If you have some money to save and want the best CD rates in Maryland, you’ve come to the right place. We have provided below our guide to the highest CD rates available to anyone in Maryland right now in 2021. One-year CDs are usually the most popular term and offer a decent yield without having to lock-up money for an extended period of time. We have done our research and looked at rates from over 100 banks and credit unions that do business in the state of Maryland to provide you the list below.
We continue to update our list and add more banks and credit unions as we discover better rates. See our best Maryland CD rates below.
What is a Certificate of Deposit?
A Certificate of deposit (CD) is a type of deposit account that often pays a higher interest rate than a standard savings account in exchange for restricting access to your funds during the CD term.
CD terms often vary, depending on the financial institution but are between three months and five years. As long as you keep the money in CD during the entire term, you will earn the APY you were promised.
However, if you should take your money out before maturity or term, and you will most likely incur a penalty.
In addition, if you take your money out early, you also might have to forfeit a portion of the interest you earned, depending on the bank’s policy.
Why Put Your Money in a CD?
If you have some cash to save and want to earn more than you would with a standard savings account, certificates of deposit can be a good option.
Furthermore, many CDs with terms of at least 12 months offer rates that are higher than the best savings accounts.
For example, if you put $5,000 in a CD that earns 2.6% APY for a one-year term, your balance would increase by more than $130.
You should consider a CD if you are certain you won’t need to access your cash for several months or years, depending on the goal you have for that money.
Smaller, local banks or credit unions often offer better rates than the big national institutions.
Also, online-only banks can offer great CD rates because of their lower expenses.
Finally, putting your money in a CD is risk-free in the sense that you can put up to $250,000 in CDs and will never lose that money as long as your account is with an FDIC bank insured NCUA insured credit union.
How to open a CD Account
Opening a CD is similar to how you will open a savings account with any bank or credit union.
Just visit a branch or follow the prompts on the bank’s website.
What Do I Need to Open a CD Account?
To open a CD account with a bank or credit union, you will likely need to provide the following:
- Date of Birth
- Social Security Number
- Proof of Identification (ID)In addition to the above, you will need to fund the CD, either through cash, transfer from a bank account or write a check.
Also, the minimum opening balance for a CD is often more than the minimum required to open a savings account.
However, there are some banks and credit unions that have no minimum balance to open a CD.
Banks with the Best CD Rates in Maryland – 2021
To help you earn the most you can, we have provided below the best-paying CDs that are available in the state of Maryland.
We have researched over 100 banks and credit unions that offer CDs in Maryland. This includes local Maryland Banks and Credit Unions, as well as National Banks.
Some of the CDs we have provided below typically pay three to six times the average national APY — or even more.
All the banks and credit unions listed below are FDIC-insured bank or NCUA-insured credit union.
Here’s a summary of the average CD rates in Maryland, broken down by term (One Year).
The rates shown here were correct based on our most recent update.
However, rates can change quickly due to economic circumstances. Before traveling to a branch, please confirm rates directly with the bank.
|Bank/Financial Institution||Annual Percentage Yield (APY)||Term||Minimum Deposit||Estimated Earnings over a One Year Period*|
|Ally Bank||0.60 %||1 yr||$0||$150|
|Amalgamated Bank||0.30 %||1 yr||$500||$75|
|Amerant Bank, National Association||0.60 %||1 yr||$10,000||$150|
|Applied Bank||0.05 %||1 yr||$1,000||$13|
|Bank of America||0.03 %||1 yr||$1,000||$8|
|BankDirect||0.60 %||1 yr||$10,000||$150|
|Beal Bank, SSB||0.41 %||1 yr||$1,000||$103|
|BrioDirect||0.60 %||1 yr||$500||$150|
|Burke & Herbert Bank & Trust Company||0.25 %||1 yr||$500||$63|
|Capital One||0.20 %||1 yr||$0||$50|
|CFG Community Bank||0.67 %||1 yr||$500||$168|
|CIT Bank||0.30 %||1 yr||$1,000||$75|
|Citizens Access||0.10 %||1 yr||$5,000||$25|
|Colorado Federal Savings Bank||0.50 %||1 yr||$5,000||$125|
|Comenity Direct||0.60 %||1 yr||$1,500||$150|
|Discover Bank||0.50 %||1 yr||$2,500||$125|
|First Horizon Bank||0.30 %||1 yr||$1,000||$75|
|First Internet Bank of Indiana||0.60 %||1 yr||$1,000||$150|
|First National Bank of America||0.55 %||1 yr||$1,000||$138|
|Goldman Sachs Bank USA||0.55 %||1 yr||$500||$138|
|Howard Bank||0.15 %||1 yr||$500||$38|
|Live Oak Bank||0.65 %||1 yr||$2,500||$163|
|Lone Star Bank||0.30 %||1 yr||$1,000||$75|
|M&T Bank||0.05 %||1 yr||$1,000||$13|
|NBKC Bank||0.35 %||1 yr||$1,000||$88|
|Northpointe Bank||0.50 %||1 yr||$1,000||$125|
|Old Dominion National Bank||0.15 %||1 yr||$500||$38|
|Pendleton Community Bank, Inc.||0.17 %||1 yr||$500||$43|
|Pentagon Federal Credit Union||0.50 %||1 yr||$1,000||$125|
|PNC Bank||0.02 %||1 yr||$1,000||$5|
|Presidential Bank, FSB||0.50 %||1 yr||$1,000||$125|
|PurePoint Financial||0.25 %||1 yr||$10,000||$63|
|Radius Bank||0.50 %||1 yr||$500||$125|
|Rising Bank||0.50 %||1 yr||$1,000||$125|
|Rosedale FS&LA||0.35 %||1 yr||$500||$88|
|Sallie Mae||0.50 %||1 yr||$2,500||$125|
|Sandy Spring Bank||0.15 %||1 yr||$1,000||$38|
|Severn Savings Bank, FSB||0.30 %||1 yr||$1,000||$75|
|State Bank of India California||0.50 %||1 yr||$1,000||$125|
|Union Bank (Michigan)||0.35 %||1 yr||$500||$88|
|Vio Bank||0.15 %||1 yr||$500||$38|
|VirtualBank||0.30 %||1 yr||$10,000||$75|
|Washington Savings Bank||0.25 %||1 yr||$500||$63|
Source: Bank Rate
*Note that the estimated earnings are based on putting $25,000 in a CD for the one year period.
Best CD Rates in Maryland Summary
We hope this post on Best CD Rates in Maryland was helpful.
If you have further questions about CDs, Banking, or personal finance in general, please let us know in the comments section below.
Be sure to check out our other popular articles, including: