CFG Bank

Overview / Commentary
1422 Clarkview Road
Baltimore, MD 21209

CFG Bank is headquartered in Lutherville and is the 5th largest bank in the state of Maryland. It is also the 433rd largest bank in the nation. It was established in 1997 and as of December of 2021, it had grown to 174 employees at 2 locations. CFG Bank's money market rates are 2X the national average, and it has an A health rating.

Related Posts

CFG Bank High Yield Money Market Is New Rate Leader - 5/16/2022

CFG Bank has raised the rate on its nationally available High Yield Money Market to rate-leading level. Min opening deposit and min balance requirement is $1k.

CFG Community Bank Money Market Rate Up To 1.02% APY - 5/11/2022

CFG Community Bank Money Market Rate Up to 1.02% APY

CFG Bank Raises Rate On 13-Month Penalty Free CD Again - 3/28/2022

CFG Bank has raised the rates on its nationally available 13-month Penalty Free CD (one penalty-free withdrawal) and 12-month CD ($500 minimum deposit).

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Solid Overall Bank

Posted by: |

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...

New Money Only. Not Really

CFG advertises (on their web site) that the yield on their High Yield MMA, of .80%, is for 'new money' only. Of course, that restriction is picked up and repeated here on
Since I am an existing holder of their High Yield MMA, I called today to find out the ins and outs of how this "new money" differentiation works. In response to my first question, I was told by the customer service rep (CSR) that "all customers receive the same rate." In fact, my online baking account shows that the current yield on my account is the .80%. I have not added any money since this new rate was initiated.
I did not bother to ask the CSR why they were advertising the rate in this fashion, as I assumed the answer to that was above his pay grade.
I don't know how to rate this bank as a result. I'm giving it 4 stars because I like the rate and that I was/am receiving it without jumping through hoops, although one might view this as a one star outfit for their misleading approach.

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."

CFG Bank Review

Posted by: |

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.



Health Grade Components

FDIC Certificate #34294
Year Established1997
Primary RegulatorFDIC
Profit Margin
Return on Assets - YTD3.62%
Return on Equity - YTD35.11%
Annual Interest Income$113.2MM
Assets and Liabilities
AssetsQ4 2021vs Q4 2020$2.63B$1.71B
LoansQ4 2021vs Q4 2020$1.88B$1.26B
DepositsQ4 2021vs Q4 2020$2.23B$1.49B
Equity CapitalQ4 2021vs Q4 2020$249.5MM$183.5MM
Loan Loss AllowanceQ4 2021vs Q4 2020$36.2MM$27.2MM
Unbacked Noncurrent LoansQ4 2021vs Q4 2020$6.5MM$18.8MM
Real Estate OwnedQ4 2021vs Q4 2020$1.5MM$1.5MM
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CFG Bank Money Market Rates

1.02%$1k-CFG High Yield Money Market - New Money

CFG Bank CD Rates

2.72%$500$250k60 Month CD
2.37%$500-36 Month CD
2.02%$500$250k18 Month CD
1.77%$500$250k12 Month CD
1.07%$500$250k13 Month Penalty Free CD

CFG Bank Locations
CFG Bank11 W. Ridgely RoadLutherville, MD 21093
Baltimore Branch1615 Thames StreetBaltimore, MD 21231

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