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CFG Bank Review | The College Investor

When you work with CFG Bank, you’ll find plenty of ways to manage your funds without ever setting foot inside of a physical branch. 

Are There Any Fees?

As with most banks, there are some fees involved with CFG Bank. 

  • If you open a CD but decide to take the money out before the term is done, there is an early withdrawal penalty. 
  • For the money market account, you’ll need to maintain a $1,000 balance to avoid a $10 fee. 
  • The debit card that comes with CFG checking accounts will give you fee-free access to over 2,000 ATMs. 

How Do I Contact CFG Bank?

If you need to reach out to CFG Bank, you can call 410-823-0500. The team is available Monday through Friday from 8:30 a.m. to 5 p.m. EST. Additionally, you can email for help. 

If having a mobile app is an important part of your banking experience, CFG’s earned high marks. In the Apple App Store, it scored 4.3 out of 5 stars. And in the Google Play Store, it earned 4.1 out of 5 stars. 

How Does CFG Bank Compare?

When looking for a bank to store your savings, the right APY can make all the difference. CFG Bank offers some of the top APYs on the market. 

For the 12-month CD, Marcus by Goldman Sachs is one of CFG Bank’s closest competitors with a 3.00% APY. Ponce Bank’s 2.50% APY is also just shy of CFG Bank’s money market APY of 2.55%.

Ultimately, CFG Bank is a top option for savers looking to maximize their savings. But before you open an account, double check with other banks to make sure you are getting the best possible deal. 

How Do I Open An Account?

If you want to get started with CFG Bank, select the Apply for Account button. 

During the application, be prepared to provide the following information:

  • Your Social Security Number
  • A physical address within the U.S.
  • A driver’s license or other government-issued ID
  • A birthday to prove you are at least 18 years old
  • Current bank details to fund your account

It shouldn’t take more than a few minutes to complete the application. But it could take some time to receive an approval. According to the bank’s site, “We will work to process your application as quickly as possible.”

Is It Safe And Secure?

The deposit accounts offered through CFG Bank come with FDIC insurance, which means that up to $250,000 of money you hold through this bank is insured.  

Additionally, the bank has implemented top security features to protect your banking information. These include encryption and multi-factor authentication requirements. 

Is It Worth It?

If you are looking for a bank with a top APY to stash your savings, then CFG Bank is a worthwhile option. You’ll be hard-pressed to find better rates for money market accounts or certificates of deposit. 

However, CFG Bank isn’t a good fit if you want to host all of your bank accounts in one place. Although CFG bank offers a checking account, you might prefer an interest-bearing checking account. Additionally, the limited branch locations may not be great if you need an in-person banking experience in various parts of the U.S.

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