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 273rd largest bank in the nation. It was established in 1997 and as of June of 2024, it had grown to 303 employees at 3 locations. CFG Bank's money market rates are 11X the national average, and it has a B health rating.

Related Posts

CFG Reduced To 4.80% APY - 11/5/2024

CFG went down from 4.90% APY to 4.80% APY.

CFG HYMM Down To 4.90% APY - 10/29/2024

CFG lowered the interest rate on their High Yield Money Market rate to 4.78% with an APY of 4.90%. Previously it was an APY of 5.00%.

CFG HYMM Down To 5.00% APY - 10/8/2024

CFG lowered the High Yield Money Market account rate to 5.00% APY. It was 5.05% APY.

View all posts from:

12/19 - CFG Bank Increased To 4.15% APY
12/12 - CFG 4.05% APY
12/2 - CFG Bank Boosts Money Market and CD Rates
12/1 - CFG Bank Increased To 4.00% APY
11/14 - CFG Bank Boosts All CDs and High Yield Money Market Rates
11/13 - CFG Bank New Rate For HYMM
11/7 - CFG Bank Increased To 3.63% Simple and 3.70% APY
10/31 - CFG Bank HYMM Ups Simple Interest Rate To 3.49%
10/28 - CFG Simple Interest Rate Increased To 3.25%
10/20 - CFG Bank APY Increased To 3.15%
10/12 - CFG HYMM Increased To 3.05% APR (Maybe 3.10% APY)
10/7 - CFG APY Is 3.03% (Correction)
10/6 - CFG Increased To 3.02% APY
10/1 - CFG Bank Now 2.86% Straight Rate (Maybe APY is 2.90%)
9/22 - CFG Increased To 2.74% APY
8/27 - CFG Bank Drops All CD Rates 15-30 Bps
8/24 - CFG Bank Taking New Account Sign-Ups Again
8/11 - CFG Has Temporarily Suspending New Sign-Ups
8/8 - CFG HYMM Now At 2.55%
8/8 - CFG Bank 12-Month CD Rate Soars Upward
8/2 - CFG HYMM Increased To 2.30% APY
8/1 - CFG Bank Boosts Rates On All CDs and High Yield Money Market
7/28 - CFG Increased To 2.10% APY
7/23 - CFG Bank High Yield Money Market Account Is New Rate Leader
7/22 - CFG HYMM Increased To 2.05% APY
7/19 - CFG Increased From 1.72 To 1.87% APY
7/8 - CFG Bank Now 1.72%
7/1 - CFG Bank Hikes Rates of Money Market and 13-Month Penalty Free CD
6/30 - Increase In High Yield Money Market To 1.65% And No Penalty CD To 1.70% APY
6/24 - CFG Bank Rate Increased To 1.30%
6/6 - CFG Bank Ups High Yield MMA and 13-Month Penalty Free CD Rates
6/3 - CFG Bank HYMM Increased To 1.17%
5/16 - CFG Bank High Yield Money Market Is New Rate Leader
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
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

Easy On-Line Enrollment

Posted by: |

Prior to enrolling I spoke to an CSR about required credit report; they do a soft pull using ChexSystems
.
I just completed an on-line High Yield Money Market enrollment. I was pleasantly surprised how easy it was. Funding the account is an ACH pull from your designated financial institution. As for the mobile phone number entry, I entered a landline number. No driver license photos required, just number and dates.

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 Bank, Beyond Terrible

Posted by: |

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.

Horrible Experience

Posted by: |

My large six-figure check was refused by their app because it was more than their limit. Trying to get my large check deposited was a saga that didn't end well. This went on for several days, one week to be exact, and each time having to suffer through their horrible phone system, waiting for an interminable amount of time, every time, before being able to talk with someone, then being placed on hold again while the person checked with someone else in another department. Good grief. Finally, after several days of this insanity, one agent finally said the check would be accepted and he sent me an email, saying so. Great. Or so I thought. When the check didn't show up on my account, after another long wait, and many put-on-holds, a supervisor. gave me the bad news. "Your check was rejected because it was co-endorsed by someone who is not on your account." Really? Did it not occur to anyone to tell me that? Never mind that I have an email from one of their agents saying the check would be placed into my account. Oh sure, it's not your money, so why would you care. Such a waste of time and loss of interest on that amount. No apologies, either, not even one. So, no thank you, CFG Bank. Although I sincerely hope you will get your stuff together, I cannot take that chance and am closing my account for good. Adios.

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Health

Health Grade Components

Overall
FDIC Certificate #34294
Year Established1997
Employees303
Primary RegulatorFDIC
Profit Margin
Return on Assets - YTD2.09%
Return on Equity - YTD19.3%
Annual Interest Income$206.9MM
Assets and Liabilities
AssetsQ2 2024vs Q2 2023$5.16B$5.08B
LoansQ2 2024vs Q2 2023$3.5B$3.54B
DepositsQ2 2024vs Q2 2023$4.49B$4.52B
Equity CapitalQ2 2024vs Q2 2023$568.3MM$435.4MM
Loan Loss AllowanceQ2 2024vs Q2 2023$58.5MM$57.4MM
Unbacked Noncurrent LoansQ2 2024vs Q2 2023$153.5MM$53.7MM
Real Estate OwnedQ2 2024vs Q2 2023$20.5MM$0
Rates
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* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.

CFG Bank Money Market Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
4.80%$1k-CFG High Yield Money Market
4.80%$1k-MTBS Money Market Special
4.37%$1k-Business Money Manager Plus
4.37%$1k-Business MTBS Money Market Special
3.97%$250k-Business ICS Money Market

CFG Bank Checking Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
3.27%$100-MAHT
3.27%$100-IOLTA – Attorney Escrow
2.00%*$50k*-Checking Plus
OTHER TIERS: 1.25% $1k - $5k | 1.50% $5k - $20k | 1.75% $20k - $50k
0.25%$1.5k-Business Interest Checking

CFG Bank CD Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
4.25%$500$500kBusiness 12 Month CD
4.25%$500$500k12 Month CD
4.10%$500$500k18 Month CD
4.10%$500$500kBusiness 18 Month CD
3.85%$500$500k36 Month CD
3.85%$500$500kBusiness 36 Month CD
3.75%$500$500k60 Month CD
3.75%$500$500kBusiness 60 Month CD
Locations


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

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