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 10X the national average, and it has an A health rating.

Related Posts

CFG Increased To 4.30% APY - 1/30/2023

CFG is now 4.21% simple interest rate, equaling 4.30% APY

CFG Bank High Yield Money Market Rate Edges Upward - 1/24/2023

CFG Bank has modestly raised the rate on its nationally available High Yield Money Market to a near-rate leading level. Minimum opening deposit is $1k.

CFG Increased To 4.25% APY - 1/22/2023

CFG increased to 4.16% straight interest rate, with a 4.25% 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
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
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

Quite Good, But Experience Limited

Posted by: |

I opened a MM account some months back, and it was both pretty easily and went well without incident. So, I've not tried to do anything complex, but as the previous reviewer noted, so far, so good.
Of course, I'm thrilled that CFG seems to be intent, at least over the time period I've been with them, on keeping rates near the top of the nationally available rates. I think I started out with about a 3.3% interest rate, and now they're 4.25%, a stone's throw from the top. It's been a real pleasure not to have the hassle of moving my money around to new account, with all the paperwork involved, in order to get the best available rates. No guarantees, of course, but I hope they keep this aggressive rate-matching policy up!

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.

No Responses To My Questions, Opened The Account Several Days Ago, But Nothing.

Posted by: |

No responses to my questions, opened the account several days ago, but nothing.

I wrote emails and left voice messages at the main call center and each branch, but no responses.

Too Many Hassles And Limitations

Posted by: |

I have had nothing but difficulty opening an account at CFG. First, it asks for A Lot of personal info about how you intend to use the account. The bank should change its name to CIA Bank. Ok, I thought, nothing wrong with added security measures. Secondly, for some reason, CFG is unable to transfer funds into my account at Wells Fargo to verify ownership. Other online banks have had no problem. So, as a result I had to add a second external account to transfer funds. But, the deal breaker is after opening my account, I find they have put limitations on the amount of funds I can transfer into and out of my account. Its $25,000/day, $30,000/mo. into the account. Out of the account and into my external account its $5,000/day, $30,000/mo. Of course, there is no mention of these limitations when opening the account. As a result of these limitations, I am immediately closing my account. I am a real estate investor. When I need my cash, I need my cash within 2 days, not a month or more. I have an account at savebetter.com. I have money at 5 of their member banks and credit unions. None of them have any limitations on the number or dollar amount of transfers into or out of the account.

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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
4.30%$1k-CFG High Yield Money Market
3.55%$1k-Money Manager Plus
3.15%$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
4.85%$500$250kBusiness 12 Month CD
4.85%$500$250k12 Month CD
4.75%$500$250k18 Month CD
4.75%$500$250kBusiness 18 Month CD
4.60%$500$250k36 Month CD
4.60%$500$250kBusiness 36 Month CD
4.50%$500$250k60 Month CD
4.50%$500$250kBusiness 60 Month CD
Locations


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

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