CFG Bank is headquartered in LUTHERVILLE and is the 5th largest bank in the state of Maryland. It is also the 277th largest bank in the nation. It was established in 1997 and as of September of 2024, it had grown to 294 employees at 3 locations. CFG Bank's money market rates are 10X the national average, and it has a C+ health rating.
Related Posts
11/19 - CFG HYMM Dropped To 4.65% APY
11/5 - CFG Reduced To 4.80% APY
10/29 - CFG HYMM Down To 4.90% APY
10/8 - CFG HYMM Down To 5.00% APY
10/1 - CFG HYMM 5.05% APY - 12 Month CD 4.00% APY
8/27 - Lowered Money Market Rate
8/13 - CFG Bank 12 Month Reduced To 4.35% APY
8/7 - 12 Month CD Rate Drops Again - This Time To 5.00% From 5.15%
7/31 - 12 Month CD Rate Drops Again - This Time To 5.15% From 5.25%
7/24 - 12 Month CD Rate Lowered To 5.25% From 5.30%
7/18 - 12 Month CD 5.30%
3/15 - CFG Bank 12-Month CD APY Bounces Back To Rate-Leading Level
9/15 - CD Rate Increase 9-15-23
8/25 - CFG Money Market Increased To 5.20% APY
7/7 - CFG CD Rates Lowered .2% Apy
6/21 - 12-Month CD 5.52% APY $500+
6/13 - CFG Bank 12-Month CD and Money Market Rates Continue to Rise
6/8 - 12-Month CD APY Increased A Bit To 5.32% From 5.28%
6/7 - CFG Bank Small Increase To 4.99% APR. (Actual APY Will Be Confirmed Tomorrow)
5/30 - CFG Bank 12-Month CD Is New Rate Leader
5/12 - CFG Small Increase To 5.07% APY
5/11 - CFG 12-Month or 18-Month CD 5.25% APY, $500 minimum, $500K maximun
4/18 - CFG Bank 12-Month CD And Money Market Are Near Rate-Leaders
3/24 - CFG Bank High Yield Money Market Account Joins the 5% Club
3/23 - deleted - had not seen it was already posted earlier
3/22 - CFG Now 5.02% APY
3/17 - CFG Bank High Yield Money Market Rate Continues to Climb
3/16 - CFG Increased To 4.80% APY
3/12 - CFG Increased To 4.70% APY
3/2 - CFG Bank Website Was In Error. Corrected Now. APY Is 4.55%
3/1 - Website Showing 4.45% APY, As Of This Writing
2/24 - CFG Bank 12-Month CD APY Nears Top Of Rate Peloton
2/21 - CFG Website Now Shows The 4.55% APY
2/14 - CFG Bank 12-Month CD Offers Near Rate-Leading APY
2/13 - CFG Bank Offers 5% 12 Month Certificate
2/10 - Withdraw Penalty Incorrect On This Site,
2/5 - CFG Increased To 4.45% APY
1/30 - CFG Increased To 4.30% APY
1/24 - CFG Bank High Yield Money Market Rate Edges Upward
1/22 - CFG Increased To 4.25% APY
12/12/22 - CFG 4.05% APY
12/2/22 - CFG Bank Boosts Money Market and CD Rates
12/1/22 - CFG Bank Increased To 4.00% APY
11/14/22 - CFG Bank Boosts All CDs and High Yield Money Market Rates
11/13/22 - CFG Bank New Rate For HYMM
11/7/22 - CFG Bank Increased To 3.63% Simple and 3.70% APY
10/31/22 - CFG Bank HYMM Ups Simple Interest Rate To 3.49%
10/28/22 - CFG Simple Interest Rate Increased To 3.25%
10/20/22 - CFG Bank APY Increased To 3.15%
10/12/22 - CFG HYMM Increased To 3.05% APR (Maybe 3.10% APY)
10/7/22 - CFG APY Is 3.03% (Correction)
10/6/22 - CFG Increased To 3.02% APY
10/1/22 - CFG Bank Now 2.86% Straight Rate (Maybe APY is 2.90%)
9/22/22 - CFG Increased To 2.74% APY
8/27/22 - CFG Bank Drops All CD Rates 15-30 Bps
8/24/22 - CFG Bank Taking New Account Sign-Ups Again
8/11/22 - CFG Has Temporarily Suspending New Sign-Ups
8/8/22 - CFG HYMM Now At 2.55%
8/8/22 - CFG Bank 12-Month CD Rate Soars Upward
8/2/22 - CFG HYMM Increased To 2.30% APY
8/1/22 - CFG Bank Boosts Rates On All CDs and High Yield Money Market
7/28/22 - CFG Increased To 2.10% APY
7/23/22 - CFG Bank High Yield Money Market Account Is New Rate Leader
7/22/22 - CFG HYMM Increased To 2.05% APY
7/19/22 - CFG Increased From 1.72 To 1.87% APY
7/8/22 - CFG Bank Now 1.72%
7/1/22 - CFG Bank Hikes Rates of Money Market and 13-Month Penalty Free CD
6/30/22 - Increase In High Yield Money Market To 1.65% And No Penalty CD To 1.70% APY
6/24/22 - CFG Bank Rate Increased To 1.30%
6/6/22 - CFG Bank Ups High Yield MMA and 13-Month Penalty Free CD Rates
6/3/22 - CFG Bank HYMM Increased To 1.17%
5/16/22 - CFG Bank High Yield Money Market Is New Rate Leader
5/11/22 - CFG Community Bank Money Market Rate Up To 1.02% APY
3/28/22 - CFG Bank Raises Rate On 13-Month Penalty Free CD Again
3/11/22 - CFG Bank 13-Month Penalty Free CD Is A Near Rate Leader
2/14/22 - CFG Bank Increases No-Penalty CD Rate
7/21/21 - CFG Bank's 13-Month Penalty Free CD Is Top Rate No Penalty CD
11/20/20 - CFG Bank's Latest Biweekly Rate Cut
11/8/20 - CFG High Yield Money Market Account Dropped To 0.76%
10/21/20 - CFG Bank's Latest Biweekly Rate Cut
10/7/20 - CFG Bank's Biweekly Rate Cut
8/31/20 - ANOTHER CFG Rate Cut!!
8/20/20 - ANOTHER CFG Rate Cut
8/8/20 - CFG Down To 1.04% APY
7/16/20 - CFG Bank's Now Weekly Rate Cut
7/9/20 - CFG's Latest Biweekly Rate Cut
6/23/20 - CFG Bank Dropped To 1.25% APY
6/11/20 - CFG Savings Drops To 1.36%
6/11/20 - CFG Bank Dropped To 1.36% APY For $25,000+
5/29/20 - Now It's CFG Bank's Turn To Lower Its Savings Rates
5/8/20 - High Yield MM Dropped To 1.62% ($25K Minimum)
5/8/20 - CFG Bank's 13-Month Penalty Free CD Is Available Nationwide
5/1/20 - CFG Bank 12 Month CD Drops To 1.60% APY
4/23/20 - CFG Bank 1.73% APY $25K+ High Yield Money Market [Not On DA MM List]
4/10/20 - CFG Bank MM Rate Drops to 1.73%
3/5/20 - CFG Bank Another Rate Cut From 2.05% To 1.90%
2/24/20 - CFG Bank Money Market Down To 2.05%
2/20/20 - CFG Bank High Yield Money Market Available Nationwide
2/19/20 - 2.15% APY $25,000 Deposit No Longer Listed On DA MM List
1/15/20 - Yet ANOTHER Rate Cut (The 4th In 3 Months!) At CFG Bank
12/12/19 - CFG Dropped To 2.25% ($25K Minimum)
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
8/11/10 - Special No-Penalty 9-Month CD at CFG Community Bank in MD - Local Only
Maybe Its Just Me
I use all the following 12 banks and can't say I have problems with any of them.Take it easy on them. ------ IT MAY BE YOU-----Brilliant,Bask,BRIO,Primis,All American bank,North American Savings,My banking direct, Ponce,CIT,Evergreen,Sallie Mae,cfg
Over A Week But No Account
I wanted a bank that had a high APY, I could remove a large portion of my deposit quickly if something should come up, was verified FDIC certified for my deposit, and customer service would service my account with actual US citizens (not foreigners who may or may not be extraditable if they committed crimes with my deposit). CFG was the bank that fit those requirements. Unfortunately, I should have put, "Would actually create my account" to my list of requirements. When I applied for an account, the web app gave me an "account number" on the spot. Their application requested a photocopy of my federal ID. Since I did not get a "Real ID" when I renewed my driver's license, I sent them a copy of our passports (you have to have an account connected to at least two people to open one). Three business days later, I got an email saying they still need a copy of our driver's licenses. I sent them the requested data the same day. It has now been 9 days and I still have no account, and nothing more has been said. I'm starting to wonder if they actually give people bank accounts anymore or are some of their employees just taking advantage of the surge in people setting up money market accounts looking to take advantage of the high interest rates right now, and just harvesting a bunch of identities to sell on some .onion site or some other dark web medium, leaving CFG to deal with all the lawsuits later. I'm kinda surprised at this point that they haven't asked for my health insurance card.
Until I hear otherwise, I caution you to look elsewhere if you don't want to end up as a statistic.
***UPDATE***
So, after calling back two more times, they said on March 16th that there has been a surge of people wanting accounts created, so they're just "waiting on the person working on it to finish." I understand they may not want to disclose the details of what they do, but it makes me feel like they have something to hide. They promised that the account would be created the next day. It was as they said, but since the next day was a Friday, I was not able to confirm their test ACH deposits until Friday, so the actual initial funding did not post to the account until today (Tuesday). Since I had no idea what to expect with account creation time frame, and I wanted to make sure the funds would be available, I initially signed up for the minimum $1,000 deposit. Since the deposit I want to make is > the $25K limit, I now have to call customer service to have my limit temporarily increased so I can TRULY make my initial intended deposit, which will hopefully get deposited tomorrow.
So, for those of you following along at home. From the day I signed up to the day I expect my full money to arrive, will have been 17 calendar days (16 if you tell them the full amount you wish to deposit up front) with multiple phone calls along the way.
To be clear, my low rating on Customer Service is not the Customer Service team that you call on the phone, but their clear as mud explanation of what to expect when you sign up for an account. If they explained all this BEFORE you sign up for an account, and how long you can expect everything to take, instead of just leading you along, step by step, (and maybe giving you hints of things you do that can make it take longer or shorter) then this would have been a more pleasant experience for me.
Another tips for those of you who care to know such things, they don't automatically link the account you use for initial funding to your CFG account for future deposits or withdrawals, you have to add it yourself, and either give them your linked account's web username and password (OMG really? You just don't even suggest this kind of stuff. If my username and password got stolen from my linked account, guess who I will immediately blame?!) OR you have to do the same test ACH deposit confirmation they did for initial funding, which they dissuaded you from doing by warning, "it will make it take 1-3 days longer."
Overall. I think I like this bank, but they need to work on their communication skills.
CFG Bank, Beyond Terrible
OK, I had the scathing review here, but as a surprise to me, a CFG representative reached out to me even after hours. He also explained that they are working to improve their system, which definitely needs a lot of improving.
So maybe they will be OK after all. It is a "we'll see" at this point, so I will come back and update.
Inefficient Account Management & Communication
Stay away from CFG for CDs. Their communication on CDs maturing is deficiently lacking and their notifications are terrible. They purposely don't notify efficiently communicate so the CD automatically renews. They are so greedy when I try to close the account and the Customer Service team transfers to supervisors who could care less about helping their customers. In addition their LOGIN process is cumbersome and disorganized.
Data as of Q3 2024
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 34294 |
| Year Established | 1997 |
| Employees | 294 |
| Primary Regulator | FDIC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 1.74% |
| Return on Equity - YTD | 15.9% |
| Annual Interest Income | $313.7MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q3 2024vs Q3 2023 | $5.27B$5.04B |
| Loans | Q3 2024vs Q3 2023 | $3.55B$3.51B |
| Deposits | Q3 2024vs Q3 2023 | $4.57B$4.41B |
| Equity Capital | Q3 2024vs Q3 2023 | $587.5MM$453.4MM |
| Loan Loss Allowance | Q3 2024vs Q3 2023 | $59.7MM$53.7MM |
| Unbacked Noncurrent Loans | Q3 2024vs Q3 2023 | $144.8MM$45.6MM |
| Real Estate Owned | Q3 2024vs Q3 2023 | $18.3MM$0 |