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Forbright Bank Review 2024

Updated May 2, 2024
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At a glance

4.5
Rating: 4.5 stars out of 5
Bankrate Score
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CDs

Rating: 4.3 stars out of 5

Checking

Rating: 4.4 stars out of 5

Savings

Rating: 4.9 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. Accounts that can be opened online include a savings account and certificates of deposit (CDs). For accounts that include ATM access, customers receive unlimited fee refunds for withdrawals from non-Forbright ATMs. Some accounts earn high yields and charge low-to-no monthly service fees.

Highlights

  • High APY
  • ATM Fee Refunds
  • 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
5.30
%
APY
APY
Info
As of 6/24/2024
Rating: 4.9 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Promoted offer: No account fees, unlimited withdrawals, better for the planet
Bank logo
Member FDIC
Savings Account
4.25
%
APY
APY
Info
As of 6/24/2024
Rating: 4.4 stars out of 5
$1
Min. balance for APY
View offer Arrow Right
Promoted offer:
Bank logo
Member FDIC.
Savings Account
5.25
%
APY
APY
Info
As of 6/24/2024
Rating: 5 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Promoted offer: No fees. Easy deposits and quick withdrawals.

Overall

Forbright Bank offers a full range of personal bank accounts as well as credit cards and loans. The nine-month and one-year CDs earn highly competitive rates, and the three savings accounts earn yields that are well above the national average. While CDs and one savings account can be opened online, all other deposit accounts need to be opened at a branch. Forbright offers a money market account, which isn’t reviewed by Bankrate because it doesn’t meet our criteria. The account, for instance, is only open to customers with a relationship balance of at least $250,000.

Pros

  • Checkmark

    Forbright Bank’s nine-month and one-year CDs earn top-notch rates.

  • Checkmark

    The bank’s savings accounts earn yields higher than the national average.

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

  • A money market account is offered, but is only available to customers with an average relationship balance of at least $250,000.

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Forbright Bank banking products

4.9
Rating: 4.9 stars out of 5
Bankrate Score

Forbright Bank savings overview

Bankrate based its rating upon Forbright’s Growth Savings account. This online account earns a top-notch annual percentage yield (APY) and doesn’t require any minimum opening deposit. ATM access is not provided for this account.

Forbright also offers Bright Savings and Sprout Savings accounts, both of which need to be opened in a branch. Bright Savings has a tiered structure, with an above-average APY for most balances and a competitive APY for balances of at least $250,000. Sprout Savings, open to those younger than 18 years of age, pays a competitive APY on balances up to $10,000. Both of these accounts provide ATM access and unlimited reimbursement of surcharges for using non-Forbright ATMs.

Pros

  • Checkmark

    The Growth Savings account earns a highly competitive APY and requires no minimum deposit amount.

  • Checkmark

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

  • Checkmark

    Bright Savings and Sprout Savings come with ATM access, including unlimited refunds on surcharges for non-Forbright ATM use.

Cons

  • The Growth Savings account does not come with ATM access.

  • Not all balances on the Bright Savings and Sprout Savings accounts earn the best available APY.

Current Savings Rate
Sponsored Offer
Info

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

Bank logo
Member FDIC
Savings Account
5.30
%
APY
APY
Info
As of 6/24/2024
Rating: 4.9 stars out of 5
Info
$0
Min balance for APY
Promoted offer: No account fees, unlimited withdrawals, better for the planet

Bank fees

Fee Charged?
Overdraft fee None
Non-sufficient funds fee None
Monthly maintenance fee None for checking and savings accounts
Out-of-network ATM fee None
Excessive transaction fee $0

Customer 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 that need to be opened at a branch include the checking account and two savings accounts.  CDs and the Growth Savings account can be opened online.

Customer service for branch banking can be reached over the phone Monday through Friday from 9 a.m. to 8 p.m. ET. Growth Savings customer service is available weekdays between 8 a.m. and 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.

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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.

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 Growth Savings offers a competitive APY, while CFG doesn’t offer a savings account.

Forbright and CFG both offer interest-bearing checking accounts, and CFG also offers one that doesn’t earn any interest. Both banks offer several 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.