CFG Bank Money Market Account Review: Offering One of the Highest Money Market and CD Rates
Review
Updated
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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.
| Account | APY | Promotion | Next Steps |
|---|---|---|---|
Open Account for SoFi Checking and Savings
On SoFi's Secure Website.
Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
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= Best
= Excellent
= Good
= Fair = Poor |
up to 3.80%
Rate info
SoFi members who enroll in SoFi Plus with Eligible Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or SoFi members with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the stated interest rate. Members without either SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. If you have satisfied Eligible Direct Deposit requirements for our highest APY but do not see 3.80% APY on your APY Details page the day after your Eligible Direct Deposit arrives, please contact us at 855-456-7634. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. See the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus.
Min. to earn: $0
|
New customers can earn up to a $300 bonus with qualifying direct deposits!
|
Open Account for SoFi Checking and Savings
On SoFi's Secure Website. |
Open Account for Capital One 360 Performance Savings
On Capital One's Secure Website.
Rating image, 4.50 out of 5 stars.
4.50/5
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 |
3.60%
Rate info
See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of April 8, 2025. Rates are subject to change at any time before or after account opening.
Min. to earn: $0
|
N/A
|
Open Account for Capital One 360 Performance Savings
On Capital One's Secure Website. |
Open Account for Barclays Tiered Savings
On Barclays' Secure Website.
Rating image, 5.00 out of 5 stars.
5.00/5
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 |
4.00%
Rate info
Balances less than $250,000 earn 4.00%, and balances greater than $250,000 earn 4.20%.
Min. to earn: $0
|
N/A
|
Open Account for Barclays Tiered Savings
On Barclays' Secure Website. |
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 Motley Fool Money, 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:
Learn more about how Motley Fool Money rates bank accounts.
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. Motley Fool Money does not cover all offers on the market. Motley Fool Money is 100% owned and operated by The Motley Fool. Our knowledgeable team of personal finance editors and analysts are employed by The Motley Fool and held to the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands. Terms may apply to offers listed on this page. APYs are subject to change at any time without notice.
