CFG Bank Review

Overview

CFG Bank started in 1997 with headquarters in Lutherville, Maryland. CFG Bank manages $5.4 billion in assets and $4.74 billion in deposits, classifying it as a medium-size bank. CFG Bank 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 access to service representatives at a physical location, in addition to its online and mobile offerings. Coming in at a commendable 4 out of 5 stars, CFG Bank is a respectable bank that should be given a look. CFG Bank provides customers with a full choice of product offerings, which include savings accounts, checking accounts, money market accounts, CDs, IRAs and credit cards. It has a fair savings rate compared to the average savings account. The bank's standard checking product has a monthly fee of $10.00, which places it at the higher end of monthly fees. Finding a bank with free checking as well as a high interest rate savings account is your best option for getting the most income on your deposits alongside convenient access to your funds.

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

With a savings rate of 0.10%, CFG Bank ranks poorly as compared against the national average. CFG Bank's one-year CD has a rate of 4.15% and the five-year CD has a rate of 3.65%, while its highest-yielding money market account has a rate of 4.32%. Given CFG Bank's poor savings rate, you should think about taking a look at other banks for savings accounts.

How CFG Bank's Savings Rates Compare

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

CFG Bank is a brick-and-mortar bank, with four total bank locations. With mobile and web apps, CFG Bank makes mobile banking straightforward, even on the go. It does not provide access to all-day customer service with representatives. You can get help during its hours, which are Monday – Friday: 8:30 a.m. – 5 p.m. ET. CFG Bank's online and mobile banking platforms get great scores from users. Out of 1,982 customer reviews across Apple and Android platforms, the CFG Bank mobile app is scored at 4.5 out of 5 (compared to the national average of 3.8). CFG Bank's mobile app allows you to manage your funds by monitoring current statements, transferring funds and reaching support representatives. CFG Bank gets a superb consumer satisfaction score due to comparatively few complaints registered with the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.

CFG Bank is a medium-size bank owning $5.4 billion in assets and $4.74 billion in deposits. Its Texas Ratio is 38.64%, indicating a small opportunity of 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

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.

Products Offered

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 consider looking 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 as compared against the national average.

Find a CFG Bank Near Me

CFG Bank has three locations in the U.S.