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Pros and cons

The Harbor Bank of Maryland Statement Savings Account pays a low interest rate, and it doesn’t

compound interest
. You may prefer to open a savings account with another minority-led institution in Maryland, or open an online high-yield savings account.

The Harbor Bank of Maryland No Hassle Checking Account is an affordable checking account, with no minimum opening deposit or monthly fees. You can apply for an overdraft protection line of credit, but there’s no free overdraft protection. That means this account might not be the best option if you’re worried about overdrawing.

The Harbor Bank of Maryland CD is a good choice if you want to open a longer-term account. It has CD terms as long as 10 years, whereas most banks cap out at five years. But you can find higher rates elsewhere.

The Harbor Bank of Maryland Money Market Savings Account doesn’t offer many advantages over the Statement Savings Account. It pays a low interest rate, requires $2,500 to get started, and charges a $25 monthly fee if your balance drops below $2,500.

The only reason you may choose the money market account is if you want paper checks to accompany your savings.

How The Harbor Bank of Maryland works

The Harbor Bank of Maryland is a Black-owned bank with seven branches in Baltimore, Randallstown, and Silver Spring. There are over 55,000 free ATMs in the Allpoint network.

The bank has a mobile app for tablets in both the Apple and Google Play stores, but it only has an app for smartphones in the Apple store.

Customer service and branch hours vary by location. Only certain branches are open on Saturdays, and none are open on Sundays.

Your deposits are FDIC insured for up to $250,000, or up to $500,000 for joint accounts.

Is The Harbor Bank of Maryland trustworthy?

The Harbor Bank of Maryland doesn’t have any public controversies.

The Better Business Bureau gives the bank an A+ in trustworthiness. The BBB measures trustworthiness by looking at companies’ responses to customer complaints, honesty in advertising, and transparency about business practices.

A good BBB score doesn’t guarantee you’ll have a smooth relationship with a bank, though. You still may want to read online customer reviews or ask friends and family about their experiences.

How The Harbor Bank of Maryland compares to similar institutions

We’ve compared The Harbor Bank of Maryland to two other minority-led institutions in Maryland: Securityplus Federal Credit Union and Municipal Employees Credit Union of Baltimore.

The Harbor Bank of Maryland vs. Securityplus Federal Credit Union

Pretty much anyone can bank with The Harbor Bank of Maryland. But Securityplus is a credit union, so membership is limited to certain people. You can only use Securityplus if you live, work, study, or worship in Baltimore, or if you work for specific companies.

You may like security plus for CDs if you qualify to join, because it pays higher rates than The Harbor Bank of Maryland.

The Harbor Bank of Maryland vs. Municipal Employees Credit Union of Baltimore

Like Securityplus, Municipal Employees Credit Union of Baltimore is a credit union that only certain people can join. If you don’t work for a partner employer or live in Baltimore, The Harbor Bank of Maryland is the clear choice.

But MECU pays higher rates on savings, checking, and CDs than The Harbor Bank of Maryland. It also has a cash-back checking account.

About the author

Laura Grace Tarpley is an editor at Personal Finance Insider, covering bank reviews and guides. She is also a Certified Educator in Personal Finance (CEPF). Over her five years of covering personal finance, she has written extensively about ways to save.