CFG Bank review: Strong money market account that earns a competitive interest rate

Overall bank rating

Feature	Insider rating (out of 5)
Checking	3.5
Savings	3.25
Money market account	3.5
CD	4
Trustworthiness	5
Total	3.75

Pros and cons

Pros	Cons
Money market accounts and CDs are available online to anyone in the US Competitive interest rates on money market accounts and CDs Low minimum opening deposits on savings and checking accounts	Savings accounts and checking accounts must be opened at a branch Branches only available in Maryland Monthly service fees on savings and money market accounts Poor mobile app ratings

Savings

You may like the CFG Bank Standard Savings Account if you’re able to maintain at least $100 in your account daily. That way, you won’t have to pay a monthly service fee.

If you’d prefer a high-yield savings account, consider the bank’s money market account or one of the accounts on our best high-yield savings accounts guide.

Checking

The CFG Bank Community Checking Account might be a worthwhile option if you’re a Maryland resident who wants to open a free checking account.

It may not be the best choice if you frequently overdraw from your account, though. There’s a $37 overdraft fee, and the bank only offers a line of credit for overdraft protection. 

CD

CFG Bank Certificate of Deposit are one of CFG Bank’s strongest products. You only need  $500 to open a CD, and you could earn a high rate. 

There are only a few terms to choose from, though, and the shortest term available is one year. 

Money market account

CFG Bank is featured in our best money markets account guide. The CFG Bank High Yield Money Market Account is a great option if you’re able to keep at least $1,000 in your account. That way, you’ll be able to earn interest and waive the $10 monthly service fee. 

How CFG Bank works

CFG Bank has two branch locations near Baltimore, Maryland, and free access to over 1,600 M&T Bank ATMs on the East Coast.

Money market accounts and CDs can be opened online from anywhere in the US, but you’ll need to go to a branch to open one of the bank’s savings or checking accounts.

To contact customer service, call Monday through Thursday from 8:30 a.m. to 11 p.m.ET, Friday from 8:00 a.m. to 9:00 p.m. ET, or Saturday from 9:00 a.m. to 5:00 p.m. ET.

The bank’s mobile app received 3.7 out of 5 stars in the Apple Store and 2.8 out of 5 stars in the Google Play store. 

CFG Bank is FDIC insured, so money deposited into an individual bank account is secure up to $250,000.

Is CFG Bank trustworthy?

The Better Business Bureau grades businesses by looking at how they resolve customer issues, advertise, and handle transparency. The BBB gave CFG Bank an A+ rating.

A good BBB rating doesn’t necessarily guarantee that your relationship with a business will be the same as others’ relationships. If you’d like to know if CFG Bank is an ideal match, read online customer reviews or reach out to any family or friends who bank with the institution. 

On the bright side, CFG Bank hasn’t been involved in any recent public controversies. 

How CFG Bank compares

We compared CFG Bank to two other institutions featured in our best money market accounts guide: Northern Bank Direct and CIT Bank. 

Types of accounts Savings, checking, money market accounts, and CDS*	Types of accounts Money market accounts and CDs	Types of accounts Savings, checking, money market accounts, and CDs
Money market account APY CFG Bank High Yield Money Market Account	Money market account APY Northern Bank Direct Money Market Account	Money market account APY CIT Bank Money Market Account
CD APY CFG Bank Certificate of Deposit	CD APY Northern Bank Direct Certificate of Deposit	CD APY CIT Bank Term Certificate of Deposit (CD)
CFG Bank High Yield Money Market Account	Northern Bank Direct Money Market Account	CIT Bank Money Market Account

*Savings or checking account must be opened at a CFG Bank branch

All three institutions offer strong money market accounts and CDs, but each account is unique in its own way.

The CFG Bank High Yield Money Market Account offers the most competitive interest rates on accounts, but there’s a $10 monthly service if you don’t keep at least $1,000 in your money market account. 

CIT Bank and Northern Bank Direct pay similar rates but have different minimum opening deposits on their accounts. If low minimum deposits are a priority, CIT Bank might be more compelling for money market accounts, but Northern Bank might be a better fit for CDs. 

Your decision between these three institutions may also depend on whether you plan to open other types of bank accounts.

Northern Bank Direct only has CDs and money market accounts. CFG Bank only allows you to open a savings or checking account at a branch location.

If you don’t live near Baltimore, Maryland, but are looking for savings or checking accounts, CIT Bank will be best suited for your needs. CIT Bank is an online institution that lets you open accounts from anywhere in the US.