Baltimore County is said to be a county which is located in Maryland, USA; it is found at the northern part of the said state and it is also said to be included in the Baltimore-Washington Metropolitan Area. Due to the increasing population of this county, ranking as the 3rd most populated counties in Maryland, the demand for bank services also increased; especially for those banks in Baltimore who offer savings accounts. Some of the banks include Bradford Bank in Baltimore, Bohemian American Federal Savings and Loan Association, Inc, and Bay-Vanguard Federal Savings Bank.
A savings account is said to be the most common type of bank account which allows you to store your money in a bank which is noted to be a safe place while it continues to earn small interest every month. Savings accounts usually require a low minimum balance ($25) and sometimes, they do not even require any maintaining balance at all; it all depends on the bank that you choose. One of the most appealing features of a savings account is that it bears interest; every month, a statement is sent to you providing you a breakdown of the interest that you were able to earn due to your deposit.
The second great thing about a savings account is that it provides you with a very detailed bank statement which further gives you more information regarding the fees, costs, as well as fines which have been deducted from your account. The third advantage of having a savings account is that it is you can usually transfer funds to and from your account; but take note that not all banks offer this feature. There are many advantages of a savings account which can help you in order for you to determine which one is best for you.
There are many different banks Baltimore County savings banks which you can choose from if you are a resident of Baltimore County in Maryland. Here are some of the banks that you can choose from:
Baltimore County Savings Bank
The Baltimore County Savings Bank currently has ten branches in Maryland. It offers a variety of services both for Personal and Business Banking. For Personal Banking, services include Checking and Savings Accounts, Certificates of Deposit, Mortgage Loans, Home Equity Loans, Reverse Mortgage Loans, Consumer Loans, Retirement Accounts, Educational Savings, and Health Savings Accounts. As for Business Banking, services offered are Business Checking, Business Savings, IOLTA Accounts for Attorneys, and Certificates of Deposit. The different Baltimore County savings loan are at the moment not offered, but you have other options like those which are featured in the different consumer loans.
This bank’s regular savings account is divided into four, the passbook savings, statement savings, IRA statement savings, and money market passbook. For a passbook savings, the minimum balance is $250.00 with an interest rate and annual percentage yield of .25%, in case your account balance falls below the minimum, you are subject $5 monthly service fee. For statement savings, there are three types depending on the minimum balance which can either be $250.00, $10,000.00, or $20,000.00; all these provide you with an interest rate and annual percentage yield of .50%, and in case your account falls below $250, your account is subject to the monthly service fee of $5. For the IRA statement savings, the minimum balanced required is $100.00 and the interest rate and annual percentage yield is .50% with no monthly service fee. For the money market passbook, again there are three categories depending on the minimum balance requirements which are $250.00, $10,000.00, and $20,000.00; the money market passbook provides you with an interest rate and annual percentage yield of .30%, and the monthly service fee is $5 in cases that your account balance falls below $250.
Right now, the Baltimore County Savings Bank offers new Uchoose Rewards for Debit Visa Card holders wherein you are given the chance to redeem all your accumulated points in unlimited ways. Furthermore, with the BCSB Debit Visa Card, you with be able to enjoy optional overdraft protection and sweep banking (which is also optional) which automatically helps in fund transfers in order to avoid overdrafts. Another great thing is that you can be able to access your account from more than a thousand ATM machines all over the US, surcharge-free; this feature can actually benefit those people are who are usually on the go, as well as those who are looking to save time and money from travelling to their bank locations in order to withdraw.
Furthermore, this bank has very convenient locations which are very useful for those people who are always involved in banking. Also, you can access your account and pay your bills online through free online banking which available 24 hours together with their Direct Teller phone banking service.
Bank of America
This bank has about 35 branches all over Baltimore County. Like many other banks, it also offers Regular Savings Accounts which they recommend for those who are just going to open their very first account and for those who want to save money in a consistent manner which are usually used during the most unexpected times of the year. The Regular Savings account features of the Bank of America include a minimum opening fee of $25 and take note that this is already insured by the FDIC. With this type of account, you can easily transfer money to and from your checking account very easily without the hassle of needing to withdraw manually and transferring funds again manually. You also get to receive monthly statements if you had activities with an ATM machine or fund transfers.
The minimum balance that this bank requires is $300 per day, in cases when you balance falls below the minimum, you are charged with the monthly maintenance fee which is $5. Interest rates and annual percentage yields for all balances in a regular savings account is .10%.
At the moment, Bank of America has a new savings account which is called the Growth Money Market Savings Account which offers high interest rates which can reach as high as 1.20%. With this type of savings account, you will be able to earn a higher interest rate as your balance rises.
Hopkins Federal Savings Bank
The Hopkins Federal Savings Bank has one branch in the state of Maryland. This bank offers its clients with many different types of savings accounts, the most common being the Regular Passbook Account. With this type of account the interest is collected daily but is actually credited quarterly. Furthermore, in order for you to earn an annual percentage yield, a maintaining balance of $100 is required. The interest rate for a regular passbook is 1.10% with an annual percentage yield of 1.11%.
This bank also offers different loan types but does not offer a savings loan.
These are only some of the banks in Baltimore which you can visit. For a list of the other bank in Baltimore County, Maryland, you can visit here.