CFG Bank Review 2020

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.

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.

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.

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.