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Home / Banking / Bank Reviews / CFG Bank Review

CFG Bank Review

Updated: September 22, 2022 By Sarah Sharkey

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At The College Investor, we want to help you navigate your finances. To do this, many or all of the products featured here may be from our partners. This doesn’t influence our evaluations or reviews. Our opinions are our own. Any investing information provided on this page is for educational purposes only. The College Investor does not offer investment advisor or brokerage services, nor does it recommend buying or selling particular stocks, securities, or other investments. Learn more here.Advertiser Disclosure

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CFG bank

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. 


CFG bank logo

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

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

Table of Contents
What Is CFG Bank?
What Does It Offer?
Are There Any Fees?
How Do I Contact CFG Bank?
How Does CFG Bank Compare?
How Do I Open An Account?
Is It Safe And Secure?
Is It Worth It?
CFG Bank Features

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. 

CFG Bank Review: Money Market Account

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 Bank Review: CD Rates

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:

  • Transfer money
  • Pay bills
  • Set up recurring payments
  • View your statements
  • Deposit checks
  • Access Zelle for easy money transfers 

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
CFG bank comparison
CFG bank comparison: Marcus
CFG bank comparison: Ponce Bank

Rating

APY

3.40%

4.75%

5.05%

Online Deposits

FDIC Insured

Cell
Cell
OPEN ACCOUNT
OPEN ACCOUNT

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

  • Certificate of Deposit
  • High-Yield Money Market 

Minimum Deposits

  • Certificate of Deposit:  $500
  • High-Yield Money Market:  $1,000

APY

  • Certificate of Deposit:  2.55%
  • High-Yield Money Market:  2.55% to 3.40%

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

customerservice@CFG.bank

Mobile App Availability

iOS and Android

FDIC Certificate

34294

Promotions

None

CFG Bank Review
  • Interest Rates
  • Customer Service
  • Tools and Resources
  • Fees and Charges
  • Ease of Use
  • Products and Services
Overall
4

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
Sarah Sharkey

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

CFG bank
Editorial Disclaimer: Opinions expressed here are author’s alone, not those of any bank, credit card issuer, airlines or hotel chain, or other advertiser and have not been reviewed, approved or otherwise endorsed by any of these entities.
Comment Policy: We invite readers to respond with questions or comments. Comments may be held for moderation and are subject to approval. Comments are solely the opinions of their authors'. The responses in the comments below are not provided or commissioned by any advertiser. Responses have not been reviewed, approved or otherwise endorsed by any company. It is not anyone's responsibility to ensure all posts and/or questions are answered.
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