Read our Review of

CFG Bank Review 2022

Name: CFG Bank
Item: CFG Bank
Rating: 4.4
Author: Libby Wells

Written by

Libby Wells

Edited by

David Schepp

Updated December 2, 2022

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 .

On This Page

At a glance

4.4

Bankrate Score

CDs

Checking

Savings

MMA

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

Member FDIC

Savings Account

3.85

APY

Min. balance for APY

View offer

Member FDIC

Savings Account

3.75

APY

Min. balance for APY

View offer

Member FDIC

Savings Account

3.60

APY

Min. balance for APY

View offer

Overall

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

Pros

CFG Bank offers decent to top-tier interest rates.
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 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

Bankrate Score

Compare top savings rates

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

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.

Compare Offer

Member FDIC

Savings Account

3.85

APY

Min balance for APY

View offer

4.8

Bankrate Score

Compare top CD rates

CFG Bank CD overview

CFG Bank offers five CD terms, ranging from six months to five years. The APYs are very competitive. Moreover, the CDs require a minimum deposit of just $500, making them available to most savers.

Pros

Interest rates are very competitive.
Minimum deposit requirements are low.
Terms of six months to five years give savers a range of options.

Cons

Higher yields can be found elsewhere.
Bump-up and no-penalty CDs aren’t available.

Compare Offer

Member FDIC

4.00

APY

Min. deposit

1 yr

Term

View offer

4.0

Bankrate Score

Compare top money market rates

CFG Bank money market overview

CFG's High-Yield Money Market account offers a top-tier APY, but savers must have a minimum $25,000 balance to earn interest. There is a $1,000 minimum balance requirement to avoid a $10 monthly service charge. Check writing and ATM access are not available with this account unless it's opened in a branch. There are no out-of-network ATM fees.

Money market accounts do tend to require higher balances, but you can find MMAs at other banks with lower barriers to earn a high APY.

Pros

The APY is very competitive.
The account can be opened online or in a branch.
There are no out-of-network ATM fees.

Cons

A $1,000 balance must be maintained to avoid a $10 monthly fee.
A $25,000 balance is required to earn the highest interest rate.
Check writing and ATM access are not available with the account unless it's opened in a branch.

4.9

Bankrate Score

Compare top checking rates

CFG Bank checking overview

CFG Bank's Community Checking account is a noninterest-bearing account that you can open with just one penny. There is no minimum balance to maintain to avoid a service charge, but watch out for overdrafts because the nonsufficient funds/overdraft fee is $37, which is higher than the national average. Community Checking affords customers access to online banking, including online bill payment, and telephone and mobile banking, including mobile deposits. This account does not come with a debit or ATM card unless it's opened in a branch. There are no out-of-network ATM fees.

The bank does offer an interest-bearing checking account and one for students, but for this review, Bankrate looked at the Community Checking account.

Pros

Community Checking requires a deposit of just a penny to open.
No minimum balance is required to avoid service charges.
Customers have access to online, mobile and telephone banking.
There are no out-of-network ATM fees.

Cons

The NSF/overdraft fee is a stiff $37, higher than the national average.
The Community Checking account does not pay interest.
The account does not come with an ATM or debit card unless you open it in a branch.

Compare Offer

Member FDIC

Checking Account

2.00

APY

$50

To open

To avoid fees

View offer

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.

Up next

CFG Bank Review 2022

The Bankrate promise

At a glance

Overview

Highlights

Overall

Pros

Cons

CFG Bank bank products

CFG Bank savings overview

Pros

Cons

Bank experience

About CFG Bank

Review methodology

Ally

Capital One

American Express Bank

TIAA Bank

BrioDirect

Spring Bank

American Airlines Federal Credit Union

Transportation Alliance Bank

Alliant Credit Union

Quontic Bank