Leading Banks in Maryland for Freelancers in 2025

Freelancers in Maryland face unique banking needs, including managing irregular income, tracking expenses, and facilitating payments from clients. Choosing the right bank and account type can significantly impact their financial management. This article provides a comparative review of leading banks in Maryland for freelancers in 2025, including eligibility requirements, the account opening process, typical fees, and alternatives.

Quick Summary

Freelancers in Maryland can benefit from various banking options tailored to their needs. Key banks to consider include:

- Bank of America
- PNC Bank
- Wells Fargo
- TD Bank
- M&T Bank

Each bank offers different account types, such as business checking accounts, that cater to freelancers. The comparative analysis below highlights the pros and cons of each bank, along with typical fees.

Eligibility & Requirements

Bank of America- Eligibility: Open to individuals with a Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN).- Requirements: A minimum deposit may be required, typically around $100 for business checking accounts.

PNC Bank- Eligibility: Available for freelancers with SSNs or ITINs.- Requirements: A minimum deposit of $25 is generally needed to open a business checking account.

Wells Fargo- Eligibility: Open to all U.S. residents, including freelancers.- Requirements: A minimum opening deposit of $100 is usually required.

TD Bank- Eligibility: Available to freelancers with SSNs or ITINs.- Requirements: A minimum deposit of $100 is typically required.

M&T Bank- Eligibility: Open to freelancers with valid identification.- Requirements: A minimum deposit of $50 may be required.

Step-by-Step Opening Process

1. Research Account Options: Determine which account type best suits your freelance needs.
2. Gather Required Documentation: Prepare necessary identification, proof of residence, and any business licenses if applicable.
3. Visit the Bank or Apply Online: Most banks allow online applications, but some may require an in-person visit for business accounts.
4. Complete Application: Fill out the application form and provide the required documentation.
5. Initial Deposit: Fund your account with the required minimum deposit.
6. Set Up Online Banking: Once your account is open, set up online banking for easier management of your finances.

Typical Fees & Timelines

Bank of America- Monthly Maintenance Fees: $15, which can be waived with qualifying activities.- Transaction Fees: $0.45 per transaction over a certain limit (usually 200 transactions).- Timelines: Account setup can take 1-2 business days.

PNC Bank- Monthly Maintenance Fees: $10, waived with qualifying deposits.- Transaction Fees: Up to $0.50 for transactions exceeding monthly limits.- Timelines: Account setup typically takes 1-3 business days.

Wells Fargo- Monthly Maintenance Fees: $10, waived with a minimum balance of $500.- Transaction Fees: $0.50 per transaction over the monthly limit (usually 100).- Timelines: Account setup generally takes 1-3 business days.

TD Bank- Monthly Maintenance Fees: $15, which can be waived with a minimum balance.- Transaction Fees: $0.50 for transactions exceeding a set limit (usually 150).- Timelines: Account setup can be completed in 1-2 business days.

M&T Bank- Monthly Maintenance Fees: $10, waived with qualifying balances.- Transaction Fees: $0.25 per transaction over a specified limit (usually 150).- Timelines: Account setup usually takes 1-3 business days.

*Note: Fees and timelines can vary. Readers are advised to verify with official bank sources for the most current information.*

Alternatives & Digital Banks

Freelancers may also consider digital banks, which often provide lower fees and greater flexibility. Some popular alternatives include:

- Chime: No monthly fees, no minimum balance requirements.
- Aspiration: Offers a cash management account with no monthly fees and a focus on sustainability.
- Ally Bank: Online bank with competitive interest rates and no monthly fees.

These digital banks can serve as effective alternatives to traditional banking, especially for freelancers who prefer managing their finances online.

FAQs

1. What type of bank account is best for freelancers?A business checking account is typically best for freelancers as it helps separate personal and business finances.

2. Can I open a business account without a registered business?Yes, many banks allow freelancers to open business accounts without a formally registered business, although having a DBA (Doing Business As) can be beneficial.

3. Are there any fees associated with business checking accounts?Yes, most banks charge monthly maintenance fees and transaction fees. However, these can often be waived by meeting certain criteria.

4. How do I keep track of my business expenses?Many banks provide online banking tools that allow you to categorize and track expenses, and there are also dedicated accounting software options available.

5. Can I apply for a business account online?Yes, most banks offer online applications for business checking accounts, although some may require in-person verification.

6. What documents do I need to open a business account?Typically, you will need identification (SSN or ITIN), proof of residence, and possibly business licenses or a DBA certificate.

7. How long does it take to open a business account?It usually takes 1-3 business days, depending on the bank and the completeness of your application.

8. Are digital banks safe to use?Yes, reputable digital banks are insured by the FDIC and use encryption and security measures to protect your information.

---

Disclaimer: For informational purposes only; not financial/tax/legal advice.

Related FAQs

Sophia Tan

About the Author

Marks Toms – Editor-in-Chief
Marks oversees editorial policy, compliance, and fact-checking at bankaccountsopen. Read more articles

Disclaimer:The BankOpen Singapore Editorial Team consists of financial analysts, banking industry professionals, and experienced writers. We are dedicated to providing accurate, up-to-date, and practical insights to help readers navigate Singapore’s banking landscape and make informed financial decisions. The information provided in this article is for general informational purposes only and does not constitute financial, investment, or legal advice. Always consult with a qualified professional before making any banking or investment decisions.