CFG Bank 12-Month CD Rate Soars Upward


Update 8/9/22: High Yield Money Market rate increased to 2.55% APY.

Deal Summary: 12-month CD, 3.05% APY, $500 min/$250k max deposit. High Yield Money Market, 2.30% APY, $1k+, new money.

Availability: Nationwide through online application

“DA déjà vu” – the feeling you’ve read this blog post before, but the rates are higher than you remember.

It’s been about ten days since Maryland-based CFG Bank (CFG) quickly raised its CD rates after the Fed’s latest rate hike. Just days ago, CFG added another 30 bps to its 12-month CD, resulting in a new rate leading 3.05% APY. The minimum opening deposit is $500, with a stated maximum deposit of $250k.

The CFG Deposit Rates page states,

No additional deposits after initial deposit

While that sentence seems to state the obvious, CFG has offered a variety of “special” conditions on its CDs in the past, including a bump-up option, a penalty-free partial withdrawal, and an additional deposit.

According to CSR, the Early Withdrawal Penalty for any of the CDs is 180 days, with partial withdrawals allowed.

Funding a CD that is opened online must be done by ACH. Maturing funds (or funds from a partial withdrawal) can be transferred into a CFG Bank savings account, transferred to another financial institution via ACH, or distributed by cashier’s check to the address on file.

High Yield Money Market

Following last week’s 20 bps increase, the CFG Bank High Yield Money Market (HYMM) not only continues to be the rate leader for nationally available MMAs, but is now offering a higher rate than available on any nationally available savings accounts. The HYMM current 2.30% APY applies to balances of $1k and above.

While the CFG Bank Deposit Rates page reads, "new funds only," CSR explained that the new money requirement is for new accounts only and the stated APY applies to all HYMM accounts. Several DA readers have confirmed that the APY on their existing HYMM accounts has increased every time the APY has been raised in the past few months.

According to the Deposit Rates page and the FAQs page,

  • 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 a comment from the May 16, 2022 CFG Bank blog post, midas89 stated,

Regarding external bank ACH transfers: I have now confirmed with 2 different CFG reps that as of this writing, CFG still imposes no limitations to the amount of money you can either push in or pull out when initiated from your external bank.


Headquartered in Baltimore, Maryland, CFG Bank expanded its online banking platform about 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.

Opening a High Yield Money Market and/or a CD can be done online or at either of two Maryland branches located in Baltimore and Lutherville.

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.

Bank Overview

CFG Bank has an overall health grade of "A" at, with a Texas Ratio of 3.04% (excellent) based on March 31, 2022 data. In the past year, CFG has increased its total non-brokered deposits by $562.66 million, an excellent annual growth rate of 34.97%. 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 $2.7 billion and nearly 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 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 12-month CD Compares

When compared to similar length-of-term CDs tracked by which are available nationally and have minimum deposit requirements of $10k or less, no bank or credit union has a higher rate 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.

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

How the High Yield Money Market Compares

When compared to nationally available Money Market Accounts and Savings Accounts tracked by, 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 first.

To look for the best rates on liquid bank accounts, both nationwide and state specific, please refer to our Money Market Accounts Table and Savings Accounts Table.

The above information and rates are accurate as of 8/8/2022.

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

  |     |   Comment #1
If you are considering this CD, read CFG's reviews on this site. Their aggressive rate offerings have overwhelmed their staff's ability to provided normal customer service.
  |     |   Comment #2
Correct - their rates can be considered theoretical at this point, since they just won't open the accounts they say they offer - a week after applying successfully, and after two assurances that the test deposits "will be arriving today", still nothing. Although unable to handle the situation they've created, they now increase the rate to compound the problem! Worrisome.
  |     |   Comment #5
Exactly..... I'm in the same situation and now, even if I do hear from them, I'm not sure I want to put my money there. If they ever do send the trial deposits I may not enter the amounts and leave the accounts unlinked. It is worrisome. I can understand the first overwhelming event, but to create another......
  |     |   Comment #7
Hold the linking. This bank is totally overwhelmed. Wait at least until August 18th to TRY to open your new account as they need time to clean up the backlogged mess that they have created by raising their rates about every 2 days. .
  |     |   Comment #8
This is the one time we DON'T want a bank to compound.

On a positive note: My brother's girlfriend's sister-in-law's mother's boss heard that CFG is attempting to bring in temporary staff to help alleviate the backlog. So, OldTimerMike advising people to wait until at least August 18 might prove to be inaccurate advice. We'll see.
  |     |   Comment #10
"My brother's girlfriend's sister-in-law's mother's boss" ...LOL! Loved that!!

At CFG, if you can walk and chew gum at the same time, YOU ARE HIRED!
  |     |   Comment #13
Actually, the "boss" in your timeline has a housekeeper whose mechanic's barber confirmed the information so don't give up. This barber comes into contact with many reliable sources that can be fully trusted.
  |     |   Comment #14
The mechanic's barber reported he just went on a third date with a woman. During the date, the woman asked him: "Do you snore?" The mechanic's barber replied: "Only when I drive." The woman is now ghosting the mechanic's barber. But, on the bright side, the woman, the mechanic, and the mechanic's barber are now enjoying Capital Funding Group's 2.55% APY High Yield Money Market account.
  |     |   Comment #15
FresnoMan, are you talking about Vinnie? Yes his sources are reliable, but don't ever let him shave your neck!
  |     |   Comment #17
You didn't hear? Vinnie the barber was arrested for selling Fentanyl. I was flabbergasted when I heard this news, as I've been his customer for 20 years and I never knew he was a barber.
  |     |   Comment #43
I'm updating to report that the test deposits were completed, that I have been contacted by two very courteous and competent CSRs, and that my accounts are now open. The CD I opened was back dated to 8/8 without my even asking, so I'm forgiving the initial difficulties and look forward to more personal service and a good relationship going forward.
  |     |   Comment #51
I applied for a 36-month CD on August 2 and, while it's inconceivable that they didn't anticipate the demand these rates would cause, and it's inexcusable that they couldn't send a simple auto-reply email to all applicants ("We have received your application and will be in touch soon regarding the next steps") instead of just ignoring the application and not providing any means of checking its status online, my account eventually got opened on August 12. Check your spam mail for the test deposits - that's where mine ended up.
  |     |   Comment #3
CFG stands for Capital Funding Group. They financed $1.8 billion in the first half of 2022. I guess we can see why they are offering these high rates, as they want to bring in more money.

"Baltimore-based Capital Funding Group (CFG), a provider of financing in the health care and multifamily industries, Tuesday announced the company has financed more than $1.8 billion in the first half of this year.

"This financing included 55 bridge loans and 13 HUD loans for CFG’s long-term care, assisted living facility and multifamily clients nationwide."

If CFG doesn't improve their ability to answer the phones or open new accounts faster, they'll have to change CFG to mean Cannot Fund Group.
  |     |   Comment #30
Great information; thanks for posting.
  |     |   Comment #4
I still have not been able to see if my original application to them went through on the 1st. It showed it was successful onine but the trial deposits were not made to my external bank, nor have I received an e-mail from CFG yet. So I am surprised that, being completely overwhelmed already, they would raise rates further swamping their ability to handle customers. I did get someone on the phone last Thursday but he couldn't tell me anything. Tried calling again today (Monday) and of course the phones aren't being answered. I don't really know what to think at this point.
  |     |   Comment #9
I also submitted the application on August 1 and received the email confirm. On Friday August 5, I talked to a CFG rep who told me that they hoped to get to my application that day. As of today (Monday, 8/8), I have no trial deposits yet either. If a better deal comes along before the trial deposits, I will bail on this deal.
  |     |   Comment #6
Holy smokes. This bank is totally overwhelmed. Wait at least until August 18th to TRY to open your new account as they need time to clean up the backlogged mess that they have created by raising their rates about every 2 days. . .
  |     |   Comment #11
CFG Money Market now at 2.55%
  |     |   Comment #16
Might as well be 12.55% - if you can't open an account it doesn't matter.
  |     |   Comment #18
This reminds me of the PPP loans. The bankers I knew were working 18 hour days to deal with the extra business. I doubt CFG Management staffed up enough for these great CD deals which is why there are delays.
  |     |   Comment #12
It is absolutely astounding they would pour gasoline on their already raging three alarm fire by raising rates again and increasing the number of new applications. Wow! You can’t make this stuff up.

Glad I went with NFCU’s 33 month special CD offer. Opened and funded that in one shot.
  |     |   Comment #19
I think this is sucker play by CFG. Get more fools signed-up for this great rate, then a week later drop the rate below 2%.
  |     |   Comment #20
I'm another guy who applied for an account on 8/1. Still no trial deposits. The bank had called me back on 8/4 and said they expected to make trial deposits on 8/8 but it didn't happen.

They keep raising their MM rate to be #1 but it doesn't look like they are making progress with their backlog. They definitely need to invest in either technology or additional staff. Really disappointing.
  |     |   Comment #21
add me to the list of people who signed up online (back on aug 1st). black hole since then. i will not verify the trail deposits. so long CFG....
  |     |   Comment #22
My dog also wouldn't verify his trail deposits while I was out with him on a long walk. (I really need to feed him a diet that doesn't negatively affect him, digestively speaking.)

Seriously, though, the massive delays people are experiencing with CFG is the first time ever so many people have suffered through, at least that we have ever seen posted here at Deposit Accounts. The only possible way CFG could make up for the embarrassing and shameful delays is by offering bonus reward money to all those who had to wait an unusually long time to get their accounts. Could even be just a $200 gift. I know they won't, but maybe if someone high up at CFG sees this, at least they'll see my suggestion.
  |     |   Comment #27
What was the rate on Aug. 1?
  |     |   Comment #39
I think it was 2.30%, but I could be mistaken.
  |     |   Comment #23
So most people open an account with CFG for a money market? The MM rate isn't guaranteed, is it? Is it worth the hassle? Surely there will be deals coming up with same or better rates.
  |     |   Comment #24
CFG's High Yield Money Market rate is not guaranteed. CFG has the right to raise or lower the rate at any time. Obviously, if CFG lowers the rate to substantially below what people can get elsewhere, they'll experience a mass exodus.

If history holds, CFG won't lower the rate until the Federal Reserve drops rates. But of course, if the Fed lowers rates, all banks will lower their interest rates they pay people.
  |     |   Comment #25
So I finally got a 'Please Validate Your Account' email from CFG. I applied the morning of 8/1 and they sent this email the evening of 8/9. It gets worse.

This email just says to check your funding account in 1-3 business days for the trial deposits. So CFG hasn't even initiated them yet. The email contains a link to a secure web page to enter the amounts of the trial deposits.

Then another 1-3 days after verification of the trial deposits, CFG will provide your account number via encrypted email.

Maddeningly slow.
  |     |   Comment #26
I applied 7/26. Funds withdrawn 8/2, and I still don't have an account #. So yes, it may get worse. I filed a complaint on the FDIC website yesterday. Don't know if it will so ant good.
  |     |   Comment #29
Thanks for the update. Per our CD, CFG received the funds on Aug. 3 however we have not received the encrypted email w/the account # since then albeit the CD does show on their site and the CD is accruing interest. Disappointing service. I hope they initiate your trial deposits soon.
  |     |   Comment #31
If you haven't received an encrypted email, how did you get your account # or how do you know your CD is there accruing interest? Thanks.
  |     |   Comment #33
We already had one CD with them so have access to their website which presents the CD's. You have a good question though since prior to the 'first' CD being opened we could not access their website w/out first receiving the encrypted email for access. Sorry you are experiencing this. We have sent two emails to on their website and the other email addy showed on the first encrypted email as [email protected] We sent these emails yesterday however no response back. Maybe you might try to use this email address?
  |     |   Comment #34
Thanks for the info. I've tried the email address you suggested numerous times, no reply. Are you satisfied with CFG bank other than the current fiasco? Will they let you transfer the interest monthly or do they require it remain in the certificate?
  |     |   Comment #35
No response either per that email addy. Up until about a week and 1/2 ago...yes, I was satisfied with their customer service. Initially I had called them a few times prior to opening up the first CD just to kind of feel them out and they were fine...if I did call occasionally I received a voice mail but left a message and they did return calls the same day. As we both know, now they are not. It sure looks like they are just overwhelmed right now. I am not sure if they allow transferring the interest monthly though. So, hopefully (per another comment on this thread) that they are hiring temps to tackle the overload. No one knows for sure however I think you should be fine with them...once they get their S*#@ together...and hopefully they will respond back shortly to you.
  |     |   Comment #36
Thanks for the info.
  |     |   Comment #32
Now VM Mailbox Full-CallBack Not Received From Prior Day Message Left
Am getting worried about this Bank. How do we get through to them? Does anyone have personal phone numbers for CFG Bank executives or Office of President? Thanks.
  |     |   Comment #37
Posted my comments to another CFG thread yesterday evening. Some may find this interesting.
Encouraging news. ACH transfers from external funding accounts withdrawn the evening of August 2nd. Heard nothing from CFG until I sent them an email this morning (August 9) inquiring about the status of my pending accounts. I expressed my concern about loss of interest as funds sat idle. Received a reply in under 5 minutes informing me I would receive my welcoming letters soon. Less than 5 minutes later I received secure email confirmation of my new accounts. HYMM and CD interest was credited beginning August 3rd. Up and running now, waiting for trial deposits to arrive so I can begin pushing funds into the HYMM account. Hope this bodes well for others.
  |     |   Comment #38
Good for you! I'm glad someone has gotten an account #. I've sent emails, no reply. I've called, no call back. My funds were also withdrawn on August 2nd.
  |     |   Comment #40
CFG Notice: "Due to volume – effective 8/11 we have temporarily suspended online account applications. All applications submitted prior to 8/11 will be processed normally, but may experience some delays. The system will be back up shortly. We apologize for any inconvenience.
  |     |   Comment #41
This evening 8/10 I was able to verify my trial deposits so CFG should initiate the ACH pull from my funding account tomorrow. This is the first real progress since I submitted my application on 8/1.

Hopefully I will not need to contact them to get the encrypted email with my account number.
  |     |   Comment #42
Hi. FYI; my CFG CD funded 8/3 and presents on their webpage (fortunately also showing daily interest earned) however I have yet to receive their encrypted email with the account number. They only show the last 4 digits of the account number on the website so looking forward to actually knowing what the entire account number is? ;)
  |     |   Comment #44
well finally got a response from CFG though not what I expected. After "successfully" doing an online application with them on August 1st I've heard nothing until today. I also sent them an e-mail a few days ago that has gone unanswered. Their e-mail today said "we need to know that occupation of joint owner"...... the information they want was given on the application and their odd wording is concerning. I like the interest rate on the CD I'd applied for but this is all pretty strange.
  |     |   Comment #45
I sent you a PM
  |     |   Comment #48
I'm glad you saw the PM however I did not see your response. Regardless, I hope it helped!
  |     |   Comment #49
I noticed today that my response disappeared in the ether somewhere. Don't know if it's me or the computer. I'll blame it on technology. I decided to let CFG die in my WTF file pile! Just as well because NASA is easy to do business with and their rates are great today so got more with them instead. Now I'm only losing about 5.5% on our money if we can believe the inflation rate....... lol and cry too.
  |     |   Comment #50
Glad you were able to connect/work w/NASA. CFG did come through for me yesterday and responded back to me within 5 minutes! per my request so that was good. Yes, I agree per the inflation 'rate' which is probably more like 15% more than what 'they' say. ;) If you do need a good contact in the future though if things change...just let me know.
  |     |   Comment #46
Glad I came and read these comments. Recently had a nightmare experience with TRUIST bank and their $500 bonus. Rerouted my SS to them as required and made a big deposit as required and they closed my account after a week, saying they could not "verify my identity." No phone calls or emails - just CLOSED. Then they tell me it is NOT closed, just FROZEN, and I have to drive 100 miles to close it! Not kidding. This was an online account! I contacted a branch and the manager was sympathetic and she, against protocol, closed it for me. I had big problems getting the SS rerouted again back to my original bank because they think fraud is involved. Truist was overwhelmed during the merger and was totally inept. Gotta watch these outfits with extremely high rates sometimes. I do 6-10 bonuses a year and I'm always looking for the best rates and now I hear similar complaints from this CFG outfit. I'll hold off, the TRUIST bank nightmare took numerous phone calls and weeks to resolve. Many videos on YOUTUBE about that and I did not see them until AFTER the fact. Gonna check YOUTUBE first from now on. Hope this info helps somebody here because this can be a nightmare like it was with Truist Bank - just check the YT videos! In fairness, I have done a million bonus accounts over the last 4 years and TRUIST was the first who pulled this crap. 3% looks good - if you can get it without the hassle.
CFG Bank Boosts Rates On All CDs and High Yield Money Market
Deal Summary: CDs – 12-month (2.75% APY), 18-month (3.20% APY), 36-month (3.55% APY), and 60-month (3.65% APY), $500 min/$250k max deposit. High Yield Money Market, 2.10% APY, $1k+, new money.

Availability: Nationwide through online application

Maryland-based CFG Bank (CFG) wasted no time in raising its rates following the Fed’s latest rate hike. Last week’s substantial CD rate increases ranged from 15 to 35 bps, with the 18-month CD having both the largest rate increase and the most competitive rate of the four CFG Bank CDs....

Continue Reading
CFG Bank High Yield Money Market Account Is New Rate Leader
Deal Summary: High Yield Money Market, 2.05% APY, $1k+, new money. CDs – 12-month (2.55% APY), 18-month (2.85% APY), 36-month (3.25% APY), and 60-month (3.50% APY), $500 min/$250k max deposit.

Availability: Nationwide through online application

As DA reader, midas89, noted in a Forum post yesterday, Maryland-based CFG Bank (CFG) has increased its High Yield Money Market (HYMM) rate to 2.05% APY (on balances of $1k and above), making it the current rate leader for nationally available savings and money market accounts.

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CFG Bank Hikes Rates of Money Market and 13-Month Penalty Free CD
Deal Summary: High Yield Money Market, 1.65% APY, $1k+, new money. 13-month Penalty Free CD, 1.70% APY, $500 min/$250k max deposit, one penalty-free withdrawal.

Availability: Nationwide through online application

As DA reader, thowellIII, noted in a Forum post yesterday, Maryland-based CFG Bank (CFG) added 35 bps to both the High Yield Money Market and 13-month Penalty Free CD.

High Yield Money Market

The nationally available High Yield Money Market (HYMM) currently earns 1.65% APY on balances of $1k and above. The minimum opening deposit is $1k...

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CFG Bank Ups High Yield MMA and 13-Month Penalty Free CD Rates
Deal Summary: High Yield Money Market, 1.17% APY, $1k+, new money. 13-month Penalty Free CD, 1.22% APY, $500 min/$250k max deposit, one penalty-free withdrawal.

Availability: Nationwide through online application

Maryland-based CFG Bank (CFG) began the month by adding 15 bps to the High Yield Money Market and the 13-month Penalty Free CD.

High Yield Money Market

The nationally available High Yield Money Market (HYMM) currently earns 1.17% APY on balances of $1k and above. The minimum opening deposit is $1k and new money is required, but the 1.17%...

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CFG Bank High Yield Money Market Is New Rate Leader
Deal Summary: Online CFG High Yield Money Market, 1.02% APY ($1k+), new money. 13-month Penalty Free CD, 1.07% APY, $500 min/$250k max deposit, one penalty-free withdrawal.

Availability: Nationwide through online application

As DA reader, midas89, noted in a Forum post last week, CFG Bank’s (CFG) nationally available High Yield Money Market (HYMM) had a rate increase of 20 bps. It currently earns 1.02% APY on balances of $1k and above. The minimum opening deposit is $1k and new money is required.

A Little History

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