Available to residents nationwide, CFG Bank is offering a rate of 4.65% APY when you open a High Yield Money Market Account.
Update 11/23/24: The rate has decreased to 4.65% APY from 4.80% APY. We recommend the Valley Direct Online Savings, Western Alliance Bank High-Yield Savings Premier or the M1 High-Yield Cash account to earn some of the top rates available!
About CFG Bank Money Market
CFG Bank was founded in 1927, when La Corona Building and Loan Association, Inc., was formed to meet the financial needs of Highlandtown and East Baltimore residents.
You can open a High Yield Money Market online or at either of two Maryland branches located in Baltimore and Lutherville.
All U.S. citizens and resident aliens (18 years or older) with a valid Social Security number and a physical address in the U.S. are eligible to open an account.
The account gives you access to online banking, eStatements, mobile banking, text alerts, and so much more.
| Balance Requirement | APY Rate |
| $1,000+ | 4.65% |
CFG Bank Money Market Rate
To earn CFG Bank’s competitive rate, simply open an account online with an opening deposit of $1,000.
- Account Type: High Yield Money Market Account
- Interest Rate: 4.65% APY
- Availability: Nationwide (Bank Locator)
- Minimum Balance: $1K
- Maximum Balance: None
- Credit Inquiry: Soft Pull
- Opening Deposit: $1,000 minimum
- Monthly Fee: Avoid the $10 monthly fee with $1,000+ balance.
- Early Termination Fee: None listed
(FDIC Insured)
CFG Bank ACH Capabilities & Limits
| ACH Type | Speed | Daily $ Limit | Monthly $ Limit | Notes |
| Push | 3 to 4 days | $5K | $30K | None |
| Pull | 3 to 4 days | $25K | $30K | None |
*The total external transfers (inbound and outbound) may not exceed $30k in a 30-day rolling period. These limitations refer to transfers that are initiated from CFG Bank.
The transfer limit can be temporarily increased for five business days by calling 888-205-8388 during weekday business hours.
Additional deposits can be made through ACH transfers from another bank, wire transfer, mobile deposit, or by mailing a check.
There is no limitations to the amount of money you can either push in or pull out when initiated from your external bank.
Editor’s Note: CFG Bank is not a great bank to use for ACH Transfers for pushing or pulling money. I highly recommend to use SoFi or CIT Bank Savings as your HUB account for all ACH transfers.
Important Details for CFG Bank Money Market
- There is no checking writing or ATM card associated with the HYMM.
- Following initial funding, there is daily external outbound transfer limit of $5k and daily inbound transfer limit of $25k. The total external transfers (inbound and outbound) may not exceed $30k in a 30-day rolling period. These limitations refer to transfers that are initiated from CFG Bank.
- The transfer limit can be temporarily increased for five business days by calling 888.205.8388 during weekday business hours. As stated in the FAQs, “We will record verification of your identity and request prior to inputting the increase.”
- Additional deposits can be made through ACH transfers from another bank, wire transfer, mobile deposit, or by mailing a check.
- A minimum daily balance of $1k is required to avoid the $10 monthly service fee.
- Up to four beneficiaries can be added on the online application. Additional beneficiaries can be added over the phone.
- Trust accounts cannot be opened online.
How to Earn CFG Bank Rate
- Open a Money Market account from CFG Bank with minimum deposit of $1,000.
- Input your info – Provide your name, address, phone, email and social security number or Tax ID.
- Fund the account – Transfer funds electronically from an internal account here or an external account at another bank.
- Earn high APY based on your account balance:
Why You Should Sign Up For This Account
- Funding accounts is made easy via bank transfers, mobile deposit, wire transfer or check
- All deposits are FDIC insured to the maximum amount allowed by the law
- No maintenance fee when a minimum of $1,000 balance is maintained during the statement cycle
- Access to over 2000 service-charge free ATMs
- Bill Pay, Online and Mobile Banking
- Transaction Limitations: Only 6 transfers allowed per statement cycle
Bottom Line
Available to residents nationwide, CFG Bank is offering a competitive rate when you open a High Yield Money Market Account. Rates are subject to change at any time but if you open an account today with a minimum deposit of $1,000 you can start earning interest on your account.
Interested in Bank Bonuses? See our favorite banks including HSBC Bank, Chase Bank, Huntington Bank, Discover Bank, TD Bank, or CIT Bank.
If you have any information on this account feel free to share your experiences with this bank by commenting below. For more bank offers, see our complete list of Best Bank Rates.
Check back often to see the latest info on CFG Bank Money Market Account.
They are horrible.
Saving withdrawals are limited to $5000.00 per week. Unreponsive staff. When I tried to start up a CD the website said it was complete and the money never got withdrawn from the old account. Had to make multiple calls. Not worth the trouble. Instead you could use Brio, Bask, or My Banking Direct.
They just changed it to 0.8% APY.
Don’t bother opening an account. Interest not worth it! Truly nonexistent customer service. Since opening an account with $25K in June, have tried with 10 calls to get help making another deposit. Can you believe that nobody has been available to help with that and make it work?
Today’s APY is 1.16%. 7/8/2020
CFG Bank now offers ONLY 1.49%. May 31st 2020
I am not sure why CFG Bank don’t make this information readily available to consumers, but CFG Bank has an early termination fee of $25. This information can be found under their ‘Terms and Conditions – Consumer Fee Schedule: Other Services’. If you try doing an online search to obtain this information, it simply will not come up in any search inquiry (ask me how I know). There are 2 ways to get access to this information: 1) open up an account with them – this is how I was able to see it and, 2) email them and request it.
Here’s exactly what it says: “Account Closed within 6 months of opening date $25.00”
Rates are now 2.05/2.15%. Expect more rate drops should the world economy begin to slow down with the virus outbreak.
You should contact the bank directly regarding your online application status. I applied earlier this week and within one day, got the email with the micro deposit information. I checked my other bank to get the amount of the micro deposit and went to the URL link to enter the information. I got a “success” response. On the next day, I got an email with information about the new account (on a secure Office 365 document).
I recently opened an account. Process was a little tedious but I’d rather have a more rigorous bank than one that flys by the seat of their pants! Withdrawals could be better but I’m happy with my 2.25%! I recommend!
Is my acct open
Tony, if you want to withdraw more than $30K per month, simple initiate the ACH transfer (pull) from another Bank that doesn’t have this limit.
After researching, I opened a High Yield MM account last month. Is it possible to wire transfer money out in larger amounts? $30,000 monthly is somewhat limiting. Eventually will need access to larger withdrawal.
Correction $25K balance gets 2.32% or 2.35% APY.
I just read:
Once funding occurs the daily external transfer limit for the CFG High Yield Money Market Account is $5,000. Your external transfers may not exceed $30,000 in a 30-day rolling period.
See: https://www.thecfgbank.com/deposit-rates
I will confirm if externally initiated transfers are limited as explained above.
Thank you for the update.
Less than $25K balance gets 2.13% APY, less than $1K balance no interest + $10 monthly fee. $1K balance to keep account open.
Thanks Greg. It has been updated.
As of 11/5/19 they changed their website to https://www.thecfgbank.com.
I am not their customer but I am thinking opening new account with them.
Hi. Are you a current customer with them? how is their service — online and customer service.?
thanks.
Today (10/11/19), the APY is as follow:
$1,000.00 – $24,999.99, 2.36%
$25,000.00+, 2.50%
Josh, did you do a lot of research on the online savings account with CFG before sending them your money? I just find it hard to believe that such a small bank in MD can provide the highest yield (now 2.56%). I did find one review that gave it A ratings as for financial stability.
this money market is available to people outside of Maryland too. I live in Texas and I just signed up for it and transferred money over no problem.