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CFG Bank Premier Savings Account Review: Convenience for Those Located Near Branches

Review Updated
Dana George
By: Dana George
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Dana George has a BA in Management and Organization Development from Spring Arbor University. For more than 25 years, she has written and reported on business and finance, and she's still passionate about her work. Dana and her husband recently moved to Champaign, Illinois, home of the Fighting Illini. And though she finds the color orange unflattering on most people, she thinks they'll enjoy Champaign tremendously.

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Nathan Alderman has worked with The Motley Fool since 2005, making errors his arch-enemies in a variety of roles including a six-year stint as the dedicated fact-checker for The Motley Fool's premium newsletter services. As The Ascent's Compliance Lead, he makes sure that all the site's information is accurate and up to date, which ensures we always steer readers right and keeps various financial partners happy. A graduate of Northwestern University's Medill School of Journalism, Nathan spends his spare time volunteering for civic causes, writing and podcasting for fun, adoring his wife, and wrangling his two very large young children.

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It's not typically difficult to open a savings account. However, unless you live in Maryland and can visit one of CFG Bank's three Maryland branches, you may want to consider other better-paying options. That's because CFG requires anyone who's interested in opening a savings account to apply in person. Here, we'll dive into the banking products offered by CFG and help you determine if it's the right bank for you.

Ratings Methodology
Rates as of Jul 02, 2024

CFG Bank Premier Savings

Member FDIC.
Rating image, 2.50 out of 5 stars.
2.50/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Rating image, 2.50 out of 5 stars.
2.50/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
APY
Applicants must inquire with the bank.
Min. To Earn APY
N/A
  • FDIC insured
  • Convenient option for current CFG Bank customers
  • Surcharge-free withdrawals from Allpoint ATMs
  • Bank branch locations are only in Maryland
  • Must apply for a savings account in person
  • Lack of transparency regarding APY
  • Better rates found through online financial institutions
  • Potential monthly fee

Unless you live in Maryland and are available to open a CFG Bank Premier Savings account in person, you may be better off opening one of the bank's money market accounts.

Compare savings rates

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.

Account APY Promotion Next Steps
up to 4.60%
Rate info Circle with letter I in it. You can earn the maximum APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.
Min. to earn: $0
New customers can earn up to a $300 bonus with qualifying direct deposits!
4.25%
Rate info Circle with letter I in it. 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
N/A
4.25%
Rate info Circle with letter I in it. 4.25% annual percentage yield as of July 2, 2024
Min. to earn: $1
N/A

CFG Bank Premier Savings interest rate

Account APY Minimum Deposit
CFG Bank Premier Savings Applicants must inquire with the bank. Applicants must inquire with the bank.
Data source: CFG Bank

Without knowing the APY on a CFG Bank Premier Savings account, we can't assess its position in the pantheon of savings accounts. You'll need to inquire with the bank about APYs and minimum deposits.

Full CFG Bank Premier Savings review

CFG Bank may not offer a competitive rate on its Premier Savings account, but it more than makes up for it by offering great APYs on other savings products. Here's a closer look at the pros and cons of a Premier Savings account from CFG Bank.

Top perks

FDIC insured: CFG Bank is covered by FDIC insurance for up to $250,000 per depositor.

Convenient option for some: There's no doubt that opening a Premier Savings account at CFG Bank is a convenient way for a current customer to keep their funds (including emergency savings) under one roof.

Surcharge-free withdrawals: CFG customers can access any Allpoint™ ATM. The bank will refund ATM fees for up to six ATM withdrawals from non-CFG ATMs and Allpoint™.

What could be improved

Limited number of bank branches: With only three physical locations in a single state, it would be difficult for those living in other states to apply for a savings account in person.

Lack of transparency: While CFG is good about listing interest rates on other bank products, it does not publicly announce the rate on savings accounts.

Better rates available: By checking APYs from the recent past, it's easy to see that some other online lenders offer much higher rates.

Potential monthly fee: Dropping below $100 in savings will result in a fee of $2. While $2 does not seem like much, it eats into what has traditionally been a low APY.

How to access your money

Since most CFG Bank Premier Savings customers will need to bank online, here's what they'll need to do to make a deposit or withdrawal.

Deposit options

There are several ways to deposit funds into a CFG Bank Premier Savings account, including:

  • Direct deposit
  • ATM deposit
  • Electronic transfer from external bank account
  • Transfer from other existing CFG Bank accounts
  • In-person deposit (for those who live near a branch)

Withdrawal options

Withdrawal options, however, are more limited:

  • Electronic bank transfer to external bank account
  • Wire transfer
  • ATM withdrawal
  • In-person withdrawal (for those living nearby)

CFG Bank Premier Savings is right for you if:

You already bank with CFG Bank (or plan to), and are primarily concerned with keeping cash nearby that you can quickly get to when needed.

If you're interested in CFG Bank but are looking for a savings product offering a higher APY, the CFG Bank 12-month certificate of deposit (CD) and high-yield money market account (MMA) offer much higher returns.

Keep reading about CFG Bank

Our savings account methodology

At The Motley Fool Ascent, we rate savings accounts on a five-star scale (1 = poor, 5 = best). We evaluate all savings accounts across four main criteria: annual percentage yield (APY), brand and reputation, fees and minimum requirements, and perks that really make a difference -- think ATM access, linked checking accounts, or even branch access.

Our scores are weighted as:

  • APY: 50%
  • Brand and reputation: 20%
  • Fees and minimums: 15%
  • Other perks: 15%

Learn more about how The Motley Fool Ascent rates bank accounts.

FAQs

  • Banks rarely guarantee a specific APY on traditional savings accounts, and have the right to change the APY at any time.

  • CFG Bank offers more generous APYs on its 12-month CDs and its high-yield MMA.

  • The primary advantage of living near your bank is how quickly funds are available when an emergency strikes. Rather than going through the steps to wire money to an external bank account, you can simply walk into a branch and make a withdrawal.