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CFG Bank Money Market Account Review: Offering One of the Highest Money Market and CD Rates

Review Updated
David Chang, ChFC®, CLU®
By: David Chang, ChFC®, CLU®

Our Banking Expert

Many or all of the products here are from our partners that compensate us. It’s how we make money. But our editorial integrity ensures our experts’ opinions aren’t influenced by compensation. Terms may apply to offers listed on this page. APY = Annual Percentage Yield. APYs are subject to change at any time without notice.

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.

Ratings Methodology
Rates as of Jun 13, 2024

CFG Bank High-Yield Money Market Account

Member FDIC.
Rating image, 3.00 out of 5 stars.
3.00/5 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, 3.00 out of 5 stars.
3.00/5 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
Monthly Fee
Min. Balance
$1,000
APY
5.02%
Min. To Earn APY
$1,000
  • CFG Bank offers some of the highest money market and 12-month CD rates
  • Anyone in the U.S. can open up a money market account or CD online
  • Low minimum required to open a CD
  • CFG Bank has only three branch locations, all in Maryland
  • Higher minimum deposit requirement to open a money market account
  • No check writing privileges for the 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.

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!
5.36%
Rate info Circle with letter I in it. 5.36% annual percentage yield (APY) is accurate as of 5/10/2024 and subject to change at the Bank’s discretion. Minimum deposit required to open an account is $500 and a minimum balance of $0.01 is required to earn the advertised APY.
Min. to earn: $500 to open, $0.01 for max APY
N/A
4.75%
Rate info Circle with letter I in it. Our Disclosure: Annual Percentage Yields (APY) is subject to change at any time without notice. Offer applies to personal accounts only. Fees may reduce earnings. For High Yield Savings accounts, the rate may change after the account is opened. Visit synchronybank.com for current rates, terms and account requirements. Member FDIC
Min. to earn: $0
N/A

Full CFG Bank High-Yield Money Market Account review

Top perks

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.

What could be improved

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.

How to access your money

CFG Bank gives you the following options for accessing your funds in your money market account.

Deposit options

You can make additional deposits to your account by:

  • ACH transfer
  • Mobile deposit
  • Mailing a deposit
  • In person at one of the Maryland area branches.

Withdrawal options

You have a few options for withdrawing money from your CFG Bank High-Yield Money Market Account:

  • ATM withdrawal
  • Electronic bank transfer
  • Telephone transfer
  • Wire transfer
  • In person at one of the Maryland area branches.

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.

A CFG Bank High-Yield Money Market Account may be right for you if:

  • You are looking for a high rate on a money market account or a 12-month CD.
  • You're looking for a community bank in Maryland that supports the local area.

Keep reading about CFG Bank

Our money market account methodology

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:

  • APY: 60%
  • Brand and Reputation: 15%
  • Fees and Minimums: 15%
  • Perks: 10%

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

Our Banking Expert