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For savers looking for a safe place to stash funds for sho
Recommended High-Yield Savings Accounts
Bank Account | APY | Features | Learn More |
---|---|---|---|
|
4.85%
*Annual Percentage Yield (APY) is variable and is accurate as of 11/15/2024. Rate is subject to certain terms and conditions. You must deposit at least $5,000 to open your account and maintain $25 to earn the disclosed APY. Rate and APY may change at any time. Fees may reduce earnings. |
$5,000 min. deposit |
Open Account |
|
Up to 4.86%
Earn up to 4.86% APY on savings, and 0.51% APY on checking when you meet requirements. |
No minimum deposit |
Open Account |
Member FDIC |
0.50% - 4.00%
SoFi members with Direct Deposit or $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 4.00% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either Direct Deposit or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi members with direct deposit are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of 12/3/24. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. |
No minimum deposit |
Open Account |
|
4.55%
Earn 4.55% APY on balances over $5,000. Balances of less than $5,000 earn 0.25% APY. Annual Percentage Yield is accurate as of November 13, 2024. Interest rates for the Platinum Savings account are variable and subject to change at any time without notice. |
$100 minimum deposit |
Open Account |
Highlights
- CD accounts earn
up to 5.25% APY, depending on your chosen term. - CD terms range from
12 to 60 mon ths. - The bank offers up to
5.25% APY on its online money market account. - The money market account carries a $
10 monthly maintena nce fee, waivable by maintain ing a minimum daily balance of $1,000 - Online mon
ey market accounts do not come with an ATM card or check-writin g privileges.
Who Is CFG Bank Best for?
CFG Bank offers hig
- You're comforta
ble banking online or from your mobi le device. - You want to earn h
igh-yield interest and can meet acco unt minimums. - You do
n't need a checkbook or AT M card. - You can m
eet minimum balance requirements to waive month ly fees.
Explore the Best Checking Accounts
Visit the MarketplaceCFG Bank Certificates of Deposit
- Our Rating 4/5 How our ratings work
- Minimum
Deposit Required$500 - 1 Year APY5.25%
- 3 Year APY4.35%
- 18-Month APY APY4.95%
While CFG Bank doesn't offer the largest variety of CDs we've ever seen, pretty much all of its offered term lengths are at the top of their class in terms of interest rates. So long as you're interested in a CD with terms of 12-60 months, and are confident you won't need to withdraw your funds early, you'll likely earn one of the top rates available by choosing CFG.
CFG Bank CDs offers guaranteed earnings through a fix
Below are details on CFG Bank's CD offerings:
Term | APY |
---|---|
12 Months |
5.25% |
18 Months |
4.95% |
36 Months |
4.35% |
60 Months |
4.05% |
CFG Bank do
4 Best No-Penalty CD Rates in December 2024: Earn Up to 4.70% APY
CFG Bank High Yield Money Market Account
at CFG Bank
- Our Rating 3.5/5 How our ratings work
- APY5.25%
To earn interest on this account, you must maintain a minimum daily balance of at least $1,000.
- Minimum
Deposit Required$1,000 - Intro Bonus N/A
If you have a long-term savings goal—as well as at least $1,000 in funds that you won't need for a while—CFG Bank's High Yield Money Market Account is a great option. Offering customers an impressive 5.25% APY, you'd be hard-pressed to find an account that will net you more interest on your savings balance. However, it's worth noting that you need to maintain a minimum daily balance of at least $1,000 to earn interest, and you'll be charged a $10 monthly maintenance fee if your account balance drops below $1,000. If you don't think you can easily meet this requirement, you're likely better off looking elsewhere.
The CFG Bank High Yield Money Market Account earns on
CFG money market accounts require a $1,0
The on
Explore the Best Money Market Accounts
Visit the MarketplaceHow Does CFG Bank Compare?
Account | APY | Minimum Deposit | Learn More |
---|---|---|---|
|
5.25%
To earn interest on this account, you must maintain a minimum daily balance of at least $1,000. |
$1,000 | Open Account |
|
4.31%
UFB Direct breaks balances into five tiers, but, currently, there is only one interest rate. |
N/A | Open Account |
|
1.55%
Annual Percentage Yield is accurate as of March 31, 2023. Interest rates for the CIT Bank Money Market account are variable and subject to change at any time without notice. |
$100 | Open Account |
Other CFG Bank Accounts
In addition to its money market account and CDs, CFG offers the following accounts:
- A stand
ard saving s account - YouthSaver a
ccoun t (for young adults under 18) - Ba
sic Chec king - Check
ing Plus Interest C hecking - Stud
ent Check ing
CFG Bank is also known for its com
Explore the Best Bank Bonuses Currently Available
Visit the MarketplaceBanking Experience
If you decide to open an account with CFG Bank, here's what you can expect:
- How to withdraw and deposit funds: CFG allows you to withdraw fund
s through a transfer to a linked external b ank account. You can deposit money to your CFG account with bank transfers, mobile deposits, by mail and at its two branch locations in Maryland. - Mobile app: CFG Bank's mobile app has a 4.3-s
tar rating on the App Store, while its Google Play rating is lower at 3. 3 stars. Customers can manage accounts, check balances, transfer money, view statements and set up account alerts through th e app. - Customer service: Customers ha
ve 24/7 access to automated bank support and live phone support Monday through Friday during business hours, plus email support . CFG Bank operates two bank branches for in-person support for customers in the greater Baltimore area.
Drawbacks
While CFG money ma
- Monthly fee: The bank's money market account hhas
a $10 monthly fee unless you can m eet the daily minimum balance requirement to waive it. Paying bank fees undermines savings growth from earned interest on deposits. - Relatively high minimum deposit: Money market accounts require a $1,
000 minimum deposit to open, while CDs have a $500 minimum opening de posit. Neither is the highest we've seen, but many banks offer similar account offerings with lower entry barri ers. - Limited access to funds: Accessing your funds requires transferr
ing money to an external bank account, which can take several days to co mplete.
How to Open an Account
You can ope
- Name
- Contact information
- Mailing address
- Date of birth
- Social Security number
- Government-issued photo ID
- Bank account information to fund your new account
About CFG Bank
CFG B
Is CFG Bank Worth It?
CFG Bank certainly offers so
Still, CFG offers high-yield ra
FAQs
-
CFG Bank is headquartered in Baltimore, Maryland. The bank operates primarily online but has two local bank branches in Maryland for in-person banking.
-
Yes, money kept at CFG Bank is FDIC insured up to $250,000 per depositor, per insured bank, for each account ownership category.
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CFG allows you to add funds to a money market account via ACH transfer, mobile deposit, in person at a branch, or by mailing a check.