Finding the best bank for your small business in Maryland can be a tough task, but focusing on your specific business needs–such as access to local lending programs, specialized support for small businesses, and tailored financial resources–can simplify the process.

Maryland has no shortage of banking options, ranging from local credit unions to East Coast institutions, and even digital-first providers. Ready to explore what’s available to support your business goals? Here are our top five picks for small business banking in Maryland.

The Top Banks for Small Business in Maryland

The best banks for Maryland small businesses offer a combination of low- to no-fee accounts, competitive interest rates, flexible financing options, and tailored services that cater to the unique needs of entrepreneurs in the region. Below is a breakdown of their offerings:

1. North One

North One understands the unique needs of tech-savvy entrepreneurs and small business owners. That’s why they’ve created a digital banking platform tailored specifically to help small businesses thrive. 

Small business owners should consider their fee-free business checking account, which eliminates monthly fees and minimum balance requirements. This account is designed to help small business owners manage their finances effectively, featuring robust banking tools and integration with software like QuickBooks for seamless expense tracking and budgeting. The Envelope system allows users to categorize expenses and set savings goals, simplifying financial planning.

For businesses who need additional support, The North One Plus Plan enhances the standard North One business banking account by offering additional features tailored for small business owners. For a monthly fee of $20, the Plus Plan provides benefits such as waived fees on same-day ACH transfers and physical check sending, which can help businesses save on transaction costs​. In addition to these cost savings, Plus Plan members receive priority customer support, including access to a dedicated customer success manager and an implementation assistant to help set up their accounts​

The application process is fully digital, enabling users to set up their accounts quickly from the comfort of their offices or homes. Additionally, the user-friendly mobile app allows users to send payments, make deposits, and check balances anytime and anywhere.

North One accounts are FDIC-insured up to $250,000, ensuring financial security. While there are no physical branches, customers can access thousands of fee-free ATMs across North America. Moreover, a dedicated customer support team is available 24/7 to assist with any banking inquiries.

2. MECU

If you’re looking for a banking option with physical locations, MECU is a Baltimore credit union that supports small businesses. Their physical branches are located in Baltimore, but members have access to 5,600 shared branches and 30,000 ATMs nationwide.

MECU offers two primary business checking account options. The Simple Business Checking account is designed for newer businesses. It features no monthly maintenance fee when a daily balance of $1,000 is maintained. It is also interest-bearing. The account allows for the first 50 transactions to be free each month—and it includes a free Visa Business Debit Card, along with online and mobile banking access.

If you have a larger business, the Access Business Checking account is designed for businesses with increased financial activity. It requires a daily balance of $2,500 to avoid monthly fees. The first 75 transactions are free each month. Both accounts include treasury management services like remote deposit capture and ACH origination.

MECU offers various savings accounts, including Business Savings Accounts with no minimum balance and 24/7 online access, as well as a Business Money Market Account that starts with a $500 minimum deposit and provides tiered interest rates for larger balances. For those seeking fixed rates, MECU also provides Certificates of Deposit (CDs) with flexible terms ranging from six to 60 months.

For financing needs, MECU offers a business line of credit starting at $50,000 with flexible repayment terms, along with a Visa Platinum Business Credit Card that features no annual fee and rewards on purchases, with credit limits ranging from $5,000 to $50,000.

Additionally, MECU provides merchant solutions such as payment processing and fraud management tools, making it a comprehensive banking choice for small businesses.

3. Sandy Spring Bank

Sandy Spring Bank has over 50 locations throughout Maryland, Northern Virginia, and Washington, D.C. Their diverse range of checking and savings options can be great for businesses of all sizes, from startups to established firms.

Take their Flex Business Checking account: a great fit for businesses with varying transaction volumes. It features tiered activity levels and no monthly fee if you maintain a minimum average balance. Owners get perks like online and mobile banking, a free Business Debit MasterCard with an EasySavings rebate program, and up to $10,000 in free cash deposits monthly. The transaction tiers are pretty flexible, too—you can make up to 100 transactions without fees.

The Flex Business Checking Plus account comes with tiered monthly fees based on your balance and allows for more transactions. Owners get up to 500 if you maintain the required balance. Their Business Interest Checking account lets you earn interest without a minimum balance requirement, and offers 100 free transactions per month. For larger operations, the Commercial Checking account provides access to treasury management services and the chance to offset service charges with an earnings credit.

On the savings front, the Business Regular Savings Account is great for building reserves with a low opening deposit. Their Business CDs offer guaranteed returns for those willing to lock in funds for a set period. They also offer Business Money Market Accounts with competitive rates for those seeking a balance between accessibility and earnings.

Sandy Spring Bank rounds out its offerings with a variety of lending options, from term loans and credit cards to SBA loans and lines of credit. They even offer industry-specific solutions for sectors like healthcare and government contracting, making them a smart choice if your business is in these industries.

4. Harbor Bank of Maryland

Harbor Bank of Maryland offers no-frills small business solutions with a local, personalized touch. Their offerings include multiple business checking and savings accounts, as well as loan solutions designed to support growth and financial management.

Business checking accounts are organized by different business types: the Choice Checking account is ideal for small businesses, the Commercial Checking is suited for mid-size enterprises, and the Commercial Analysis Checking targets large businesses. All accounts require a minimum opening deposit of $100. While Choice Checking has no monthly service charge, Commercial Checking incurs a $12 fee, and Commercial Analysis Checking has a $15 monthly charge. Each account allows for a specific number of free transactions, with fees applicable for excess items. Your business will need to manage its transaction volumes effectively—but the low fees can make this a good choice.

Harbor Bank has several different savings account options: Statement Savings, Money Market Savings and Investment Money Market Accounts. The Statement Savings account requires a minimum opening deposit of $100. The Money Market accounts have higher minimums, starting at $2,500 and $25,000, respectively. Fees may apply if balances fall below required levels, and all accounts provide access to online and telephone banking.

For businesses who anticipate needing financing, Harbor Bank offers a range of commercial loans. These include loans for commercial real estate, construction and renovations. They provide lines of credit with competitive rates, allowing businesses to manage short-term cash flow needs. Additionally, they are an SBA lender with terms up to 25 years and financing of up to 90 percent—you can fulfill needs such as equipment purchases, real estate and business expansion.

Overall, Harbor Bank of Maryland is a solid choice for basic banking and financing solutions in the state.

5. Shore United Bank

Shore United Bank serves Maryland, Delaware and Virginia. They offer several business checking account options, allowing owners to select the one that best meets their needs.

For businesses with higher transaction volumes, the Commercial Analysis Account charges a $15 monthly service fee but allows earnings credits to offset fees. The Commercial Interest Sweep Account offers a combination of earnings credit and interest on excess balances, requiring a $50 monthly service charge. Any surplus funds not used to offset fees are swept into an interest-bearing account, with a tiered interest rate based on the daily balance. The Premium necessitates a $25,000 average ledger balance to waive a $25 monthly service charge. It is bundled with a Premium Business Money Market account, with a tiered variable interest rate linked to the Federal Funds Rate.

Finally, Shore United offers a basic, non-interest-bearing option for those looking for a simple checking account. The Limited Transaction Account requires a minimum average ledger balance of $500 to avoid an $8.00 monthly service charge.

For businesses who want to put their money to work, Shore United offers a variety of savings accounts and CDs. The Business Savings Account offers competitive interest earnings. However, it requires a minimum average ledger balance of $500 to avoid an $8.00 monthly service charge. The Business Money Market Account requires a $2,500 average ledger balance to avoid a $10 monthly service charge—but it provides tiered interest rates that yield higher returns than standard savings accounts. 

When it comes to financing, Shore United Bank offers commercial real estate loans, equipment and vehicle financing and business lines of credit. These loans are designed to support business growth and expansion, with various repayment terms and flexible rates tailored to fit the unique budget of each business.

Choosing the Best Bank Account for Your Small Business

Maryland provides a variety of banking options for small businesses, but the ideal choice will depend on your specific industry and financial needs. Each bank offers distinct features, ranging from digital convenience to local expertise. To find the right fit, consider testing a few options and evaluating factors such as access to physical branches, digital tools, and industry-specific services. This approach will help you identify the banking partner that best aligns with your business requirements.