CFG Bank – a quaint, FDIC-insured bank based out of Maryland – currently has some of the highest APYs (annual percentage yields) for both CDs (certificates of deposit) and money market accounts anywhere in the country.
In terms of CDs, they have just 4 options with terms ranging from 12 months to 5 years and minimum deposit requirements of $500.
CFG Bank’s money market account offers the most competitive interest rate of 5.17% APY but comes with a minimum balance requirement of $1,000 to avoid a $10 monthly service charge.
Their deposit accounts can be opened and managed completely online. You may also stop by one of their 4 branches if you live in or around the Baltimore, MD region to open an account or speak with a representative.
Learn more about CFG Bank and their competitive CD rates and high yield money market account in our review below.
CFG Bank CD Rates + Account Details
Along with a high yielding money market account, CFG Bank offers some competitive online CDs as well.
They have 4 online deposit products with terms of 12 months, 18 months, 36 months and 60 months.
To put these yields into perspective, the current national average for 12 month and 60 month CDs sits at 1.72% and 1.37% APY, respectively, according to FDIC data.
That said, the top yields from online banks and nationally available credit unions are now inching above 5.25% and 4.50% APY, for the same respective terms.
CFG Bank was among the rate leaders in May for short term CDs but have since pulled back the yields on their 12 and 18 month CD while other banks have increased theirs.
How Much Can You Make with a CFG Bank CD?
How much money you earn with a CD from CFG Bank is going to depend on your deposit size, the CD term you choose and its APY (annual percentage yield). Below is a table breaking down total earnings from interest payments for all of CFG Bank’s CDs assuming a deposit size of $25,000.
How do CFG Bank’s CD Rates Compare?
CFG Bank offers some of the most competitive CD rates around. Take a look at their best CD rates compared to some of the best yields from other FDIC-insured online banks in the table below.
|Best CD Rate (APY)
|Fifth Third Bank
|Third Federal Savings & Loan
Compounding and Crediting Interest
CFG bank doesn’t appear to have a Truth-in-Savings disclosure which usually provides a section on compounding and crediting interest. The only mention of this we can find is a blurb where CFG Bank states that:
“Interest can be added to the account to compound for a higher yield and then withdrawn when needed, or an interest check can be mailed monthly or interest can be transferred to another account.”
Grace Period and Early Withdrawal Fees
Because CFG Bank does not provide Truth-in-Savings disclosure we also can not find the grace period or specific early withdrawal fees.
Generally speaking, banks and credit unions allow for a 7 or 10 day grace period upon the maturity of a CD in which consumers can add or withdraw funds without incurring a penalty. If nothing is done during this grace period, CDs usually automatically renew with the same term and the going APY at that time.
If you need funds prior to the maturity of your CD, you will pay an early withdrawal fee.
CFG bank refers you to your account agreement for the specifics of these penalties, but doesn’t post the agreement publicly. Presumably this is something you will be given access to during the application process.
3rd party websites have stated the early withdrawal fee is 180 days’ interest on all 4 of their CD options, but this should be verified via your account agreement.
Opening and Funding the Account
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.
Requirements for Opening an Account:
- Be a citizen of the United States or have Resident Alien Status
- Have a Social Security Number
- Have a physical United States address
- Have a driver’s license or state issued ID
- Be at least 18 years old
Funding the Account:
If you open your CD online, you must fund it via an ACH transfer.
Interest payments can be returned to your CD or can be transferred into a CFG Bank savings account, an external account via ACH, or a cashier’s check to your physical address.
High Yield Money Market Account Details
CFG Bank’s money market account comes with a minimum deposit requirement of $1,000 and a $1,000 on-going minimum balance requirement to avoid a $10 monthly service fee.
Money Market Rate
To put the yield above into perspective, the current national average for a money market account sits at just 0.63% APY, according to recent FDIC data, while top online savings rates are inching above the 5.00% APY mark.
Unlike CFG Bank’s CD rates, which have become less competitive since our last update in May, CFG Bank’s variable rate high yield money market account has become more competitive. This yield is up 0.10% since May when it sat at 5.07% APY.
CFG Bank Money Market Account vs Competitors
To get a better idea of how CFG Bank’s money market account stacks up against other competitive offers from online banks, then take a look at the table below.
|Money Market Rate (APY)
|$0 – $100k
|$2,500 – $1m
|$5,000 – $250k
|$1,000 – $250k
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 removed the tiers in 2022.
Any fees to worry about? If your average daily balance dips below $1,000 for any given month you will be charged a $10 service fee.
Availability? Nationwide and can be opened online through their Fiserv application process.
Credit Inquiry? None.
Variable Rate or Fixed? This is a variable interest rate and may change at any time.
Check Writing? No, there are no check writing privileges with 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).
Who is CFG Bank?
CFG Bank is a medium sized bank based out of Lutherville, Maryland that was originally established in 1997. It has assets of just over $4.2 billion and nearly $3.3 billion in total deposits. You can read more on their financial information here.
Originally a brick and mortar bank with just 4 locations around Baltimore. MD, they now offer online banking, bill pay services and have mobile apps available for download to go with the fDIC-insured deposit accounts that they offer to consumers nationally.