Maryland 0.15% 1.24x $1 -
First Shore Federal Savings and Loan Association 0.15% 1.24x $200 -
Community Bank of the Chesapeake 0.15% 1.24x $10,000 -
First Mariner Bank 0.15% 1.24x $20,000 -
Colombo Bank 0.15% 1.24x $2,000 -
Carroll Community Bank 0.15% 1.24x $25,000 -
Bay-Vanguard Federal Savings Bank 0.15% 1.24x $2,500 -
County First Bank 0.15% 1.24x $25,000 -
CFG Community Bank 0.15% 1.24x $1,000 -
Cardinal Bank 0.15% 1.24x $1 -
EagleBank 0.15% 1.24x $10,000 -
Capital Bank, National Association 0.15% 1.24x $100 -
Congressional Bank 0.15% 1.24x $500 -
WashingtonFirst Bank 0.15% 1.24x $1 -
Howard Bank 0.15% 1.24x $1,000 -
Bank of Georgetown 0.15% 1.24x $2,500 -
MONUMENT BANK 0.15% 1.24x $10,000 -
SONABANK 0.15% 1.24x $1,000 -
Virginia Partners Bank 0.15% 1.24x $1 -
Clear Mountain Bank 0.14% 1.16x $25,000 -
Arundel Federal Savings Bank 0.13% 1.07x $1,000 -
Cecil Bank 0.13% 1.07x $2,501 -
Farmers and Merchants Bank 0.12% 0.99x $2,500 -
The Peoples Bank 0.12% 0.99x $10,000 -
Harford Bank 0.12% 0.99x $20,000 -
Damascus Community Bank 0.12% 0.99x $25,000 -
Community Bank of the Chesapeake 0.12% 0.99x $2,500 -
Revere Bank 0.12% 0.99x $10,000 -
PNC Bank, National Association 0.11% 0.91x $25,000 -
Provident State Bank, Inc. 0.11% 0.91x $25 -
Orrstown Bank 0.10% 0.83x $1,000 -
The Talbot Bank of Easton, Maryland 0.10% 0.83x $5,000 -
Farmers and Merchants Bank 0.10% 0.83x $5 -
Clear Mountain Bank 0.10% 0.83x $1,000 -
Capital One, National Association 0.10% 0.83x $1 -
CNB 0.10% 0.83x $1 -
New Windsor State Bank 0.10% 0.83x $25,000 -
Woodsboro Bank 0.10% 0.83x $25,000 -
Calvin B. Taylor Banking Company of Berlin, Maryland 0.10% 0.83x $1 -
The Farmers Bank of Willards 0.10% 0.83x $1,000 -
Essex Bank 0.10% 0.83x $5,000 -
Hebron Savings Bank 0.10% 0.83x $25 -
The Queenstown Bank of Maryland 0.10% 0.83x $20 -
Branch Banking and Trust Company 0.10% 0.83x $10,000 -
Jefferson Security Bank 0.10% 0.83x $25,000 -
The Peoples Bank 0.10% 0.83x $1 -
Miners & Merchants Bank 0.10% 0.83x $5,000 -
PeoplesBank, a Codorus Valley Company 0.10% 0.83x $25 -
CNB Bank, Inc. 0.10% 0.83x $25,000 -
Industrial Bank 0.10% 0.83x $1 -
Cathay Bank 0.10% 0.83x $1 -
United Bank 0.10% 0.83x $2,500 -
Bank of Hampton Roads 0.10% 0.83x $1,000 -
The Columbia Bank 0.10% 0.83x $1,000 -
Old Line Bank 0.10% 0.83x $5,000 -
Standard Bank, PaSB 0.10% 0.83x $20,000 -
Northwest Bank 0.10% 0.83x $100 -
Hamilton Bank 0.10% 0.83x $25 -
Chesapeake Bank of Maryland 0.10% 0.83x $25,000 -
Arundel Federal Savings Bank 0.10% 0.83x $50 -
Rosedale Federal Savings and Loan Association 0.10% 0.83x $100 -
First Shore Federal Savings and Loan Association 0.10% 0.83x $2,500 -
Community Bank of the Chesapeake 0.10% 0.83x $1 -
First Mariner Bank 0.10% 0.83x $200 -
Madison Bank of Maryland 0.10% 0.83x $25 -
Carroll Community Bank 0.10% 0.83x $10,000 -
Bay-Vanguard Federal Savings Bank 0.10% 0.83x $50 -
County First Bank 0.10% 0.83x $100 -
CFG Community Bank 0.10% 0.83x $1,000 -
Cardinal Bank 0.10% 0.83x $1 -
EagleBank 0.10% 0.83x $2,500 -
Capital Bank, National Association 0.10% 0.83x $1,000 -
Congressional Bank 0.10% 0.83x $2,500 -
Howard Bank 0.10% 0.83x $1 -
Bank of Georgetown 0.10% 0.83x $2,500 -
MONUMENT BANK 0.10% 0.83x $1 -
Revere Bank 0.10% 0.83x $100 -
Bay Bank, FSB 0.10% 0.83x $1 -
PNC Bank, National Association 0.09% 0.74x $10,000 -
Provident State Bank, Inc. 0.09% 0.74x $1,000 -
Clear Mountain Bank 0.08% 0.66x $1 -
Branch Banking and Trust Company 0.08% 0.66x $1 -
Harford Bank 0.08% 0.66x $1 -
Revere Bank 0.08% 0.66x $2,500 -
First United Bank & Trust 0.07% 0.58x $10,000 -
New Windsor State Bank 0.07% 0.58x $10,000 -
Damascus Community Bank 0.07% 0.58x $10,000 -
Arundel Federal Savings Bank 0.07% 0.58x $1,000 -
Cecil Bank 0.07% 0.58x $10 -
The Talbot Bank of Easton, Maryland 0.06% 0.50x $1,500 -
Citibank, National Association 0.06% 0.50x $25,000 -
Manufacturers and Traders Trust Company 0.05% 0.41x $25,000 -
1880 Bank 0.05% 0.41x $1 -
First United Bank & Trust 0.05% 0.41x $50 -
Sandy Spring Bank 0.05% 0.41x $1 -
New Windsor State Bank 0.05% 0.41x $25 -
Woodsboro Bank 0.05% 0.41x $200 -
United Bank 0.05% 0.41x $1 -
First National Bank of Pennsylvania 0.05% 0.41x $25,000 -
Essex Bank 0.05% 0.41x $1 -
Branch Banking and Trust Company 0.05% 0.41x $10,000 -
Jefferson Security Bank 0.05% 0.41x $50 -
Middletown Valley Bank 0.05% 0.41x $50 -
CNB Bank, Inc. 0.05% 0.41x $1,000 -
The Bank of Glen Burnie 0.05% 0.41x $100 -
TD Bank, National Association 0.05% 0.41x $1 -
United Bank 0.05% 0.41x $1 -
Woodforest National Bank 0.05% 0.41x $1 -
Bank of Hampton Roads 0.05% 0.41x $100 -
Old Line Bank 0.05% 0.41x $1 -
Standard Bank, PaSB 0.05% 0.41x $100 -
Chesapeake Bank of Maryland 0.05% 0.41x $100 -
First Shore Federal Savings and Loan Association 0.05% 0.41x $2,500 -
First Mariner Bank 0.05% 0.41x $1,000 -
Colombo Bank 0.05% 0.41x $50 -
Eastern Savings Bank, FSB 0.05% 0.41x $1,000 -
Carroll Community Bank 0.05% 0.41x $1 -
EagleBank 0.05% 0.41x $1 -
Revere Bank 0.05% 0.41x $1 -
Bay Bank, FSB 0.05% 0.41x $1 -
Citibank, National Association 0.04% 0.33x $10,000 -
First National Bank of Pennsylvania 0.04% 0.33x $1 -
The Columbia Bank 0.04% 0.33x $10,000 -
Manufacturers and Traders Trust Company 0.03% 0.25x $2,500 -
The Talbot Bank of Easton, Maryland 0.03% 0.25x $50 -
Bank of America, National Association 0.03% 0.25x $1 -
Wells Fargo Bank, National Association 0.03% 0.25x $1 -
First United Bank & Trust 0.03% 0.25x $1 -
Sandy Spring Bank 0.03% 0.25x $2,500 -
PNC Bank, National Association 0.03% 0.25x $1 -
First National Bank of Pennsylvania 0.03% 0.25x $2,500 -
Branch Banking and Trust Company 0.03% 0.25x $1,000 -
CNB Bank, Inc. 0.03% 0.25x $50 -
Damascus Community Bank 0.03% 0.25x $1 -
Frederick County Bank 0.03% 0.25x $1 -
WashingtonFirst Bank 0.03% 0.25x $1 -
Manufacturers and Traders Trust Company 0.02% 0.17x $1 -
Branch Banking and Trust Company 0.02% 0.17x $1 -
The Columbia Bank 0.02% 0.17x $100 -
Chesapeake Bank of Maryland 0.02% 0.17x $1,000 -
SunTrust Bank 0.01% 0.08x $1 -
Bank of America, National Association 0.01% 0.08x $1 -
Wells Fargo Bank, National Association 0.01% 0.08x $2,500 -
PNC Bank, National Association 0.01% 0.08x $2,500 -
Citibank, National Association 0.01% 0.08x $1 -
HSBC Bank USA, National Association 0.01% 0.08x $100 -


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.