CFG Bank

Overview / Commentary
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 415th largest bank in the nation. It was established in 1997 and as of March of 2022, it had grown to 189 employees at 2 locations. CFG Bank's money market rates are 6X the national average, and it has an A health rating.

Related Posts

CFG HYMM Now At 2.55% - 8/8/2022

CFG High Yield Money Market account is now at 2.55% APY

CFG Bank 12-Month CD Rate Soars Upward - 8/8/2022

CFG Bank has boosted the rates on its nationally available 12-month CDs($500 min/$250k max) and High Yield Money Market ($1k min) to very competitive levels.

CFG HYMM Increased To 2.30% APY - 8/2/2022

CFG High Yield Money Market rate is now 2.30% APY

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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.

New Money Only. Not Really

CFG advertises (on their web site) that the yield on their High Yield MMA, of .80%, is for 'new money' only. Of course, that restriction is picked up and repeated here on
Since I am an existing holder of their High Yield MMA, I called today to find out the ins and outs of how this "new money" differentiation works. In response to my first question, I was told by the customer service rep (CSR) that "all customers receive the same rate." In fact, my online baking account shows that the current yield on my account is the .80%. I have not added any money since this new rate was initiated.
I did not bother to ask the CSR why they were advertising the rate in this fashion, as I assumed the answer to that was above his pay grade.
I don't know how to rate this bank as a result. I'm giving it 4 stars because I like the rate and that I was/am receiving it without jumping through hoops, although one might view this as a one star outfit for their misleading approach.

Great Rates But Hold Your ACH In's For A Few Days Without Interest.

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They answer their support emails within a day. They'll increase your ACH limits if you ask. They hold your ACH transfers without interest a few days and they're not supposed to do that. Besides that, it's an excellent bank. I took off an extra star off for putting holds (that's not listed in your balance) on transfers initiated "from" CFG when they admit they have the funds. Been with them for years, it's not like I'm a new customer. If you ACH in, they show the funds in your account the next day. PS. if you can't log in, it's probably because their site crashes every few days. They are working on it.

Taken Off The DA Site?

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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?



Health Grade Components

FDIC Certificate #34294
Year Established1997
Primary RegulatorFDIC
Profit Margin
Return on Assets - YTD3.06%
Return on Equity - YTD32.77%
Annual Interest Income$35.2MM
Assets and Liabilities
AssetsQ1 2022vs Q1 2021$2.78B$1.86B
LoansQ1 2022vs Q1 2021$2.02B$1.35B
DepositsQ1 2022vs Q1 2021$2.37B$1.63B
Equity CapitalQ1 2022vs Q1 2021$255.7MM$193.7MM
Loan Loss AllowanceQ1 2022vs Q1 2021$38.4MM$28.9MM
Unbacked Noncurrent LoansQ1 2022vs Q1 2021$7.4MM$18.7MM
Real Estate OwnedQ1 2022vs Q1 2021$1.5MM$1.5MM
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CFG Bank Money Market Rates

2.55%$1k-CFG High Yield Money Market - New Money
2.05%$1k-Money Manager Plus
1.65%$250k-ICS Money Market

CFG Bank Checking Account Rates

0.25%$1.5k-Business Interest Checking

CFG Bank CD Rates

3.65%$500$250k60 Month CD
3.65%$500-Business 60 Month CD
3.55%$500$250k36 Month CD
3.55%$500-Business 36 Month CD
3.20%$500$250k18 Month CD
3.20%$500-Business 18 Month CD
3.05%$500-Business 12 Month CD
3.05%$500$250k12 Month CD

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

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