CFG Bank is headquartered in Lutherville and is the 9th largest bank in the state of Maryland. It is also the 588th largest bank in the nation. It was established in 1997 and as of December of 2020, it had grown to 147 employees at 2 locations. CFG Bank's money market rates are 41% higher than the national average, and it has an A health rating.
Related Posts
11/8 - CFG High Yield Money Market Account Dropped To 0.76%
10/21 - CFG Bank's Latest Biweekly Rate Cut
10/7 - CFG Bank's Biweekly Rate Cut
8/31 - ANOTHER CFG Rate Cut!!
8/20 - ANOTHER CFG Rate Cut
8/8 - CFG Down To 1.04% APY
7/16 - CFG Bank's Now Weekly Rate Cut
7/9 - CFG's Latest Biweekly Rate Cut
6/23 - CFG Bank Dropped To 1.25% APY
6/11 - CFG Savings Drops To 1.36%
6/11 - CFG Bank Dropped To 1.36% APY For $25,000+
5/29 - Now It's CFG Bank's Turn To Lower Its Savings Rates
5/8 - High Yield MM Dropped To 1.62% ($25K Minimum)
5/8 - CFG Bank's 13-Month Penalty Free CD Is Available Nationwide
5/1 - CFG Bank 12 Month CD Drops To 1.60% APY
4/23 - CFG Bank 1.73% APY $25K+ High Yield Money Market [Not On DA MM List]
4/10 - CFG Bank MM Rate Drops to 1.73%
3/5 - CFG Bank Another Rate Cut From 2.05% To 1.90%
2/24 - CFG Bank Money Market Down To 2.05%
2/20 - CFG Bank High Yield Money Market Available Nationwide
2/19 - 2.15% APY $25,000 Deposit No Longer Listed On DA MM List
1/15 - Yet ANOTHER Rate Cut (The 4th In 3 Months!) At CFG Bank
10/25 - CFG Community Bank Offers Three Competitive Online Only CDs
10/24 - CFG Community Bank Rate Lowered To 2.35% APY For Balances Over $25K.
10/11 - CFG Community Bank Rate Dropped To 2.45% APY
10/2 - CFG Community Bank's High Yield Money Market
10/1 - Money Market Now Yielding 2.5% For Balances Greater Than $25K
2/20/15 - CFG Community Bank Offers Competitive 13-month One-Time No Penalty CD
7/23/14 - CFG Community Bank 12-Month One Time No Penalty Withdrawal CD
11/4/10 - 1.70% No-Penalty 9-Month CD Continues In Maryland
8/11/10 - Special No-Penalty 9-Month CD at CFG Community Bank in MD - Local Only
Solid Overall Bank
Overall, I'm very happy with having my money at CFG Bank. The rates are the best in the country and the customer service was very helpful when I called in to finish setting up my account.
I agree that the withdrawal limits could be better, but luckily for me I'm not moving large sums of money regularly in and out of the account.
As for the fact that they want a bunch of personal information, I didn't find it anything out of the norm. Banks have a TON of regulations they need to comply with they are doing what is required. If I had to choose between a bank that did MORE due diligence than less....well I'd always go with the more rigorous.
Just my two cents...
Bank Review
To open an account is somewhat onerous, but worth it. They just want to make sure all is on the up and up with a new account holder. Can't be too careful these days. I think this is a great bank.
Fine Customer Service And Good Rates
CD's were recently above the market -- but were dropped this week; are now equal to top-tier banks at 2.45 to 2.5 for 12 to 18 months. Excellent customer service.
Must Provide Passwords From External Accounts
Must give them username and password from external accounts to set up transfers!!
"Money Market Accounts (NO CHECK WRITING PRIVILEGES FOR ONLINE MONEY MARKETS; CONSUMER ACCOUNTS ONLY) Once funding occurs the daily external transfer limit for the CFG High Yield Money Market Account is $5,000. Your external transfers may not exceed $30,000 in a 30-day rolling period."
Money Market Steadily Declining
We moved our savings over to CFG because they had some great rates at the time. Unfortunately this seems to be only a promotional thing and every month the interest rate has decreased to a point where it is now less than half of what it was when we joined. Is pretty inconvenient to need to be shopping again for a new bank so soon.
Sucks Bigtime, Avoid.
Went through opening twice. No security questions asked. Then they say if they weren't asked it means we can't open the account despite application completing, credit score above 830, impeccable history. In my opinion, they feed you bullshit because they don't want to take new clients or filter you by how much money you say you want to bring in.
CFG Bank Review
Application response was an email request for "A valid copy of your driver’s license OR a copy of a utility bill from the address with your name on it
A copy of a phone bill with your name and phone number on it" The app required the amount and account # for initial funding of accout.
So I called and asked them what the problem was. I've dealt with numerous banks and never put out so much personal data for so little success. I told them to cancel the request after I asked them why they didn't just call me and why they didn't compare the DL data to the app.
Forget it; the APY is not worth it. Wish I had walked away when I was filling out the app.
Data as of Q4 2020
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 34294 |
| Year Established | 1997 |
| Employees | 147 |
| Primary Regulator | FDIC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 2.2% |
| Return on Equity - YTD | 20.25% |
| Annual Interest Income | $79.7MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q4 2020vs Q4 2019 | $1.71B$1.23B |
| Loans | Q4 2020vs Q4 2019 | $1.26B$896.6MM |
| Deposits | Q4 2020vs Q4 2019 | $1.49B$1.04B |
| Equity Capital | Q4 2020vs Q4 2019 | $183.5MM$168.9MM |
| Loan Loss Allowance | Q4 2020vs Q4 2019 | $27.2MM$18.8MM |
| Unbacked Noncurrent Loans | Q4 2020vs Q4 2019 | $18.8MM$8.7MM |
| Real Estate Owned | Q4 2020vs Q4 2019 | $1.5MM$18.00K |