Reviewed by TJK | September 30, 2023 |
CFG overs very competitive Interest rates on their High Yield Savings account.
I did everything ONLINE and have not had any issues with their service.
| Online Savings and Money Market Rates | APY | MIN | MAX | |
|---|---|---|---|---|
|
Money Market High Yield Money Market |
4.80% | $1,000 | - |
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|
| Online CD Rates | APY | MIN | MAX | |
|---|---|---|---|---|
| 12-Month CD
|
4.25% | $500 | $500,000 |
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|
| 18-Month CD
|
4.10% | $500 | $500,000 |
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|
| 36 Month Online CD
|
3.85% | $500 | $500,000 |
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|
| 5-Year CD
|
3.75% | $500 | $500,000 |
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|
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 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 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 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.
CFG Bank has raised its online money market rate to 4.25% APY. This move places it within 10 basis points of My Savings Direct, the current savings and money market rate leader.
CFG Bank has raised its 1-year and 18-month CDs to 5.25% APY today. The rate had previously been 5.17%.
This rate now tops the respective tables.
Depositors should be aware that these products carry 180-day Early Withdrawal Penalties which would be a heavy price to pay should you need to terminate the CD before maturity.
CFG Bank has raised its online 1-year and 18-month CD products to rates that are very competitive. The 12-month rate is now 5.36% APY and the 18-month is 5.00% APY.
Note that both products Carry an 180 Day Early Withdrawal Penalty.
These rates are down from 5.36% and 5.00%, respectively.
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 (52)
TJK
September 30, 2023 |
CFG overs very competitive Interest rates on their High Yield Savings account.
I did everything ONLINE and have not had any issues with their service.
Is this review helpful? Yes:2 / No: 0
Demon1965
May 3, 2023 |
30-year USAA member that consistently earned .01% interest on savings. Took son's advice and transferred funds to CFG. On $100k I earned $0.63 monthly with USAA - whereas CFG shares the wealth and I earn $400+. Satisfied customer.
Is this review helpful? Yes:2 / No: 0
DaveF150
April 11, 2023 |
No problem with phoning the bank. It can take 5 to 10 days for the wire transfer, since CFG first makes 2 small deposits into your account to verify the Routing Number and account number YOU provide is valid. That itself can take 2 business days. Then depending on when YOU check your email and recieve a secure link from CFG, you must confirm the small amounts (2) (.28 and .87) prior too, the transfer of funding amount (10K) in my case. Easy to follow web site, just read every word, Safe and Secure.
Is this review helpful? Yes:3 / No: 0
YTR
March 27, 2023 |
CFG is an outstanding bank, and now rate is over 5%!
Is this review helpful? Yes:3 / No: 1
Tom154
February 28, 2023 |
I have tried to reach this bank due to my application did not go through by calling them and leaving messages for three days. No one will answer the phone or call me back. I am very disappointed after giving them all my personal information.
Is this review helpful? Yes:26 / No: 1
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