Software your AI can run.
Bank shopping in Maryland? Read this first.
You came here comparing business banks. That's the old question. Holdings built a new category — invoicing that AI can run — and it's what most of the businesses using this comparison table end up on.
Updated August 2026 · 8 banks compared below
A different answer
Holdings isn't a bank.
It's software your AI can run.
The flagship is agentic invoicing — connect Claude, ChatGPT, or Cursor to your Holdings account via MCP and direct your AI to draft invoices, chase payments, and reconcile entries in plain English. No monthly fee. Card processing is 3% + $0.30 per payment collected. Accounting that auto-connects when you want it: $25/mo.
If you're bank-shopping because you're setting up a business, the question you probably actually have is: how do I get paid? Holdings answers that. It works on top of whichever bank you choose from the table below — pick the one that fits, then point your AI at Holdings to handle the rest.
Quick Comparison
These are the top 8 business banks in Maryland we compared, ranked by fees, APY, and features. Holdings is not a bank and not in this table — see what Holdings does instead →
| Bank | Type | Monthly Fee | APY |
|---|---|---|---|
| Holdings | Online | $0 | 1.75% |
| Chase Business Complete Banking | National | $15waivable | 0.00% |
| M&T Bank Business Checking | Regional | $15waivable | 0.00% |
| Bank of America Business Advantage Fundamentals | National | $16waivable | 0.00% |
| Wells Fargo Initiate Business Checking | National | $15waivable | 0.00% |
| SECU Maryland Business Checking | Credit Union | $0 | 0.00% |
| Atlantic Union Bank Business Checking* | Regional | $12waivable | 0.00% |
| Capital One Basic Business Checking | National | $15waivable | 0.00% |
* Rate and fee data sourced from each bank's published schedule. Verify before opening an account.
Detailed Reviews
Holdings
Online | $0/mo | Online only
Businesses wanting free banking + optional accounting from $25/mo
Key Features
- •Free: 48 free tools + $0 banking + 1.75% APY
- •Software ($25/mo): Full double-entry accounting, invoicing, P&L reports
- •Nonprofits: fund accounting at $25/mo + free verified profile & directory listing
Pros
- ✓$0 banking — no monthly fees, no minimums, no transaction fees
- ✓1.75% APY on every dollar — among the highest in business banking
- ✓48 free tools: invoices, estimates, payroll calculator, receipt scanner
- ✓Full accounting from $25/mo replaces QuickBooks
- ✓Free verified nonprofit profile + directory listing for 501(c)(3)s
Cons
- ✗No physical branches
- ✗Less name recognition than legacy banks
Chase Business Complete Banking
National | $15/mo | 120 branches
Established businesses needing full-service branch banking and merchant services
Key Features
- •Built-in payment acceptance via Chase QuickAccept
- •Integrated invoicing and cash flow tools
- •Same-day deposits with QuickAccept
Pros
- ✓Large branch and ATM network across Maryland and DC metro
- ✓Excellent mobile app and digital tools
- ✓Integrated payment acceptance and invoicing
Cons
- ✗$15/month fee unless $2,000 balance maintained
- ✗Only 100 free transactions per cycle
- ✗No interest earned on business checking
M&T Bank Business Checking
Regional | $15/mo | 85 branches
Maryland businesses wanting a trusted regional bank with strong local presence
Key Features
- •Major Mid-Atlantic regional bank ($211B+ in assets)
- •200 free transactions per statement cycle
- •Strong SBA lending and commercial banking presence
Pros
- ✓One of the largest banks with deep Maryland/DC roots
- ✓Robust commercial lending and treasury management
- ✓More free transactions than Chase (200 vs 100)
Cons
- ✗Higher minimum balance to waive fee ($5,000 vs $2,000 at Chase)
- ✗Lower digital banking ratings than Chase/BofA
- ✗Monthly fee higher than some competitors when not waived
Bank of America Business Advantage Fundamentals
National | $16/mo | 100 branches
Businesses that qualify for Preferred Rewards tier benefits
Key Features
- •200 free transactions per statement cycle
- •No monthly fee for first 12 statement cycles
- •Preferred Rewards for Business program for rate discounts
Pros
- ✓Largest market share in Maryland — branches everywhere
- ✓200 free transactions and first year free
- ✓Strong integration with Zelle and digital payment tools
Cons
- ✗$16/month fee after first year (higher than Chase)
- ✗Higher minimum balance to waive fees permanently
- ✗Business checking earns no interest
Wells Fargo Initiate Business Checking
National | $15/mo | 40 branches
New businesses wanting a national bank with low opening deposit
Key Features
- •Low $25 minimum opening deposit
- •Contactless debit card and digital wallet support
- •Business Online banking with Zelle
Pros
- ✓Very low $25 minimum to open
- ✓Strong digital banking platform
- ✓Multiple ways to waive monthly fee
Cons
- ✗Monthly fee increased to $15 (from $10) effective March 2026
- ✗Only 100 free transactions per cycle
- ✗Fewer MD branches than BofA, Chase, or M&T
SECU Maryland Business Checking
Credit Union | $0/mo | 25 branches
Maryland businesses wanting fee-free credit union banking
Key Features
- •Maryland's largest credit union ($5.7B+ in assets, 261,000+ members)
- •25 branches throughout Maryland
- •Access to 50,000+ surcharge-free ATMs nationwide
Pros
- ✓No monthly service fee
- ✓Largest Maryland-headquartered credit union
- ✓Strong community focus with local decision-making
Cons
- ✗Must qualify for membership (live/work in Maryland)
- ✗Limited branch network compared to national banks
- ✗Less advanced digital tools than Chase or BofA
Atlantic Union Bank Business Checking
Regional | $12/mo | 53 branches
Maryland businesses wanting relationship banking from a growing regional player
Key Features
- •Recently merged with Sandy Spring Bank — now $39B in combined assets
- •180 branches in the mid-Atlantic region
- •Strong commercial lending and wealth management
Pros
- ✓Deep Maryland roots via Sandy Spring Bank legacy
- ✓Strong business lending and wealth advisory
- ✓Growing mid-Atlantic footprint with expanded resources
Cons
- ✗Post-merger integration may cause temporary service disruption
- ✗Business checking details less transparent online — verify fees in branch
- ✗Smaller ATM network than national banks
Capital One Basic Business Checking
National | $15/mo | 5 branches
Digital-first businesses with occasional cash deposit needs
Key Features
- •Unlimited fee-free digital transactions
- •$5,000/month free cash deposits
- •Capital One Cafés in DC metro area
Pros
- ✓Unlimited digital transactions (no per-transaction fees)
- ✓Strong mobile and online banking
- ✓Capital One Cafés in the DC metro area
Cons
- ✗Very few branch locations in Maryland proper
- ✗$15/month unless $2,000 balance maintained
- ✗Limited in-person support outside DC metro
Maryland Banking Landscape
143
FDIC-Insured Institutions
3+
Major Regional Banks
3+
Major Credit Unions
Top Regional Banks
- M&T Bank — $211.3B
- Atlantic Union Bank (merged with Sandy Spring) — $39.0B
- Shore United Bank — $6.2B
Top Credit Unions
- SECU Maryland — 261,000+ members
- Tower Federal Credit Union — 220,000+ members
- MECU Credit Union — 110,000+ members
State Banking Programs
- •Maryland Small Business Development Center (SBDC) — free counseling and training
- •Maryland Department of Commerce — financing programs and tax incentives
- •Maryland Technology Development Corporation (TEDCO) — startup funding
- •SBA Maryland District Office — government-backed loan programs
Regulator: Maryland Office of the Commissioner of Financial Regulation
Starting a Business in Maryland
| Secretary of State | Maryland State Department of Assessments and Taxation (SDAT) |
| LLC Fee | $100 (filing fee) + $50 (expedited/online processing) = $150 online |
| Corp Fee | $100 |
| Income Tax | 8.25% corporate income tax. Individual income tax: 2%–5.75% state + local (up to 3.2%). |
| Sales Tax | 6% state (no local additions) |
| Franchise Tax | No separate franchise tax for most business types |
Business Incentives
- •One Maryland Tax Credit — credits for businesses in distressed areas
- •Maryland Small Business Relief Tax Credit
- •Job Creation Tax Credit — up to $3,000 per new job
- •R&D Tax Credit — incentives for research activities
- •Maryland SBDC network — free consulting across the state
Nonprofit Banking in Maryland
Registration
File Articles of Incorporation (nonprofit) with SDAT. $100 filing fee.
Charitable Solicitation
Register with Maryland Secretary of State, Charitable Organizations Division before soliciting. Annual registration required.
Tax Exemption
Apply to Maryland Comptroller for sales tax exemption. Maryland recognizes federal 501(c)(3) status for income tax exemption purposes.
AG Reporting
Annual Charitable Organizations Report to Secretary of State. Due within 6 months after fiscal year end. Organizations raising under $25,000 may file a simplified form.
Resources
- Maryland Nonprofits →
- Maryland Secretary of State — Charities →
- Maryland Comptroller — Tax Exemption →
For Maryland nonprofits
Invoicing that AI can run — built for 501(c)(3)s too.
Direct your AI to send donation acknowledgment invoices, track grant receivables, and keep your books current — no monthly fee for invoicing. Works on top of whichever bank your organization uses. Accounting add-on from $25/mo.
Holdings for nonprofits →Where Holdings fits for Maryland businesses
Whichever bank you pick from the list above, Holdings runs alongside it: direct Claude, ChatGPT, or Cursor to draft invoices, chase payments, and keep your books current. No monthly fee · 3% + $0.30 per payment collected.
See how agentic invoicing works →Frequently Asked Questions
What is the best bank for a small business in Maryland?
The best bank depends on your needs. For nonprofits and small orgs wanting zero fees, Holdings offers $0 monthly fees with 1.75% APY. For businesses needing strong branch access, M&T Bank and Bank of America both have extensive Maryland presence. For a local credit union option, SECU Maryland offers free business checking.
Can I open a business bank account online in Maryland?
Yes. Several banks allow online account opening for Maryland businesses, including Holdings (fully online, no branch visit required), Chase, Bank of America, and Capital One. Credit unions like SECU Maryland typically require an in-person visit.
What do I need to open a business bank account in Maryland?
You'll typically need your EIN (Employer Identification Number), Articles of Organization filed with SDAT, a government-issued photo ID, and your business license. Some banks also require an initial deposit.
Are credit unions better than banks for small businesses in Maryland?
Credit unions often offer lower fees and better rates, but may have fewer branches and limited digital banking tools. Maryland credit unions like SECU and Tower Federal are strong options for local businesses, while national banks offer broader ATM networks and more advanced business tools.
What are the cheapest business checking accounts in Maryland?
Holdings offers completely free business checking with no monthly fees, no minimum balance, and no transaction limits. SECU Maryland also offers low-fee business checking. Among national banks, Chase and Wells Fargo offer fee waivers with $2,000 minimum balances.
Do Maryland nonprofits need a special bank account?
While not legally required, a dedicated nonprofit bank account helps with IRS compliance, transparency, and donor confidence. Holdings specializes in nonprofit banking with $0 fees, 1.75% APY, and tools built specifically for 501(c)(3) organizations.
What taxes do small businesses pay in Maryland?
Maryland imposes an 8.25% corporate income tax on C-corps. Pass-through entities like LLCs pay via individual income tax (2%–5.75% state + local). The state sales tax is 6%. There is no separate franchise tax for most business types.
Or skip the bank comparison.
Try software your AI can run.
Invoicing, payment links, and connected accounting — directed by Claude, ChatGPT, or Cursor. No monthly fee to start.
Not ready to switch yet? Use a free tool now
Built by Holdings — the banking + accounting platform that keeps businesses and nonprofits audit-ready. Free, no account needed. Connect banking and let your books run themselves when you’re ready.
Ready to stop doing it by hand? Explore Invoicing software for small business, Small business accounting software, or Small business bookkeeping software.
Explore More
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