Maryland-based CFG Bank (CFG) started the last full week of January by adding 10 bps to its High Yield Money Market (HYMM). Currently earning 4.25% APY, the HYMM requires a $1k minimum opening deposit and balance.
- There is no checking writing or ATM card associated with the HYMM.
- Following initial funding, there is daily external outbound transfer limit of $5k and daily inbound transfer limit of $25k. The total external transfers (inbound and outbound) may not exceed $30k in a 30-day rolling period. These limitations refer to transfers that are initiated from CFG Bank.
- The transfer limit can be temporarily increased for five business days by calling 888.205.8388 during weekday business hours. As stated in the FAQs, “We will record verification of your identity and request prior to inputting the increase.”
- Additional deposits can be made through ACH transfers from another bank, wire transfer, mobile deposit, or by mailing a check.
- A minimum daily balance of $1k is required to avoid the $10 monthly service fee.
- Up to four beneficiaries can be added on the online application. Additional beneficiaries can be added over the phone.
- Trust accounts cannot be opened online.
In October, CFG adopted a “uni-rate” strategy, with the 12-, 18-, 36-, and 60-month CDs all earning the same APY. That approach was short-lived, as rates tiers were brought back in November. Since the beginning of December, the CD rates have remained unchanged, with the exception of the 12-month CD, which has seen a couple of rate increases and decreases. Currently earning 4.75% APY, the 12-month CD has the most competitive rate in the product line. (In fact, the Yield Curve is inverted, with the 12-month having an APY 25 bps higher than the 60-month CD and 15 bps higher than the 36-month CD.) Any of the CFG CDs can be opened with a $500 minimum deposit, with a stated maximum deposit of $250k.
Availability and Account Opening
Headquartered in Baltimore, Maryland, CFG Bank expanded its online banking platform more than two years ago, with a limited number of products available nationwide through online application.
All U.S. citizens and resident aliens (18 years or older) with a valid Social Security number and a physical address in the U.S. are eligible to open an account.
Questions about opening an account can also be answered by calling 410.823.0500, or submitting a Contact Me form.
Need something in particular? Not sure where to start? Just want to chat? That’s what
we’re here for. Simply enter your contact information and we’ll get back to you in no time.
CD Funding and Other Details
The following information is from a conversation with CSR.
- Funding – Online opening requires an ACH.
- Maturing Funds – ACH, cashier’s check to address on file, or internal transfer to a CFG Bank savings account.
- Interest – Compounded/credited monthly, can be withdrawn at any time by ACH, by scheduled monthly check, or scheduled monthly transfer to another CFG Bank account.
- Grace Period – 10 calendar days before automatic renewal.
- Beneficiaries – Unlimited, equal shares, Social Security numbers required.
- Early Withdrawal Penalty – 190 days interest; partial withdrawals allowed.
CFG Bank has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 2.92% (excellent) based on June 30, 2022 data. In the past year, CFG has increased its total non-brokered deposits by $763.23 million, an excellent annual growth rate of 45.21%. Please refer to our financial overview of CFG Bank (FDIC Certificate # 34294) for more details.
CFG is currently the fifth largest bank headquartered in Maryland, with assets in excess of $3.2 billion and more than 11,000 customer accounts. While its current FDIC Certificate was issued in 1997, CFG Bank’s roots trace back to the La Corona Building and Loan Association, which was founded in 1927 for the benefit of East Baltimore residents. After adding a limited number of nationally available products, the Bank rebranded as CFG Bank, removing “Community” from its name.
According to a recent press release,
CFG Bank is proud to announce the company was recognized as a Top Loan Producer, ranked third in the commercial lender with assets totaling over $1 billion category, by Independent Banker, an award-winning magazine from the Independent Community Bankers of America. CFG Bank’s recognition, which rose from its 16th place ranking last year, is based on the strength of its competitive banking services and operational efficiencies throughout 2021.
How the High Yield Money Market Compares
When compared to nationally available Money Market Accounts and Savings Accounts tracked by DepositAccounts.com, that do not require large balances or direct deposit, and do not have small balance caps, the CFG Bank High Yield Money Market APY currently ranks third.
|APY||Account Name||Credit Union/Bank|
|4.35%||MySavings Account (no min/no max)||MySavingsDirect|
|4.30%||Money Market Account ($1k min/$500k max)||Brilliant Bank|
|4.25%||High Yield Money Market ($1k min)||CFG Bank|
|4.25%||High Yield Money Market (no min/$10m max)||Western State Bank|
|4.21%||UFB Best Savings (no min/no max)||UFB Direct|
How the 12-month CD Compares
When compared to similar length-of-term CDs tracked by DepositAccounts.com which are available nationally and have minimum deposit requirements of $10k or less, two banks have higher rates than currently offered on the CFG Bank 12-month CD. The following table compares the 12-month CD to the two highest-rate CDs from other banks and the two highest-rate CDs from credit unions.
|APY||CD Term (Early Withdrawal Penalty)||Credit Union/Bank|
|4.85%||12-Month CD (EWP=180 days)||INSBANK Online|
|4.85%||1-Year CD (EWP=90 days)||Ivy Bank|
|4.75%||12-Month CD (EWP=190 days)||CFG Bank|
|4.60%||12-Month Money Market Certificate (EWP=30% of maturity dividends)||PenFed Credit Union|
|4.60%||12-Month Share CD (EWP=lessor of all earned dividends or 90 days)||Alliant Credit Union|
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.
The above information and rates are accurate as of 1/24/2023.