CFG Bank review 2023

CFG Bank, founded in 2009, is a Baltimore-based community bank that offers online banking across the U.S. While its online offerings are limited if you live outside of Maryland, the products they do offer nationwide are worth your attention: CFG’s money market account and suite of CDs are some of the best out there, and you can open them no matter where you live. In fact, they’re good enough to land CFG Bank on both our best banks and best online banks lists. Here’s what you need to know if you’re considering banking with CFG Bank.

• Competitive rates on some account offerings: CFG Bank’s money market accounts and CDs offer some of the highest rates we’ve seen. 
• Low minimum opening deposit requirements: Most of their products have a lower minimum opening deposit than many competitors, especially with their CDs. 
• Large ATM network: CFG is part of the Allpoint network, which means you have access to over 55,000 in-network ATMs. 

• APY on savings account isn’t great: Compared to what you’d find elsewhere, the APY on CFG Bank’s savings account isn’t as high. 
• Not all accounts can be opened online: Some checking and savings accounts can only be opened at a local branch, so if you live outside the Baltimore area, you can’t do all of your banking with CFG.

CFG Bank offers several different types of accounts. The ones mentioned below may be opened online — the bank offers other options at their branches in Maryland. 

You can open a CD that has different terms that range from one to five years, with each one offering its own competitive interest rate. You’ll generally find that the highest rates for their CDs are for the 12- and 18-month terms. There is a $500 minimum opening deposit, which is lower than many competitors. Keep in mind that once you make a deposit, you won’t be able to withdraw it until the CD matures.

CGF Bank offers two types of checking accounts you can open online: Basic Checking and Checking Plus Interest Checking. While neither charge a monthly maintenance fee, there are some differences between the two:

• Basic Checking: This is the bank’s free no-frills checking account offering. You won’t earn interest but there are no monthly maintenance fees. Account holders will also receive the first order of checks and a debit card for free. Other features include mobile deposit, and fee-free use of CFG Bank and Allpoint ATMs. There is a $50 minimum opening deposit requirement.
• Checking Plus Interest Checking: This checking account earns a tiered interest rate and you’ll need a $1,000 minimum balance to start earning the lowest tiered APY. Like the basic checking account, you’ll also get your first order of basic checks for free. Plus, you can earn an extra 0.10% APY if you maintain a balance higher than $50,000, enroll in direct deposit, and have a money market account with CFG.

The CFG High-Yield Money Market Account offers an APY of 5.20%, one of the highest rates in the country right now. You will need to maintain a minimum balance of $1,000 to qualify for the advertised APY. Tthe bank will also charge a $10 service fee if the daily balance falls below that minimum. 

Like a regular savings account, you won’t have paper checks or a debit card with this money market account. You can make transactions in person or bank online. Compared to other money market accounts with high interest rates, this one has one of the lowest minimum balance requirements. 

If you live in or around Baltimore, you can head to a local branch to address any questions or concerns and conduct transactions. Otherwise, you can call the bank 24/7 to transfer funds, access account information, or look for pending transactions. If you have other questions or concerns that you can’t address with the telephone banking service, you can call a customer representative Monday through Friday during office hours. 

CFG Bank doesn’t charge a monthly maintenance fee on most products, and it waives the fee on many others as long as you meet the minimum balance requirements. 

Here are the fees on some common services:

• Overdraft fee: $25
• Cashier’s check: $10
• Wire transfers (domestic incoming): $12 
• Wire transfers (domestic outgoing): $25
• Returned ACH transaction: $12

There are several ways you can access your money:

• In person: CFG Bank has three locations in Maryland where you can withdraw or deposit cash, or conduct other types of transactions. 
• Online: You can complete most transactions when you log into your account. 
• ATM: You can use any CFG or Alllpoint ATMs for free. You can use out-of-network ATMs but you may need to pay a surcharge. 

To do all of your banking with CFB Bank, you must live in the Baltimore area. Anyone in the U.S., however, can open the bank’s money market account, most of the checking accounts, and any of the CDs, each of which has its own benefits. The money market account and CDs offer some of the most competitive rates in the country. The checking accounts may also be a great fit if you are looking for a basic, fee-free online option.

However, CFG doesn’t offer an online savings account (though the money market account functions similarly to a savings account, if you can afford to meet the $1,000 minimum balance requirement). CFG’s best CD rates are on terms that are 1-year or longer, so if you are looking for a shorter term CD, you might want to consider other banks.

CFG Bank offers competitive interest rates on a number of its products. Still, the money market account is worth a second look due to its extremely competitive interest rate, especially if you can meet the $1,000 daily minimum balance requirement. Several of the CDs also have excellent rates. If you’re looking for a money market account or CD to supplement the rest of your banking (or if you live around Baltimore and can do all your banking there), CFG deserves your consideration.

Editorial Disclosure: All articles are prepared by editorial staff and contributors. Opinions expressed therein are solely those of the editorial team and have not been reviewed or approved by any advertiser. The information, including rates and fees, presented in this article is accurate as of the date of the publish. Check the lender’s website for the most current information.

This article was originally published on SFGate.com and reviewed by Lauren Williamson, who serves as Financial and Home Services Editor for the Hearst E-Commerce team. Email her at [email protected].