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 7X the national average, and it has an A health rating.
Related Posts
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
11/8 - 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
Online Application Was Painless
Filled out their online account application today for a CD with joint owner and POD. It was very easy and went through without any glitches. It asks what bank you want to ACH money from and at the end it says that they will send me an e-mail within 1-3 days with my new account # after I've verified test transactions. So I'll have to wait and see if it all goes through ok but it certainly went smooth up to this point. UPDATE: I finally got someone on the phone late this afternoon. I have not received an e-mail nor the trial deposits in my linked acct yet. The man I spoke to said they are absolutely swamped so he didn't have any idea what a "normal" wait period is anymore. All he could do is look under my ss# to see if an acct was opened, which it wasn't so he can only assume it's still in the queue for processing. I'll check with them again Monday, it is what it is.
Not Reliable At All.
I tried to open this acct after supplying all my personal details, and I have called them many times over the course of a week to check the status, and there is no information. I feel uncomfortable to have shared these details with them seeing how they do business. After opening many CDs with many banks, and credit unions, this one leaves me with many doubts.
UPDATED:
to 3 as they got back to me when I contacted [email protected] I went with another bank, as I have never dealt with an online bank as slow as this.
Customer Service Is Hit Or Miss
I have a Money Market savings account that I recently opened. I was receiving paper statements and wanted to opt out and elect electronic only. I called twice over the course of 3 days and had to leave voice mail both times. They never returned my call. I will stay with them because the rate is unmatched and I don't require customer service very often but it would be nice to know that an institution that's holding a significant sum of my money will return my call at some point.
Taken Off The DA Site?
Without going into the gory details, I've been having a very frustrating experience with opening an account at CFG like so many others here.
I finally got a call back from a CSR today - they are swamped. She assured me they are working to clear the backlog, but they obviously failed to realize that posting the best deposit rates in the country might attract quite a bit of interest..
.
I received an acknowledgment of receipt for my application within hours of submitting it, but the promised test deposits have yet to appear. I'm thinking it may be a few more days.
I'm also noticing now that although the high rates continue to be offered on the bank's web site, CFG is no longer listed in DA's CD and savings accounts tabs. Anybody know the reason for this?
Data as of Q2 2022
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 34294 |
| Year Established | 1997 |
| Employees | 210 |
| Primary Regulator | FDIC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 3.25% |
| Return on Equity - YTD | 35.49% |
| Annual Interest Income | $77.2MM |
| Assets and Liabilities | ||
|---|---|---|
| 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 |