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CFG Bank is a community bank based in Maryland. You can open some accounts online and enjoy great rates on CDs and money market accounts. The bank also has an easy-to-use mobile app. If you want a checking account, however, you must open it in person at one of CFG Bank's three branches in Maryland. Read our full CFG Bank High-Yield Money Market Account review below to learn whether it's a good fit for you.
CFG Bank High-Yield Money Market Account
CFG Bank offers some of the best rates when it comes to money market accounts and 12-month CDs. Anyone can open up a money market account or CD online; however, you cannot open a checking account online. To open a checking account, you must visit one of CFG's three Maryland area branches.
Make sure you're getting the best account for you by comparing savings rates and promotions. Here are some of our favorite high-yield savings accounts to consider.
Competitively high rate: The CFG Bank High-Yield Money Market Account offers a competitive APY on all balances of $1,000 or more. Anyone in the U.S. who meets certain criteria can open a money market account online.
Low minimum for CDs: To open up a CFG CD, you will need a minimum of $500. The minimum daily balance to obtain the high APY is also $500.
Only three branches: CFG Bank only has three branch locations, all in Maryland. If you want a checking account, you must open it in person.
High minimum for money market: To open up a money market account and meet the minimum daily balance to obtain the high APY, you will need at least $1,000. If you do not have the minimum, you will also be charged a monthly fee of $10. In addition, there are no check writing abilities for the money market account.
CFG Bank gives you the following options for accessing your funds in your money market account.
You can make additional deposits to your account by:
You have a few options for withdrawing money from your CFG Bank High-Yield Money Market Account:
You may make no more than a total of six automatic or pre-authorized transfers, telephone transfers, Online Banking transfers, or payments from your account each month. You can, however, make unlimited withdrawals in person at the bank, at an ATM, or by mail.
For the first 30 days after initial funding, all deposits are placed on hold and unavailable for withdrawal. The daily external outbound transfer limit for the CFG Bank High-Yield Money Market Account is $5,000. The daily inbound transfer limit is $25,000.
At The Motley Fool Ascent, we evaluate money market accounts based on four main criteria: annual percentage yield (APY), brand and reputation, fees and minimum balance requirements, and perks.
Our scores are weighted as:
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