Review
Updated
Fact Checked
Ashley Maready
If you want to keep your money with a "green bank," Forbright Bank can help you earn a higher yield on your savings while helping the planet. This bank is certified as "Fossil-Free," because it does not provide loans to any fossil fuel projects, such as oil companies or coal mines. Forbright Bank also offers some of the best savings account APYs and CD rates that we've found -- read on for more details.
Forbright Bank
Bottom Line
Forbright Bank is a "green bank" focused on reducing carbon emissions, but it can also help increase your earnings on your saved cash. Its high-yield savings account and some of its CDs are competitive with those offering the best APYs.
Pros
- High APYs on savings accounts and CDs
- No minimum deposit for savings accounts
- Open accounts online or at branches
- Unlimited transfers from savings accounts
Cons
- Limited branch locations (Maryland and Virginia)
- $1,000 minimum opening deposit for CDs
- Some accounts are not available online; only at branches
Forbright Bank savings accounts
Forbright Bank offers several savings accounts. Its high-yield savings account (Growth Savings) can be opened online, and a few other savings accounts can only be opened at a Forbright Bank branch.
Forbright Bank Growth Savings
The Forbright Bank Growth Savings account is Forbright Bank's high-yield online savings account, with an APY that is competitive with the best savings accounts and money market accounts. You can open a Growth Savings account online or at a Forbright Bank branch, and access your account via the Forbright Bank mobile app.
There is no minimum balance for a Growth Savings account, and no fees or monthly charges. You get unlimited transfers to move money out of your Growth Savings account to a linked external bank account at any time. But if you want ATM access or a debit card, the Growth Savings account does not provide them.
Ratings Methodology
Rates as
of Jun 15, 2024
Forbright Bank Growth Savings
Member FDIC.
- One of the highest APYs for savings accounts
- No account maintenance fees or minimum balances
- Unlimited transfers to move money from your account
- No ATM access
The Growth Savings account pays the highest APY of any savings account at Forbright Bank. It can be opened online and accessed via mobile app. With this account, you won't get a debit card or ATM access. But you get unlimited transfers and yields that are competitive with the best savings accounts.
Forbright Bank Bright Savings
The Forbright Bank Bright Savings account can only be opened at a Forbright Bank branch, and it typically pays a lower APY than the digital high-yield Growth Savings account. There are no monthly maintenance fees or minimum balances for the Bright Savings account (but it does require a minimum $250 opening deposit).
Need to access cash on the go? No problem -- you use your Bright Savings account at any Forbright Bank ATMs, and get unlimited ATM fee refunds if you withdraw cash from non-Forbright Bank ATMs.
Ratings Methodology
Rates as
of Jun 15, 2024
Forbright Bank Bright Savings
Member FDIC.
APY
up to 4.25%
Rate info
Balances of $0 to $249,999 earn 3.50% APY. Balances of $250,000 and up earn 4.25% APY.
Min. To Earn APY
$0.01
- Free ATM access (including non-Forbright ATMs)
- Decent APYs (especially for balances over $250,000)
- No monthly maintenance fees
- No minimum balances after opening
- APYs are lower than the Growth Savings account
- Must open the account at a Forbright Bank branch
Forbright Bank's Bright Savings account can only be opened at a branch, so it's a better fit for customers who live near the bank's Maryland or Virginia locations. There are no monthly account maintenance fees or minimum balances after opening, and you get free ATM access. This account's APYs are lower than the Growth Savings account, but much better than the national average. Balances over $250,000 earn a higher APY.
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 |
|---|---|---|---|
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 |
up to 4.60%
Rate info
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!
|
|
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 |
5.36%
Rate info
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
|
|
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 |
4.75%
Rate info
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
|
Forbright Bank CD accounts
Along with its high-yield savings account, Forbright Bank offers exciting yields on certificates of deposit (CDs). Forbright Bank CDs can be opened online, nationwide -- you don't have to live near a bank branch in Maryland or Virginia.
All of Forbright Bank's CDs have fixed rates, with terms ranging from nine months to 60 months (five years). All CDs require a minimum deposit of $1,000.
Rates as of June 7, 2024
APY = Annual Percentage Yield
Forbright Bank CD
Bottom Line
Forbright Bank offers five CD terms ranging from nine months to five years. Its terms are competitive with CDs available from competing banks, especially for its 9-month and 12-month terms. You'll need a minimum deposit of $1,000 to open one of these CDs.
MINIMUM DEPOSIT $1,000
| 9 Mo. APY | 1 Yr. APY | 2 Yr. APY | 3 Yr. APY | 5 Yr. APY |
|---|---|---|---|---|
| 5.30% | 5.25% | 3.00% | 3.00% | 3.00% |
Compare CD rates
Forbright Bank's 9-month CD and 1-year CD offer rates that are competitive with some of the best CDs. Its longer-term CDs tend to offer slightly lower yields. See how Forbright Bank CDs compare to other high-yield CDs.
Rates as of June 7, 2024
| Bank & CD Offer | APY | Term | Min. Deposit | Next Steps |
|---|---|---|---|---|
Member FDIC.
| APY: 4.70% | Term: 1 Year | Min. Deposit: $2,500 | |
| APY: 5.05% | Term: 1 Year | Min. Deposit: $1 | |
|
| APY: 5.15% | Term: 9 Months | Min. Deposit: $1 | |
Member FDIC.
| APY: 4.75% | Term: 1 Year | Min. Deposit: $500 |
Forbright Bank checking account
Forbright Bank offers an interest-bearing checking account, called Bright Checking. But this checking account can't be opened online -- it's only available at Forbright Bank branches.
Forbright Bank Bright Checking
The Forbright Bank Bright Checking account is a high-yield checking account from Forbright Bank. Balances of less than $2,500 do not earn interest, but you can get a high APY on balances of $2,500-$249,999. Balances of $250,000 or more get an even higher APY. This is one of the highest-yield checking accounts available.
This checking account also charges no monthly maintenance fees and requires no minimum balance -- although there's a minimum opening balance of $25. It comes with a Forbright Bank Debit Card that gives you free ATM access at all Forbright Bank ATMs, and unlimited refunds for ATM fees at non-Forbright Bank ATMs.
Ratings Methodology
Rates as
of Jun 15, 2024
Forbright Bank Bright Checking
Member FDIC.
APY
up to 4.25%
Rate info
Balances of $0 to $2,499 earn 0% APY. Balances of $2,500 to $249,999 earn 3.50% APY. Balances of $250,000 and higher earn 4.25% APY.
Min. To Earn APY
$2,500
- High APYs on checking account balances of $2,500 and higher
- No monthly maintenance fees
- No minimum balance
- No ATM fees (even at non-Forbright ATMs)
- Only available at Forbright Bank branches
The Forbright Bank Bright Checking account is one of the highest-yield checking accounts we've found -- but it's only available at Forbright Bank branches in Maryland and Virginia.
Compare checking accounts
We recommend comparing checking accounts to make sure you're getting the best fit for you. Here's a list of our favorite accounts.
| Account | APY | Promotion | Next Steps |
|---|---|---|---|
|
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 |
0.50%
Rate info
You can earn the maximum savings 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
|
Cash bonus up to $300 with direct deposit set up (see details when you click 'Open Account')
|
|
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 |
0%
Min. to earn: N/A
|
Earn 1% cash back on up to $3,000 in debit card purchases each month (see details when you click 'Open Account')
|
|
Rating image, 4.25 out of 5 stars.
4.25/5
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 |
0.40% (up to 3.30%)
Rate info
To earn the full APY, account holders must do all of the following: Receive monthly direct deposits totaling more than $1,500; make 10 transactions a month with your Axos debit card, or sign up for Axos's Personal Finance Manager; maintain an average daily balance of $2,500 per month in an Axos Invest Self Directed Trading Account; and use your Rewards Checking account to make your full monthly Axos Bank consumer mortgage, personal, or auto loan payment.
Min. to earn: Monthly direct deposits totaling at least $1,500
|
Use the promo code AXOS300 when you apply for a Rewards Checking account by June 30th, 2024. Then have qualifying direct deposits to earn up to a $300 bonus!
|
Is Forbright Bank FDIC insured?
Yes. Forbright Bank has been FDIC insured since Oct. 17, 2003. Its FDIC certificate number is #57614. Savings accounts, CDs, checking accounts, and money market accounts are all protected by FDIC insurance at FDIC member banks.
With FDIC insurance, you can feel confident that your deposits will be safe with a bank. Even in the worst-case scenario of bank failure, deposits are insured up to $250,000 per depositor for each account ownership category.
Forbright Bank customer experience
Forbright Bank has been accredited by the Better Business Bureau since June 2023. As an online savings account or CD customer, you may be able to manage most of your account details via the Forbright Bank mobile app. But if you need help from a real person, the Forbright Bank customer support team is there.
Customer reviews
- Better Business Bureau rating: A+
- Trustpilot rating: N/A
Forbright Bank has an A+ rating from the Better Business Bureau, but has also received some negative customer reviews. Hopefully, these people's negative experiences were resolved quickly -- Forbright Bank appears to have replied to all the negative reviews and questions promptly.
Customer service
Forbright Bank has different customer service teams, phone numbers, and slightly different service hours based on your type of account.
Branch Banking: Call 888-855-7778, Monday to Friday from 9 a.m. to 9 p.m. ET (except holidays).
Forbright Bank CDs: Call 888-855-7778, Monday to Friday from 9 a.m. to 8 p.m. ET (except holidays).
Growth Savings: Call 800-550-0159, Monday to Friday from 8 a.m.-8 p.m. ET (except holidays).
Mobile app
- App Store rating: 4.0 stars
- Google Play rating: 5.0 stars
The quality of the Forbright Bank mobile app experience is a bit uneven. The bank offers a few different mobile apps: "Forbright Bank" has 4.0 stars on the App Store and 5.0 stars for Google Play, but it appears to only work with the Growth Savings account.
Another Forbright Bank app, called "Forbright Bank Branch," appears to work with CD accounts and checking accounts, but it has much lower ratings: 1.2 stars on the App Store, and 2.1 stars on Google Play. People have complained about persistent login issues with the "Forbright Bank Branch" app.
If you don't want to check your savings account or CD balance very often, you might not care about a few bugs in the mobile app. But if you demand frequent account access and a higher-performing mobile banking app, Forbright Bank's mobile capabilities might be a dealbreaker.
Forbright Bank relationship benefits
Unlike some banks, Forbright Bank does not offer higher relationship rate APYs if you have multiple accounts with the bank. Instead, the biggest relationship benefits of a Forbright Bank account are related to its climate impact. If you are passionate about fighting climate change, reducing carbon emissions, divesting from fossil fuels, and funding renewable energy and sustainability projects, Forbright Bank could be a great place to keep your money.
Alternatives to Forbright Bank
Forbright Bank is not the only "green bank" fighting climate change. There are a few other banks, credit unions, and fintechs (with bank partners) that offer a similar mission -- and sometimes competitive APYs on savings accounts and CDs.
Aspiration
Aspiration is a green banking fintech. The Aspiration Spend & Save account lets you earn high interest on your cash, and earn climate-friendly rewards with your spending. You can choose to plant trees with your debit card swipes, earn rewards when shopping with a participating network of socially responsible companies, and buy carbon offsets for your driving. And Aspiration accounts are FDIC insured with its partner bank.
Climate First Bank
Climate First Bank is a community bank based in Florida with a mission to fight climate change by providing loans for solar panel installations and other renewable energy projects. And like Forbright Bank, it also offers some highly competitive APYs on savings accounts, interest-bearing checking accounts, and CDs.
Is Forbright Bank right for you?
Forbright Bank is right for you if:
- You want some of the highest possible APYs on savings accounts or CDs.
- You're comfortable with online banking, even if there are no local branches.
- You want your money to help fight climate change by supporting a bank that funds renewable energy projects.
Other products by Forbright Bank
Forbright Bank doesn't only offer online savings accounts and CDs. It's a full-service bank with a wide range of financial services and banking products, including:
- Personal loans for home energy upgrades (solar, HVAC, roofing, etc.)
- Money market accounts: the Forbright Bank Platinum Money Market account has good APYs, but not quite as high as the best money market accounts.
- Credit cards: Forbright Bank offers secured credit cards, a college student credit card, cash back cards, and rewards credit cards with points that can be redeemed for travel or cash.
- Savings accounts for kids: the Sprout Savings account is for customers under the age of 18.
-
Review sources
- https://www.forbrightbank.com/about-us/impact/
- https://www.forbrightbank.com/about-us/locations/
- https://www.forbrightbank.com/personal-banking/growth-savings/
- https://www.forbrightbank.com/personal-banking/branch-banking/savings/
- https://www.forbrightbank.com/personal-banking/certificates-of-deposit/
- https://www.forbrightbank.com/personal-banking/branch-banking/checking-money-market/
- https://www.forbrightbank.com/about-us/contact/
- https://www.forbrightbank.com/lending/energy-loan-network/
- https://www.aspiration.com/spendandsave
- https://www.climatefirstbank.com/personal/checking
- https://www.bbb.org/us/md/chevy-chase/profile/bank/forbright-bank-0241-194012022
- https://www.trustpilot.com/review/www.forbrightbank.com
- https://apps.apple.com/us/app/forbright-bank/id6479452874?platform=iphone
- https://play.google.com/store/apps/details?id=com.forbrightbank5255.production&hl=en_US&gl=US
- https://apps.apple.com/us/app/forbright-bank-branch/id605512774
- https://play.google.com/store/apps/details?id=com.mfoundry.mb.android.mb_055003418&hl=en_US&gl=US
- https://banks.data.fdic.gov/bankfind-suite/bankfind/details/57614
- https://www.epa.gov/energy/greenhouse-gas-equivalencies-calculator#results
Our bank and credit union methodology
Our methodology for scoring banks and credit unions revolves around evaluating key aspects such as annual percentage yield (APY), brand reputation, fees and minimum requirements, and additional perks.
These criteria are weighted differently across various account types, ensuring a comprehensive assessment that reflects the competitive landscape and economic conditions.
We strictly feature products that offer federal insurance and high customer satisfaction, keeping our recommendations unbiased by advertiser influence. This robust evaluation process helps us generate balanced, reliable best-of lists that guide consumers to top financial products.
Learn more about how The Motley Fool Ascent rates bank accounts.
FAQs
-
Forbright Bank has more than $6.5 billion of assets, has been a member of the FDIC since 2003, and is FDIC insured. There is no guarantee that any bank, even the safest banks, is 100% "safe" from failure. But with Forbright Bank (or any other FDIC-insured bank), your deposits are protected against loss due to bank failure, up to $250,000 per qualifying account.
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Forbright Bank is part of the "green banking" movement. Instead of lending money to fossil fuel companies, Forbright Bank uses its customers' deposits to make loans for affordable housing, solar panel installation, green building upgrades, and other sustainable finance projects.
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Forbright Bank estimates that, by financially supporting energy efficiency and renewable energy projects, it helps to avoid about 30,000 metric tons of greenhouse gas emissions per year. That's about the same as taking 7,140 gas-burning cars off the road for one year.
Our Banking Experts
Fact Checked
Ashley Maready
Ashley Maready is a former history museum professional who made the leap to digital content writing and editing in 2021. She has a BA in History and Philosophy from Hood College and an MA in Applied History from Shippensburg University. Ashley loves creating content for the public and learning new things so she can teach others, whether it's information about salt mining, canal mules, or personal finance.
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