CFG Bank CDs And Savings
CD APY Range
Minimum Deposit
Our Rating
Money Market APY
CFG Bank CDs And Savings
CD APY Range
Minimum Deposit
Our Rating
Money Market APY
CFG Bank Certificates (CDs) Rates
CFG Bank offers highly competitive CD rates for various terms. It is important to note that CFG Bank currently offers only four different terms for their CDs.
The shortest available term is 12 months, meaning that short-term CDs, such as 6 or 9 months CDs, are not offered. These shorter terms have become increasingly popular due to the attractive interest rates available on short-term CDs.
The minimum deposit requirement is quite low and easy to meet for consumers.
Term | APY |
|---|---|
12 Months | 5.31% |
18 Months | 4.75% |
36 Months | 4.35% |
60 Months | 4.05% |
Money Market Account
The CFG Bank Money Market account offers several features and requirements. To avoid a $10 service fee, it is necessary to maintain a minimum balance of $1,000 in the account on a daily basis.
APY | Fee | Minimum Balance To Avoid Fee |
|---|---|---|
5.25% | $100 | $1,000 |
The rates for the High Yield Money Market account are variable, meaning they can change over time. Market conditions and other factors usually influence these changes. However, the rate is high and stands in line with the other banking savings rates.
When it comes to making additional deposits to the Money Market account, CFG Bank provides multiple options. You can deposit funds through ACH transfer, mobile deposit, or by visiting or mailing a deposit to one of their branches in the Maryland area.
However, it's important to note that CFG Bank does not allow check writing or provide ATM cards for the Money Market account. These limitations are in place to maintain the focus on the account's primary purpose, which is to provide a competitive interest rate on your deposited funds while still offering some flexibility for additional deposits.
Does CFG Bank Offer Checking Account?
The CFG Checking Plus account offers convenient and secure access to your accounts through free online and mobile banking services. With this account, you can easily track and manage your accounts, pay bills online, transfer funds between accounts, view and print electronic statements for free, and set up recurring payments.
The account provides 24/7 access, allowing you to check your balances, deposit checks, and set up account alerts. To learn more about the account, you can visit the Educational Resources section on the CFG Bank website.
Minimum Daily Balance | APY |
|---|---|
$1,000 to $4,999.99 | 0.05% |
$5,000 to $19,999.99 | 0.10%
|
$20,000 to $49,999.99 | 0.15%
|
$50,000 and up | 0.25%
|
The CFG Checking Plus account offers convenient features to manage your accounts using your mobile phone. With the mobile deposit feature, you can easily and conveniently deposit checks through the Mobile Money App, eliminating the need for extra trips to the bank.
You can access your account 24/7, check balances, transfer money, pay bills, and set up account alerts. Deposits made prior to 4 p.m. EST receive same-day credit. The account also provides flexibility with round-the-clock processing of deposits, seven days a week.
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How To Open An Account With CFG Bank?
Checking accounts can be opened online as well. Just click on “Apply for a New Account” on the website. Existing customers can log in to their online banking, click on “Open a New Account,” or select “Already have an Account” and log in using their email.
However, trust accounts, Individual Retirement Accounts (IRAs), and business accounts cannot be opened online. To open these types of accounts, you need to visit one of CFG Bank's branches in the Maryland area.
To check the status of your application, you will receive emails with relevant information. If you don't receive any updates, you can contact CFG Bank by calling 888-205-8388 or emailing [email protected].
The time it takes to fund your new account depends on the funding method you choose. It usually takes 1-3 business days. You can sign up for online banking immediately, and you'll be able to verify when your funding is received.
About CFG Bank
CFG Bank is a community bank that was founded in 2009. It operates three branches in Maryland and offers the convenience of online account opening for some of its accounts. The bank provides a comprehensive range of deposit products, including Certificates of Deposit (CDs) and a money market account that offers competitive interest rates.
One of the notable features of CFG Bank is its free checking account, which allows customers to access over 40,000 fee-free ATMs across the country.
As a community bank, CFG Bank emphasizes customer service that can be contacted at (410) 823-0500 during the bank's operating hours, which are from 9 a.m. to 5 p.m. on weekdays. The bank is closed on Saturdays and Sundays.
CFG Bank is FDIC insured, meaning customer deposits are protected up to the maximum limit provided by the Federal Deposit Insurance Corporation.
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How We Rate Certificates of Deposits: Our Methodology
The Smart Investor team has thoroughly examined certificate of deposit (CD) offerings from various banks, considering multiple factors to provide a comprehensive evaluation. Here's how we rated them across four key categories:
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CD Rates (50%): We meticulously analyzed the interest rates offered by each bank on their certificate of deposit (CD) products. Higher ratings were awarded to banks offering competitive rates that provide maximum returns for customers' investments. Factors such as the yield curve, current market conditions, and consistency of rates were considered to assess the attractiveness of each bank's CD rates.
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CD Features (30%): This category evaluated the features associated with each bank's certificate of deposit offerings. Factors considered include the variety of terms available, early withdrawal penalties, minimum deposit requirements, and any additional features or benefits. Higher ratings were given to banks offering a diverse range of CD terms, reasonable early withdrawal fees, and flexible options to meet customers' investment needs.
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Customer Experience (10%): A positive customer experience is paramount, even when investing in CDs. We assessed each bank's performance in this area, considering factors such as the ease of opening a CD account, the responsiveness of customer service, and overall user satisfaction. Higher ratings were assigned to banks with efficient account opening processes, helpful customer support, and a track record of satisfying customers.
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Bank Reputation (10%): The reputation of a bank is a critical consideration when investing in CDs. We evaluated each bank's reputation based on factors such as financial stability, regulatory compliance, and public perception. Higher ratings were given to banks with a solid reputation for reliability and trustworthiness, ensuring customers' investments are safe and secure.
By considering these categories and assigning appropriate weights to each, our review aims to provide valuable insights to help individuals make informed decisions when investing in certificate of deposits.
