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CFG Bank Review

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We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure
CFG Bank Savings
0.10% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Established in 1997, CFG Bank has $684 million in assets and deposits totaling $499 million, which makes the institution a medium-size bank. CFG Bank, whose headquarters are in Lutherville, Maryland, lacks premium access to support representatives, with no options for live chat or all-day service. It is a traditional brick-and-mortar bank with in-person service, in addition to its online and mobile offerings. Overall, CFG Bank is a good bank that gets the job done, with a rating of 4.0 stars out of 5 from our experts. CFG Bank has a complete array of product offerings, including savings accounts, checking accounts, money market accounts, CDs, IRAs and credit cards. It has a fair savings rate compared to the average savings account. Locating a checking account with no monthly fee, in addition to a savings account with a high interest rate at the same bank is the best bet for getting the most income from your deposits while maintaining convenient access to your funds.

How We Rated It

SmartAsset's Overall Rating

4.0/5
National Average: 4.1

The overall rating is a weighted average of rates, fees, service quality and financial health.Read more

Rates

3.0
SmartAsset Average: 3.5

With a savings rate of 0.10%, CFG Bank ranks poorly in comparison to the average U.S. bank. Its one-year CD has a rate of 0.50% and the five-year CD has a rate of 1.50%, while its highest-yielding money market account earns at a rate of 0.45%. Given CFG Bank's poor savings rate, you should consider opting for higher earning savings accounts with other banks.

How CFG Bank's Savings Rates Compare

CFG Bank Savings 0.10 National Average 0.09 Compare Offers
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Fees

NR
SmartAsset Average: 4.4

There is insufficient data on CFG Bank's fees to provide a full SmartAsset rating.

Monthly Fee N/A National Average: $3.21
Non-network ATM Fee N/A National Average: $1.20
Overdraft Fee N/A National Average: $35.00
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Service Quality

4.5
SmartAsset Average: 3.7

CFG Bank is a brick-and-mortar bank, with three total bank locations. With mobile and web apps, CFG Bank makes account access convenient, even on the go. CFG Bank's online and mobile banking services receive high marks from users. The CFG Bank mobile app has an overall rating of 5.0 out of 5 (out of 1 reviews on iOS and Android) compared to the national average of 3.8. You can use CFG Bank's app to manage your bank accounts by looking at account balances, sending and receiving money and reaching support representatives. CFG Bank receives an excellent consumer satisfaction score due to comparatively few consumer complaints reported to the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency.

Overall Mobile Rating 5.0/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

4.5
SmartAsset Average: 4.8

CFG Bank is currently a medium-size bank owning assets totaling $684 million and $499 million in deposits. CFG Bank's Texas Ratio is 10.01%, suggesting that CFG Bank is in fine financial well-being and far from failure. Additionally, CFG Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

10.01%
High Risk 75% 50% 20% 10% Low Risk

The Texas Ratio, a measure of a "bad assets" against available capital, can provide an early warning sign of bank failure. A low ratio indicates smaller chance of failure; a higher ratio suggests greater risk.

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Compare CFG Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.1% APY $1000
Checking Account 0.05% APY $1
Certificates of Deposit
  • 12 Month: 0.50% APY
  • 36 Month: 0.80% APY
  • 48 Month: 0.90% APY
  • 60 Month: 1.50% APY
$500 for all terms
Money Market Accounts 0.41% APY 0.45% APY $10000 $15000

CFG Bank has several deposit products including savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. CFG Bank does not have the best savings rate, which means you should think about taking a look elsewhere for banks that deliver more return for your money. CDs can be a terrific option to achieve higher returns, but there are limitations to accessing your money. CFG Bank's CD rates are fair in comparison to the national average.

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Find a CFG Bank Near Me

CFG Bank has three physical branches in the U.S.

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