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CFG Bank Review 2022

Updated December 2, 2022
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At a glance

4.4
Rating: 4.4 stars out of 5
Bankrate Score
Caret Down

CDs

Rating: 4.8 stars out of 5

Checking

Rating: 4.9 stars out of 5

Savings

Rating: 3 stars out of 5

MMA

Rating: 4 stars out of 5

About Bankrate Score

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Overview

CFG Bank is best for savers who want an online bank offering decent to very competitive interest rates and don't need broad ATM access. If you live near one of the two branch locations in Maryland, you will have access to in-person banking.

Highlights

  • High APY
Compare offers
Bank logo
Member FDIC
Savings Account
3.85
%
APY
Rating: 4.4 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Bank logo
Member FDIC
Savings Account
3.75
%
APY
Rating: 4.4 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Bank logo
Member FDIC
Savings Account
3.60
%
APY
Rating: 4.4 stars out of 5
$0
Min. balance for APY
View offer Arrow Right

Overall

CFG Bank is a community bank in Maryland that offers good to highly competitive rates on CDs and a money market account.

Pros

  • Checkmark

    CFG Bank offers decent to top-tier interest rates.

  • Checkmark

    The minimum deposit to open a CD is reasonable.

  • Checkmark

    The CFG Mobile Money app gets good to excellent reviews.

  • Checkmark

    Customers can make person-to-person payments through Zelle.

Cons

  • CFG Bank has only two branches, both in Maryland.

  • Its ATM network through M&T Bank is not very big.

  • A fee schedule is available only through email request.

CFG Bank bank products

3.0
Rating: 3 stars out of 5
Bankrate Score

CFG Bank savings overview

CFG Bank's Statement Savings account offers an unenticing APY and requires a $1,000 minimum balance to earn interest. The minimum balance requirement to avoid a $2 monthly service charge is only $100, which is not onerous for most savers. The bank also offers two other savings accounts, Standard Savings and YouthSaver, for customers under age 18, but for this review, Bankrate looked at the Statement Savings account.

Pros

  • Checkmark

    There is a fairly low minimum balance requirement of $100 to avoid a monthly fee.

  • Checkmark

    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.

Compare Offer
Bank logo
Member FDIC
Savings Account
3.85
%
APY
Rating: 4.4 stars out of 5
InfoHover for more
$0
Min balance for APY

Bank experience

CFG Bank is primarily an online bank, with only two branches, both of them in Maryland. The bank also offers mobile and telephone banking that gives customers 24/7 access to their accounts.

Customer service is available 8:30 a.m. to 11 p.m., Monday through Thursday, 8:30 a.m. to 9 p.m. on Friday, and 9 a.m. to 5 p.m. on Saturday.

About CFG Bank

CFG Bank is a privately owned, FDIC-insured community bank with headquarters in Baltimore and $2.3 billion in assets. It operates two branches in Maryland and a limited ATM network, but customers do have access to online and mobile banking, as well as the Zelle third-party payment platform. The bank offers checking and savings accounts, a money market account and certificates of deposit.

Review methodology

With so many financial institutions to choose from, it can be hard to know who to trust. Bankrate’s ever-growing list of bank and credit union reviews is updated regularly. Our editorial team analyzes and reviews each institution across deposit products such as savings accounts, checking accounts, certificates of deposit (CDs) and money market accounts (MMAs). Banks are rated by important factors such as offered interest rates, fees, minimum balance requirements, access to funds and more.

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.