CFG Bank Review 2020

Published March 2020 by TJ Porter

AT A GLANCE
3.7
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Bankrate Score

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High APYs

This community bank is best for savers who want to work with an online bank. If you live near one of the few branch locations in Maryland, you will also have access to in-person banking.

  • CDs
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    3.4
  • Savings
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    4.8
  • Checking
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    2.5
  • MMAs
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    4.3
  • MORE HIGH-YIELD OPTIONS
    MORE HIGH-YIELD OPTIONS
    Goldman Sachs Bank USA

    Member FDIC

    Savings account

    1.05 % APY

    $ 0

    Min. balance for APY

    Goldman Sachs Bank USA

    Member FDIC

    CD

    1.10 % APY

    1 yr

    Term

    $ 500

    Min. deposit

    Amerant Bank, National Association

    Member FDIC

    CD

    1.01 % APY

    1 yr

    Term

    $ 10,000

    Min. deposit

    Overall

    3.7

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    Bankrate Score

    CFG Bank is a community bank that operates a few branches in Maryland.

    What we like

    • Competitive rates.

    • Reasonable minimum deposits for CDs.

    • Mobile app gets decent reviews.

    What we don't

    • Only has a few branches.

    • Relatively smaller ATM network.

    CD rates

    3.4

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    Bankrate Score

    OTHER CD OFFERS YOU MAY LIKE
    Goldman Sachs Bank USA

    Member FDIC

    CD

    1.10 % APY

    1 yr

    Term

    $ 500

    Min. deposit

    CFG Bank offers several CDs that offer good interest rates. Moreover, the CDs only require a minimum deposit of just $500, making them available to most savers.

    What we like

    • Good interest rates.

    • Low minimum balance requirements.

    What we don't

    • You can still find higher yields elsewhere.

    Savings accounts

    4.8

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    Bankrate Score

    OTHER SAVINGS OFFERS YOU MAY LIKE
    Goldman Sachs Bank USA

    Member FDIC

    Savings account

    1.05 % APY

    $ 0

    Min. balance for APY

    Online banks are well-known for offering savers higher payouts with fewer caveats, and CFG Bank continues that pattern for the most part. You can earn a high rate of interest; however, the account requires a $1,000 minimum deposit. To earn the highest possible rate, you’ll need to have a $25,000 balance, so the account is best for savers with a lot of cash to commit.

    Note: You won’t find this product advertised on the bank’s website. A Bankrate representative called the bank to find out the above details.

    What we like

    • Good interest rates.

    • No monthly fees.

    What we don't

    • $1,000 minimum deposit.

    • $25,000 balance to earn the highest rate.

    Checking accounts

    2.5

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    Bankrate Score

    OTHER CHECKING OFFERS YOU MAY LIKE
    Simple

    Member FDIC

    Checking account

    1.00 % APY

    $ 0

    To open

    $ 0

    To avoid fees

    You will need to deposit at least $500 to open the checking account; however, you won’t have to worry about keeping a minimum balance to avoid fees.

    You won’t have access to peer-to-peer payment functionality and the ATM network is limited. You can also use an ATM through M&T’s network, but that institution’s network is relatively small.

    What we like

    • No monthly fee.

    • Bill pay services.

    What we don't

    • Relatively small ATM network.

    • No ATM fee refunds.

    Money market accounts

    4.3

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    Bankrate Score

    You only need to deposit $1,000 to open a money market account; however, you will need to park $25,000 into the account to earn the highest APY. While money market accounts tend to require higher balances, you can find alternatives with lower barriers to earn a high APY.

    What we like

    • High interest rates.

    • Low minimum deposit requirements.

    What we don't

    • $25,000 balance to earn the highest interest rate.

    Bank experience

    CFG Bank is mostly an online bank but it also operates a few branches in Maryland. Most of your interactions with the bank will happen through your phone or your laptop. The biggest detractors from the customer experience is the lack of peer-to-peer payment capability and the relatively smaller ATM network.

    About CFG Bank

    CFG Bank is a community bank that operates a few branches in Maryland. The bank offers checking, savings and money market accounts as well as certificates of deposit.

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