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.
Overview
CFG Bank is a regional bank headquartered in Baltimore, Maryland. It offers a money market account for saving, a few checking accounts — including one that earns interest — and a few certificates of deposit with 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
CFG Bank's Checking Plus 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 competitive interest rate doesn’t require jumping through hoops. There are other rewards checking accounts that pay even more, but only if you meet a minimum number of transactions and/or minimum spend amount each month. That said, you can also find interest-bearing checking accounts that pay about as much and have no minimum balance requirements.
» 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.
CFG Bank Checking Plus
Money market
CFG Bank’s money market account requires an opening deposit of at least $1,000, which is steep for a savings account but fairly standard for money market accounts (which are a hybrid checking/savings account). You’ll need to maintain a daily balance of at least $1,000 to avoid a $10 service fee.
Some banks’ MMAs allow check-writing options or include a debit card, but CFG Bank’s does not if you open the account online. If you open it in a branch, you will get check-writing privileges.
It does, however, offer a 3.80% APY on balances of at least $1,000 — that’s a competitive rate, so it could be worth having this account if you can set aside at least that amount and are okay accessing your money in other ways.
CFG Bank High Yield Money Market
Certificates of deposit
There are only four CD terms available at CFG Bank: 12-, 18-, 36- and 60-month terms. They all have competitive rates and require a relatively low minimum of $500 to open and earn interest. You can only fund your account with an 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. But the bank doesn’t reveal their early withdrawal penalties publicly on its website — unlike other competitors who are more upfront about their policies. NerdWallet writers obtained the information though and we found that the early withdrawal penalties here are fairly standard:
12-month CD: 90 days’ interest on amount withdrawn.
18-month CD: 180 days’ interest on amount withdrawn.
3-year CD: 180 days’ interest on amount withdrawn.
5-year CD: 180 days’ interest on amount withdrawn.
Full List of Reviewed CD Rates
| Term | APY | Min Deposit |
|---|---|---|
| 1 year | 4.30% | $500 |
| 1.5 years | 4.30% | $500 |
| 3 years | 4.30% | $500 |
| 5 years | 4.30% | $500 |
CFG Bank CD
Customer experience & overdraft fees
Customer experience
CFG Bank has a handful of branches in Maryland but its accounts are available to open online nationwide.
But customer support is available only by phone and only on weekdays from 9 a.m. to 5 p.m. ET. Other banks offer support by chat and/or during weekends and extended hours on weekdays.
If you have the funds 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.
» 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 or at least put a cap on the amount of times it can charge you an overdraft fee per day.
If you tend to overdraw your account, consider one of our picks for the best banks for overdrafts instead, 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.
NerdWallet does not receive compensation for our star ratings. Read more about our ratings methodologies for banks and credit unions and our editorial guidelines.