
A big part of financial stability includes savings you can comfortably live off of, in case you lose your job or have an expensive emergency. If you’re still keeping your money in a big-name bank with very little interest, you’re losing out. The best kind of savings account offers high-yield interest rates so you can earn a little bit extra. CFG Bank is one financial institution that offers worthwhile rates to help you grow your funds.
Ready to see what CFG Bank offers and how it compares? Let’s dive in.

Quick Summary
- Offers high APYs for both CDs and money market accounts
- A robust online platform makes it easy to manage your accounts
- Has mobile app for iOS and Android with strong customer ratings
CFG Bank Details | |
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Product Name | Certificate of Deposit High-Yield Money Market |
Min Balance | Certificate of Deposit: $500 High-Yield Money Market: $1,000 |
Monthly Fee | $0 (as long as you maintain a $1,000 minimum balance) |
APY | 2.55% to 3.40% |
Promotions | None |
What Is CFG Bank?
CFG Bank was founded in 2009. The privately owned bank prides itself on doing things differently than a traditional bank. As of June 2022, the bank boasts $3.2 billion in assets and an A rating from Egan Jones.
As a customer, you can work with the bank at two in-person locations based in Maryland. But if those locations don’t work for you, there’s a robust online experience to tap into CFG Bank’s offerings.
What Does It Offer?
The Baltimore-based bank offers a suite of deposit products. Although there are commercial accounts and loan products available, the focus of this article is on CFG Bank’s personal accounts.

High-Yield Money Market Account
A money market account with a reasonably high yield could be the right place to stash your savings. As of September 2022, if you are looking for a high APY, CFG Bank’s money market account offers one of the highest out there.
- A money market account with CFG Bank offers an APY of 2.55%.
- The catch is that you’ll need to deposit at least $1,000 to open the account.
- You’ll need to maintain a minimum daily balance of $1,000 to obtain the 2.55% APY.
One important thing to note is that this account doesn’t come with check-writing privileges. There’s also a daily external transfer limit of $2,500. Keep in mind you can’t make more than $30,000 in external transfers in a 30-day period.
Certificates Of Deposit
A certificate of deposit (CD) involves agreeing to part ways with your money for a specific period of time. A longer CD will unlock a higher APY.
- CFG Bank’s CD terms range from 12 months to 60 months.
- Their APYs currently start at 2.55% for a 12-month CD.
- For a 60-month CD, it’s even higher—at 3.40%.
You’ll need at least $500 to open one of these CDs.

CFG Mobile Money
Since there are only two branch locations, many answering the call of a high APY will choose to bank entirely online with CFG Bank.
Luckily, the mobile money features offered by CFG Bank are robust. A few of the things you can do through the online and mobile banking platform include:
When you work with CFG Bank, you’ll find plenty of ways to manage your funds without ever setting foot inside of a physical branch.
Are There Any Fees?
As with most banks, there are some fees involved with CFG Bank.
- If you open a CD but decide to take the money out before the term is done, there is an early withdrawal penalty.
- For the money market account, you’ll need to maintain a $1,000 balance to avoid a $10 fee.
- The debit card that comes with CFG checking accounts will give you fee-free access to over 2,000 ATMs.
How Do I Contact CFG Bank?
If you need to reach out to CFG Bank, you can call 410-823-0500. The team is available Monday through Friday from 8:30 a.m. to 5 p.m. EST. Additionally, you can email customerservice@CFG.bank for help.
If having a mobile app is an important part of your banking experience, CFG’s earned high marks. In the Apple App Store, it scored 4.3 out of 5 stars. And in the Google Play Store, it earned 4.1 out of 5 stars.
How Does CFG Bank Compare?
When looking for a bank to store your savings, the right APY can make all the difference. CFG Bank offers some of the top APYs on the market.
For the 12-month CD, Marcus by Goldman Sachs is one of CFG Bank’s closest competitors with a 4.75% APY. Ponce Bank’s 5.05% APY is also just shy of CFG Bank’s money market APY of 2.55%.
Ultimately, CFG Bank is a top option for savers looking to maximize their savings. But before you open an account, double check with other banks to make sure you are getting the best possible deal.
Header | ![]() | ![]() | ![]() |
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Rating | |||
APY | 3.40% | 4.75% | 5.05% |
Online Deposits | |||
FDIC Insured | |||
Cell | Cell |
How Do I Open An Account?
If you want to get started with CFG Bank, select the Apply for Account button.
During the application, be prepared to provide the following information:
- Your Social Security Number
- A physical address within the U.S.
- A driver’s license or other government-issued ID
- A birthday to prove you are at least 18 years old
- Current bank details to fund your account
It shouldn’t take more than a few minutes to complete the application. But it could take some time to receive an approval. According to the bank’s site, “We will work to process your application as quickly as possible.”
Is It Safe And Secure?
The deposit accounts offered through CFG Bank come with FDIC insurance, which means that up to $250,000 of money you hold through this bank is insured.
Additionally, the bank has implemented top security features to protect your banking information. These include encryption and multi-factor authentication requirements.
Is It Worth It?
If you are looking for a bank with a top APY to stash your savings, then CFG Bank is a worthwhile option. You'll be hard-pressed to find better rates for money market accounts or certificates of deposit.
However, CFG Bank isn’t a good fit if you want to host all of your bank accounts in one place. Although CFG bank offers a checking account, you might prefer an interest-bearing checking account. Additionally, the limited branch locations may not be great if you need an in-person banking experience in various parts of the U.S.
Want to Explore Other Savings Options?
Check out the best top high-yield savings accounts today.
CFG Bank Features
Account Types |
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Minimum Deposits |
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APY |
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Maintenance Fees | $0 with $1,000 minimum balance |
Branches | Baltimore, MD locations |
ATM Availability | Yes |
Customer Service Number | 410-823-0500 |
Customer Service Hours | Mon-Fri 8:30 a.m. to 5 p.m. EST |
Customer Service Email | |
Mobile App Availability | |
FDIC Certificate | |
Promotions | None |
CFG Bank Review
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Summary
The best savings accounts provide high interest and CFG Bank is one to consider. See what their money market and CDs offer.
Pros
- High APYs
- Robust online and mobile experience
- No out-of-network ATM fees
Cons
- No physical branches
- Must maintain a $1,000 balance to avoid $10 monthly fee
- Money market doesn’t offer check-writing

Sarah Sharkey is a personal finance writer covering credit cards, mortgages and student loans. She has written for numerous finance publications, including MagnifyMoney, Business Insider and ChooseFI. Her blog, Adventurous Adulting, helps young adults get a handle on their finances.
Editor: Claire Tak