CFG Community Bank Offers Three Competitive Online Only CDs
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.
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...
| APY | MIN | MAX | INSTITUTION | PRODUCT | DETAILS |
|---|---|---|---|---|---|
| 2.30*% | $25k | - | CFG Bank | Online CFG High Yield Money Market - New Money | |
| OTHER TIERS: 2.15% → $1k - $25k | |||||
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 Rate | CD Length of Term | Credit Union/Bank |
|---|---|---|
| 2.60% APY | 18-Month Certificate Special | Navy Federal Credit Union |
| 2.40% APY | 18-Month Online Only Bump-Up CD | CFG Community Bank |
| 2.37% APY | 15-Month CD Special | State 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 Rate | CD Length of Term | Credit Union/Bank |
|---|---|---|
| 3.00% APY | 60-Month Certificate Special | Navy Federal Credit Union |
| 2.98% APY | 60-Month Certificate | State Department Federal Credit Union |
| 2.75% APY | 60-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 Rate | CD Length of Term | Credit Union/Bank |
|---|---|---|
| 2.50% APY | 11-Month Certificate Special | Wheelhouse Credit Union |
| 2.40% APY | 13-Month CD Special | Credit Union of Denver |
| 2.38 APY | 12-Month Standard CD | American’s Credit Union |
| 2.30% APY | 12-Month Online Only CD | CFG 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 Rate | Account Name | Credit Union/Bank |
|---|---|---|
| 2.35% APY | Online High Yield Money Market ($25k min/no max) | CFG Community Bank |
| 2.25% APY | Money Market Account (no min/no max) | earn.bank |
| 2.22% APY | Personal Money Market ($10k min/no max) | Prime Alliance Bank |
| 2.15% APY | Online 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.
