|CGF Bank APY Updates:|
|December 10, 2020:|
|November 12, 2020: CFG lowered the APY on their money market account from 0.80% to the current 0.76% APY.|
|October 23, 2020: CFG Bank lowered the APY on their money market account from 0.86% to 0.80%.|
|October 8, 2020: CFG Bank lowered their money market rate from 0.90% APY to 0.86% APY. They also lowered the APY on a few CDs. See below.|
|September 3, 2020: CFG Bank lowered the APY on their money market account to the current 0.90% APY, down from 1.00% APY last month.|
|August 28 2020: CFG Bank lowered the APY on their money market account to 1.00% APY down from 1.04% APY.|
|August 13 2020: CFG Bank lowered the APY on their money market account to 1.04% APY down from 1.10% APY.|
|July 16 2020: CGF Bank lowered the APY on their money market account for the second time this month. CD rates remain unchanged.|
|July 9, 2020: CFG Bank lowered the APY on their money market account and all of their CDs.|
|June 23, 2020: CFG Bank lowered the APY on their high yield MMA and a handful of their online CDs.|
|June 15, 2020: CFG Bank lowered the APY on their high yield MMA and their online certificates of deposit following the FED move to keep rates near zero through 2022.|
|June 4, 2020: CFG Bank lowered the APY on their high yield MMA and several of their deposit terms.|
|May 11, 2020: CFG Bank lowered the APY on their high yield money market account from 1.73% to 1.60% on balances above $25k. The new APY on balances below $25k is 1.52%.|
CFG Bank, a quaint bank based out of Maryland, currently has one of the top APYs for money market accounts anywhere in the country.
Available nationwide, CFG Bank is offering 0.80% APY on sums greater than $25,000 placed in their high yield money market account. They also offer a very respectable 0.70% APY on sums between $1,000 and $24,999.99.
The account can be opened online. To start the application process click on the “apply for an account link” in the top right. From there you will be prompted to complete a series of steps to open the account. CFG Bank utilizes Fiserv technologies so while it will appear you’re completing the application on CFG Bank’s website, you’re actually on Fiserv servers for enhanced security and protection.
Learn more about CFG Bank and their generous high yield money market account and CD offers below.
In this post you'll learn:
Who is CFG Bank?
CFG Bank is a medium sized bank based out of Lutherville, Maryland that was originally established in 1997. It controls assets of just under $700 million and has roughly $500 million in consumer deposits making it the 11th largest bank in Maryland and the 743rd largest bank in the country according to Deposit Accounts. It is a brick and mortar bank with just two locations – Lutherville and Baltimore. They offer online banking, bill pay and have mobile apps available for download, however, they lack some standard online features you’d expect from a more modern bank – most notably real time customer service via a live chat on their website or mobile apps.
Despite being behind the times perhaps on the technology side, CFG Bank gets an outstanding rating from the IDC of 300/300. This is quite significant as the IDC is the standard in rating financial institutions. You can read more about them here.
0.72% APY High Yield Money Market Account Details
CFG Bank’s money market account yield of 0.72% APY is still one of the highest in the country for accounts like these. But before you open the account make sure you know exactly what you’re getting and what’s expected of you to earn the advertised APY.
|$1,000 – $24,999||0.62%|
Account Details Below:
Minimum Balance Requirements? $25,000 to earn the advertised APY. You will earn a slightly lower APY on balances between $1,000 and $24,999.99. See above for current rates.
Any fees to worry about? There are no monthly monthly maintenance fees or early withdrawal fees associated with the high yield money market account.
Availability? Nationwide and can be opened online through their Fiserv application process.
Credit Inquiry? None have been noted.
Variable Rate or Fixed? This is a variable interest rate and may change at any time.
Check Writing? No, there is no check writing allowed from this account.
Transfer, Withdrawal and Account Activity Limitations? You are allowed just 6 transfers per month, but can make an unlimited number of withdrawals if you’re willing and able to show up in person at one of their two branches in Maryland. Other restrictions include a daily transfer limit of $5,000 and a monthly transfer cap at $30,000 in a 30-day rolling period.
High Yield Money Market Account Features
Outside of the outstanding rates, you’ll be hard pressed to find many exciting features with this account. They have very basic online banking and bill pay features as well as native apps for both the App Store and Google Play.
Once you’ve opened the account, transferred funds and enrolled in online banking you may download their mobile app to do the following:
- Pay bills online. Transfer money between accounts and pay your bills online.
- Monitor activity. Check your account balances and review recent transactions.
- Be stress free banking with multiple layers of security. Security is a priority at CFG Bank as you’ll quickly learn by speaking with any representative. The mobile apps use 128-bit Secure Socket Layer (SSL).
CFG Bank’s Online CD Rates
Along with a high yielding money market account, CFB offers some respectable online CDs as well.
They have five online deposit products with terms of 12 months, 13 months, 18 months, 33 months and 60 months. The 33 month CD is a brand new product they began offering in May of 2020. The 13 month CD is also a newer product that was added to their suite of online CD’s on or around March 30, 2020.
CFG Bank’s CD rates were showcasing an inverted yield curve in early 2020. You may be familiar with this term as an ominous predictor of a forthcoming recession, but in simple terms it means that long term rates are lower than short term rates. Today, their rates show a fairly flat yield curve with little incremental gain for longer terms.
CFG Bank’s CD Rates:
If you are looking to plop more than $25,000 into a high interest, FDIC-insured product, and don’t want to lock the funds down for an extended period of time, then the high yield money market account by CFG Bank is one of the best deals around for you.
Keep in mind though, that the online banking and mobile app features are relatively lackluster. You’ll also have other notable restrictions such as the inability to write checks, so we’d suggest not using this money market account as a primary account for everyday expenses.
Their certificates of deposit are also yielding substantial returns compared to the current national average, however, you can likely get a similar APY with banks that don’t require so much effort in opening an account.