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Maryland Savings Rates 2016

If you have your savings dollars in a bank with low savings rates, then you are losing real money. With the magic of compounding interest, even an interest rate difference under 1% can really add up over time. See our Savings Booster Calculator to see why you should seek out a higher interest rate. The table below has an unbiased list of the savings and money market account rates of FDIC-insured banks that are near your current location (if they aren’t, then change the zip code above). Take a few minutes to explore these options and see how you can boost your savings by more than 6X the national average rate. You may also want to check credit unions near you or online banks by navigating through the tabs above. There is competition for your money. Take advantage of it!

MD - October 1, 2016

Savings Account National Average Rate: 0.12% ?

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


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.

PRODUCT INFORMATION


Local Savings Accounts 2016

Savings accounts offer depositors flexibility along with the stability of FDIC insurance (assuming your deposit amounts are within FDIC limits – see below). Savings accounts are a good place to keep money for unforeseen expenses, as well as money that you may be preparing to use and want to keep safe. Individuals often use savings accounts for a home down payment, a vacation, a wedding, a car, an emergency fund, or other near-term expenditures. However, if you have cash that you do not believe you will need for at least a year, you may want to consider investing in a certificate of deposit.

While online savings account have grown in popularity and usage dramatically over the past fifteen 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, to access to notaries, and sometimes to get free coffee and donuts.

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

FDIC Insurance

BestCashCow strongly recommends that when depositing money, you stay within the insured limits of the Federal Deposit Insurance Corporation (“FDIC”). You should not deposit over $250,000 at a single bank across all products (savings or share certificates, certificates of deposit or time deposits, etc.) unless these deposits are made across different product types (individual, joint, etc). Learn more about FDIC insurance and different product types here. If you are still uncertain whether you are within FDIC limits, you should visit the FDIC's website to determine your coverage limits based on your circumstances.

Advantages of Local Savings or Money Market Accounts:

  • 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, banks enable transactions and deposits to be performed online or through a mobile application.
  • 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.

FREQUENTLY ASKED QUESTIONS ABOUT LOCAL SAVINGS RATES


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. Banks have different cost structures and they also have different needs for capital. This leads to different rates.

BestCashCow’s surveys show that online banks offer higher savings and CD rates because they have lower expenses from not having to maintain brick-and-mortar locations. Therefore, we strongly recommend that all depositors consider the rates at online banks as savings and money market accounts online can easy be set up to enable quick transfers to your favorite local bank.

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). Most savvy consumers who plan their expenses and financial needs ahead find the additional functionality offered by money markets to be of little value and will choose whichever account (savings or money market) has the higher rate.

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 Certificate of Deposit, 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.

8 POINT CHECKLIST FOR A GREAT BANKING RELATIONSHIP WITH YOUR LOCAL BANK

  • Find a bank with a location convenient to you. Location counts.
  • Choose a bank with good rates. Rates are important to get continued growth of your capital.
  • Choose a bank with an extensive network of fee-free ATM machines or which reimburses out-of-network ATM fees, if you still need to regularly access cash.
  • Avoid fees. Choose a bank which doesn’t have service fees provided you maintain a certain balance, which doesn’t charge for ACH inbound and outbound transfers, and which has low fees for things like international wire transfers and bounced checks.
  • Choose a healthy bank. If you click on a bank above, you’ll be taken to the bank’s financial detail. A healthy bank has happy employees and provides loyal service to its customers. No matter how healthy your bank is, stay within FDIC insurance limits.
  • Find something of value to offset what may be slightly lower rates than online accounts offer. Develop personal relationship with your bankers. Personal relationships can help you to get appropriate financial advice, and to navigate financial challenges and needs in the future. (Be careful with the financial advice you and be sure it is appropriate. Inappropriate financial advice is worth a lot less than no financial advice.) They can also put you in touch with others in your community who could be valuable personally and professionally to know. If you don't use your local savings account as an opportunity to build these relationships, you may find that you are better of banking online.
  • Choose a bank that is going to let you access your cash when you need. The great benefit of savings accounts over any other financial product (including CDs) is that you have absolute liquidity. If your bank in creating impediments to accessing your cash (paperwork, fees, etc.), then you need another bank.
  • Be aware that you can have more than one account. Having a great local savings account at a large or small bank near you can be great, but it doesn't need to stop you from opening one or more online savings accounts, or even developing a relationship with another local bank or credit union.

SAVINGS & CD BOOSTER CALCULATOR

Find out how much extra money you can earn by moving your bank money into an account that pays more.

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  • 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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