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
5/11 - CFG Community Bank Money Market Rate Up To 1.02% APY
3/28 - CFG Bank Raises Rate On 13-Month Penalty Free CD Again
3/11 - CFG Bank 13-Month Penalty Free CD Is A Near Rate Leader
2/14 - CFG Bank Increases No-Penalty CD Rate
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
10/25/19 - CFG Community Bank Offers Three Competitive Online Only CDs
10/24/19 - CFG Community Bank Rate Lowered To 2.35% APY For Balances Over $25K.
10/11/19 - CFG Community Bank Rate Dropped To 2.45% APY
10/2/19 - CFG Community Bank's High Yield Money Market
10/1/19 - Money Market Now Yielding 2.5% For Balances Greater Than $25K
12/15/18 - CFG High Yield Money Market Online Only At 2.40%
4/17/17 - CFG Community Bank Adds Relationship Money Market
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...
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 DepositAccounts.com.
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
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 2021
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 34294 |
| Year Established | 1997 |
| Employees | 174 |
| Primary Regulator | FDIC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 3.62% |
| Return on Equity - YTD | 35.11% |
| Annual Interest Income | $113.2MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q4 2021vs Q4 2020 | $2.63B$1.71B |
| Loans | Q4 2021vs Q4 2020 | $1.88B$1.26B |
| Deposits | Q4 2021vs Q4 2020 | $2.23B$1.49B |
| Equity Capital | Q4 2021vs Q4 2020 | $249.5MM$183.5MM |
| Loan Loss Allowance | Q4 2021vs Q4 2020 | $36.2MM$27.2MM |
| Unbacked Noncurrent Loans | Q4 2021vs Q4 2020 | $6.5MM$18.8MM |
| Real Estate Owned | Q4 2021vs Q4 2020 | $1.5MM$1.5MM |