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 is currently offering an APY of 2.55% APY and comes with a minimum deposit requirement of $1,000.

Their deposit accounts can be opened and managed completely online.

Learn more about CFG Bank and their generous CD rates and high yield money market account in our comprehensive review below.

CFG Bank CD Rates + Account Details

Along with a high yielding money market account, CFB 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.

CD Rates

CD Term	APY
12 months	3.05%
18 months	3.20%
36 months	3.55%
60 months	3.65%

To put these yields into perspective, the current national average for 12 month and 60 month CDs sits at just 0.31% and 0.57% APY, respectively, while top yields from online banks and nationally available credit unions are now touching 3.0% and 3.65% APY, respectively, for the same terms.

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“Interest can be added to the account to compound for a higher yield and then withdrawn when needed, or an interest check can be mailed monthly or interest can be transferred to another account.”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 yield of 2.55% APY is one of the highest in the country.

Balance	APY
$1,000	2.55%

To put the yield above into perspective, the current national average for a money market account sits at just 0.12% APY, according to recent FDIC data, while top online savings rates are just now inching above the 2.50% mark.

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).

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.