CFG Bank Review: Checking, Savings and CDs
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- Checking
- Money market
- Certificates of deposit
- Customer experience
- Overdraft fees
Overall institution rating
4.0
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.
Best for: Customers who want free access to a nationwide network of ATMs, can meet minimum balance requirements to earn competitive rates, and either live in the Maryland area or don’t need branch access.
Pros
- Competitive rates on savings and CDs.
- Large, free, nationwide ATM network.
- ATM fee rebates.
- Competitive rewards checking account.
Cons
- Expensive overdraft fee.
- No overdraft protection program.
- Limited branch access.
Full review
Checking
Checking
4.8
/5 NerdWallet ratingChecking 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.
Money market
Money market
4.1
/5 NerdWallet ratingCFG 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 4.80% 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
Certificates of deposit
CD
5.0
/5 NerdWallet ratingCertificates 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 also highly competitive; its 4.25% 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
Customer experience
3.4
NerdWallet ratingAccounts 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
2.9
NerdWallet ratingOverdrawing 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.
How does CFG Bank compare?
 Member FDIC |  Member FDIC |  Deposits are FDIC Insured |
|---|---|---|
NerdWallet rating 5.0 /5 | NerdWallet rating 5.0 /5 | NerdWallet rating 4.6 /5 |
Monthly fee $0 | Monthly fee $0 | Monthly fee $0 |
APY 0.50% With $0 min. balance for APY | APY N/A | APY N/A |
Bonus $300 Earn up to $300 with direct deposit. Terms apply. | Bonus $360 Up to $360 per year. See website for details. | Bonus N/A |
Learn more at SoFi Bank, N.A. | Learn more at Discover® Bank | Learn more at Chime® |
Methodology
NerdWallet’s overall ratings for banks and credit unions are weighted averages of several categories: checking, savings, certificates of deposit or credit union share certificates, banking experience and overdraft fees. Factors we consider, depending on the category, include rates and fees, ATM and branch access, account features and limits, user-facing technology, customer service and innovation. The stars represent ratings from poor (one star) to excellent (five stars). Ratings are rounded to the nearest half-star.
