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The Harbor Bank of Maryland Review: Overall Rating
| Feature | Insider rating (out of 5) |
| Savings | 3.25 |
| Checking | 3.75 |
| CD | 3.5 |
| Money market account | 2.5 |
| Trustworthiness | 5 |
| Total | 3.5 |
The Harbor Bank of Maryland Pros and Cons
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The Harbor Bank of Maryland Statement Savings Account - Product Name Only Review
The Harbor Bank of Maryland No Hassle Checking Account - Product Name Only Review
The Harbor Bank of Maryland CD - Product Name Only Review
The Harbor Bank of Maryland Money Market Savings Account - Product Name Only Review
The only reason you may choose the money market account is if you want paper checks to accompany your savings.
About The Harbor Bank of Maryland
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's mobile app is rated 4.5 out of 5 stars in the Apple Store and 2.9 out of 5 stars in the Google Play 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 Harbobr Bank of Maryland doesn't have any public controversies.
The Better Business Bureau gives the bank an A+ rating. 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.
The Role of Black-led Financial Institutions
Black-led financial institutions serve an integral role in providing services and products to Black Americans and underserved communities. If you'd like to learn more about the history and impact, read through our Black-owned banks and credit unions guide.
The Harbor Bank of Maryland has branches in Baltimore, Maryland. According to the US Census, over 61% of the city population is Black.
The Harbor Bank of Maryland is certified as a community development financial institution (CDFI). CDFIs can provide necessary financial resources to low-income and disadvantaged communities. In 2021, 71% of all lending at CDFIs went to distressed or underserved communities, according to the CDFI Fund.
The Harbor Bank of Maryland FAQS
Who owns the Harbor Bank of Maryland?
John D. Lewis is the president and CEO of the Harbor Bank of Maryland.
Where can I find a Harbor Bank of Maryland location?
You can find a Harbor Bank of Maryland location in three cities in Maryland (Baltimore, Randallstown, and Silver Spring).
Is the Harbor Bank of Maryland safe?
Up to $250,000 per depositor is safe in the Harbor Bank of Maryland bank accounts. The Harbor Bank of Maryland is federally insured by the FDIC.
Methodology: How We Reviewed the Harbor Bank of Maryland
For our Harbor Bank of Maryland review, we rated bank products and services using our bank account methodology.
At Personal Finance Insider, we rate bank accounts on a scale from zero to five stars. We review different features for distinct types of bank accounts. For example, we'll look at early withdrawal penalties and CD variety specifically for CDs. Meanwhile, for checking accounts, we'll factor in the ATM network size and fees, as well as its overdraft protection options. We'll also usually examine minimum opening deposits, monthly service fees, customer support availability, and mobile app ratings for all types of bank accounts.
How The Harbor Bank of Maryland Compares
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 The Harbor Bank of Maryland for CDs because it pays higher rates than Securityplus.
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.