This Bank's CDs Pay 5.25% -- and Help Fight Climate Change
KEY POINTS
- Forbright Bank offers 5.25% APY on 1-year CDs, and 5.30% APY on 9-month CDs, as of May 30, 2024.
- The CDs from Forbright Bank require a minimum deposit of $1,000, which is less than some of the best CDs.
- Forbright Bank is a "green bank" that tries to fight climate change by avoiding fossil fuel projects and funding solar panels and other energy-efficient projects.
Want to open a certificate of deposit (CD) that pays high interest -- while also helping support the fight against climate change? You can get 5.25% APY on a 1-year CD from Forbright Bank, a unique "green bank" that doesn't fund any fossil fuel projects.
Forbright Bank's APYs are some of the best we've seen from any CDs in America right now (as of May 30, 2024). Let's look at how to get the best CD rates from Forbright Bank and how this bank works.
Forbright Bank's best CDs: 1-year (5.25% APY) or 9-month (5.30% APY)
One of the best CDs you can get from Forbright Bank is its 1-year CD, which is offering 5.25% APY. So if you put $10,000 into this CD, after one year you'd earn $525. This rate is better than many of the best 1-year CDs.
Want an even higher APY? Forbright Bank's 9-month CD offers 5.30% APY -- so in nine months, with a deposit of $10,000, you'd earn $394.92. After the term is up, you can roll your CD over into a new nine-month CD. But just like with any CD, the APY won't necessarily be the same.
Our Picks for the Best High-Yield Savings Accounts of 2024
Capital One 360 Performance Savings
APY
4.25%
Rate info
See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of April 11, 2024. Rates are subject to change at any time before or after account opening.
Min. to earn
$0
|
APY
4.25%
Rate info
See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of April 11, 2024. Rates are subject to change at any time before or after account opening.
|
Min. to earn
$0
|
American Express® High Yield Savings
APY
4.25%
Rate info
4.25% annual percentage yield as of July 4, 2024
Min. to earn
$1
|
APY
4.25%
Rate info
4.25% annual percentage yield as of July 4, 2024
|
Min. to earn
$1
|
Citizens Access® Savings
APY
4.50%
Min. to earn
$0.01
|
APY
4.50%
|
Min. to earn
$0.01
|
Forbright Bank CDs all require a minimum opening deposit of $1,000. This is higher than some banks, but not an unreasonable amount if you're serious about earning higher yield on your savings.
How to open a 5.25% CD with Forbright Bank
You can open a CD with Forbright Bank online through the bank's website, just like any other online bank that offers CDs. But Forbright Bank also has a few branches in Maryland and Virginia, if you live in the area and want to open an account in person.
How Forbright Bank helps fight climate change
Fighting climate change is not just a matter of buying electric vehicles and making different choices in our lives as consumers. The banking industry can help reduce carbon emissions by changing the types of companies it lends to. Some major banks are still making loans to oil companies, coal companies, and other companies that produce the most carbon emissions and drive the biggest climate impacts.
Forbright Bank is different. It's a certified Fossil-Free Bank -- it does not provide financing to fossil fuel companies or projects. The deposits in your Forbright Bank CD will not be used to make loans to build oil wells or dig coal. Forbright Bank does, however, make lots of loans for solar panels and energy-efficient green building upgrades.
In fact, for every $1,000 you deposit with Forbright Bank, the bank estimates that you will make a climate impact that's equal to reducing carbon emissions by 0.1 metric tons. This is the same as avoiding the burning of 11 gallons of gasoline.
Bottom line
Forbright Bank CDs have some of the best APYs in America as of May 30, 2024. You can earn 5.25% for a 1-year CD or 5.30% APY for a 9-month CD with Forbright Bank. And this bank is certified as fossil-free, so your money will not be used to make loans to fossil fuel companies, like oil companies or coal mines. Forbright Bank is a "green bank" that is trying to reduce carbon emissions and fight climate change -- so choosing to open a CD there can help.
These savings accounts are FDIC insured and could earn you 11x your bank
Many people are missing out on guaranteed returns as their money languishes in a big bank savings account earning next to no interest. Our picks of the best online savings accounts could earn you 11x the national average savings account rate. Click here to uncover the best-in-class accounts that landed a spot on our short list of the best savings accounts for 2024.
Our Research Expert
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent, a Motley Fool service, does not cover all offers on the market. The Ascent has a dedicated team of editors and analysts focused on personal finance, and they follow the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands.
Related Articles
View All Articles