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CFG Bank has some of the best CD rates and rates for money market accounts right now.
CFG Bank Overall Rating
CFG Bank Pros and Cons
How CFG Bank products compare
CFG Bank Standard Savings Account
3.25/5
Annual Percentage Yield (APY)
0.10%
Minimum Deposit Amount
$50
CFG Bank Standard Savings Account
3.25/5
Annual Percentage Yield (APY)
0.10%
Minimum Deposit Amount
$50
CFG Bank Standard Savings Account
Details
Annual Percentage Yield (APY)
0.10%
Minimum Deposit Amount
$50
Pros & Cons
$50 minimum opening deposit
Possible to waive monthly fee
Must be opened at a branch location
$2 monthly maintenance fee
Low interest rate
Highlights
2 branches near Baltimore, Maryland
Free access to over 1,600 M&T Banks ATMs on the East Coast
To waive the $2 monthly service fee, keep at least $100 in your account daily
Interest compounded daily and paid monthly
Member FDIC
Additional Reading
Read our review
You may like the CFG Bank Standard Savings Account if you’re able to maintain at least $100 in your account daily. That way, you won’t have to pay a monthly service fee.
If you’d prefer a high-yield savings account, consider the bank’s money market account or one of the accounts on our best high-yield savings accounts guide. These are also good options if you don’t live in Maryland, because you have to open a savings account at a branch.
Compare Today’s Savings Rates
CFG Bank Checking Plus Account
3.25/5
Annual Percentage Yield (APY)
None
Minimum Deposit Amount
$50
Fees
no monthly service fee
CFG Bank Checking Plus Account
3.25/5
Annual Percentage Yield (APY)
None
Minimum Deposit Amount
$50
Fees
no monthly service fee
CFG Bank Checking Plus Account
Details
Fees
no monthly service fee
Annual Percentage Yield (APY)
None
Minimum Deposit Amount
$50
Pros & Cons
Earn interest on your checking balance
No monthly service fees
Does not charge for using an out-of-network ATM
Free electronic statements, bill pay, and online and mobile banking
First order of basic checks is free
Potential to earn a higher money market account rate when linked to this account
$50 minimum opening deposit
No interest earned on balances under $1,000
$25 overdraft fee
No overdraft protection
Does not reimburse any fees charged by out-of-network ATM providers
Highlights
Online checking account
Free access to CFG ATMs at branch locations and over 55,000 Allpoint ATMs
Tiered interest rates: Earn interest on balances of $1k or more, and your rate increases when your balance reaches $5k, $20k, and $50k
When you have a Checking Plus Account with $50k or more, your CFG Money Market Account rate increases by 0.10%
The main downside of this account is that there’s a $25 overdraft fee, and CFG doesn’t offer any kind of overdraft protection.
Compare Today’s Banking Offers
CFG Bank CD
4/5
Annual Percentage Yield (APY)
4.50% to 5.42%
Minimum Deposit Amount
$500
CFG Bank CD
4/5
Annual Percentage Yield (APY)
4.50% to 5.42%
Minimum Deposit Amount
$500
On CFG’s website. CFG Bank, FDIC Insured
CFG Bank CD
On CFG’s website. CFG Bank, FDIC Insured
Details
Annual Percentage Yield (APY)
4.50% to 5.42%
Minimum Deposit Amount
$500
Pros & Cons
$500 minimum opening deposit
Competitive APY
Standard early withdrawal penalties
Limited term options
Highlights
2 branches near Baltimore, Maryland
Free access to over 1,600 M&T Banks ATMs on the East Coast
Terms range from 1 year to 5 years
Early withdrawal penalties: 90 days of interest for terms of 1 year; 180 days of interest for terms longer than 1 year
Interest compounded daily and paid monthly
Member FDIC
Additional Reading
Read our review
CDs are some of CFG Bank’s strongest products. You only need $500 to open a CD, and you could earn a high rate.
There are only a few terms to choose from, though, and the shortest term available is one year.
CFG Bank High Yield Money Market Account
3.5/5
Annual Percentage Yield (APY)
5.12%
Minimum Deposit Amount
$1,000
Fees
$10 monthly service fee
CFG Bank High Yield Money Market Account
3.5/5
Annual Percentage Yield (APY)
5.12%
Minimum Deposit Amount
$1,000
Fees
$10 monthly service fee
CFG Bank High Yield Money Market Account
Details
Fees
$10 monthly service fee
Annual Percentage Yield (APY)
5.12%
Minimum Deposit Amount
$1,000
Pros & Cons
Competitive APY
$1,000 opening deposit
$1,000 minimum balance to earn APY
$1,000 minimum balance to avoid $10 monthly service fee
No debit or ATM card
No paper checks
Highlights
2 branches near Baltimore, Maryland
Free access to over 1,600 M&T Banks ATMs on the East Coast
$1,000 opening deposit and minimum balance to earn highest interest rate
Avoid $10 monthly fee with balance of $1,000
Interest compounded daily and paid monthly
Member FDIC
Additional Reading
Read our review
CFG Bank pays one of the highest money market account rates out there. The CFG Bank High Yield Money Market Account is a great option if you’re able to keep at least $1,000 in your account. That way, you’ll be able to earn interest and waive the $10 monthly service fee.
About CFG Bank
CFG Bank has two branch locations near Baltimore, Maryland. There are free ATMs at branches and at 55,000 machines in the Allpoint network. CFG doesn’t charge you for using an out-of-network ATM, but the ATM provider might.
Money market accounts, CDs, and the checking account can be opened online from anywhere in the US, but you’ll need to go to a branch to open a savings account.
To contact customer service, call Monday through Friday from 9 a.m. to 5 p.m.
The bank’s mobile app received 4.3 out of 5 stars in the Apple Store and 3.6 out of 5 stars in the Google Play store.
CFG Bank is FDIC insured, so $250,000 is secure in an individual account, and $500,000 in a joint account.
Is CFG Bank Trustworthy?
The Better Business Bureau grades businesses by looking at how they resolve customer issues, advertise, and handle transparency. CFG Bank does not have a BBB rating right now because its profile is being reviewed.
CFG hasn’t been involved in any recent public controversies.
CFG Bank FAQs
Yes, CFG Bank is legitimate. It is a Member FDIC bank, which means your funds are federally insured for up to $250,000 in an individual account.
CFG Bank was founded in 2009.
Yes, CFG Bank has two branches in Maryland. It also has plenty of accounts you can open online from around the US.
Methodology: How We Reviewed CFG Bank
At Personal Finance Insider, we rate savings, checking, and money market accounts using our banking methodology. We use our CD methodology to review certificates of deposit. Each account receives a rating between 0 and 5.
For all accounts, we evaluate a bank’s ethics, customer service, and mobile app. The other factors we consider depend on which type of account we’re reviewing. For example, we look at overdraft fees for checking accounts and early withdrawal penalties for CDs.
Northern Bank Direct only has CDs and money market accounts. Meanwhile, CFG Bank also lets you open a checking account online.
CFG Bank vs. CIT Bank
If you don’t live near Baltimore, Maryland, but are looking for a traditional savings account, CIT Bank will be best suited for your needs. CIT Bank is an online institution that lets you open accounts from anywhere in the US.
You’ll also want to compare specific features between bank accounts.
The CFG Bank High Yield Money Market Account offers the most competitive interest rates on a money market account, but there’s a $10 monthly service if you don’t keep at least $1,000 in your money market account. CFG also pays higher rates on most CD terms, but it has fewer terms to choose from than CIT Bank.
Evelyn He is a compliance associate at Insider who supports the Personal Finance Insider team. Personal Finance Insider is Insider’s personal finance section that incorporates affiliate and commerce partnerships into the news, insights, and advice about money that Insider readers already know and love. The compliance team’s mission is to provide readers with stories that are fact-checked and current, so they can make informed financial decisions. The team also works to minimize risk for partners by making sure language is clear, precise, and fully compliant with regulatory and partner marketing guidelines that align with the editorial team. Before joining Insider, she served in various legal and compliance roles in different industries, including the legal and pharmaceutical industries. Evelyn obtained her M.S. degree in Marketing at Boston University in 2022. Prior to combining and consolidating her knowledge of law and business, she spent one year finishing 1L courses at Suffolk University Law School to further her legal knowledge. She has also completed MBA business law courses while working on her Bachelor of Business Administration in Management at the University of Massachusetts, Amherst. Outside of work, she enjoys spending time with her 14-year-old Shih Tzu named Money, and her 4-year-old Bichon named Tibber.
Eligible customers can earn up to $250 with qualifying direct deposit through 12/31/2023. Plus, earn up to 4.30% APY on savings accounts with direct deposit.