CFG Bank


Overview / Commentary
410-823-0500
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 362nd largest bank in the nation. It was established in 1997 and as of June of 2022, it had grown to 210 employees at 2 locations. CFG Bank's money market rates are 7X the national average, and it has an A health rating.

Related Posts

CFG Bank Now 2.86% Straight Rate (Maybe APY is 2.90%) - 10/1/2022

CFG online in my account shows straight interest rate of 2.86% now. (Maybe that's 2.90% APY.)

CFG Increased To 2.74% APY - 9/22/2022

CFG Bank is showing me 2.71% interest rate now, which should equate to 2.74% APY

CFG Bank Drops All CD Rates 15-30 Bps - 8/27/2022

1-year          2.90% APY (was 3.05%) 18-months   3.00% APY (was 3.20%) 3-year          3.25% APY (was 3.55%) 5-year          3.40% APY (was 3.65%) Thankfully, High Yield Money Market remains at 2.55% APY.

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Online Application Was Painless

Filled out their online account application today for a CD with joint owner and POD. It was very easy and went through without any glitches. It asks what bank you want to ACH money from and at the end it says that they will send me an e-mail within 1-3 days with my new account # after I've verified test transactions. So I'll have to wait and see if it all goes through ok but it certainly went smooth up to this point. UPDATE: I finally got someone on the phone late this afternoon. I have not received an e-mail nor the trial deposits in my linked acct yet. The man I spoke to said they are absolutely swamped so he didn't have any idea what a "normal" wait period is anymore. All he could do is look under my ss# to see if an acct was opened, which it wasn't so he can only assume it's still in the queue for processing. I'll check with them again Monday, it is what it is.

Not Reliable At All.

I tried to open this acct after supplying all my personal details, and I have called them many times over the course of a week to check the status, and there is no information. I feel uncomfortable to have shared these details with them seeing how they do business. After opening many CDs with many banks, and credit unions, this one leaves me with many doubts.

UPDATED:
to 3 as they got back to me when I contacted [email protected] I went with another bank, as I have never dealt with an online bank as slow as this.

Customer Service Is Hit Or Miss

I have a Money Market savings account that I recently opened. I was receiving paper statements and wanted to opt out and elect electronic only. I called twice over the course of 3 days and had to leave voice mail both times. They never returned my call. I will stay with them because the rate is unmatched and I don't require customer service very often but it would be nice to know that an institution that's holding a significant sum of my money will return my call at some point.

Taken Off The DA Site?

Posted by: |

Without going into the gory details, I've been having a very frustrating experience with opening an account at CFG like so many others here.

I finally got a call back from a CSR today - they are swamped. She assured me they are working to clear the backlog, but they obviously failed to realize that posting the best deposit rates in the country might attract quite a bit of interest..
.
I received an acknowledgment of receipt for my application within hours of submitting it, but the promised test deposits have yet to appear. I'm thinking it may be a few more days.

I'm also noticing now that although the high rates continue to be offered on the bank's web site, CFG is no longer listed in DA's CD and savings accounts tabs. Anybody know the reason for this?

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Health

Health Grade Components

Overall
FDIC Certificate #34294
Year Established1997
Employees210
Primary RegulatorFDIC
Profit Margin
Return on Assets - YTD3.25%
Return on Equity - YTD35.49%
Annual Interest Income$77.2MM
Assets and Liabilities
AssetsQ2 2022vs Q2 2021$3.21B$2.05B
LoansQ2 2022vs Q2 2021$2.54B$1.49B
DepositsQ2 2022vs Q2 2021$2.74B$1.71B
Equity CapitalQ2 2022vs Q2 2021$285.2MM$226.7MM
Loan Loss AllowanceQ2 2022vs Q2 2021$40.0MM$30.8MM
Unbacked Noncurrent LoansQ2 2022vs Q2 2021$8.0MM$18.7MM
Real Estate OwnedQ2 2022vs Q2 2021$1.5MM$1.5MM
Rates
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CFG Bank Money Market Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
2.90%$1k-CFG High Yield Money Market - New Money
2.40%$1k-Money Manager Plus
2.00%$250k-ICS Money Market

CFG Bank Checking Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.25%$1.5k-Business Interest Checking

CFG Bank CD Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
3.70%$500$250k60 Month CD
3.70%$500-Business 60 Month CD
3.65%$500$250k36 Month CD
3.65%$500-Business 36 Month CD
3.62%$500$250k18 Month CD
3.62%$500-Business 18 Month CD
3.56%$500-Business 12 Month CD
3.56%$500$250k12 Month CD
Locations


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

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