CFG Bank Review 2023: Competitive money market and CD rates in Maryland

Founded in 2009, CFG Bank is a community bank based in Baltimore that offers both commercial and personal banking services for Maryland residents. It held $4,463,00 in assets as of March 31, ranking it the 253rd largest bank in the country.

CFG branches are located in Lutherville/Towson, Annapolis, and Baltimore city. They operate Monday through Thursday from 9 am to 4 pm ET, and on Friday from 9 am to 5 pm ET. Additionally, customers can access the Allpoint network of more than 55,000 fee-free ATMs.

CFG Bank offerings

CFG Bank offers a number of deposit accounts to help customers manage and grow their money, including multiple checking options, a savings account, money market account, and CDs with various terms.

Checking and savings accounts

In addition to a savings account, CFG offers multiple checking options to meet the varying needs of its customers.

Basic Checking
- Minimum opening deposit: $50
- Minimum balance: None
- Fees:
  - Monthly maintenance fee: None
  - ATM fee: $0
  - Overdraft fee: $25
Interest Checking Plus
- APY:
  - $1,000 to $4,999.99: 1.25%
  - $5,000 to $19,999.99: 1.50%
  - $20,000 to $49,999.99: 1.75%
  - $50,000 and up: 2.00%
- Minimum opening deposit: $50
- Minimum balance: None (balances below $1,000 do not earn interest)
- Fees:
  - Monthly maintenance fee: None
  - ATM fee: $0
  - Overdraft fee: $25
Student Checking
- Minimum balance: None
- Fees:
  - Monthly maintenance fee: None
  - ATM fee: $0
  - Non-sufficient funds fee: $20
Premier Savings
- APY: Inquire with bank
- Minimum balance to avoid service fee: $100
- Fees:
  - Monthly maintenance fee: $2 (if minimum balance is not met)

Money market account

CFG Bank also offers a money market account with competitive, tiered interest rates to help account holders build wealth while maintaining access to their funds. In fact, its one of the best money market rates available right now.

Money Market Account
- APY: 5.12%
- Minimum balance to avoid service fee: $1,000
- Fees:
  - Monthly maintenance fee: $10 (if minimum balance is not met)

Certificates of deposit

The bank also offers certificates of deposit with terms ranging from 12 to 60 months, and interest rates are on par with some of the best CD rates available today. Interest can be either be added to the account, allowing it to compound for a higher yield, or received in the form of a mailed check. Interest can also be transferred to another account.

CDs
- APY:
  - 12 month: 5.42%
  - 18 month: 5.25%
  - 36 month: 4.60%
  - 60 month: 4.50%
- Minimum deposit: $500
- Fees:
  - Early withdrawal fee: Refer to your account agreement for specific penalty information

Other services CFG Bank offers

In addition to deposit accounts for consumers, CFG Bank also offers a number of commercial banking products and services:

Lines of credit, including account receivable financing, inventory financing, short-term bridge loans
Real estate financing, including owner-occupied commercial mortgagespurchases, refinancing, and cash outs
Term loans and leases, including equipment financing, business acquisition, permanent capital for expansion, and leveraged lending

The CFG Bank platform and customer support

CFG Bank offers both online banking and a mobile app, which has a 4.3 star rating on the Apple store and a 3.6 star rating on Google Play. In addition to transferring money between financial institutions, online and mobile banking allows you to perform tasks such as paying bills, setting up recurring payments, viewing statements, depositing checks, and more.

Customer support can be reached by calling 410-823-0500. Representatives are available Monday through Friday, from 9 am to 5 pm ET. You can also email the bank at This email address is being protected from spambots. You need JavaScript enabled to view it..

Pros and cons of CFG Bank

CFG Bank is one of many community banks out there. So if youre looking for a new bank to join, consider these pros and cons before making a decision.

Pros

Competitive money market and CD rates
Surcharge-free withdrawals from all Allpoint ATMs
Low minimum opening deposits

Cons

Limited branch locations
No high-yield savings account

Frequently asked questions

Is CFG a real bank?

Yes, CFG Bank is a real bank. It was founded in 2009 and is the largest bank headquartered in Baltimore, Maryland. It was ranked No. 11 in the country by S&P Global Market Intelligence for best-performing community banks with less than $3 billion in assets in 2021.