Written by Ali Cybulski, Published on 6/28/2024
Forbright Bank offers digital and branch banking options in Maryland and Virginia, working to support customers’ financial goals and to help build a more sustainable future. The bank dedicates capital to sustainable investments and clean energy projects to shift toward a low-carbon economy. Choose from a variety of personal banking, business banking, and lending products and services.
Digital banking products include a high-yield savings account as well as certificates of deposit (CDs). The Growth Savings account has an annual percentage yield (APY) of 5.30% and no fees or monthly charges and balance minimums. You’ll even get a free National Parks pass when you open a qualifying Growth Savings account. The annual pass is worth $80 and permits access to more than 2,000 sites, including more than 400 national parks.
The bank offers a choice of five different terms for online CDs: nine, 12, 24, 36 or 60 months. The nine-month CD earns an APY of 5.30% and the 12-month CD earns 5.25% as of June 27, 2024. All online CDs require a minimum opening deposit and minimum balance of $1,000. Early withdrawal penalties apply.
Checking and money market accounts can only be opened at branch locations. The bank’s Bright Checking earns an APY of 3.50% with a balance of at least $2,500; accounts with at least $250,000 earn an APY of 4.25%. The minimum opening deposit is $25. You’ll get unlimited ATM fee refunds from out-of-network machines and have access to mobile deposit.
The Platinum Money Market account pays an APY of 4.25% and offers benefits that are similar to the Bright Checking account, including a debit card and mobile deposit. The minimum balance to open an account is $2,500, and the monthly maintenance fee is $10 if your balance falls below $2,500 during the statement cycle.
For customer service, you can reach live help by phone or send a secure message through your online account. Contact Growth Savings at 800-550-0159 from 8 a.m. to 8 p.m. Eastern time Monday through Friday; contact CDs or Branch Banking at 888-855-7778 from 9 a.m. to 8 p.m. Eastern time Monday through Friday. All hours exclude holidays.
Forbright Bank pros and cons
Pros:
• Mission-driven bank dedicating capital to sustainable investments and clean energy projects
• High yields on many accounts
• Unlimited refunds on out-of-network ATM fees
Cons:
• Limited branch locations in only Maryland and Virginia
• Some accounts available only at branches
• High minimum opening deposits for CDs and money market accounts
Related Posts
10/19 - Forbright Bank Offers New Rate-Leading 9-Month Online CD
9/7 - Forbright Bank Boosts 12-Month Online CD Rate
4/27 - Forbright Bank Adds Online CD Product Line
3/11 - Forbright Bank's 12-17 Month CD Is A Rate-Leader
3/10 - Deleted after noticing already posted
3/9 - Forbright Bank - 12-Month CD @ 5.25%
Easy To Open - Not Like The Others I’Ve Tried
I was skeptical about trying to open another high yield savings at one of these unknown online banks (at least unknown to me). The last one I tried (CIT Bank, not Citi) took all my personal information, enough to steal my identity, and then wouldn’t open the account without providing an explanation. However, I gotta say, opening the Forbright account was easy. Fast. With no problems. The hardest part was waiting several days for them to send the microdeposit to my other bank account I was attaching to the Forbright account. They really waited until the last moment at the last business day in the range of time they said it would be done. So I thought something wasn’t working. But eventually it did. I made my initial deposit via that account. And it showed in the Forbright account. I’ve had the account almost two months. Best rate in town. I have done everything online and have no complaints with Forbright so far. I haven’t had the need to deal with a person yet, so I can’t vouch for customer service, but that’s a good thing.
Opened The Forbright Growth Savings Account And Became A Happy Customer!
The interest rate is excellent. New account funding requires an external account which functions with the PLAID system. After, the account is funded other external accounts can be added with Micro-Deposits. So far ACH transfers have minimal restrictions compared to some of the other banks. I'm a happy customer!
5.25 % Only Applies To 12 Month CD
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.
Good & Bad/Unacceptable Features
First the good--Very responsive customer service via phone & email) with negligible wait time. I've been impressed but unfortunately, there is a bad part...
The bad--Archaic website requiring withdrawal execution via Docusign (a horrible way) + NASTY/UNACCEPTABLE indemnity agreement whereby customers provide unlimited insurance for all bank employees PLUS any 3rd parties they use (think website developers, electric service, delivery people, equipment providers, Docusign, etc) regardless of who is at fault. I had to close my account due to this.
Data as of Q2 2024
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 57614 |
| Year Established | 2003 |
| Employees | 513 |
| Primary Regulator | FDIC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.84% |
| Return on Equity - YTD | 7.55% |
| Annual Interest Income | $252.3MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q2 2024vs Q2 2023 | $7B$6.61B |
| Loans | Q2 2024vs Q2 2023 | $3.85B$4.57B |
| Deposits | Q2 2024vs Q2 2023 | $5.59B$5.69B |
| Equity Capital | Q2 2024vs Q2 2023 | $780.4MM$711.8MM |
| Loan Loss Allowance | Q2 2024vs Q2 2023 | $50.6MM$87.7MM |
| Unbacked Noncurrent Loans | Q2 2024vs Q2 2023 | $140.5MM$114.2MM |
| Real Estate Owned | Q2 2024vs Q2 2023 | $0$0 |