Available to residents nationwide, CFG Bank is offering a rate of 5.02% APY when you open a High Yield Money Market Account.
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|
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: 5.02% 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
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
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.
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