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CFG Bank has one of the best money market account rates right now, and it pays solid CD rates. These accounts can be opened online from anywhere in the US. It also has a solid online checking account. But to open a standard savings account, you'll need to visit a branch in Maryland.
CFG Bank has one of the best money market account rates right now.
CFG Bank Overall Rating
| Feature | Business Insider rating (out of 5) |
| Checking | 3.5 |
| Savings | 2.75 |
| Money market account | 3 |
| CD | 3.5 |
| Trustworthiness | 3 |
| Total | 3.25 |
CFG Bank Pros and Cons
| Pros | Cons |
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CFG Bank Premier Savings Review
$2 monthly service fee
0.10%
$50
- $50 minimum opening deposit
- Possible to waive monthly fee
- Must be opened at a branch location
- $2 monthly maintenance fee
- Low interest rate
- 2 branches near Baltimore, Maryland
- Free access to over 1,600 M&T Banks ATMs on the East Coast
- To waive the $2 monthly service fee, keep at least $100 in your account daily
- Interest compounded daily and paid monthly
- Member FDIC
You may like the CFG Bank Premier Savings if you're able to maintain at least $100 in your account daily. That way, you won't have to pay a monthly service fee.
If you'd prefer a high-yield savings account, consider the bank's money market account or one of the accounts on our best high-yield savings accounts guide. These are also good options if you don't live in Maryland, because you have to open a savings account at a branch.
Compare Today's Rates
CFG Bank Checking Plus Account Review
no monthly service fee
up to 2.00%
$50
- Earn interest on your checking balance
- No monthly service fees
- Does not charge for using an out-of-network ATM
- Free electronic statements, bill pay, and online and mobile banking
- First order of basic checks is free
- Potential to earn a higher money market account rate when linked to this account
- $50 minimum opening deposit
- No interest earned on balances under $1,000
- $25 overdraft fee
- No overdraft protection
- Does not reimburse any fees charged by out-of-network ATM providers
- Online checking account
- Free access to CFG ATMs at branch locations and over 55,000 Allpoint ATMs
- Tiered interest rates: Earn interest on balances of $1k or more, and your rate increases when your balance reaches $5k, $20k, and $50k
- When you have a Checking Plus Account with $50k or more, your CFG Money Market Account rate increases by 0.10%
- Interest compounded daily and paid monthly
- Member FDIC
The CFG Bank Checking Plus Account is an online account with no monthly service fee. It's a solid interest-earning checking account, but you can earn even higher rates with the best high-yield checking accounts elsewhere.
The main downside of this account is that there's a $25 overdraft fee, and CFG doesn't offer any kind of overdraft protection.
Compare Today's Banking Offers
CFG Bank CD Review
3.75% to 4.25%
$500
- $500 minimum opening deposit
- Competitive APY
- Standard early withdrawal penalties
- Limited term options
- 2 branches near Baltimore, Maryland
- Free access to over 1,600 M&T Banks ATMs on the East Coast
- Terms range from 1 year to 5 years
- Early withdrawal penalties: 90 days of interest for terms of 1 year; 180 days of interest for terms longer than 1 year
- Interest compounded daily and paid monthly
- Member FDIC
You only need $500 to open a CD, and you'll earn pretty good CD rates.
There are only a few terms to choose from, though, and the shortest term available is one year.
CFG Bank High Yield Money Market Account Review
$10 monthly service fee
4.52%
$1,000
- Competitive APY
- $1,000 opening deposit
- $1,000 minimum balance to earn APY
- $1,000 minimum balance to avoid $10 monthly service fee
- No debit or ATM card
- No paper checks
CFG Bank has one of the best money market account rates right now, and it pays solid CD rates. These accounts can be opened online from anywhere in the US. It also has a solid online checking account. But to open a standard savings account, you'll need to visit a branch in Maryland.
- 2 branches near Baltimore, Maryland
- Free access to over 1,600 M&T Banks ATMs on the East Coast
- $1,000 opening deposit and minimum balance to earn highest interest rate
- Avoid $10 monthly fee with balance of $1,000
- Interest compounded daily and paid monthly
- Member FDIC
CFG Bank pays one of the highest money market account rates out there. The CFG Bank High Yield Money Market Account is a great option if you're able to keep at least $1,000 in your account. That way, you'll be able to earn interest and waive the $10 monthly service fee.
About CFG Bank
CFG Bank has two branch locations near Baltimore, Maryland. There are free ATMs at branches and at 55,000 machines in the Allpoint network. CFG doesn't charge you for using an out-of-network ATM, but the ATM provider might.
Money market accounts, CDs, and the checking account can be opened online from anywhere in the US, but you'll need to go to a branch to open a savings account.
To contact customer service, call Monday through Friday from 9 a.m. to 5 p.m.
The bank's mobile app received 4.3 out of 5 stars in the Apple Store and 3.6 out of 5 stars in the Google Play store.
CFG Bank is insured by the FDIC, so $250,000 is secure in an individual account, and $500,000 in a joint account.
Is CFG Bank Trustworthy?
The Better Business Bureau grades businesses by looking at how they resolve customer issues, advertise, and handle transparency. CFG Bank does not have a BBB rating right now because its profile is being reviewed.
CFG hasn't been involved in any recent public controversies.
CFG Bank FAQs
Yes, CFG Bank is legitimate. It is a Member FDIC bank, which means your funds are federally insured for up to $250,000 in an individual account.
CFG Bank was founded in 2009.
Yes, CFG Bank has two branches in Maryland. It also has plenty of accounts you can open online from around the U.S.
How CFG Bank Compares
CFG Bank vs. Northern Bank Direct
CFG Bank and Northern Bank Direct both offer competitive rates on money market accounts, but there's a $10 monthly service fee on the CFG Bank High Yield Money Market Account if you don't keep at least $1,000 in your money market account.
Northern Bank Direct only has CDs and money market accounts. Meanwhile, CFG Bank also lets you open checking accounts online.
CFG Bank vs. CIT Bank
If you don't live near Baltimore, Maryland, but are looking for a traditional savings account, CIT Bank will be best suited for your needs. CIT Bank is an online institution that lets you open accounts from anywhere in the U.S.
You'll also want to compare specific features between bank accounts.
The CFG Bank High Yield Money Market Account offers the most competitive interest rates on a money market account, but there's a $10 monthly service fee if you don't keep at least $1,000 in your money market account. CFG also pays higher rates on most CD terms, but it has fewer terms to choose from than CIT Bank.
Why You Should Trust Us: How We Reviewed CFG Bank
At Business Insider, we rate savings, checking, and money market accounts using our banking methodology. Each account receives a rating between one to five stars.
For all accounts, we evaluate a bank's ethics, security, customer service, miscellaneous features, and mobile app. The other factors we consider depend on which type of account we're reviewing. For example, we look at overdraft fees for checking accounts and early withdrawal penalties for CDs. We use a weighted average to get our star rating, so categories like fees and interest rates, have a higher weight percentage than other categories, like minimum opening deposits.
