CFG Bank Review 2024
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At a glance
CDs
Checking
MMA
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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. Those looking for a standard savings account will need to search elsewhere.
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 = 4.9/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.
Overall
CFG Bank is a community bank that maintains three branches in Maryland, and some of its accounts can be opened online. It offers several deposit products, including CDs and a money market account that earn top-tier rates. Its free checking account allows customers to use more than 55,000 fee-free ATMs nationwide. Account holders can perform transactions online or through the highly-rated mobile app.
While the bank offers competitive CDs and money market accounts, it does not offer a traditional savings account, and its CDs only come in four terms.
Pros
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CFG Bank offers solid to top-tier interest rates on some accounts.
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The minimum deposit to open a CD is reasonable.
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The CFG Mobile Money app gets good to excellent reviews.
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Customers can make person-to-person payments through Zelle.
Cons
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CFG Bank has only three branches, all in Maryland.
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There’s no traditional savings account offering.
CFG Bank banking products
APY, or annual percentage yield, is the yearly return on a bank or investment account. APY as of 3/29/2024
CFG Bank CD overview
The CDs can be opened online or in a branch.
Pros
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Interest rates are very competitive.
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Minimum deposit requirements are low.
Cons
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CD availability is limited to four terms and with no specialty options.
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See how rates for this account have changed over time. Select the CD term length from the dropdown and interact with the trend lines to view APY by date.
CFG BankAPYAPYNational average APYHow do we get this data?
Bank fees
Fee | Charged? |
---|---|
Overdraft fee | $25 |
Non-sufficient funds fee | $25 |
Monthly maintenance fee | None for checking; $10 for money market accounts if minimums aren’t met |
Out-of-network ATM fee | None |
Inactivity fee after six months | $10 |
About CFG Bank
CFG Bank is a privately owned, FDIC-insured community bank with headquarters in Baltimore and $5 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 accounts. Historically, the bank has also offered a savings account, but the savings account is no longer available as of this review.
Customer 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 9 a.m. to 5 p.m. ET, Monday through Friday.
CFG Bank’s app has 3.4 stars on Google Play and 4.4 stars on the Apple app store. The app includes digital banking features such as bill pay, account alerts and an ATM locator.
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 does CFG compare to other banks?
CFG Bank vs. Citizens Bank
CFG Bank and Citizens Bank are both regional banks with branches. However, Citizens Bank far exceeds CFG Bank, with over 1,000 branches across 16 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.
As of this review, CFG Bank does not offer a savings account, while Citizens Bank offers several savings account options. However, the standard Citizens savings account earns minimal interest.
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.
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