Forbright Bank


Overview / Commentary
301-299-8810
4445 Willard Ave, Suite 1000
Chevy Chase, MD 20815

Forbright Bank is headquartered in POTOMAC and is the 3rd largest bank in the state of Maryland. It is also the 220th largest bank in the nation. It was established in 2003 and as of June of 2023, it had grown to 430 employees at 6 locations. Forbright Bank's savings rates are 8X the national average, and it has a C+ health rating.

Related Posts

Forbright Bank Offers New Rate-Leading 9-Month Online CD - 10/19/2023

Forbright Bank has added a rate-leading 9-month Online CD to its nationally available CD product line. Minimum opening deposit is $1k, with no stated balance cap.

Forbright Bank Boosts 12-Month Online CD Rate - 9/7/2023

Forbright Bank has recently raised the APY on its nationally available 12-month Online CD to a near rate-leading level. $1k minimum deposit, with no stated balance cap.

Forbright Bank Adds Online CD Product Line - 4/27/2023

Forbright Bank has added a nationally available Online CD product line, with the 12-month Online CD offering the most competitive APY. $1k minimum opening deposit.

View all posts from:


Reviews (6)

Forbright Is Very Bright, Doing It Right

Posted by: |

I opened a cd online in just a few minutes. Easiest ever. I had a little trouble enrolling the account in online banking and called CS. There was a 12 second wait. WOW! The young lady pushed my info through on the spot. All good.

New Account Opening Was A Breeze

Just signed up for their 12 month CD. Took about 5 minutes to open and fund. I did remove my credit report freeze prior to applying as I know some banks do a soft pull and if you have it frozen, they will deny you. Can't speak to any other aspects, but so far so good.

5.25 % Only Applies To 12 Month CD

Posted by: |

I called the bank this morning and was told their 5.25 percent certificate is only available for 12 month CDs. DepositAccts shows a 12-17 month option for that rate, but not according to the bank. Please keep that in mind.

Got Turned Down To Open An Acct Without Giving A Reason.

Posted by: |

Saw the high rate and that they invest in green business. So what the heck, thought I open a account to support. They get all my information and after hiting the button to submit, within seconds I get a popup that they cannot open the account. It goes on to say an e=mail will be sent to me. The e-mail does not give a reason. Sound like their just connecting info on people. Stay away!!!

Forbright Do Not Allow Saving Account Open On Line

forbright has A health review and good interest for short term cd, but they require me to open saving account physically in the branch, not allow us to open on line. they claim it is cooperate decision to avoid fraud. however, this decision made me unsafe bank with forbright bank, since I live far outside maryland. at cd mature, they said it will return the money thru ach , with routing number and act number. when I open the cd, I have called the phone number listed above, the lady told me I am allowed to open saving account. after I opened the account, they forward me to on line service, I was told no. I can not open saving account on line. now I am stuck for a year, hope I can get money back at maturity. I do not like to write reviews. I am raising alert like me to be aware.

Cds 12 Month Rate - 3.924% 2023.03.22

Posted by: |

CDs 12 month Rate - 3.924% 2023.03.22



Health
C+

Health Grade Components

Overall
FDIC Certificate #57614
Year Established2003
Employees430
Primary RegulatorFDIC
Profit Margin
Return on Assets - YTD1.19%
Return on Equity - YTD10.97%
Annual Interest Income$269.2MM
Assets and Liabilities
AssetsQ2 2023vs Q2 2022$6.61B$6.44B
LoansQ2 2023vs Q2 2022$4.57B$4.53B
DepositsQ2 2023vs Q2 2022$5.69B$5.66B
Equity CapitalQ2 2023vs Q2 2022$711.8MM$637.1MM
Loan Loss AllowanceQ2 2023vs Q2 2022$87.7MM$37.9MM
Unbacked Noncurrent LoansQ2 2023vs Q2 2022$114.2MM$46.1MM
Real Estate OwnedQ2 2023vs Q2 2022$0$279.00K
Rates
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Always verify rates and promotions with the bank or credit union. We are not Forbright Bank; we are a rate comparison website and cannot provide official rates or promotions.

* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.

Forbright Bank Savings Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
4.25%*$250k*-Commercial Tiered Rate Savings
OTHER TIERS: 3.50% Up to $250k
4.25%*$250k*-Bright Savings
OTHER TIERS: 3.50% Up to $250k
4.25%*-$10kSprout Savings
OTHER TIERS: 0.80% $10k+
3.00%--Commercial Statement Savings
0.30%--IRA Savings

Forbright Bank Money Market Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
4.25%$2.5k-Platinum Money Market
4.25%--Commercial Platinum Money Market
3.50%$2.5k-Commercial Money Market

Forbright Bank Checking Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
4.25%--IOLTA
4.25%*$250k*-Bright Checking
OTHER TIERS: 3.50% $2.5k - $250k
0.10%$1.5k-Commercial NOW
0.10%--MAHT

Forbright Bank CD Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
5.75%$1k-9 Month Online CD
5.75%$1k-Business 9 Month CD
5.65%$1k-Business 12 Month CD
5.65%$1k-12 Month Online CD
4.40%$1k-Business 6-8 Month CD
4.00%$1k-Business 3-5 Month CD
4.00%$1k-Business 10-11 Month CD
3.00%$1k-Business 18-23 Month CD
3.00%$1k-Business 24-29 Month CD
3.00%$1k-Business 30-35 Month CD
3.00%$1k-Business 36-47 Month CD
3.00%$1k-Business 48-59 Month CD
3.00%$1k-Business 60 Month CD
3.00%$1k-Business 13-17 Month CD
3.00%$1k-24 Month Online CD
3.00%$1k-36 Month Online CD
3.00%$1k-60 Month Online CD

Forbright Bank IRA Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
3.85%$1k-24-29 Month IRA
3.85%$1k-30-35 Month IRA
3.75%$1k-12-17 Month IRA
3.75%$1k-18-23 Month IRA
3.55%$1k-60 Month IRA
3.45%$1k-36-47 Month IRA
3.45%$1k-48-59 Month IRA
Locations


Forbright Bank Locations
Herndon Branch150 Elden Street Suite 170Herndon, VA 20170
Congressional Bank7963 Tuckerman LnPotomac, MD 20854
Montgomery Lane Branch4801-A Montgomery LaneBethesda, MD 20814
American Bank Branch1700 Rockville PikeRockville, MD 20852

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