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CFG Bank Review 2020
Published March 2020 by TJ Porter
Why trust us
Member FDIC
Savings account
Member FDIC
CD
Member FDIC
CD
Member FDIC
CD
Member FDIC
CD
Overall
3.7
Bankrate Score
CFG Bank is a community bank that operates a few branches in Maryland.
What we like
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Competitive rates.
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Reasonable minimum deposits for CDs.
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Mobile app gets decent reviews.
What we don't
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Only has a few branches.
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Relatively smaller ATM network.
CD rates
3.4
Bankrate Score
Member FDIC
CD
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
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Good interest rates.
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Low minimum balance requirements.
What we don't
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You can still find higher yields elsewhere.
Savings accounts
4.8
Bankrate Score
Member FDIC
Savings account
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
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Good interest rates.
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No monthly fees.
What we don't
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$1,000 minimum deposit.
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$25,000 balance to earn the highest rate.
Checking accounts
2.5
Bankrate Score
Member FDIC
Checking account
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
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No monthly fee.
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Bill pay services.
What we don't
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Relatively small ATM network.
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No ATM fee refunds.
Money market accounts
4.3
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
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High interest rates.
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Low minimum deposit requirements.
What we don't
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$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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