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.
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!
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.
I wrote emails and left voice messages at the main call center and each branch, but no responses.
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.
Overall | |
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FDIC Certificate # | 34294 |
Year Established | 1997 |
Employees | 210 |
Primary Regulator | FDIC |
Profit Margin | |
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Return on Assets - YTD | 3.25% |
Return on Equity - YTD | 35.49% |
Annual Interest Income | $77.2MM |
Assets and Liabilities | ||
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Assets | Q2 2022vs Q2 2021 | $3.21B$2.05B |
Loans | Q2 2022vs Q2 2021 | $2.54B$1.49B |
Deposits | Q2 2022vs Q2 2021 | $2.74B$1.71B |
Equity Capital | Q2 2022vs Q2 2021 | $285.2MM$226.7MM |
Loan Loss Allowance | Q2 2022vs Q2 2021 | $40.0MM$30.8MM |
Unbacked Noncurrent Loans | Q2 2022vs Q2 2021 | $8.0MM$18.7MM |
Real Estate Owned | Q2 2022vs Q2 2021 | $1.5MM$1.5MM |
Always verify rates and promotions with the bank or credit union. We are not CFG Bank; we are a rate comparison website and cannot provide official rates or promotions.
APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS |
---|---|---|---|---|
4.30% | $1k | - | CFG High Yield Money Market | |
3.55% | $1k | - | Money Manager Plus | |
3.15% | $250k | - | ICS Money Market |
APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS |
---|---|---|---|---|
0.25% | $1.5k | - | Business Interest Checking |
CFG Bank Locations | ||
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CFG Bank | 11 W Ridgely Rd | Lutherville, MD 21093 |
Baltimore Branch | 1615 Thames Street | Baltimore, MD 21231 |