Forbright Bank


Overview / Commentary
301-299-8810
4445 Willard Ave., Suite 1,000
Chevy Chase, MD 20815

Written by Ali Cybulski, Published on 6/28/2024

Forbright Bank offers branch banking in Maryland and Virginia, while its digital products are available nationwide, working to support customers’ financial goals and to help build a brighter future. Forbright Bank is a proud partner of the National Park Foundation and finances millions in solar installations, green building upgrades, and accessible healthcare. 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 4.25% and no fees or monthly charges and balance minimums.

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 4.00% and the 12-month CD earns 4.00% as of March 18, 2025. 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 3.00% with a balance of at least $2,500; accounts with at least $250,000 earn an APY of 3.90%. 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 3.90% 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

Opened The Forbright Growth Savings Account And Became A Happy Customer!

Posted by: |

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!

Best Bank I Have Tried So Far

Posted by: |

Although they have dropped the rate a couple of times, they always notify me when the rate changes which is very good. There website, opening accounts and transfers have all been smooth for the 3 months I have used them.

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.

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Health
B+

Health Grade Components

Overall
FDIC Certificate #57614
Year Established2003
Employees525
Primary RegulatorFDIC
Profit Margin
Return on Assets - YTD0.67%
Return on Equity - YTD5.97%
Annual Interest Income$119MM
Assets and Liabilities
AssetsQ1 2025vs Q1 2024$7.29B$6.87B
LoansQ1 2025vs Q1 2024$4.46B$4.02B
DepositsQ1 2025vs Q1 2024$5.83B$5.42B
Equity CapitalQ1 2025vs Q1 2024$827.2MM$770.6MM
Loan Loss AllowanceQ1 2025vs Q1 2024$46.9MM$55.9MM
Unbacked Noncurrent LoansQ1 2025vs Q1 2024$100.3MM$112.3MM
Real Estate OwnedQ1 2025vs Q1 2024$26.1MM$0
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%$0-Growth Savings
3.90%*$250k*-Bright Savings
OTHER TIERS: 3.00% $0 - $10k | 3.15% $10k - $250k
3.90%*$0$10kSprout Savings
OTHER TIERS: 0.80% $10k+
3.90%*$250k*-Business Bright Savings
OTHER TIERS: 3.15% $0 - $250k

Forbright Bank Money Market Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
3.90%$2.5k-Platinum Money Market
3.90%$0-Commercial Platinum Money Market

Forbright Bank Checking Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
3.90%$0-IOLTA
3.90%*$250k*-Bright Checking
OTHER TIERS: 3.00% $2.5k - $250k
0.10%$0-MAHT

Forbright Bank CD Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
4.00%$1k-12 Month Online CD
4.00%$1k-9 Month Online CD
3.50%$1k-24 Month Online CD
3.25%$1k-36 Month Online CD
3.25%$1k-60 Month Online CD

Forbright Bank IRA Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.30%$1k-IRA Savings
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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