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CFG Bank: 2024 Banking Review

This community bank serves residents of Baltimore and Annapolis, Maryland, offering high-yielding CDs and money market accounts. But fees are numerous.

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CFG Bank

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 checkingsavingscertificate 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


Min balance to open One cent
Min balance to avoid fees None
Overdraft fee $37
Monthly maintenance fee None


  • Low barrier to qualify for checking account

  • No minimum balance to avoid fees

  • No monthly maintenance fee


  • 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.


  • Low minimum balance requirement to avoid fees


  • 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.


  • High APYs even for shorter-term CDs

  • APYs don’t change by much the more you deposit

  • You can apply for CDs online


  • 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


  • Low monthly maintenance fee

  • High APY


  • 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.


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 printingVaries
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 CFG doesn’t offer live chat services or weekend customer service hours.

The editorial content on this page is based solely on objective, independent assessments by our writers and is not influenced by advertising or partnerships. It has not been provided or commissioned by any third party. However, we may receive compensation when you click on links to products or services offered by our partners.

Dori Zinn loves helping people learn and understand money. She's been covering personal finance for a decade and her writing has appeared in Wirecutter, Credit Karma, Huffington Post and more.
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