CFG Bank Review: Checking, Savings and CDs
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Many or all of the products on this page are from partners who compensate us when you click to or take an action on their website, but this does not influence our evaluations or ratings. Our opinions are our own.
Many or all of the products on this page are from partners who compensate us when you click to or take an action on their website, but this does not influence our evaluations or ratings. Our opinions are our own.
Overview
CFG Bank is a regional bank headquartered in Baltimore, Maryland. It offers a money market account for saving, an interest-bearing checking account and certificates of deposit featuring highly competitive rates. The bank has only a few branches, which are located in Maryland, but accounts can be opened online nationwide.
Competitive rates on savings and CDs.
Large, free, nationwide ATM network.
ATM fee rebates.
Competitive rewards checking account.
Expensive overdraft fee.
No overdraft protection program.
Limited branch access.
Product reviews
Checking
Checking Plus Interest Checking account pays an annual percentage yield of 1.25% on balances of at least $1,000. The account has a tiered structure, topping out at 2.00% for balances of $50,000 or more. Opening the account requires a $50 minimum deposit and earning interest requires a balance of $1,000. There is no monthly fee.
While the minimum balance required to earn interest is high, earning the rewards checking account’s competitive interest rate doesn’t require jumping through hoops. Other rewards checking accounts pay even more, but only if you meet a minimum number of transactions and/or minimum spend amount each month.
» COMPARE: See our picks for the best rewards checking accounts
The bank has its own ATMs and is part of the Allpoint ATM network, which means customers have free access to more than 55,000 ATMs. On top of that, the Checking Plus Interest Checking account refunds as many as six out-of-network ATM fees each month.
CFG Bank Checking Plus
Money market
CFG Bank’s money market account requires an opening deposit of at least $1,000. You’ll need to maintain a balance of that same amount, at minimum, to avoid a $10 service fee.
Some banks’ MMAs allow check-writing options or include a debit card but CFG Bank’s does not. It does, however, offer a 3.90% APY on balances of at least $1,000 — that’s a super competitive rate, so it could be worth having this account if you can set aside at least that amount.
» CONSIDER: NerdWallet’s best money market accounts
CFG Bank High Yield Money Market
Certificates of deposit
Certificates of deposit are available at CFG Bank in 12-, 18-, 36- and 60-month terms. You’ll need at least $500 to open an account and earn interest; that minimum requirement is lower than what many other banks’ CDs require. CFG Bank’s rates are solid; its 3.80% APY is a strong offer for a one-year term.
Account funding can happen through ACH transfer. As you’ll find at most financial institutions, a penalty will be charged if you withdraw your funds before the CD maturity date.
» CHECK OUT: Our picks for the best CD rates
Full List of CD Rates
| Term | APY | Min Deposit |
|---|---|---|
| 1 year | 3.80% | $500 |
| 1.5 years | 3.60% | $500 |
| 3 years | 3.35% | $500 |
| 5 years | 3.35% | $500 |
CFG Bank CD
Customer experience & overdraft fees
Customer experience
Accounts are available to open online, so if you mainly want to take advantage of the bank’s competitive rates and vast ATM network, CFG Bank could be a good choice. If you tend to overdraw your account, need customer support outside of traditional business hours, or want branch access but don't live near a CFG Bank location, consider other banks.
On the downside for those who prefer to bank in person, CFG Bank offers just a scant handful of branches, and customer support is available only by phone and only on weekdays from 9 a.m. to 5 p.m. ET. Other banks sometimes offer support by chat and/or during weekends and extended hours on weekdays.
» SEE: NerdWallet’s best banks and credit unions
Overdraft fees
Overdrawing your CFG Bank account will cost $25 per instance. That can quickly add up, and there’s no limit to the number of times the overdraft fee can be charged.
The bank also doesn’t offer any overdraft protection from a linked account or elsewhere. Other banks offer overdraft protection that can include free transfers from savings or other internal accounts, or allow a buffer of a few dollars or as much as $100. If you tend to overdraw your account, consider our picks for the best banks for overdrafts, which are more forgiving.
Rating methodology
How we rate banks and credit unions
Banking writers and editors use an objective methodology to rate banks, credit unions, and other providers, and to recommend the best products.
100+
Financial institutions reviewed
100+
Financial institutions reviewed
We took a close look at around 100 financial institutions and financial service providers, including the largest U.S. banks based on assets, internet search traffic and other factors; the nation’s largest credit unions, based on assets and membership; and other notable players in the industry. We rated them on criteria including annual percentage yields, minimum balances, fees, digital experience and more.
30+
Categories assessed
30+
Categories assessed
Each provider is evaluated across five weighted categories and 30 subcategories, including checking and savings accounts, certificates of deposit, customer experience, and overdraft services. For banks or credit unions without one or more types of accounts, the overall rating is modified to include only applicable categories. Institutions are not penalized if they don't offer every type of account.
60+
Data points analyzed
60+
Data points analyzed
We considered more than 60 data points for each provider. Depending on the category, these included account fees and rates (such as annual percentage yields), ATM and branch access, account features, account bonuses, customer service access and user-facing technology, such as innovative tools and mobile apps. We gathered this information for each financial institution from its website, a media representative or both.
Star rating categories
The review team is made up of seasoned writers and editors who cover personal banking deposit accounts, such as checking, savings and certificates of deposit, as well as related banking services, such as overdraft programs and ATM networks. For providers without one or more types of accounts, the overall rating is modified to include only applicable categories. Institutions are not penalized if they don't offer every type of account.
Financial institutions and providers surveyed are: Affirm, All America Bank, Alliant Credit Union, Ally Bank, Alto, Amalgamated Bank, American Express National Bank, Andrews Federal Credit Union, Associated Bank, Axos Bank, Bank of America, Bank5 Connect, Barclays, Bask Bank, BMO, Boeing Employees Credit Union, Bread Savings®, BrioDirect, Capital One, Cash App, CFG Bank, Charles Schwab Bank, Chase, Chime, CIBC U.S., CIT Bank, Citibank, Citizens Access, Citizens Bank, Climate First Bank, ConnectOne Bank, Connexus Credit Union, Consumers Credit Union, Current, Customers Bank, Discover® Bank, E*TRADE, EverBank, Fifth Third Bank, First Foundation, First Internet Bank, First Tech Federal Credit Union, FNBO Direct, Forbright Bank, FourLeaf Federal Credit Union, GO2bank, Golden 1 Credit Union, Hope Credit Union, HSBC Bank, Huntington Bank, Ivy Bank, KeyBank, Lake Michigan Credit Union, LendingClub Bank, Live Oak Bank, M&T Bank, Marcus by Goldman Sachs, My Banking Direct, NASA Federal Credit Union, Navy Federal Credit Union, NBKC, Newtek Bank, OMB Bank, OnePay, Openbank, PayPal, Peak Bank, Pentagon Federal Credit Union, PNC, Poppy Bank, Popular Direct, Quontic Bank, Regions Bank, Revolut, Salem Five Direct, Sallie Mae Bank, Santander Bank, SchoolsFirst Federal Credit Union, Security Service Federal Credit Union, Securityplus Federal Credit Union, Self-Help Credit Union, Service Credit Union, SoFi, State Employees’ Credit Union of North Carolina, Synchrony Bank, TAB Bank, TD Bank, Truist Bank, U.S. Bank, UFB Direct, Upgrade, USAA Bank, Valley Bank, Varo, Venmo, Vio Bank, Wells Fargo, Western Alliance Bank, Zolve and Zynlo Bank.
NerdWallet does not receive compensation for our star ratings. Read more about our ratings methodologies for banks and credit unions and our editorial guidelines.