CFG Bank

Deposit Rates APY Vs.Others
Savings 2.75% 3.05% →
1-Year CD 3.20% 3.30% →
2-Year CD N.A. 3.60% →
3-Year CD 3.50% 3.65% →
4-Year CD N.A. 3.70% →
5-Year CD 3.60% 3.75% →

2022 Overview

General Online Bank Information

Money that you deposit is held by CFG Community Bank. CFG Community Bank is an FDIC insured institution founded in 1997. It has approximately $2.78 billion in assets.

Deposits FDIC Insured Yes
Insured Bank CFG Community Bank
FDIC Certificate # 34294
Date Established 1997
Assets $2.78 billion
Loans $2.02 billion
Deposits $2.37 billion
Capital $0.26 billion

For a more detailed analysis of CFG Community Bank's financial condition and a description of what these numbers mean, please visit the Financial Details section.

Deposit Rates - September 28, 2022

Online Savings and Money Market Rates
Online Savings and Money Market Rates APY MIN MAX
High Yield Money Market
2.75% $1,000 - Learn More
Online CD Rates
Online CD Rates APY MIN MAX
12-Month CD
3.20% $500 - Learn More
18-Month CD
3.35% $500 - Learn More
36 Month Online CD
3.50% $500 - Learn More
5-Year CD
3.60% $500 - Learn More

 

Bank Offers

CFG Bank Lowers Money Market to 2.25% APY
Dec 12, 2019

CFG Bank has lowered its money market rate for balances over $25,000 from 2.30% to 2.25% APY.  The rate remains the best online savings or money market rate nationally available in the US.  You may however find higher rates at banks and credit unions near you.

CFG Bank has also slightly lowered all of its CD offerings.   Its 12-month, 18-month and 60-month offerings now stand at 2.15% APY, 2.33% APY and 2.60% APY, respectively.

 


CFG Bank Lowers Money Market Rate to 2.05% APY
Feb 26, 2020

CFG has lowered its money market accounts rate to 2.05% APY from 2.15% APY.   The account requires a $25,000 minimum, and only permits daily withdrawals up to $5,000 (and monhtly withdrawals up to $30,000).


CFG Bank Lowers Online Savings Rate to 0.68% APY
Jan 13, 2021

CFG has lowered its online savings rate by 5 basis points which is just enough so that it is no longer the highest nationally-available online savings rate in the country.


CFG Bank Raises Online Savings Rate to 0.70% APY
Mar 11, 2022

CFG has raised its online savings rate from 0.63 to 0.70% APY, making it one of only about 5 or 6 banks to over over 0.70%.

Its 13-month No Penalty CD rate was also raised to 0.80% APY.   See all No Penalty and special term CD rates here




Climate Initiatives

CFG Bank is encouraged to provide us with this information. When we receive this information from the online bank, we will provide it here.



Customer Reviews for CFG Bank


  • September 24, 2022

    Was going to open a savings acct ----- after reading the reviews, NO WAY. Don't make it difficult for customers, (or potential customers), to do business with you.

  • August 29, 2022 |

    Opened a CD weeks ago and cannot get my account number called 5 times she said the bank manager would call back still have heard nothing.

    Going to report them to see if I can get my account number..

    TERRIBLE CUSTOMER SERVICE!!!!

  • August 22, 2022 |

    Just setup a new cd with this bank. The setup was very easy however, their response time is extremely slow. I have left 3 message with no return call. Was planning on putting more funds into the bank but now will not give anything to them at this rate. I cant even get my account number.

  • August 13, 2022

    Online CDs 60 Month Rates

    Tried to get them to return a call to set up a CD for a week. Sent multiple emails. No response. If its that hard to put money in their bank I would hate to think of how hard it was to get it out. Hard pass.

  • August 10, 2022 |

    Online Savings Rates

    I retired in 1995 after 20+ years as a small bank president. Everyone should maintain some amount of liquidity and I refer to my MMA @ CFG as my COVID A/C because I opened it in early March, 2020 after tracking their rates for about 3 months. Previously I kept a comfortable sum @ Ally Bank for 5+ years essentially in staggered short term (11-18 months) CDs coupled with an online savings a/c for staging purposes. However, when CD rates became laughable, everything wound up in the savings. The problem with Ally was their rates dropped like a lead balloon and when they hit 1.5% APY I started transferring funds to CFG @ around 1.9%. Of course, by July, 2021, CFG had slowly fallen to .59% (Ally bottomed @ .50%) and held there until February, 2022 when their balloon started to ascend. But CFG's rates are extremely reactive to changes in the Fed Funds Rates which is why one would now think their balloon is filled with helium with a tag along nitro booster when needed. I still keep a little "chump change" @ Ally and I kind of enjoy the emails they send as their hot air balloon struggles to gain altitude. It serves to remind me to check out my CFG MMA. So, last Friday, August 5th when their APY hit 1.6% ... CFG was around 2.25% but now, 4 days later it's up to 2.55% and that's quite a spread. But, I'm readying my seatbelt everyone because we ain't seen noth'in yet! Could we be in for another Jimmy Carter ride to the Fed Funds moon of 19+% ??? And ... BTW: I would have given CFG 4.5 Stars but I had to round it up. No place is, after all, PERFECT.

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