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Forbright Bank Review 2023

Updated August 14, 2023
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At a glance

4.3
Rating: 4.3 stars out of 5
Bankrate Score
Caret Down

CDs

Rating: 4.3 stars out of 5

Checking

Rating: 4 stars out of 5

Savings

Rating: 4.4 stars out of 5

MMA

Rating: 3.9 stars out of 5

About Bankrate Score

Overview

Forbright Bank can be a convenient option if you prefer in-person banking and live in the areas of Maryland and Virginia where there are a handful of branches. Customers have free access to Forbright ATMs and unlimited fee refunds for withdrawals from other ATMs. Some accounts earn high yields and charge low-to-no monthly service fees.

Highlights

  • High APY
  • ATM Fee Refunds
  • Free Checking
Compare offers
Info
Bank logo
Member FDIC
CD
5.30
%
APY
APY
Info
As of 2/23/2024
Rating: 4.3 stars out of 5
$1,000
Minimum deposit
View offer Arrow Right
Promoted offer:
Bank logo
Member FDIC
Savings Account
5.10
%
APY
APY
Info
As of 2/23/2024
Rating: 4.7 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Promoted offer:
Bank logo
Member FDIC
Savings Account
4.60
%
APY
APY
Info
As of 2/23/2024
Rating: 5 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Promoted offer: No account fees & earn up to $300 w/ direct deposit. Terms apply.

Overall

Forbright Bank offers a full range of personal bank accounts as well as credit cards and loans. The one-year CD earns one of the best rates around, and the two savings accounts earn high yields on some balances. While CDs can be opened online, all other deposit accounts need to be opened at a branch.

Pros

  • Checkmark

    Forbright Bank’s one-year CD earns a top-notch rate.

  • Checkmark

    The bank’s tiered savings accounts earn high yields on some balances.

  • Checkmark

    The checking account charges no service fees and earns high interest when balance requirements are met.

Cons

  • Forbright Bank only offers four full-service branches in two states.

  • CDs can be opened online, but you’ll need to visit a branch to open any other deposit account.

Forbright Bank banking products

4.4
Rating: 4.4 stars out of 5
Bankrate Score

Forbright Bank savings overview

Forbright’s Bright Savings offers two tiers of annual percentage yield (APY), both of which are well above the national average. To earn the higher APY, however, you’ll need a balance of $250,000 or more. The bank’s Sprout Savings, open to those younger than 18 years of age, pays a competitive APY on balances up to $10,000, while any additional portion of the balance earns a lackluster rate.

Both accounts charge no monthly fees, require low minimum opening deposits and pay unlimited refunds for surcharges from other banks for using non-Forbright ATMs.

Pros

  • Checkmark

    The Bright Savings and Sprout Savings accounts earn competitive rates when balance requirements are met.

  • Checkmark

    Minimum opening balances for both savings accounts are manageable.

  • Checkmark

    Unlimited refunds are given on surcharges from non-Forbright ATM use.

Cons

  • To get the highest APY on the Bright Savings account, you’ll need a balance of at least $250,000.

  • Balances over $10,000 on the Sprout Savings account earn a much lower yield.

Compare Offer
Info
Bank logo
Member FDIC
Savings Account
5.10
%
APY
APY
Info
As of 2/23/2024
Rating: 4.7 stars out of 5
Info
$0
Min balance for APY
View offer Arrow Right
Promoted offer:

Bank fees

Fee Charged?
Overdraft fee None
Non-sufficient funds fee None
Monthly maintenance fee None for checking and savings accounts, $10 for the money market account when minimum balance requirement is not met
Out-of-network ATM fee None
Excessive transaction fee $0

About Forbright Bank

In 2021, Congressional Bank rebranded as Forbright Bank. At that time, the bank announced it would dedicate half its assets to the financing of companies and investors devoted to sustainability and the shift to a low-carbon economy.

Forbright has provided financing for projects such as installation of solar systems across some New Jersey nursing facilities. It also offers financing to help commercial buildings make energy-efficient upgrades such as green roofs and solar-powered components.

The bank offers personal and business accounts, as well as credit cards and lending services. It maintains a handful of branches in two states.

Bank experience

Forbright Bank operates four full-service branches in Maryland and Virginia, along with three service hubs that provide more limited support. Personal deposit accounts need to be opened at a branch — except for CDs, which can be opened online.

Customer service can be reached over the phone Monday through Friday from 9 a.m. to 8 p.m. ET. The bank offers a basic mobile app through which Android and Apple users can check balances, deposit checks, pay bills and transfer money between accounts. 

Forbright provides a handy Personal Banking Switch Kit document that lists steps to take when switching over from another bank.

How Forbright Bank compares to other banks

Forbright Bank vs. CFG Bank

Both Forbright Bank and CFG Bank operate a few branches in Maryland. When it comes to savings accounts, Forbright’s Bright Savings and Sprout Savings overall offer competitive APYs via a tiered structure, while CFG’s savings account earns an APY that’s near rock-bottom (although Forbright’s Sprout Savings also earns a very low rate on any portion of your balance over $10,000).

Forbright and CFG both offer interest-bearing checking accounts, and CFG also offers one that doesn’t earn any interest. Both banks offer four terms of CDs that earn rates well above national averages.

Neither Forbright nor CFG charges out-of-network ATM fees. Of the two, only Forbright reimburses customers for surcharges imposed by other banks for using ATMs it doesn’t own. However, CFG customers have access to tens of thousands of fee-free ATMs through the nationwide Allpoint network.

Forbright 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.