Who is CFG Bank best for?

CFG Bank is best for consumers looking for high rates on CDs and money market accounts. Those looking for a checking account may find CFG Bank’s options attractive, but the account must be opened in person at one of the bank’s three Maryland-based branches.

CFG Bank is a member of the FDIC, which insures up to $250,000 per account type, per depositor.

Are community banks better than big banks?

Whether a community bank or big bank is right for you depends on your needs. Community banks offer more personalized service, contribute to the community and may have lower fees than big banks. On the flip side, community banks have limited branches and ATM networks, and they might not have the range of products and services offered by big banks.

What does CFG Bank stand for?

CFG stands for Capital Funding Group, the name of the financing company that owns CFG Bank.

CFG Bank Review 2024

At a glance

4.2

Bankrate Score

CDs

Checking

MMA

Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.

Overview

CFG Bank is best for savers who want an online bank offering highly competitive certificate of deposit (CD) and money market interest rates. If you live near one of the three branch locations in Maryland, you will have access to in-person banking. Those looking for a standard savings account will need to search elsewhere.

Highlights

High APY
Free Checking

Overall

CFG Bank is a community bank that maintains three branches in Maryland, and some of its accounts can be opened online. It offers several deposit products, including CDs and a money market account that earn top-tier rates. Its free checking account allows customers to use more than 55,000 fee-free ATMs nationwide. Account holders can perform transactions online or through the highly-rated mobile app.

While the bank offers competitive CDs and money market accounts, it does not offer a traditional savings account, and its CDs only come in four terms.

Pros

CFG Bank offers solid to top-tier interest rates on some accounts.
The minimum deposit to open a CD is reasonable.
The CFG Mobile Money app gets good to excellent reviews.
Customers can make person-to-person payments through Zelle.

Cons

CFG Bank has only three branches, all in Maryland.
There’s no traditional savings account offering.

We want to know what you think about CFG Bank

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CFG Bank banking products

4.7

/5

See methodology Compare CD rates

SCORE BREAKDOWN

APY offering:

5.31% - 1 yr

5/5

APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. APYs are selected based on Bankrate reviews of the highest rates a bank offers between the term ranges of 7 and 17 months. This excludes jumbo CDs and applies when the minimum deposit is $25k or less.

Minimum deposit:

$500.00

5/5

The minimum deposit amount a financial institution requires in order to open a CD.

Range of term lengths:

1 yr – 5 yrs

3/5

A designated amount of time that funds must be held within a CD.

Early withdrawal penalty:

Great

5/5

A penalty incurred when funds have been withdrawn from a CD before its maturity date.

Offer no-penalty or bump-up CDs:

Yes

5/5

A CD that doesn’t incur a penalty if funds are withdrawn before its maturity date.

Offer IRA CDs:

No

0/5

An IRA account which consists of CDs that typically earns fixed interest over a specified period of time.

FEATURES

4.05% – 5.31% APY

APY last updated between 5/7 and 5/13.

$500 minimum deposit to open

1 year – 5 years

CFG Bank CD overview

CFG Bank offers four CD terms, ranging from one year to five years. The APYs are very competitive, and the highest rates are offered on 12- and 18-month terms. Moreover, the CDs require a minimum deposit of just $500, making them available to most savers.

The CDs can be opened online or in a branch.

Pros

Interest rates are very competitive.
Minimum deposit requirements are low.

Cons

CD availability is limited to four terms and with no specialty options.

Rate history for CFG Bank's CD accounts

See how rates for this account have changed over time. Select the CD term length from the dropdown and interact with the trend lines to view APY by date.

CFG Bank

APY

APY last updated between 5/7 and 5/13.

National average APY

Term length

How do we get this data?

Bankrate independently tracks hundreds of APYs and product details for banking institutions nationwide. We retain the historical data of every rate we track in our database. If there are any gaps where we weren’t actively tracking a rate at the time, the graph will reflect the missing data.

See how rates for this account have changed over time. Select the CD term length from the dropdown and interact with the trend lines to view APY by date.

CFG Bank

APY

APY last updated between 5/7 and 5/13.

National average APY

Term length

How do we get this data?

Bankrate independently tracks hundreds of APYs and product details for banking institutions nationwide. We retain the historical data of every rate we track in our database. If there are any gaps where we weren’t actively tracking a rate at the time, the graph will reflect the missing data.

Date Bankrate gathers rate data either directly from our partners, or through our proprietary rate surveying service. The rate change date is based on when Bankrate received or captured the rate change and may differ from the actual date the rate changed.	CFG Bank APY APY last updated between 5/7 and 5/13. APY last updated between 5/7 and 5/13	National average APY The “national average” is determined by Bankrate’s comprehensive national survey of savings accounts and CDs and reflects the monthly average APY for each product.
05/07/2024	4.05%	1.42%
04/30/2024	4.05%	1.42%
04/23/2024	4.05%	1.42%
04/16/2024	4.05%	1.42%
04/09/2024	4.05%	1.42%
04/02/2024	4.05%	1.42%
03/26/2024	4.05%	1.43%
03/19/2024	4.05%	1.43%
03/12/2024	4.05%	1.43%
02/27/2024	4.05%	1.42%
02/20/2024	4.05%	1.42%
02/13/2024	4.05%	1.42%
02/06/2024	4.05%	1.42%
01/30/2024	4.05%	1.43%
01/23/2024	4.05%	1.43%
01/16/2024	4.05%	1.43%
01/09/2024	4.05%	1.43%
01/02/2024	4.25%	1.43%
12/26/2023	4.25%	1.43%
12/12/2023	4.25%	1.43%
12/05/2023	4.25%	1.43%
11/28/2023	4.25%	1.45%
11/21/2023	4.25%	1.45%
11/14/2023	4.25%	1.45%
11/07/2023	4.40%	1.45%
10/31/2023	4.40%	1.46%
10/24/2023	4.40%	1.46%
10/17/2023	4.40%	1.46%
10/10/2023	4.40%	1.46%
10/03/2023	4.40%	1.46%
09/26/2023	4.40%	1.43%
09/19/2023	4.40%	1.43%
09/12/2023	4.40%	1.43%
09/05/2023	4.40%	1.43%
06/13/2023	4.50%	1.33%
06/06/2023	4.50%	1.33%
05/30/2023	4.50%	1.31%
05/23/2023	4.50%	1.31%
05/16/2023	4.50%	1.31%

Compare Offer

CFG Bank money market overview

CFG's High-Yield Money Market account offers a highly competitive APY on balances over $1,000. It requires $1,000 to open, and maintaining that amount waives the $10 monthly service charge. Account holders can make unlimited withdrawals from the money market account at an ATM or a branch, though they will not be able to access the funds until 30 days after the account is opened. The account does not come with check-writing privileges or a debit card.

You can find money market accounts at other banks with lower balance requirements to earn a high APY.

Pros

The APY is very competitive.
The account can be opened online or in a branch.
There are no limits on withdrawals made at a branch or ATM.

Cons

A $1,000 balance must be maintained to avoid a $10 monthly fee.
Check writing is not available with the account, nor is a debit card.

4.6

Bankrate Score

Compare top checking rates

CFG Bank checking overview

CFG Bank's Basic Checking account is a noninterest-bearing account that can be opened with just one penny. There is no minimum balance required or a monthly service charge. The $25 overdraft fee is about the national average, though the NSF fee, also $25, is above average.Basic Checking affords customers access to online banking, including online bill payment and telephone and mobile banking, including mobile deposits. There are no out-of-network ATM fees, though you won’t get rebated for surcharges by the ATM owner.

The bank does offer an interest-bearing checking account and one for students, but for this review, Bankrate looked at the Basic Checking account.

Pros

Basic Checking requires a minimum deposit of just a penny to open.
No minimum balance is required to avoid service charges.
Customers have access to online, mobile and telephone banking.
There are no out-of-network ATM fees.

Cons

Out-of-network ATM rebates aren’t available.
The NSF fee is higher than the national average.

Compare Offer

Bank fees

Fee	Charged?
Overdraft fee	$25
Non-sufficient funds fee	$25
Monthly maintenance fee	None for checking; $10 for money market accounts if minimums aren’t met
Out-of-network ATM fee	None
Inactivity fee after six months	$10

Find out: Tips to avoid common bank fees

About CFG Bank

CFG Bank is a privately owned, FDIC-insured community bank with headquarters in Baltimore and $5 billion in assets. It operates three branches in Maryland, and customers have access to the bank’s ATMs as well as those in the nationwide Allpoint network. Banking can also be done online and through the highly-rated mobile app. The bank offers a money market account and CDs that pay highly competitive rates, as well as checking accounts. Historically, the bank has also offered a savings account, but the savings account is no longer available as of this review.

Customer experience

CFG Bank has only three branches, all of them in Maryland. The bank also offers mobile and telephone banking that gives customers 24/7 access to their accounts. Customer phone support is available 9 a.m. to 5 p.m. ET, Monday through Friday.

CFG Bank’s app has 3.4 stars on Google Play and 4.4 stars on the Apple app store. The app includes digital banking features such as bill pay, account alerts and an ATM locator.

The bank launched a nonprofit organization in 2021 with a mission of providing improved healthcare for seniors as well as free healthcare training to members of the community.

In 2021, the bank also entered the cannabis market. It runs a program designed to help companies in the medical cannabis industry achieve their business goals by providing lending and depository services with a team of cannabis banking experts.

How CFG compares to other banks

Compare different account types offered by CFG bank. Annual percentage yields (APYs) shown were updated between May 7, 2024 and May 13, 2024.

Selected bank CFG Community Bank CD Member FDIC Bankrate score Rating: 4.7 stars out of 5 4.7 Bankrate CD rating = 4.7/5 Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs) and minimum deposits are some of the things that make up Bankrate’s score.	Most comparable Quontic Bank CD Member FDIC Bankrate score Rating: 3.8 stars out of 5 3.8 Bankrate CD rating = 3.8/5 Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs) and minimum deposits are some of the things that make up Bankrate’s score. Read review	Bankrate score Bankrate CD rating Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs) and minimum deposits are some of the things that make up Bankrate’s score. Read review
APY APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. APYs last updated between May 7, 2024 and May 13, 2024.
5.31%	4.50%
Minimum deposit
$500.00	$500.00
Term
1 yr	1 yr

CFG Bank is a regional bank that maintains branches in Maryland, although some of its accounts can be opened online. CFG offers four terms of CDs, all of which pay top-notch rates. What’s more, they require a comparatively low minimum deposit of $500.	Quontic Bank offers five terms of CDs, ranging from six months to five years, that require $500 to open. The rates for all five terms are very competitive. An early withdrawal penalty applies if money is withdrawn before the CD matures. The penalty for the bank’s one-year CD, for example, is equal to one year of earned interest, according to the bank's website.

CFG Bank’s CD interest rates are highly competitive. The minimum opening deposit for CDs is manageable.	Quontic pays competitive rates on the five CD terms it offers Only $500 is needed to open a CD	N/A
Only four terms of CDs are offered. No specialty CD options are available.	Some banks have lower minimum deposit requirements Quontic Bank’s early withdrawal penalties are higher than those of some other banks	N/A

APY offering: 5.31% - 1 yr 5/5 APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. APYs are selected based on Bankrate reviews of the highest rates a bank offers between the term ranges of 7 and 17 months. This excludes jumbo CDs and applies when the minimum deposit is $25k or less. Minimum deposit: $500.00 5/5 The minimum deposit amount a financial institution requires in order to open a CD. Range of term lengths: 1 yr - 5 yrs 3/5 A designated amount of time that funds must be held within a CD. Early withdrawal penalty: Great 5/5 A penalty incurred when funds have been withdrawn from a CD before its maturity date. Offer no-penalty or bump-up CDs: Yes 5/5 A CD that doesn’t incur a penalty if funds are withdrawn before its maturity date. Offer IRA CDs: No 0/5 An IRA account which consists of CDs that typically earns fixed interest over a specified period of time.	APY offering: 4.50% - 1 yr 4/5 APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. APYs are selected based on Bankrate reviews of the highest rates a bank offers between the term ranges of 7 and 17 months. This excludes jumbo CDs and applies when the minimum deposit is $25k or less. Minimum deposit: $500.00 5/5 The minimum deposit amount a financial institution requires in order to open a CD. Range of term lengths: 6 mos - 5 yrs 3/5 A designated amount of time that funds must be held within a CD. Early withdrawal penalty: Poor 1/5 A penalty incurred when funds have been withdrawn from a CD before its maturity date. Offer no-penalty or bump-up CDs: No 0/5 A CD that doesn’t incur a penalty if funds are withdrawn before its maturity date. Offer IRA CDs: No 0/5 An IRA account which consists of CDs that typically earns fixed interest over a specified period of time.	APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. APYs are selected based on Bankrate reviews of the highest rates a bank offers between the term ranges of 7 and 17 months. This excludes jumbo CDs and applies when the minimum deposit is $25k or less. The minimum deposit amount a financial institution requires in order to open a CD. A designated amount of time that funds must be held within a CD. A penalty incurred when funds have been withdrawn from a CD before its maturity date. A CD that doesn’t incur a penalty if funds are withdrawn before its maturity date. An IRA account which consists of CDs that typically earns fixed interest over a specified period of time. Bankrate does not currently track additional product details for this bank.

Selected bank CFG Community Bank money market account Member FDIC Bankrate score Rating: 4.3 stars out of 5 4.3 Bankrate Money Market rating = 4.3/5 Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs), minimum opening deposit requirements and minimum balances to avoid monthly service fees are some of the things that make up Bankrate’s score.	Most comparable UFB Direct money market account Member FDIC Bankrate score Rating: 4.1 stars out of 5 4.1 Bankrate Money Market rating = 4.1/5 Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs), minimum opening deposit requirements and minimum balances to avoid monthly service fees are some of the things that make up Bankrate’s score. Read review	Bankrate score Bankrate Money Market rating Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs), minimum opening deposit requirements and minimum balances to avoid monthly service fees are some of the things that make up Bankrate’s score. Read review
APY APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. APYs last updated between May 7, 2024 and May 13, 2024.
5.25%	5.25%
Minimum balance for APY
$1,000.00	$1.00
Estimated earnings Interest earned calculation based on a $25,000 deposit amount for a period of 1 year and is rounded to the nearest dollar. Exact earnings are dependent on calendar year, balance, and compounding frequency. Minimum deposit rules may apply.
$1,313	$1,313

CFG Bank has been around since 2009. It offers its CFG High Yield Money Market both online and in a branch. You can earn a competitive APY with the High Yield Money Market account, but you’ll only earn interest on balances of $1,000 or more. You’ll also need at least $1,000 to open this account.	The UFB Rewards Savings account earns one of the top yields available. The account pays the same APY on all balances. An ATM card is available, and there are no monthly service fees with this account.

CFG offers a competitive APY on its High Yield Money Market account. The account is available both online and in CFG branches.	This account pays one of the top yields available. The UFB Rewards Savings account has an ATM card. All balances earn the same APY. The account doesn’t require a minimum deposit.	N/A
A $1,000 minimum balance must be maintained to earn interest or avoid a monthly service fee. Check writing is not available with the account.	The UFB Direct website says it takes 15 minutes to get this account. Other banks advertise a quicker account opening process.	N/A

APY offering: 5.25% 5/5 APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. Minimum balance to earn interest: $1,000.00 4/5 The lowest deposit amount an account must have before it can earn interest. Monthly service fee: $10.00 3/5 A monthly charge a financial institution deducts from an account if certain requirements are not met. Minimum balance to avoid fee: $1,000.00 4/5 The lowest balance an account must maintain in order to avoid a fee. Check writing: Yes 5/5 The ability to write a certain amount of checks within a statement cycle. Debit/ATM access: Subpar 2/5 The ability to withdraw funds from an account through the use of debit or ATM card	APY offering: 5.25% 5/5 APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. Minimum balance to earn interest: $1.00 5/5 The lowest deposit amount an account must have before it can earn interest. Monthly service fee: $10.00 3/5 A monthly charge a financial institution deducts from an account if certain requirements are not met. Minimum balance to avoid fee: $5,000.00 2/5 The lowest balance an account must maintain in order to avoid a fee. Check writing: Yes 5/5 The ability to write a certain amount of checks within a statement cycle. Debit/ATM access: N/A 0/5 The ability to withdraw funds from an account through the use of debit or ATM card	APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. The lowest deposit amount an account must have before it can earn interest. A monthly charge a financial institution deducts from an account if certain requirements are not met. The lowest balance an account must maintain in order to avoid a fee. The ability to write a certain amount of checks within a statement cycle. The ability to withdraw funds from an account through the use of debit or ATM card Bankrate does not currently track additional product details for this bank.

CFG Bank vs. Citizens Bank

CFG Bank and Citizens Bank are both regional banks with branches. However, Citizens Bank far exceeds CFG Bank, with over 1,000 branches across 16 states, compared to CFG Bank’s three branches in Maryland. However, CFG Bank doesn't charge any out-of-network ATM fees, while Citizens charges $3 per out-of-network ATM withdrawal for standard accounts.

For consumers looking for a money market account, CFG Bank might be the better choice. It offers a much higher rate on its High-Yield Money Market account than Citizens Bank’s rates. CFG Bank also has a lower balance requirement of $1,000 to avoid the monthly fee, compared to Citizens Bank’s $2,500 minimum balance requirement.

As of this review, CFG Bank does not offer a savings account, while Citizens Bank offers several savings account options. However, the standard Citizens savings account earns minimal interest.

Learn more: The best banks of 2024

CFG Bank FAQs

CFG Bank is best for consumers looking for high rates on CDs and money market accounts. Those looking for a checking account may find CFG Bank’s options attractive, but the account must be opened in person at one of the bank’s three Maryland-based branches.
CFG Bank is a member of the FDIC, which insures up to $250,000 per account type, per depositor.
Whether a community bank or big bank is right for you depends on your needs. Community banks offer more personalized service, contribute to the community and may have lower fees than big banks. On the flip side, community banks have limited branches and ATM networks, and they might not have the range of products and services offered by big banks.
CFG stands for Capital Funding Group, the name of the financing company that owns CFG Bank.

Review methodology

With so many financial institutions to choose from, it can be hard to know who to trust. Bankrate’s ever-growing list of bank and credit union reviews is updated regularly. Our editorial team analyzes and reviews each institution across deposit products such as savings accounts, checking accounts, certificates of deposit (CDs) and money market accounts (MMAs). Banks are rated by important factors such as offered interest rates, fees, minimum balance requirements, access to funds and more.

We assign a score to each type of account and its features, weigh them carefully based on importance to account holders and determine an overall score. Read our full review methodology.

CFG Bank Review 2024

The Bankrate promise

At a glance

Overview

Highlights

Overall

Pros

Cons

We want to know what you think about CFG Bank

CFG Bank banking products

CFG Bank CD overview

Pros

Cons

Rate history for CFG Bank's CD accounts

CFG Bank money market overview

Pros

Cons

CFG Bank checking overview

Pros

Cons

Bank fees

About CFG Bank

Customer experience

How CFG compares to other banks

CFG Bank vs. Citizens Bank

CFG Bank FAQs

Who is CFG Bank best for?

Is CFG Bank safe?

Are community banks better than big banks?

What does CFG Bank stand for?

Review methodology

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