CFG Bank is a Baltimore-based community bank that opened in 2009 and today has branches throughout the city, its suburbs and Annapolis, Maryland. It describes itself as a bold, tenacious community bank with an entrepreneurial spirit and a “no-limits attitude to help you reach your goals.”
CFG offers both commercial and personal banking services for Marylanders. For personal banking, you can open a checking, savings, certificate of deposit account or a money market account. And with high annual percentage yields for its CD and money market accounts, CFG is a good place to start achieving your savings goals.
What we like
- High-yielding interest rates on its CDs and money market accounts
- Low minimum to open an account
- User-friendly mobile and online banking services
What we don’t like
- A limited number of bank branches located in Baltimore, its suburbs and in Annapolis
- Numerous fees, some higher than at other banks
Who is CFG Bank best suited for?
If you’re a Maryland resident in either Baltimore or Annapolis looking for a local bank that supports your community -- and looking to earn a higher interest in a CD or money market account -- then CFG Bank might be a good option for you.
CFG Bank products
You can choose from a student account, community checking, or interest checking. Most people will qualify for the community checking account.
Checking Account Features
| APY | N/A |
|---|---|
| Min balance to open | One cent |
| Min balance to avoid fees | None |
| Overdraft fee | $37 |
| Monthly maintenance fee | None |
Pros
Low barrier to qualify for checking account
No minimum balance to avoid fees
No monthly maintenance fee
Cons
Can’t open a checking account online -- limited to only local branch residents
High overdraft fee of $37 ($20 for its student checking account)
Small ATM network
The savings account at CFG comes with some fees if you don’t meet the minimum requirements. Aside from the general Statement Savings account, CFG offers a Youth Saver account for people ages 18 and younger, along with a Standard Savings account.
Standard Savings Account Features
| APY | 0.10% |
|---|---|
| Min balance requirement | $100 |
| Monthly maintenance fee | $2 |
APY is as of Dec. 12, 2022.
Pros
Low minimum balance requirement to avoid fees
Cons
Minimal yield on Standard Savings account
To start earning interest, you need to deposit at least $1,000
CDs enable you to earn interest at a fixed rate on a lump-sum deposit for a set number of months. CFG Bank offers four CDs with terms ranging from 12 months to 60 months.
CD Account Features
| CD term | APY | Min deposit to open | Min balance to maintain |
|---|---|---|---|
| 12 months | 4.75% | $500 | $500 |
| 18 months | 4.75% | $500 | $500 |
| 36 months | 4.60% | $500 | $500 |
| 60 months | 4.60% | $500 | $500 |
APYs are as of Dec. 12, 2022.
Pros
High APYs even for shorter-term CDs
APYs don’t change by much the more you deposit
You can apply for CDs online
Cons
Limited number of CD terms, compared with other banks
No-penalty CDs aren’t offered
Money market accounts typically offer a mix of checking and savings features, with the appeal of earning interest paired with check-writing privileges.
MMA Account Features
| APY | 4.05% |
|---|---|
| Min deposit to open | $1,000 |
| Min deposit to avoid fees | $1,000 |
| Monthly maintenance fee | $10 |
APY is as of Dec. 12, 2022
Pros
Low monthly maintenance fee
High APY
Cons
High threshold to avoid monthly maintenance fees
No check-writing or ATM privileges unless you open the account at a branch
Higher balances are required to earn the highest interest rate offered
Banking experience
Because CFG is a community bank located in the Baltimore-Annapolis area, full banking services are limited to people who live in that region, compared with those who only have access to the bank online. For example, checking accounts are only available to people who open an account in person. Online bankers won’t have access to check-writing privileges for their money market accounts unless they open their accounts at a branch.
Even though it’s a community bank, you’ll still have access to Zelle for online payments and CFG’s mobile and online banking services.
Fees
CFG Bank charges numerous fees. Notable ones include an overdraft fee of $37 per transaction ($20 for its student checking account), wire transfer fees -- domestic and international, ranging from $12 to $45 -- and an Automated Clearing House network return fee of $12.
Monthly maintenance fees include a $10 fee for a money market account that has a minimum daily balance of less than $1,000 and a $2 fee for a savings account with less than $100. The bank also imposes a special handling fee of $8 for ATM/debit card reorder.
The following table lists fees for a wide variety of banking services:
| Account closed within six months of opening date | $25 |
|---|---|
| Account reconcilement (per hour, minimum one hour) | $20 |
| ACH return | $12 |
| Attachments, levies, subpoenas (plus research and attorney fees -- cost varies) | $100 |
| Cashier’s check/official check | $10 |
| Check or document copy (per page) | $5 |
| Check printing | Varies |
| Deposited item/loan payment returned | $12 |
| Dormant accounts (no activity for two years) | $10 |
| Foreign check collection (plus fee of paying bank) | $30 |
| Fee for excessive transactions (for accounts with limited transactions) | $5.00 per item |
| Inactivity fee after six months (no activity for six months on checking accounts with a balance of $10 or less | $10 |
| Non-sufficient funds/overdraft (paid or returned) | $37 |
| Research fee (rate per hour -- minimum one hour) | $30 |
| Returned statement fee -- second incident | $6 |
| Statement or activity printout | $3 |
| Stop payment | $30 |
| Wire transfers -- domestic/Incoming | $12 |
| Wire transfers -- domestic/outgoing | $25 |
| Wire transfers in/out -- international | $45 |
Customer service
You can access your account anytime online through CFG’s mobile app or you can visit one of CFG’s branches in the Baltimore or Annapolis areas. Customer service is available Monday through Friday, 8:30 a.m. to 5 p.m. ET. Call at 410-823-0500 or email at customerservice@CFG.bank. CFG doesn’t offer live chat services or weekend customer service hours.
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