CFG Community Bank Offers Three Competitive Online Only CDs

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Deal Summary: Online Only CDs – 12-month, 2.30% APY, $500 minimum, new money, one penalty-free withdrawal during the term. 18-month (2.40% APY) and 60-month (2.75% APY), $500 minimum, new money, one rate increase during the term.

Availability: Nationwide through online application.

Earlier this month, Maryland-based CFG Community Bank (CFG) unveiled its new online banking platform, which includes three CDs. All three Online Only CDs require a $500 minimum opening deposit, are capped at $250k, and must be opened with new money.

APYMINMAXINSTITUTIONPRODUCTDETAILS
2.65%$500$250kCFG Bank60 Month Online Only One Time Bump-Up CD - New Money
2.36%$500$250kCFG Bank18 Month Online Only One Time Bump-Up CD - New Money
2.25%$500$250kCFG Bank12 Month Online Only CD - New Money
Rates as of November 16, 2019.

The 18- and 60-month CDs both have a one-time bump-up option, which can be exercised anytime throughout the term. The account owner is responsible for contacting CFG to request a rate change, should rates increase.

While the 12-month CD does not have a bump-up option, it does come with a one-time penalty-free withdrawal anytime during the term. There are no minimum or maximum dollar amounts attached to the penalty-free withdrawal. Any subsequent withdrawals would be subject to a penalty. There’s no mention of this withdrawal option on CFG’s website; I learned about it from a very helpful CSR, who offered a thorough explanation of the CDs.

And speaking of Early Withdrawal Penalties (EWP), the EWP for the 12-, 18-, and 60-month CDs is six months of interest.

Note: As I was putting the final touches on this blog post, CFG Community Bank lowered the rates on all three of the Online Only CDs. The decreases of 15 bps (12- and 60-month) and 10 bps (18-month) changed very good rates into simply good rates.

Online CFG High Yield Money Market

Earlier this month, I wrote about the Online CFG High Yield Money Market, which initially offered 2.50% APY ($25k+) and 2.36% APY ($1k+). As DA reader, Rich Reg, noted in a Forum post yesterday,

Another drop everyone: CFG lowered their Money Market rate for balances $25K and above: 2.32% APR, 2.35% APY. Boo-hoo...

APYMINMAXINSTITUTIONPRODUCTDETAILS
2.30*%$25k-CFG BankOnline CFG High Yield Money Market - New Money
OTHER TIERS: 2.15% $1k - $25k
Rates as of November 16, 2019.

For more details about the High Yield Money Market, please refer to my October 2, 2019 blog post.

Availability

Headquartered in Baltimore, Maryland, CFG Community Bank recently expanded its online banking platform, with a limited number of products now available online. 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 any of three CDs or the High Yield Money Market account.

In addition to the three CDs (12-, 18-, and 60-month), the Online CFG High Yield Money Market account can be opened online. These four products are available online only; in-branch openings are not allowed.

Bank Overview

CFG Community Bank has an overall health grade of "A+" at DepositAccounts.com, with a Texas Ratio of 6.08% (excellent) based on June 30, 2019 data. In the past year, CFG has increased its total non-brokered deposits by $244.98 million, an excellent annual growth rate of 43.46%. Please refer to our financial overview of CFG Community Bank (FDIC Certificate # 34294) for more details.

While its current FDIC Certificate was issued in 1997, CFG Community 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. CFG is currently the twelfth largest bank headquartered in Maryland, with assets in excess of $1 billion.

How the Bump-Up CD Compares

When compared to 161 similar length-of-term CDs tracked by DepositAccounts.com that are available nationwide, CFG Community Bank's 18-month Online Only CD APY currently ranks second.

Interest RateCD Length of TermCredit Union/Bank
2.60% APY18-Month Certificate SpecialNavy Federal Credit Union
2.40% APY18-Month Online Only Bump-Up CDCFG Community Bank
2.37% APY15-Month CD SpecialState Bank of India (IL)

When compared to 178 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available nationwide, CFG Community Bank's 60-month Online Bump-Up CD APY currently ranks fifth.

Interest RateCD Length of TermCredit Union/Bank
3.00% APY60-Month Certificate SpecialNavy Federal Credit Union
2.98% APY60-Month CertificateState Department Federal Credit Union
2.75% APY60-month Online Bump-Up CD CFG Community Bank

How the Online CD Compare

When compared to 221 similar length-of-term CDs tracked by DepositAccounts.com that are available nationwide, CFG Community Bank's 12-month Online Only CD APY currently ranks sixth. The one penalty-free withdrawal only enhances its intrinsic value.

Interest RateCD Length of TermCredit Union/Bank
2.50% APY11-Month Certificate SpecialWheelhouse Credit Union
2.40% APY13-Month CD SpecialCredit Union of Denver
2.38 APY12-Month Standard CDAmerican’s Credit Union
2.30% APY12-Month Online Only CDCFG Community Bank

The above rates are accurate as of 10/25/2019.

To look for the best CD rates, both nationwide and state-specific, please refer to our CD Rates Table.

How the Online High Yield Money Market Compares

When compared to the Money Market Accounts tracked by DepositAccounts.com that are available nationwide, CFG Community Bank's Online High Yield Money Market APY currently ranks first, regardless of minimum balance requirements.

Interest RateAccount NameCredit Union/Bank
2.35% APYOnline High Yield Money Market ($25k min/no max)CFG Community Bank
2.25% APYMoney Market Account (no min/no max)earn.bank
2.22% APYPersonal Money Market ($10k min/no max)Prime Alliance Bank
2.15% APYOnline High Yield Money Market ($1k min/no max)CFG Community Bank

The above rates are accurate as of 10/25/2019.

To look for the best MMA rates, nationwide or state-specific, please refer to our Money Market Accounts Rates Table page.

Related Pages: Baltimore money market accounts, money market accounts, 1-year CD rates, 5-year CD rates, nationwide deals

Comments
MikeG
MikeG   |     |   Comment #1
With regards to Ken Tumin Post 10/25/19 .. When I called CFG Community Bank I was told that the "one-time penalty-free withdrawal anytime during the term CD" was for a 13 month CD, not the online 12 month CD. I did not see any 13 month CD listed on the site, however. Maybe it's only available at a branch location.
CFG Community Bank's High Yield Money Market
UPDATE 10/24/19: Online CFG High Yield Money Market rate has fallen to 2.35% APY ($25k+), 2.15% APY ($1k+).

Deal Summary: Online CFG High Yield Money Market, 2.50% APY ($25k+), 2.36% APY ($1k+), new money.

Availability: Nationwide through online application.

CFG Community Bank (CFG) is currently offering tiered rates on its Online CFG High Yield Money Market: 2.50% APY ($25k+) and 2.36% APY ($1k+). New money is required to open, with a $1k minimum deposit.

As stated on the Deposit Rates page,

Rates are subject to change...

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CFG Community Bank Adds Relationship Money Market
Deal Summary: Relationship Money Market, 1.31% APY, new money, six month rate guarantee, no min/$250k max, checking relationship required.

Availability: Market area includes Maryland, Virginia, the District of Columbia, and Pennsylvania.

CFG Community Bank (CFG) is offering a promotional Relationship Money Market (1.31% APY), with the promotional rate is guaranteed for six months following account opening. New money is required to earn the promotional APY, as is an active checking account, defined as “having an ACB $2,000 per month and direct deposit.”

13-Month Penalty-Free CD

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CFG Community Bank Offers Competitive 13-month One-Time No Penalty CD
Availability: Market area includes Maryland, Virginia, District of Columbia and Pennsylvania.

CFG Community Bank is offering promotional 13-month One-Time No Penalty Withdrawal CD. This CD earns 1.25% APY with a checking account relationship and 1.00% APY without a checking account relationship.

The minimum deposit to open and earn the stated APY is $500, and there is no balance cap. The 13-month CD is also available as an IRA, but only at the lower 1.00% APY.

The no penalty feature allows for a one-time withdrawal, either partial or closing,...

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CFG Community Bank 12-Month One Time No Penalty Withdrawal CD

CFG Community Bank is offering a very competitive, promotional 12-month "One Time No Penalty Withdrawal" CD. This CD earns 1.35% APY with a checking account relationship and 1.10% APY without a checking account relationship. The rate is quite attractive and the no penalty withdrawal feature equally so. As the name implies, the no penalty feature allows for a one-time withdrawal (partial or closing) with no penalty. A $500 minimum deposit and balance is required for the CD to earn the stated APY.

The following conditions...

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Special No-Penalty 9-Month CD at CFG Community Bank in MD - Local Only

Update 11/04/2010: The special no-penalty 9-month CD still has a rate of 1.70% APY. However, the Flex 24-month CD rate has fallen to 1.55% APY. I received some additional details from the CSR about the Flex features. It allows for a one-time add-on deposit (unlimited) and a one-time bump-up in rate. Minimum deposit is $1K.

CFG Community Bank is offering some very competitive CD specials, and it also has competitive rates for its regular CDs. One of the CD specials is a 9-month no-penalty CD with a 1.70% APY. The no-penalty...

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