CFG Bank Review 2023
The Bankrate promise
At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict , this post may contain references to products from our partners. Here's an explanation for .
At a glance
CDs
Checking
Savings
MMA
About Bankrate Score
Overview
CFG Bank is best for savers who want an online bank offering highly competitive certificate of deposit (CD) and money market interest rates. If you live near one of the three branch locations in Maryland, you will have access to in-person banking. Savings accounts that pay significantly higher rates can be found at other banks, however.
Highlights
- High APY
- Free Checking
Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 5/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 4.4/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 4.7/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Overall
CFG Bank is a community bank that maintains three branches in Maryland, and some of its accounts can be opened online. It offers a full range of deposit products, including CDs and a money market account that earn top-tier rates. Its free checking account allows customers to use more than 40,000 fee-free ATMs nationwide, though it can only be opened at a branch. Account holders can perform transactions online or through the highly-rated mobile app.
While APYs are competitive for the bank’s CDs and money market accounts, the APY for its savings account is less so.
Pros
-
CFG Bank offers solid to top-tier interest rates on some accounts.
-
The minimum deposit to open a CD is reasonable.
-
The CFG Mobile Money app gets good to excellent reviews.
-
Customers can make person-to-person payments through Zelle.
Cons
-
CFG Bank has only three branches, all in Maryland.
-
The savings account APY is lower than the national average.
-
Checking accounts can only be opened in person at branches.
CFG Bank banking products
CFG Bank savings overview
Pros
-
There is a fairly low minimum balance requirement of $100 to avoid a monthly fee.
-
The monthly service charge is only $2 if you can't maintain the required minimum balance.
Cons
-
A $1,000 minimum deposit is required to earn interest.
-
You can find much better APYs at other banks.
Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 5/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Bank fees
| Fee | Charged? | |
|---|---|---|
| Overdraft fee | $37 | |
| Non-sufficient funds fee | $37 | |
| Monthly maitenance fee | None for checking; $2 for savings and $10 for money market accounts if minimums aren’t met | |
| Out-of-network ATM fee | None | |
| Excessive transaction fee | $5 per withdrawal that exceeds six each month on money market and savings accounts |
About CFG Bank
CFG Bank is a privately owned, FDIC-insured community bank with headquarters in Baltimore and $4.1 billion in assets. It operates three branches in Maryland, and customers have access to the bank’s ATMs as well as those in the nationwide Allpoint network. Banking can also be done online and through the highly-rated mobile app. The bank offers a money market account and CDs that pay highly competitive rates, as well as checking and savings accounts.
Bank experience
CFG Bank has only three branches, all of them in Maryland. The bank also offers mobile and telephone banking that gives customers 24/7 access to their accounts. Customer phone support is available 8:30 a.m. to 5 p.m. ET, Monday through Friday.
The bank launched a nonprofit organization in 2021 with a mission of providing improved healthcare for seniors as well as free healthcare training to members of the community.
In 2021, the bank also entered the cannabis market. It runs a program designed to help companies in the medical cannabis industry achieve their business goals by providing lending and depository services with a team of cannabis banking experts.
How CFG compares to other banks
CFG Bank vs. Citizens Bank
CFG Bank and Citizens Bank are both regional banks with limited branches. However, when it comes to branch access, Citizens Bank far exceeds CFG Bank, with over 1,000 branches across 12 states, compared to CFG Bank’s three branches in Maryland. However, CFG Bank doesn’t charge any out-of-network ATM fees, while Citizens charges $3 per out-of-network ATM withdrawal for standard accounts.
For consumers looking for a money market account, CFG Bank might be the better choice. It offers a much higher rate on its High-Yield Money Market account than Citizens Bank’s rates. CFG Bank also has a lower balance requirement of $1,000 to avoid the monthly fee, compared to Citizens Bank’s $2,500 minimum balance requirement.
CFG offers 4.45% APY, while Citizens only pays 0.01% APY on a standard money market account
CFG Bank FAQs
Review methodology
We assign a score to each type of account and its features, weigh them carefully based on importance to account holders and determine an overall score. Read our full review methodology.
