CFG Bank Review 2023 | Highly Acclaimed by Fortune

CFG Bank: Offering a Range of Banking Services in Maryland

Founded in 2009, CFG Bank is a community bank based in Baltimore that provides a variety of commercial and personal banking services for Maryland residents. With $4,463,000 in assets as of March 31, CFG Bank is ranked as the 253rd largest bank in the country.

Branches and Access to ATMs

CFG Bank has branches located in Lutherville/Towson, Annapolis, and Baltimore city. These branches operate from Monday to Thursday, 9 am to 4 pm ET, and on Friday from 9 am to 5 pm ET. Additionally, customers have convenient access to the Allpoint network, which consists of more than 55,000 fee-free ATMs.

CFG Bank Offerings

CFG Bank offers a range of deposit accounts to assist customers in managing and growing their finances. These offerings include multiple checking options, a high-yield savings account, money market account, and Certificates of Deposit (CDs) with varying terms.

Checking and Savings Accounts

CFG Bank provides multiple checking options to cater to the different needs of its customers. These options include:

Basic Checking:
– Minimum opening deposit: $50
– Minimum balance: None
– Fees:
– Monthly maintenance fee: None
– ATM fee: $0
– Overdraft fee: $25

Interest Checking Plus:
– APY:
– $1,000 to $4,999.99: 1.25%
– $5,000 to $19,999.99: 1.50%
– $20,000 to $49,999.99: 1.75%
– $50,000 and up: 2.00%
– Minimum opening deposit: $50
– Minimum balance: None (balances below $1,000 do not earn interest)
– Fees:
– Monthly maintenance fee: None
– ATM fee: $0
– Overdraft fee: $25

Student Checking:
– Minimum balance: None
– Fees:
– Monthly maintenance fee: None
– ATM fee: $0
– Non-sufficient funds fee: $20

Premier Savings:
– APY: Inquire with the bank
– Minimum balance to avoid service fee: $100
– Fees:
– Monthly maintenance fee: $2 (if minimum balance is not met)

Money Market Account

CFG Bank also offers a competitive money market account, which allows account holders to build wealth while maintaining access to their funds. The account provides tiered interest rates and is considered one of the best money market rates available.

Money Market Account:
– APY: 5.12%
– Minimum balance to avoid service fee: $1,000
– Fees:
– Monthly maintenance fee: $10 (if minimum balance is not met)

Certificates of Deposit (CDs)

CFG Bank provides customers with the opportunity to invest in Certificates of Deposit (CDs) with terms ranging from 12 to 60 months. The interest rates offered by CFG Bank’s CDs are on par with some of the best CD rates available today. Customers can choose to have the interest added to the account for compounding or receive it in the form of a mailed check. They can also transfer the interest to another account.

CDs:
– APY:
– 12 month: 5.42%
– 18 month: 5.25%
– 36 month: 4.60%
– 60 month: 4.50%
– Minimum deposit: $500
– Fees:
– Early withdrawal fee: Refer to your account agreement for specific penalty information

Other Services Offered by CFG Bank

In addition to deposit accounts for consumers, CFG Bank provides various commercial banking products and services. These include:

– Lines of credit:
– Account receivable financing
– Inventory financing
– Short-term bridge loans

– Real estate financing:
– Owner-occupied commercial mortgages—purchases, refinancing, and cash outs

– Term loans and leases:
– Equipment financing
– Business acquisition
– Permanent capital for expansion
– Leveraged lending

The CFG Bank Platform and Customer Support

CFG Bank offers both online banking and a mobile app. The mobile app has a 4.3-star rating on the Apple store and a 3.6-star rating on Google Play. Online and mobile banking services enable customers to perform tasks such as transferring money between financial institutions, paying bills, setting up recurring payments, viewing statements, depositing checks, and more.

Customers can reach CFG Bank’s customer support by calling 410-823-0500. Representatives are available from Monday to Friday, 9 am to 5 pm ET. Alternatively, customers can email the bank at [email protected].

Pros and Cons of CFG Bank

Before deciding to join CFG Bank, it is essential to consider the following pros and cons:

Pros:
– Competitive money market and CD rates
– Surcharge-free withdrawals from all Allpoint ATMs
– Low minimum opening deposits

Cons:
– Limited branch locations
– No high-yield savings account

Frequently Asked Questions

Is CFG a real bank?
Yes, CFG Bank is a real bank. It was founded in 2009 and is the largest bank headquartered in Baltimore, Maryland. In 2021, S&P Global Market Intelligence ranked CFG Bank as the 11th best-performing community bank with less than $3 billion in assets.

How safe is CFG Bank?
CFG Bank is insured by the FDIC up to $250,000 per depositor. As long as your deposits do not exceed this threshold, your money is safe at CFG Bank.

Who owns CFG Bank?
CFG Bank is owned by Baltimore businessman Jack Dwyer, who purchased the bank in 2009. Dwyer also owns and operates Capital Funding Group.