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 1.02% APY on sums greater than $1,000 placed in their high yield money market account.
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 over $2.6 billion and has roughly $2.2 billion in consumer deposits. You can read more on their financial information here. 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.
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.
To put the yield above into perspective, the current national average for a money market account sits at just 0.08% APY, according to recent FDIC data.
Account Details Below:
Minimum Balance Requirements? $1,000. This used to be a tiered account with balances above $25k earning the highest APY, but they have removed the tiers in 2022.
Any fees to worry about? There are no 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 competitive online CDs as well.
They have five online deposit products with terms of 12 months, 13 months, 18 months, 36 months and 60 months.
CFG Bank’s CD Rates: