Forbright Bank Review 2023
The Bankrate promise
At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict , this post may contain references to products from our partners. Here's an explanation for .
At a glance
CDs
Checking
Savings
MMA
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
Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate CD rating = 4.3/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 5/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 5/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
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
-
Forbright Bank’s one-year CD earns a top-notch rate.
-
The bank’s tiered savings accounts earn high yields on some balances.
-
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
FEATURES
Forbright Bank savings overview
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
-
The Bright Savings and Sprout Savings accounts earn competitive rates when balance requirements are met.
-
Minimum opening balances for both savings accounts are manageable.
-
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.
Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 5/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
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
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.
