CFG Bank Review 2024

CFG Bank offers several checking and savings account options, as well as money market and CD accounts.

CFG Basic Checking

CFG Basic Checking is a free checking account with no monthly fees or minimum balance requirements. You must deposit $50 to open the account, but don’t have to maintain this balance to keep the account or avoid fees. You can open Basic Checking online or in-branch if you live near one of the bank’s three Maryland locations. There is a $1,000 limit on opening deposits.

This checking account allows fee-free withdrawals at over 55,000 Allpoint ATMs. CFG won’t charge you for using out-of-network ATMs, but it also won’t reimburse you for any third-party fees you may incur when doing so. You can use this simple account to pay bills, transfer funds—the app works with Zelle, Apple Pay, Google Pay and Samsung Pay—or make deposits. It does not earn interest.

If you want checks, you’ll need to order them through a third-party service. Overdraft protection is not available for this or any bank account.

CFG Checking Plus

CFG Checking Plus is an interest-bearing checking account that pays from 1.25% to 2.00% APY depending on your balance.

Here’s a breakdown of the tiered interest rates you can earn:

This account offers the same checking features as Basic Checking and also requires an opening deposit of at least $50 with a $1,000 maximum. It has no monthly maintenance fees and no balance requirements, though you’ll need at least $1,000 to earn interest. And unlike the Basic account, Checking Plus offers reimbursement for up to six foreign ATM fees per month.

Another perk of this account is the opportunity for a rate bump of 0.10% APY in a CFB High-Yield Money Market Account. However, you’ll need a checking balance of $50,000 to unlock this boost.

Overall, this offering isn’t bad for an interest checking account, but the best high-yield checking accounts deliver better rates and more banking benefits.

CFG Student Checking

The CFG Student Checking account is a student checking account that must be opened in a branch. It is for students 24 years old and younger, and it has no deposit or balance requirements and no monthly fees.

There are no special features with this account aside from a slightly lower overdraft or non-sufficient funds (NSF) fee of $20 instead of $25. Considering the best student checking accounts often offer extra features and no overdraft fees, this account is less appealing.

Savings Accounts

CFG offers two savings accounts: the CFG Premier Savings account and a YouthSaver account. Both require you to visit a branch to apply, meaning they’ll be off-limits for most. Interest rates are not listed online for either. There is a $100 minimum to open the Premier Savings account, and there is a  $2 (waived with $100 minimum balance) monthly maintenance fee.

Instead of these accounts, you may want to consider high-yield savings accounts at online banks and credit unions, and research the best savings accounts for kids to find the right fit for your needs.

High-Yield Money Market Account

The CFB High-Yield Money Market Account currently earns 5.25% APY, making it one of the bank’s most enticing accounts. This rate is in line with the best money market account rates available.

You’ll need to deposit at least $1,000 to open this money market account and earn interest, and there’s a $10 (waived with $1,000 minimum balance) monthly fee. You can open the account online or in person.

This account lacks the flexibility and accessibility found in many top money market accounts. Though not unusual, its monthly transaction limit of six could be prohibitive, and this account does not include checks, an ATM card or a debit card. In other words, you can only take out cash at a branch (where, fortunately, withdrawals are unlimited) or by transferring funds to an external account.


Rounding out CFG’s personal banking suite are four CD terms with very high rates, giving you the ability to earn from 4.05% to 5.25% APY. The bank’s APYs are competitive with the best CD rates and may be worth considering if any of the term options work for your savings timeline.

Here are CFG Bank’s current CD rates:

All CDs require a minimum opening deposit of $500, which is low for standard CDs. CD deposits are capped at $500,000. You can open any certificate in person at a branch or online. CFG Bank does not offer specialty CDs, such as bump-up CDs, no-penalty CDs or IRA CDs.

Early withdrawal penalties will apply if you pull funds before your account reaches maturity, but these fees aren’t disclosed. Check your account agreement form when you sign up for details.