CFG Bank Review 2024

Fact Checked Fact Checked Published: Jan 12, 2024, 2:35pm Our Verdict Our Verdict CFG Bank is a regional bank located in Baltimore, Maryland that offers several personal checking and savings accounts you can open online or in person. Its strengths include competitive interest rates on certificates of deposit (CDs) and money market accounts coupled with relatively low balance requirements, but the bank’s savings accounts leave much to be desired.

High rates and a range of options may make CFG worth considering if you’re a saver who likes to do all your banking in one place. But fees, limited in person access and sparse features could make CFG a poor fit for many. This CFG Bank review focuses on personal banking services and products. All account details and annual percentage yields (APYs) are accurate as of January 9, 2024.

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CFG Bank Account Basics CFG Bank offers several checking and savings account options, as well as money market and CD accounts. CFG Basic Checking is a free checking account with no monthly fees or minimum balance requirements. You must deposit $50 to open the account, but don’t have to maintain this balance to keep the account or avoid fees.

You can open Basic Checking online or in branch if you live near one of the bank’s three Maryland locations. There is a $1,000 limit on opening deposits. This allows fee free withdrawals at over 55,000 Allpoint ATMs. CFG won’t charge you for using out of network ATMs, but it also won’t reimburse you for any third party fees you may incur when doing so.

You can use this simple account to pay bills, transfer funds—the app works with Zelle, Apple Pay, Google Pay and Samsung Pay—or make deposits. It does not earn interest. If you want checks, you’ll need to order them through a third party service. Overdraft protection is not available for this or any bank account.

CFG Checking Plus is an that pays from 1.25% to 2.00% APY depending on your balance. Here’s a breakdown of the tiered interest rates you can earn: This account offers the same checking features as Basic Checking and also requires an opening deposit of at least $50 with a $1,000 maximum. It has no monthly maintenance fees and no balance requirements, though you’ll need at least $1,000 to earn interest.

And unlike the Basic account, Checking Plus offers reimbursement for up to six foreign ATM fees per month. Another perk of this account is the opportunity for a rate bump of 0.10% APY in a CFB High Yield Money Market Account. However, you’ll need a checking balance of $50,000 to unlock this boost.

Overall, this offering isn’t bad for an interest checking account, but the deliver better rates and more banking benefits. The CFG Student Checking account is a student checking account that must be opened in a branch. It is for students 24 years old and younger, and it has no deposit or balance requirements and no monthly fees.

There are no special features with this account aside from a slightly lower overdraft or non sufficient funds (NSF) fee of $20 instead of $25. Considering the often offer extra features and no overdraft fees, this account is less appealing. CFG offers two : the CFG Premier Savings account and a YouthSaver account.

Both require you to visit a branch to apply, meaning they’ll be off limits for most. Interest rates are not listed online for either. There is a $100 minimum to open the Premier Savings account, and there is a $2 (waived with $100 minimum balance) monthly maintenance fee. Instead of these accounts, you may want to consider at online banks and credit unions, and research the to find the right fit for your needs.

The CFB High Yield Money Market Account currently earns 5.25% APY, making it one of the bank’s most enticing accounts. This rate is in line with the available. You’ll need to deposit at least $1,000 to open this money market account and earn interest, and there’s a $10 (waived with $1,000 minimum balance) monthly fee.

You can open the account online or in person. This account lacks the flexibility and accessibility found in many top money market accounts. Though not unusual, its monthly transaction limit of six could be prohibitive, and this account does not include checks, an ATM card or a debit card. In other words, you can only take out cash at a branch (where, fortunately, withdrawals are unlimited) or by transferring funds to an external account.

Rounding out CFG’s personal banking suite are four CD terms with very high rates, giving you the ability to earn from 4.05% to 5.25% APY. The bank’s APYs are competitive with the and may be worth considering if any of the term options work for your savings timeline. Here are CFG Bank’s current CD rates: All CDs require a minimum opening deposit of $500, which is low for standard CDs.

CD deposits are capped at $500,000. You can open any certificate in person at a branch or online. CFG Bank does not offer specialty CDs, such as , or . Early withdrawal penalties will apply if you pull funds before your account reaches maturity, but these fees aren’t disclosed. Check your account agreement form when you sign up for details.

Other CFG Bank Products and Services In addition to personal deposit accounts, CFG offers commercial services, including: All commercial accounts must be applied for in branch. Access on the Go CFG Bank offers an intuitive mobile app for both Android and Apple devices, allowing complete account management from anywhere.

You can also access your account 24/7 through the CFG banking website. You can deposit checks, pay bills, transfer funds and set up recurring payments through the CFG Bank mobile app. CFG partners with the AllPoint ATM network to provide access to over 55,000 fee free ATMs across the U.S. The bank supports free transfers through Google Pay, Apple Pay, Samsung Pay and Zelle, and most banking features are available online or through the app.

However, some accounts—including commercial accounts and savings accounts—must be opened in person. CFG Bank Fees CFG Bank charges some monthly fees and several types of service fees for certain activities. There are no monthly maintenance fees or minimum daily balance requirements for the following accounts: Monthly fees for the Premier Savings and High Yield Money Market accounts are as follows: Below are a few other CFG Bank fees to be aware of.

How CFG Bank Stacks Up CFG Bank’s money market and CD rates are much better than average, but you may decide this bank isn’t for you if you’re looking for a savings account, a checking account packed with perks or you want to avoid . Here’s how CFG Bank compares to a few similar institutions.

is an online bank that offers no fee checking and savings accounts. The account currently pays 4.35% APY, which falls short of the best accounts earning over 5.00% APY but is far above the average. rates are comparable to CFG Bank CD rates, but Capital One provides more term options and has no minimums.

Like CFG, Capital One has an extensive ATM network and some branches. Choosing between CFG and Capital One will depend on what products you’re looking for, with CFG being the better option for interest checking and money market accounts and Capital One being the better choice for basic checking, savings and CDs, as well as avoiding fees.

is a digital bank with only a high yield savings account and money market account to choose from. The UFB Secure Savings currently pays up to 5.25% APY on all balance tiers, and there is no minimum required to open an account and earn the full rate, giving UFB an edge over CFG Bank. The UFB Secure Money Market earns the same rate but requires a $5,000 balance to avoid a $10 monthly maintenance fee.

UFB Direct doesn’t have CDs or checking accounts, so CFG Bank is a better option for all in one banking. But for saving, consider UFB to avoid fees while earning competitive rates. is the online arm of SoFi Technologies, a personal finance company offering everything from lending to credit cards. The SoFi Checking and Savings Account is the bank’s only product, and it has no account fees or minimums, earns 0.50% APY on checking and 4.60% APY on savings if you set up direct deposit or by depositing $5,000 or more every 30 days.

Customers who don’t make direct deposits or deposit $5,000 or more every 30 days earn 1.20% APY on savings balances, and offers a variety of everyday perks . This is a unique hybrid account with both saving and checking benefits. If you’re looking for a money market account or CD, SoFi isn’t the right choice.

Otherwise, consider SoFi for perks like early direct deposit, cash back and overdraft protection. Find The Best Online Banks Of 2024 Frequently Asked Questions (FAQs) CFG Bank is best for long term saving as it offers generous interest rates on CDs. The bank’s checking accounts are decent but can’t compete with top accounts, and its savings accounts can only be opened in person.

CFG’s money market account has a high APY of 5.25%, but it offers poor cash availability. Yes, CFG Bank is safe as an (FDIC No. 34294) institution. All deposits are protected by coverage up to $250,000 per depositor, per account. This guarantees your funds in case of bank failure. CFG also employs multi factor authentication in its mobile app for more secure sign ins and encryption to protect your personal data.

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