CFG Bank Review 2021

Published January 2021 by Libby Wells

AT A GLANCE
3.4

Bankrate Score

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High APYs

This community bank is best for savers who want to work with an online bank. If you live near one of the branch locations in Maryland, you will have access to in-person banking.

  • CDs
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    4.8
  • MMAs
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    4.0
  • MORE HIGH-YIELD OPTIONS
    MORE HIGH-YIELD OPTIONS
    Goldman Sachs Bank USA

    Member FDIC

    Savings account

    0.50 % APY

    $ 0

    Min. balance for APY

    Axos Bank

    Member FDIC

    Checking account

    1.25 % APY

    $ 50

    To open

    $ 0

    To avoid fees

    Overall

    3.4

    Bankrate Score

    CFG Bank is a community bank in Maryland that offers competitive rates on CDs and money market accounts.

    What we like

    • CFG Bank offers competitive rates.

    • Minimum deposits to open CDs are reasonable.

    • The bank's mobile app gets decent reviews.

    What we don't

    • CFG Bank has only two branches.

    • It has a relatively small ATM network.

    • Higher APYs can be found elsewhere.

    CD rates

    4.8

    Bankrate Score

    CFG Bank offers five CD terms, ranging from one year to five years. The APY is competitive. Moreover, the CDs require a minimum deposit of just $500, making them available to most savers.

    What we like

    • Interest rates are competitive.

    • Minimum balance requirements are low.

    What we don't

    • You can still find higher yields elsewhere.

    • There are no specialty CDs, such as bump-ups or no-penalty CDs.

    Money market accounts

    4.0

    Bankrate Score

    You must deposit $1,000 to open a money market account; however, you must park $25,000 into the account to earn the highest APY and $10,000 to avoid a $10 monthly fee.

    Money market accounts do tend to require higher balances, but you can find alternatives with lower barriers to earn a high APY. ATM cards and check-writing are not available with the CFG money market account.

    What we like

    • The APY is competitive.

    • Minimum deposit requirements are low.

    What we don't

    • You must maintain a $10,000 balance to avoid a $10 monthly fee.

    • A $25,000 balance is required to earn the highest interest rate.

    • Check-writing and ATM cards are not available with the account.

    Bank experience

    CFG Bank is mostly an online bank, with two physical branches in Maryland. Most interactions with the bank happen on your phone or laptop. CFG also has a highly rated mobile app. The bank does offer 24-hour telephone banking. CFG customers can use M&T Bank ATMs.

    You can call customer service from 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.

    The biggest detractors from the customer experience are the lack of peer-to-peer payment capability and the relatively small ATM network.

    About CFG Bank

    CFG Bank is a privately owned, FDIC-insured community bank with headquarters in Baltimore. It operates two branches in Maryland. The bank offers money market accounts and certificates of deposit.

    At the time of Bankrate's review, CFG was not offering checking or standard savings accounts. Some products are available only in a branch; others are available only online. Readers can visit the bank's website for updates on product offerings.

    Libby Wells Twitter Created with Sketch. @EAWELLS77

    Libby Wells Twitter Created with Sketch. @EAWELLS77

    Libby Wells, Bankrate's chief copy editor, has more than 30 years of experience as a writer and editor for newspapers, magazines and online publications in South Florida. She has spent most of her career at The Palm Beach Post and Palm Beach Daily News, but she also did a previous stint at Bankrate as the credit card reporter. Libby is a native of Kentucky and a graduate of the University of Kentucky, where she earned a bachelor's degree in journalism. She's an avid fan of the legendary UK Wildcats basketball team.