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.

0.62%$500$250kCFG Bank13 Month Penalty Free CD - New Money
Rates as of April 18, 2021.

CFG Bank’s website doesn’t provide much information about the ins-and-outs of the Penalty Free CD, but I learned the following in a conversation with a very knowledgeable 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a withdrawal take place within the first six days, there is a penalty of seven day’s simple interest on the amount withdrawn.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 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.


Headquartered in Baltimore, Maryland, CFG Bank expanded its online banking platform several months 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 opened online.

CFG Bank has temporarily closed the lobbies of its two Maryland branches to walk-in transactions, including scheduled appointments.

Due to the recent events surrounding the Corona Virus, starting Tuesday, March 17, 2020, our Fells Point Branch will be closed until further notice. Our Lutherville branch will be operating drive-thru only.

Questions about opening a Penalty Free CD can also be answered by calling 410.823.0500, or submitting a Contact Me form.

Bank Overview

CFG Bank has an overall health grade of "A+" at, with a Texas Ratio of 4.59% (excellent) based on December 31, 2019 data. In the past year, CFG has increased its total non-brokered deposits by $384.52 million, an excellent annual growth rate of 58.3%. 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 ninth largest bank headquartered in Maryland, with assets in excess of $1.2 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, CFG Bank’s 13-month Penalty Free CD APY currently ranks first.

The above rates are accurate as of 5/8/2020.

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

  |     |   Comment #1
The meaning of this statement is not clear to me:

"A partial withdrawal/closure includes all the principal and accrued interest."

Does this mean that if you make a partial withdrawal of principal, you must also withdraw the interest earned on that portion of the principal? Or, does it mean that you must also withdraw "all" of the interest that's been earned on the entire CD? Or perhaps something else? Thanks.

ETA: Please respond if you know the answer. Speculation and interpretation related to the quoted portion of Ken Tumin's article would not be helpful. Thanks again.
  |     |   Comment #4
I think it means that a partial withdrawal includes all the principal and accrued interest.
  |     |   Comment #8
Good question, what does that mean?? Usually NP CD's need to be closed if any withdrawal is made.
  |     |   Comment #2
There's a max of $250k. Can a depositor have more than one CD?
  |     |   Comment #3
CFG Bank also offers a "High Yield Money Market Account" with an APY of 1.62%.
  |     |   Comment #5
And Mr. G. allows you to withdraw $30,000 every 30 days. Not per month, but per 30 day period.

  |     |   Comment #7
Why is this particularly smart? I must be missing something.
  |     |   Comment #6
CFG has been regularly dropping the Money Market rate (as have all the other institutions, of course), so the 1.62% rate is only gonna last for a short time.
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Availability: Nationwide through online application.

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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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Availability: Nationwide through online application.

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As stated on the Deposit Rates page,

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13-Month Penalty-Free CD

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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.

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