CFG Bank Review 2023

Our experts answer readers’ banking questions and write unbiased product reviews (here’s how we assess banking products). In some cases, we receive a commission from our partners; however, our opinions are our own. Terms apply to offers listed on this page.

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

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

The CFG Bank Checking Plus Account is an online account with no monthly service fee. It’s a solid interest-earning checking account, but you can earn even higher rates with the best high-yield checking accounts elsewhere.

The main downside of this account is that there’s a $25 overdraft fee, and CFG doesn’t offer any kind of overdraft protection.

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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 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

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.

How CFG Bank Compares

CFG Bank vs. Northern Bank Direct

CFG Bank and Northern Bank Direct both offer competitive rates on money market accounts, but there’s a $10 monthly service on the CFG Bank High Yield Money Market Account if you don’t keep at least $1,000 in your money market account. 

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.