Banking » Reviews » CFG Bank CDs And Savings Rates, February 2024
Advertiser Disclosure This website is an independent, advertising-supported comparison service. The product offers that appear on this site are from companies from which this website receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). This website does not include all card companies or all card offers available in the marketplace. This website may use other proprietary factors to impact card offer listings on the website such as consumer selection or the likelihood of the applicant’s credit approval. This allows us to maintain a full-time, editorial staff and work with finance experts you know and trust. The compensation we receive from advertisers does not influence the recommendations or advice our editorial team provides in our articles or otherwise impacts any of the editorial content on The Smart Investor. While we work hard to provide accurate and up to date information that we think you will find relevant, The Smart Investor does not and cannot guarantee that any information provided is complete and makes no representations or warranties in connection thereto, nor to the accuracy or applicability thereof. Learn more about how we review products and read our advertiser disclosure for how we make money. All products are presented without warranty.

CFG Bank CDs And Savings Rates, February 2024

CFG Bank offers highly competitive CD rates, but investors are limited since there are only four terms, with no short-term CDs at all
Author: Baruch Mann (Silvermann)
Baruch Mann (Silvermann)

Writer, Contributor

Experience

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor.  Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more.
Interest Rates Last Update: January 1, 2024
The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.
Author: Baruch Mann (Silvermann)
Baruch Mann (Silvermann)

Writer, Contributor

Experience

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor.  Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more.
Interest Rates Last Update: January 1, 2024

The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.

We earn a commission from our partner links on this page. It doesn't affect the integrity of our unbiased, independent editorial staff. Transparency is a core value for us, read our advertiser disclosure and how we make money.

CFG Bank CDs And Savings

CD APY Range

4.25% – 5.35%

Minimum Deposit

$500

Our Rating

4.2
4.2/5

Money Market APY

5.25%

CFG Bank CDs And Savings

CD APY Range

4.25% – 5.35%

Minimum Deposit

$500

Our Rating

4.2
4.2/5

Money Market APY

5.25%

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
5.22%
18 Months
4.94%
36 Months
4.46%
60 Months
4.25%

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.

Top Offers From Our Partners

UpgradeLogo

Savings Rate: 5.07% APY
Minimum Deposit:
$0
 
CIT-Bank-Logo
Savings Rate: 5.05% APY
Minimum Deposit:
$5,000
Quontic bank logo
Savings Rate: 4.50% APY
Minimum Deposit:
$100
 
Advertiser Disclosure
The product offers that appear on this site are from companies from which this website receives compensation.

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.

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:

  • 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.

  • 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.

  • 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.

  • 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.

Compare CD Rates

Baruch Mann (Silvermann)

Baruch Mann (Silvermann)

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor.  Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more.
Search
Best CD Rates
Top Offers From Our Partners

UpgradeLogo

Savings Rate: 5.07% APY
Minimum Deposit:
$0
 
CIT-Bank-Logo
Savings Rate: 5.05% APY
Minimum Deposit:
$5,000
Quontic bank logo
Savings Rate: 4.50% APY
Minimum Deposit:
$100
 
Advertiser Disclosure
The product offers that appear on this site are from companies from which this website receives compensation.
Top Offers From Our Partners

Chase_logo

Promotion:
$300 New Chase checking customers enjoy a $300 bonus when you open a Chase Total Checking® account and make direct deposits totaling $500 or more within 90 days of coupon enrollment.. Expired on 4/17/2024
Chase Overdraft Assist
With Chase Overdraft AssistSM, you won’t be charged an Overdraft Fee if you’re overdrawn by $50 or less at the end of the business day OR if you’re overdrawn by more than $50 and you bring your account balance to overdrawn by $50 or less at the end of the next business day

UpgradeLogo

Fees:
No monthly fees No monthly fees and no overdraft fees. Plus get reimbursed for ATM fees with an active account 
Rewards:
Up to 2% cash back Up to 2% cash back on common everyday expenses for active accounts with monthly $1,000 direct deposit, and up to 1% cash back for other purchases 
Promotion:
$300 Use Promo Code “AXOS300” for a $300 bonus when you apply for a Rewards Checking account
Up to 3.30% APY
to get the maximum rate (up to $50,000) you’ll need monthly direct deposits of $1,500 (0.40% APY), 10 transaction on your debit card (+0.30% APY), average daily balance of $2,500 on Axos Invest Managed Portfolio (+1.00% APY), average daily balance of $2,500 on Axos Invest Self Directed Trading Account(+1.00% APY) and make full monthly payment on loans (mortgage, personal and auto) with Axos account (+0.60% APY).

PNC bank logo

Promotion:
Up to $400 Open a new, select Virtual Wallet product and receive $500/$2,000/$5,000 or more in qualifying monthly direct deposits within 60 days to earn a $100/$200/$400 bonus.
Subject to state availability
PNC Virtual Wallet ® is available in AL, AZ, CA, CO, DC, DE, FL, GA, IL, IN, KY, MD, MI, NC, NJ, NY, NM, OH, PA, SC, TX, VA, WI, and WV. Virtual Wallet ® is offered in the state of MO with the exception of the Greater Kansas City area. Product availability may vary based on where you open your account and the Zip code of your primary

Promotion:
Up to $4,000 New customers may earn up to $4,000 when they open an eligible HSBC Premier checking account from January 8, 2024 through March 27, 2024 and complete qualifying activities:

• Receive a cash bonus of $1,500 when you deposit or invest $100,000 – $199,999.99

• Receive a cash bonus of $2,000 when you deposit or invest $200,000 – $299,999.99

• Receive a cash bonus of $2,500 when you deposit or invest $300,000 – 499,999.99

• Receive a cash bonus of $3,500 when you deposit or invest $500,000+

• Earn an extra $500 when you set up recurring monthly Direct Deposits totaling at least $5,000 for 3 months
Wealth Products & Advice
Get access to wealth products, insights and advice from an HSBC Financial Professional through HSBC Securities (USA) Inc
Advertiser Disclosure
The product offers that appear on this site are from companies from which this website receives compensation.

Table of Contents