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CFG Bank Review 2024

Updated January 2, 2024
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At a glance

4.2
Rating: 4.2 stars out of 5
Bankrate Score
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CDs

Rating: 4.7 stars out of 5

Checking

Rating: 4.6 stars out of 5

MMA

Rating: 4.3 stars out of 5

About Bankrate Score

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
Sponsored offers
Info

These are sponsored offers rated highly by us for competitive rates, fees, and minimums.

Bank logo
Member FDIC
Savings Account
4.25
%
APY
APY
Info
As of 5/18/2024
Rating: 4.4 stars out of 5
$1
Min. balance for APY
View offer Arrow Right
Promoted offer:
Bank logo
Member FDIC
Savings Account
5.00
%
APY
APY
Info
As of 5/18/2024
Rating: 4.9 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Promoted offer: Plus, no monthly fees and unlimited free external transfers
Bank logo
Member FDIC
Savings Account
4.35
%
APY
APY
Info
As of 5/18/2024
Rating: 4.9 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Promoted offer:

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

  • Checkmark

    CFG Bank offers solid to top-tier interest rates on some accounts.

  • Checkmark

    The minimum deposit to open a CD is reasonable.

  • Checkmark

    The CFG Mobile Money app gets good to excellent reviews.

  • Checkmark

    Customers can make person-to-person payments through Zelle.

Cons

  • CFG Bank has only three branches, all in Maryland.

  • There’s no traditional savings account offering.

CFG Bank logo

We want to know what you think about CFG Bank

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CFG Bank banking products

4.7
/5
Rating: 4.7 stars out of 5
See methodology Compare CD rates
SCORE BREAKDOWN
APY offering:
5.31% - 1 yr
Rating: 5 stars out of 5
5/5
Info
Minimum deposit:
$500.00
Rating: 5 stars out of 5
5/5
Info
Range of term lengths:
1 yr – 5 yrs
Rating: 3 stars out of 5
3/5
Info
Early withdrawal penalty:
Great
Rating: 5 stars out of 5
5/5
Info
Offer no-penalty or bump-up CDs:
Yes
Rating: 5 stars out of 5
5/5
Info
Offer IRA CDs:
No
Rating: 0 stars out of 5
0/5
Info
FEATURES
Invest Rate
4.05% – 5.31% APY
Info
Loan
$500 minimum deposit to open
Calendar
1 year – 5 years

CFG Bank CD overview

CFG Bank offers four CD terms, ranging from one year to five years. The APYs are very competitive, and the highest rates are offered on 12- and 18-month terms. Moreover, the CDs require a minimum deposit of just $500, making them available to most savers.

The CDs can be opened online or in a branch.

Pros

  • Checkmark

    Interest rates are very competitive.

  • Checkmark

    Minimum deposit requirements are low.

Cons

  • CD availability is limited to four terms and with no specialty options.

  • 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 Bank
    APY
    APY
    Info
    National average APY
    Caret Down
    How do we get this data?
    Info
Compare Offer
Sponsored Offer
Info

This is a sponsored offer rated 4 stars or higher for competitive rate, fees, and minimums.

Bank logo
Member FDIC
CD
5.05
%
APY
APY
Info
As of 5/18/2024
Rating: 4.7 stars out of 5
Info
$0
Min. deposit
1 yr
Term
Promoted offer:

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 CFG compares to other banks

Compare different account types offered by CFG bank. Annual percentage yields (APYs) shown were updated between May 11, 2024 and May 17, 2024.

Selected bank
CFG Community Bank CD
CFG Community Bank Logo
Member FDIC
Bankrate score
Rating: 4.7 stars out of 5
4.7
Info
Most comparable
Quontic Bank CD
Quontic Bank Logo
Member FDIC
Bankrate score
Rating: 3.8 stars out of 5
3.8
Info
Read review
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Bankrate score
Info
Read review
APY
Info
5.31% 4.50%
Minimum deposit
$500.00 $500.00
Term
1 yr 1 yr
CFG Bank is a regional bank that maintains branches in Maryland, although some of its accounts can be opened online. CFG offers four terms of CDs, all of which pay top-notch rates. What’s more, they require a comparatively low minimum deposit of $500. Quontic Bank offers five terms of CDs, ranging from six months to five years, that require $500 to open. The rates for all five terms are very competitive. An early withdrawal penalty applies if money is withdrawn before the CD matures. The penalty for the bank’s one-year CD, for example, is equal to one year of earned interest, according to the bank's website.
  • CFG Bank’s CD interest rates are highly competitive.
  • The minimum opening deposit for CDs is manageable.
  • Quontic pays competitive rates on the five CD terms it offers
  • Only $500 is needed to open a CD
    N/A
  • Only four terms of CDs are offered.
  • No specialty CD options are available.
  • Some banks have lower minimum deposit requirements
  • Quontic Bank’s early withdrawal penalties are higher than those of some other banks
    N/A
APY offering:
5.31% - 1 yr
5/5
Info
Minimum deposit:
$500.00
5/5
Info
Range of term lengths:
1 yr - 5 yrs
3/5
Info
Early withdrawal penalty:
Great
5/5
Info
Offer no-penalty or bump-up CDs:
Yes
5/5
Info
Offer IRA CDs:
No
0/5
Info
APY offering:
4.50% - 1 yr
4/5
Info
Minimum deposit:
$500.00
5/5
Info
Range of term lengths:
6 mos - 5 yrs
3/5
Info
Early withdrawal penalty:
Poor
1/5
Info
Offer no-penalty or bump-up CDs:
No
0/5
Info
Offer IRA CDs:
No
0/5
Info
Info
Info
Info
Info
Info
Info
Bankrate does not currently track additional product details for this bank.

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

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.