Is there a fee for participating in MarylandSaves?

Yes. MarylandSaves WorkLife Savings Accounts are set up to cost less than bank accounts or other retirement savings accounts, but they do have fees. In the first year, your account will cost $22.50 plus about 18¢ for each $100 you save. (That’s because MarylandSaves and the program administrator are waiving some fees when your account starts up.) After that, your account will cost $30 per year, plus from 18¢ to 85¢ per $100, depending on how much of your money is in emergency savings and how much is in other options. Emergency savings don’t have any additional asset-based fee. More information on fees can be found here.