September 24, 2024

Best Banks for Small Business in Maryland

By Alyssa Supetran
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The right bank can be key to your business's success. Here are the top choices for Maryland small businesses worth checking out.

What is the best bank to use for small business in Maryland?
Here are the top 10 banks for Maryland-based small businesses:
  1. M&T Bank for SBA loans
  2. Truist Bank for non-profits
  3. Bank of America for flexibility
  4. PNC Bank for low opening requirements
  5. Chase Bank for built-in credit card processing
  6. Capital One for unlimited fee-free transactions
  7. SECU for best credit union
  8. TD Bank for best customer service
  9. Bluevine for high-interest checking accounts
  10. Axos Bank for minimal fees

The right bank can organize your business finances, secure extra capital, and help it grow. Luckily, Maryland is packed with banking options that understand the unique needs of small businesses.

From national banks like Chase and Bank of America, to local credit unions like SECU, there's something for everyone.

So, dive in and find the perfect match for your small business in the Old Line State.

10 Best Banks for Business Accounts in Maryland

Whether it's to accommodate high transaction volumes or maximize the state's financial incentives, these banks have what you need to help your Maryland-based small business thrive.

Which bank account is best for a small business in Maryland?
Chase is a good choice if you want a bank with almost everything you'll need to run and manage your small business in Maryland. While M&T Bank is great if you want favorable loan terms. And SECU is excellent for lower fees.

Which banking service do you need for your small business in Maryland?

M&T Bank

Best for: SBA loans

M&T Bank is a regional bank that serves 12 states on the Upper East Coast, with 140+ locations in Maryland. It's a great choice if you need additional capital for your business.

M&T Bank is one of the country's top SBA lenders with several loan options to choose from. Their experienced team can help you find the best option for your business. They can also make the application process as painless as possible for you.[1]

They have several checking options for businesses. Including specialty accounts for nonprofits and companies with treasury needs. Whether you just need the basics or something with more room for growth, it has you covered.

For an extra $9.95/mo, you can connect your business bank account to QuickBooks or Quicken for easier bookkeeping and accounting.[2]

They also have a good selection of other business products, like merchant services, savings accounts, and business credit cards.

Pros:

  • Active SBA lender
  • Specialty accounts available
  • Strong presence in Maryland (140+ locations)
  • Good selection of other business services

Cons:

  • No free checking option
  • Limited free transactions with the Simple account

Truist Bank

Best for: Non-profit organizations

Truist Bank is another large regional bank with over 140 branches across the state, mostly in the Baltimore and Silver Spring areas.

Truist is a great option for non-profits because its community checking account has no monthly fees and allows unlimited cash deposits at no charge per month.

Plus, it has a higher limit for regular transactions than the standard checking option. So you can focus on your company's main mission without worrying about expensive fees affecting your operations.

For regular small businesses, you can choose from two other checking options. The Simple account is good if you have straightforward needs and a low monthly transaction volume. While the Dynamic account is best for growing businesses that want additional rewards from their checking account.

You can get personalized debit cards for you and your employees with any of Truist's business checking accounts. Add your company logo or other branding for a more professional look.

Pros:

  • Free business checking option
  • Higher limits for nonprofit account
  • Personalized debit cards
  • Convenient online dashboard

Cons:

  • Low limits for free transactions (Simple account)
  • Many banking fees like overdrafts and wires

Bank of America

Best for: Flexibility; cash management tools

Bank of America is one of the largest brick-and-mortar banks in the United States. You can find over 120 financial centers across Maryland, mainly in Baltimore. It's a great choice if flexibility is your top priority.

What's unique about Bank of America is their flexible Business Advantage Banking account. This account has 2 tiers you can switch between. The basic tier is a great starting point because it has low requirements. And you can easily level up (or level down) as your business needs change.

It also comes with a Cash Flow Monitor®. With this, you can connect your account to apps like QuickBooks and Expensify to view your business metrics in one place. You can even get cash flow projections to prepare for possible shortfalls.

If you need help with anything, Bank of America's team of small business experts is ready to give you valuable advice and hands-on support whenever you need it.

Pros:

  • Flexible business checking
  • Built-in cash management tools
  • Access to small business specialists

Cons:

  • Less access to SBA loans
  • Many banking fees like overdrafts and wires

PNC Bank

Best for: Low requirements; digital tools

PNC Bank has over 110 branches in more than 70 cities across Maryland. But even if one isn't in your area, it has a highly-rated mobile banking app that lets you access its services anywhere.

PNC also has checking accounts for businesses of different sizes. The Business Checking Plus account, in particular, offers great value because it allows more transactions and has additional tools to help with your cash flow.

And you only need $100 to open any of its business accounts. It doesn't have a free checking option, but the waiver requirements are very reasonable.

All accounts also come with a built-in Cash Flow Insight® tool. It lets you see what you're spending on, predict future expenses, pay bills, and so much more, helping you make sound business decisions.

Business owners who open a PNC Bank Business Checking Plus account can even get a personal Virtual Wallet with Performance Spend checking account with no monthly service fee. This is great if you want your personal and business checking accounts from the same bank.

Pros:

  • Built-in cash flow tools
  • Opening deposit is only $100
  • Reasonable requirements to waive monthly fees
  • QuickBooks, Xero, Inacct, and NetSuite integration

Cons:

  • No free checking option
  • Low interest rates

Chase Bank

Best for: Built-in credit card processing

Chase Bank has a decent footprint in Maryland, with around 40+ branches throughout the state. It's a good option if you live near a branch and prefer a traditional brick-and-mortar bank.

It's also a great choice if your business takes credit card payments from customers, like a small retail store or restaurant. The Chase Business Complete Banking account already comes with credit card processing built in. So, no need for a separate merchant account.

And sales revenue is deposited the same day into your Chase checking account, thanks to QuickAccept. You don't have to wait for funds, so your cash flow keeps moving.

Plus, Chase is known for excellent customer service and business products. It also has an extremely popular lineup of business credit cards with good rewards.

Chase Bank offers new customers bonuses for opening business bank accounts. Be sure to check their promotions so you don't miss them.

Pros:

  • Checking account with built-in payment processing
  • Highly rated mobile app
  • Unlimited electronic transactions
  • Offers promotions for new customers

Cons:

  • Many banking fees like overdrafts and wires
  • Low interest rates

Capital One

Best for: Unlimited fee-free transactions

Maryland is one of the few states where Capital One has physical branches. It has 40+ offices in the state.

Capital One can be a great option for businesses that do a lot of transactions a month. It has unlimited free transactions for deposits, withdrawals, and money transfers.

That means you can process all the transactions your business needs without worrying about it becoming too costly. Plus, you enjoy fee-free withdrawals through any of the over 70,000 no-fee Capital One, MoneyPass, and Allpoint ATMs nationwide.

Capital One also has a wide selection of other banking products for small businesses. You can get business credit cards, savings accounts, and credit card processing services from one bank.

Pros:

  • Unlimited free transactions
  • Extensive ATM network
  • Fee-free withdrawals (Capital One, MoneyPass, & Allpoint ATMs)
  • Wide selection of small business banking products

Cons:

  • High waiver requirements for monthly fees

SECU

Best for: Local credit union

SECU is one of Maryland's biggest and best credit unions with 20+ physical branches and more than 50,000 ATMs across the state. A credit union can be a good alternative to traditional banks because of its unique benefits.

For example, SECU's checking accounts have fewer and lower fees than traditional banks. It even has a free checking option that's perfect for startups with fewer than 100 monthly transactions.

It also works with other local organizations to establish programs and initiatives that help empower Maryland's residents. For example, small business owners get access to free financial management resources and helpful advice from local experts.

SECU used to be for state employees only, but nowadays, anyone can join as long as they're eligible. And once you become a member, you're one for life. Even if you switch jobs or move to another state.

Pros:

  • Free checking option
  • Fewer and lower banking fees
  • Strong community support
  • Lifetime membership

Cons:

  • Limited free transactions
  • In-person applications only

Is it better to go with a bank or a credit union for a small business?
A credit union gives you access to additional perks that regular banks don't offer. But still allows you to enjoy the conveniences of one. However, a regular bank may have a wider selection of business banking products than a credit union.

What kind of bank do you want to use for your small business?

TD Bank

Best for: Customer service; extended branch hours

TD Bank doesn't have many branches in Maryland, with only 15+ physical locations overall. But it's still an excellent option for small business owners located near a branch.

TD Bank calls itself "America's Most Convenient Bank" due to its extended branch hours. Many of their branches are open on weekends and even some holidays. So, you can still do in-person transactions if you're busy during the week.

Aside from extended branch hours, it also has 24/7 live customer service. This adds to its convenience since you never know if you'll need help at odd times of the day.

Other than checking and savings accounts, TD Bank also offers merchant solutions for both in-person and e-commerce businesses. You can even have them set it up the same day, so you can start accepting payments as soon as possible. It also offers instant-issue debit cards that you can use for transactions immediately.

With TD Bank's Early Pay feature, you can receive eligible deposits 2 days earlier than expected at no additional cost.[3]

Pros:

  • 24/7 customer service & extended branch hours
  • Personalized support from small business specialists
  • Same-day setup for merchant solutions
  • Receive deposits early (up to 2 days earlier)

Cons:

  • Many banking fees like overdrafts and wires
  • No free checking option

Bluevine

Best for: High-interest checking accounts

If you don't mind an online-only option, Bluevine can be another great alternative to traditional brick-and-mortar banks. It's also an excellent option if you're looking to earn high interest rates from your business checking account.

The standard account alone already offers up to 2.0% APY on balances up to $250,000 with monthly eligibility requirements; 0% APY on balances over $250,000. Plus, it has no monthly fees or minimum balance requirements.

Bluevine also allows you to open up to 5 free sub-accounts with individual account numbers and custom rules.

You can use them to organize your funds for things like payroll, taxes, vendor payments, and more. This makes it easier to track your business expenses and see where your money is going.

Bluevine has no physical branches, but you can enjoy fee-free withdrawals through the MoneyPass ATM network. With approximately 40,000 MoneyPass ATMs nationwide, it's easy to find one nearby.

Pros:

  • High interest rates
  • Up to 5 sub-accounts
  • No monthly fees
  • No-fee withdrawals (approximately 40,000 MoneyPass ATMs)

Cons:

  • No physical branches
  • Fees for cash deposits

Axos Bank

Best for: Minimal fees; free basic business checking

Axos is another online-only option that can be great for small business owners in Maryland, especially if you're looking for minimal fees.

The Basic Business Checking account has no monthly fees and allows unlimited no-fee transactions for incoming wire transfers, withdrawals, and deposits. You also get up to two outgoing wire reimbursements per month.

Aside from that, Axos allows unlimited domestic ATM fee reimbursements, so you don't have to worry about how much each transaction costs. And with approximately 91,000 partner ATMs, finding the closest one is easy.

You also get a convenient mobile app and a Visa® debit card. Its customer support is also available 24/7, so you can reach out at any time, even after normal business hours.

Pros:

  • Minimal fees
  • Extensive ATM network
  • Dedicated customer support
  • Unlimited domestic ATM fee reimbursements

Cons:

  • No physical branches
  • Limited support hours for non-clients

How to Choose the Right Bank for Your Business?

Before committing to a bank, it's best to be sure they have the features you're looking for. Consider these:

  • Monthly fee & minimum balance
    Some banks require that you maintain a minimum balance in your account. If you don't, you'll have to pay a monthly fee. See if the requirement makes sense for your business. Some of our listed banks have no minimums and no monthly fees.

  • Monthly transaction limits
    Most business checking accounts cap the number of free transactions your account can do per month. Then a fee is charged for each one after that. Pick an account that can accommodate your transaction volume.

  • Cash deposits
    Does your business deal with a lot of cash? Most accounts offer fee-free cash deposits up to a certain amount per month.

  • Accessibility
    Most of the banks on our list have a good number of branches and ATMs in Maryland. However, it's still best to check the availability of your chosen bank in your area, and how convenient it would be for you on a day-to-day basis.

    You can also try online-only options like Bluevine or Axos if you don't need a physical branch. They usually offer better fees and higher rates compared to brick-and-mortar banks.

  • Small business loan options
    Sometimes, it's easier to get a loan from the same bank you use for checking since you have an established relationship. See what loan options the bank has and their terms.

  • Customer support
    It's best to be able to get help as soon as you need it. Get a sense of the bank's customer service for small business owners. Some banks have small business specialists who can give you more tailored guidance.

  • Mobile app
    Many small business owners bank on the go. Having a reliable mobile banking app is a must.

  • Software integration
    Does the bank integrate with any accounting software, like QuickBooks, Freshbooks, or Xero? This will save you a lot of time and hassle when it comes to bookkeeping and tax reporting.

What's most important to you when choosing a small business bank?

Why Have a Business Bank Account

If you have an LLC or corporation in Maryland, separating your business finances is a must. Doing so protects you from personal liability in case your business gets sued or has unpaid debt.

While this isn't a requirement for sole proprietors, having a separate business bank account will make your life easier.

Here are a few good reasons why all small business owners should have one:

  • Easier to calculate business expenses during tax time.
  • Makes the business look more professional to your customers and vendors.
  • Be able to apply for business loans.
  • Pay bills and make purchases from your business funds.
  • Allows you to accept credit card payments from customers.

What kind of bank account should I open for my small business?
Your business should have at least a checking account. It's what you need for day-to-day operations like paying bills, receiving deposits, and making purchases. If your business has extra funds, you can open a business savings account to save for emergencies and future plans.

Our Methodology

To come up with the best banks for small businesses in Maryland, we first pinned down banks with a strong presence in the state. That way, you'll be able to find branches and ATMs easily.

Then we looked into the banks' fees, account features, and other business services. We chose banks that either have a free business checking option, or reasonable requirements to waive the monthly service fees.

We also looked for unique banking features, like built-in payment processing, cash flow tools, or special accounts for non-profits. So, no matter what kind of business you have, you'll find a bank that fits your needs.

FAQs

Do I need a Maryland ID to open a business bank account in Maryland?
Yes, most banks in Maryland require proof of residency to open a business bank account. This usually means a driver's license, business license, or business registration with a Maryland address.

What is the minimum to open a business account?
The minimum amount needed to open a business account can range anywhere from $0 to $1,000. It varies from bank to bank, so it's best to check with your preferred bank.

Can I open a business bank account with bad credit?
Banks generally don't do a credit check when you open a checking or savings account. So, it's still possible to open a business bank account even if you have low personal credit.

Keep in mind that banks may check your ChexSystems report. So if you've had problems with your personal banking account, that may impact your ability to open a business account.

Can I use a regular bank account for my small business?
It's best that you have a dedicated business bank account for your small business. Aside from personal liability protection, it also helps keep your finances organized.

Bottom Line

M&T Bank tops the list of the best banks for small businesses in Maryland. Its wide selection of business services, especially SBA loans, can help your business at every stage of its growth.

But if you want lower fees and strong community support, try a local option like SECU. Online-only choices like Bluevine are also great alternatives with less fees and more robust features.

Overall, Maryland has no shortage when it comes to potential banking partners for small businesses. You just have to find the right one for yours. Evaluate its needs and requirements to find the bank that can accommodate them.

References

  1. ^ M&T Bank. M&T Ranks No.6 Among SBA Lenders Following Record-Breaking Year, Retrieved 07/26/2024
  2. ^ M&T Bank. M&T Direct Connect, Retrieved 07/26/2024
  3. ^ TD Bank. TD Early Pay, Retrieved 07/27/2024

Alyssa Supetran is a research analyst at CreditDonkey, a credit card comparison and reviews website. Write to Alyssa Supetran at alyssa@creditdonkey.com. Follow us on Twitter and Facebook for our latest posts.

Note: This website is made possible through financial relationships with some of the products and services mentioned on this site. We may receive compensation if you shop through links in our content. You do not have to use our links, but you help support CreditDonkey if you do.

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