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 276th largest bank in the nation. It was established in 1997 and as of March of 2024, it had grown to 288 employees at 3 locations. CFG Bank's money market rates are 12X the national average, and it has a B+ health rating.

Related Posts

12 Month CD 5.30% - 7/18/2024

They also have a High Yield Money Market Account (5.25%) https://www.cfg.bank/personal-banking/personal-deposit-rates/

CFG Bank 12-Month CD APY Bounces Back To Rate-Leading Level - 3/15/2024

CFG Bank's nationally available 12-month CD APY has once again risen to the top of the rates peloton. $500 minimum and $500k maximum opening deposits.

CFG Money Market Increased To 5.25% APY - 9/29/2023

CFG increased their Money Market interest rate slightly to 5.12% for an APY of 5.25% from 5.20% as of 9/29/23. It looks like their recently increased CD rates have not changed. https://www.cfg.bank/personal-banking/personal-deposit-rates/ Moderator Note: Updated title to correct APY.

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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.

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.

Transfers Limited

Posted by: |

With the money market account, transfers are limited to a maximum of $25k at a time, and seem to be also limited to $25k per month. It would take 4 months to transfer $100k.

Horrible! Do Not Bank With CFG Bank Under Any Circumstances

Do not bank with CFG.
Do not be attracted by their rates as their customer service is terrible.
They are nice when you speak to them but that doesn't make up for losing money.

I had a 12 month CD mature.
I opted to get a check instead of paying the $7-8 transfer for whatever it cost and chose a check.
The check never arrived and now the solution is for me to fill out a 4 page PDF, pay $60 to get it notarized and email it back.
Then...
If the 2nd check gets lost, I pay another $60 and wait another month.

This is CFG's pathetic solution to the problem.
Real banks would apologize profusely for this and offer a free, overnight transfer at no cost.
They wouldn't ask the customer to pay for their screwup.
And for the record, if someone at the USPS lost or stole the check, guess what? It's still THE BANKS PROBLEM. IT'S NOT APPROPRIATE TO BLAME THE POST OFFICE AND THEN!!! ASK THE CUSTOMER TO PAY FOR IT AND WAIT ANOTHER 3 WEEKS IN HOPES THAT A 2ND CHECK ARRIVES.
CFG is god awful.
I hope and encourage everyone who reads this to refrain from doing business with them.
I'm now off to report the bank.
My advice is when looking at CD Rates, compare the rate with a REAL BANK. Not a crap bank like this. You'll probably find that the REAL BANKS rates are pretty close to CFG and as such, should go that route knowing that you'll be paid AND if there IS A PROBLEM, the REAL BANK isn't going to charge you money to fix the problem.
I'm currently out $11,000 dollars.

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Health
B+

Health Grade Components

Overall
FDIC Certificate #34294
Year Established1997
Employees288
Primary RegulatorFDIC
Profit Margin
Return on Assets - YTD2.6%
Return on Equity - YTD24.13%
Annual Interest Income$102.7MM
Assets and Liabilities
AssetsQ1 2024vs Q1 2023$5.06B$4.46B
LoansQ1 2024vs Q1 2023$3.51B$3.39B
DepositsQ1 2024vs Q1 2023$4.4B$3.97B
Equity CapitalQ1 2024vs Q1 2023$551.5MM$403.1MM
Loan Loss AllowanceQ1 2024vs Q1 2023$57MM$53.2MM
Unbacked Noncurrent LoansQ1 2024vs Q1 2023$83.6MM$51.5MM
Real Estate OwnedQ1 2024vs Q1 2023$0$0
Rates
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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.

* 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
5.25%$1k-CFG High Yield Money Market
5.25%$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
5.30%$500$500kBusiness 12 Month CD
5.30%$500$500k12 Month CD
4.75%$500$500k18 Month CD
4.75%$500$500kBusiness 18 Month CD
4.35%$500$500k36 Month CD
4.35%$500$500kBusiness 36 Month CD
4.05%$500$500k60 Month CD
4.05%$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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