CFG Bank's 13-Month Penalty Free CD Is Top Rate No Penalty CD

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Deal Summary: 13-month Penalty Free CD, 0.62% APY, $500 min/$250k max deposit, one penalty-free withdrawal.

Availability: Nationwide through online application

As of yesterday, the bi-weekly Liquid Summary has been reorganized, with the No-Penalty CDs having their own category. The 13-month Penalty Free CD (0.62% APY) offered by CFG Bank has been the rate leader for no-penalty CDs for quite some time.

It’s been more than six years since I first wrote about 13-month Penalty Free CD. At that time, the Penalty Free CD was only available in eastern Maryland, had tiered APYs (1.25% and 1.00%), and a checking relationship was required to earn the higher APY. A lot has changed since 2015: the 13-month Penalty Free CD has been available nationwide for more than a year, it has a single APY (0.62%), and no checking account is required.

CFG Bank’s website is still light concerning the ins-and-outs of the Penalty Free CD. The following information was obtained in a conversation with CSR:

  • One partial (or complete) withdrawal is allowed any time after the first six days of the CD being funded. Should a withdrawal take place within the first six days, there is a penalty of seven days’ simple interest on the amount withdrawn.
  • There is an Early Withdrawal Penalty of six month dividends on any subsequent withdrawal(s).
  • A partial withdrawal/closure includes all the principal and accrued interest.
  • Funds from a partial withdrawal/closure can be transferred immediately into a CFG Bank savings account.
  • Funds from a partial withdrawal/closure can also be transferred to another bank via ACH, with no need for funds to be distributed by check.
  • A partial withdrawal/closure can be done completely online, although CFG Bank would like written notification if you intend to close the Penalty Free CD early.

Availability

Headquartered in Baltimore, Maryland, CFG Bank expanded its online banking platform more than a year ago, 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 an account.

Opening a Penalty Free 13-month CD can be done online.

CFG Bank has reopened the lobbies of its two Maryland branches (Baltimore and Lutherville) for walk-in transactions and scheduled appointments.

Questions about opening a Penalty Free CD 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.

Bank Overview

CFG Bank has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 9.10% (excellent) based on March 31, 2021 data. In the past year, CFG has increased its total non-brokered deposits by $515.71 million, an excellent annual growth rate of 47.18%. Please refer to our financial overview of CFG Bank (FDIC Certificate # 34294) for more details.

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. CFG is currently the eighth largest bank headquartered in Maryland, with assets in excess of $1.8 billion.

How the Penalty Free CD Compares

As I have mentioned in every no-penalty CD blog post, no-penalty CDs are not that common, and the longer the term, the more competitive the CD. When compared to other nationally available no-penalty CDs tracked by DepositAccounts.com, CFG Bank’s 13-month Penalty Free CD APY currently ranks first.

The above information and rates are accurate as of 7/21/2021.

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

Related Pages: Baltimore CD rates, 1-year CD rates, nationwide deals

Comments
MidAtlantic
  |     |   Comment #1
Ken, you have me confused here. You say, "There is an Early Withdrawal Penalty of six month dividends on any subsequent withdrawal(s)" so it is not a no-penalty CD. What am I missing?
Rickny
  |     |   Comment #2
One partial (or complete) withdrawal is allowed any time after the first six days of the CD being funded.

IF you want a second withdrawal then penalty.

"There is an Early Withdrawal Penalty of six month dividends on any subsequent withdrawal(s)."
Carpline
  |     |   Comment #3
The operative word is "subsequent" withdrawal.
CFG Bank's 13-Month Penalty Free CD Is Available Nationwide
Deal Summary: 13-month Penalty Free CD, 1.55% APY, $500 min/$250k max deposit, one penalty-free withdrawal.

Availability: Nationwide (online application)

I first wrote about CFG Bank’s13-month Penalty Free CD more than five years ago. At that time, the Penalty Free CD was only available in eastern Maryland, had tiered APYs (1.25% and 1.00%), and a checking relationship was required to earn the higher APY. A lot has changed since 2015: the 13-month Penalty Free CD is now available nationwide, offering a single APY (1.55%), with no checking account required.

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CFG Bank High Yield Money Market Available Nationwide
Deal Summary: Online CFG High Yield Money Market, 2.15% APY ($25k+), 2.05% APY ($1k+), new money.

Availability: Nationwide through online application.

As DA reader, enduser, pointed out in a Forum post yesterday, CFG Bank (CFG) is still offering competitive rates on its Online CFG High Yield Money Market: 2.15% APY ($25k+) and 2.05% APY ($1k+). The minimum opening deposit is $1k and new money is required.

The High Yield Money Market’s initial rate in October 2019 was an extremely competitive 2.50% APY ($25k), which unfortunately lasted...

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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.

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UPDATE 1/13/20: Online CFG High Yield Money Market rate has fallen to 2.15% APY ($25k+), 2.05% 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.

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13-Month Penalty-Free CD

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