CFG Community Bank Offers Competitive 13-month One-Time No Penalty CD

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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.

APYMINMAXINSTITUTIONPRODUCTDETAILS
1.00*%$1k-CFG Community BankMaximum Money Market (New Money Promotion)
1.00%$500-CFG Community Bank13 Month CD Special
1.00%$500-CFG Community Bank13 Month IRA Special
Accounts mentioned in this post. Rates as of August 26, 2016.

The no penalty feature allows for a one-time withdrawal, either partial or closing, with no penalty, but the fine print reads:

If your account is a penalty free certificate: There is a federal penalty of seven day’s simple interest on funds withdrawn within the first six days of deposit.

Relationship CD Qualifications:

  • Checking account must remain open during the term of the CD
  • An average monthly balance of at least $1,000, and/or
  • Direct deposits of at least $200 monthly

If the above conditions are not met, a $15 monthly account fee will apply.

Maximum Money Market New Money Promotion

CFG Community Bank also has a Maximum Money Market New Money Promotion (1.00% APY). This is a limited-time offer, but no specific end date is stated.

To qualify for the introductory rate, opening deposit of new money may not exceed $250,000 per tax identification number not currently on deposit. The introductory rate will apply during the first 4 months after the account is opened, unless the account balance exceeds $250,000, in which case we reserve the right to apply the regular interest rate to the entire balance in the account.

The regular interest rates that will apply following the four-month introductory period are:

    Amount on Deposit

    $1,000 - $24,999

    $25,000 - $49,999

    $50,000 - $99,999

    $100,000+

    Regular Interest Rate

    0.25%

    0.30%

    0.35%

    0.45%

Availability

While CFG Community Bank does have online banking capabilities, it 's limited to account management and bill pay transactions. The 13-month Promotional One-Time No Penalty Withdrawal CD can be opened at any of CFG Community Bank's three Maryland branches in Annapolis, Baltimore (Fells Point), or Lutherville (Towson). If a relationship with CFG already exists, the CD can be opened through written correspondence (snail mail).

Bank Overview

CFG Community Bank has an "A+" rating at DepositAccounts.com, with a Texas Ratio of 3.50% (excellent) as of September 30, 2014. CFG Community Bank has an excellent capitalization level of 13.86%, holding $567.96 Million in assets, with $78.74 Million in equity. Please refer to our financial overview of CFG Community Bank for more details.

CFG Community Bank (FDIC Certificate # 34294) is a locally owned, full-service commercial bank that serves markets in Maryland, Virginia, District of Columbia and Pennsylvania. Headquartered in Lutherville, Maryland, CFG Community Bank was originally established in 1997 as Americas Bank. In keeping with its mission statement of strengthening local businesses and neighborhoods, CFG Community Bank actively contributes to the community through charitable donations, volunteer efforts, and event sponsorship.

How the CD Compares

When compared to other similar length-of-term CDs tracked by DepositAccounts.com, that require a similar minimum deposit and are available in CFG Community Bank's market area, the 13-month One-Time No Penalty Withdrawal CD is quite competitive.

How the Money Market Compares

When compared to other Money Market Accounts tracked by DepositAccounts.com, that are available in CFG Community Bank's market area, the Maximum Money Market New Money Promotion is also competitive.

The above rates are accurate as of 2/20/2015.

To look for the best nationwide CD rates and the best CD rates in your state, please refer to our CD rates table.

To look for the best nationwide Money Market rates and the best Money Market rates in your state, please refer to our Money Market rates table.

Comments
Anonymous
Anonymous   |     |   Comment #1
One time no penalty CDs are great products for savers.  There is one stipulation to that statement:

The issuing entity, be it a bank or a CU, must allow us to open as many such CDs as we wish.  Otherwise, if we need to withdraw just a (relatively) small amount from our CD of which only one exists, we destroy its best feature. 
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