Unlock High Interest Rates with Eco-Friendly Banking Solutions!

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After a thorough examination, our financial experts have put Forbright Bank to the test against some of the best banks out there, and the results are in: Forbright offers a solid banking experience.

If you’re searching for an eco-conscious bank with competitive interest rates on CDs and high-yield savings options, Forbright could be your perfect match. Yet, it’s worth noting that other leading banks may provide a broader range of account types and unique features that Forbright lacks.

You can easily open a CD or savings account online, but for some account types, you’ll need to step into one of their physical branches.

Forbright Bank Overall Rating

About Forbright Bank

Originally named Congressional Bank, Forbright has transitioned into a bank and lender with a dedicated focus on sustainability and reducing carbon footprints.

You can conveniently open a Forbright Bank high-yield savings account or CDs online from any corner of the United States. However, other personal and business accounts require an in-branch visit to set up.

Forbright boasts four full-service branches located in Maryland and Virginia, open from 9 a.m. to 5 p.m. on weekdays. For additional assistance, you can also stop by one of their Service Hubs, with varying hours based on location.

As an FDIC member bank, your deposits are insured up to $250,000 per account ownership category, ensuring your funds remain protected even if the bank were to close its doors.

Forbright Bank’s Green Commitment

Since its inception, Forbright has actively financed businesses and clean energy initiatives committed to walking the talk when it comes to environmental responsibility.

With a pledge to achieve carbon neutrality in all operations, Forbright is also certified fossil-free, meaning it has vowed to steer clear of investing in fossil fuel projects.

When seeking banks with credible green certifications, Forbright stands out as both fossil-free certified and an official partner of the National Park Foundation.

Forbright Bank Online and Mobile Banking Experience

The Forbright Bank mobile app offers a typical set of features, allowing you to set up recurring deposits, check your transaction history, and reach customer support.

With solid reviews of 4.6 out of 5 on Google Play and 4.5 out of 5 on the Apple Store, the mobile app shows promise, although it has fewer than 200 ratings in both stores, a factor worth considering.

Forbright Bank Customer Service

Your go-to for customer support at Forbright is available Monday through Friday from 9 a.m. to 8 p.m. ET via phone and email. While other banks provide 24/7 support, keep this in mind when weighing your options for customer service.

If you prefer face-to-face interactions for assistance, you can visit one of Forbright’s branches, but remember, they are limited to just two states, which may not be convenient for everyone.

How to Open a Forbright Bank Account

The Forbright Growth Savings and Forbright Online CD can be opened conveniently online, while all other personal and business accounts necessitate an in-branch visit. This is common for smaller banking entities that may lack the resources of larger national banks.

As with any bank, you’ll need to provide some basic information to fill out the application. Expect to share your full name, address, and Social Security number. A government-issued ID, like a driver’s license or passport, may also be needed.

Is Forbright Bank Trustworthy?

Forbright Bank holds accreditation from the Better Business Bureau (BBB), boasting an impressive A+ rating. Keep in mind, BBB ratings reflect how well a business manages customer complaints and adheres to ethical practices but may not mirror your personal experiences.

In 2022, Forbright entered into a consent order with the Federal Deposit Insurance Corporation and the Maryland Office of the Commissioner of Financial Regulation, obligating the bank to bolster its anti-money laundering and counter-terrorism financing protocols. It’s important to note that Forbright does not admit to any wrongdoing in entering this order.

The Ups and Downs of Banking with Forbright

• Eco-friendly banking options
• High interest rates across various accounts
• Online access to CDs and high-yield savings accounts nationwide
• Unlimited refunds on out-of-network ATM fees
• No monthly service or overdraft fees for checking accounts

Cons of Banking with Forbright

• Limited CD term options
• Restricted ATM and branch network
• High minimum deposit for its money market account, along with a $250,000 combined balance requirement
• Branch visit required for opening accounts other than CDs and high-yield savings

Forbright Bank’s Savings Accounts and CDs

Forbright Bank CD Rates

The Forbright Online CD offers rates ranging from 3.25% to 4.25% APY, which exceeds the average CD rates out there. However, with only 9-month, 1-year, 2-year, 3-year, and 5-year terms, you may find yourself looking elsewhere for more variety in CD term lengths.

Forbright Bank Savings Accounts

The Forbright Growth Savings account boasts a competitive 4.60% APY, outshining average savings account interest rates. With no minimum opening deposit and no monthly service fees, this account delivers flexibility beyond what standard bank accounts offer.

If you’re considering a free high-yield savings account with a green banking focus, Forbright Growth Savings is a great option. Plus, you can make unlimited transfers to external accounts without incurring fees.

However, if cash access is a priority, this account may not fit your needs as it doesn’t provide a debit card for ATM withdrawals. To access cash, you’ll have to transfer funds to an external checking account first.

For those who prefer in-person banking, Forbright also offers a Bright Savings Account available at branches, which also has no monthly fees and offers competitive interest rates.

Forbright Bank’s Checking and Money Market Accounts

Forbright Bank Bright Checking Account

The Forbright Bank Bright Checking Account is an excellent option for those aiming to dodge typical bank fees. It comes with a minimum opening deposit of just $25, carries no monthly service fees, and no overdraft fees. Accounts holding $2,500 or more can earn up to 4.25% APY, making it a top contender for a high-yield checking account.

Even though Forbright only maintains ATMs in Maryland and Virginia, you’ll enjoy unlimited reimbursements for any out-of-network ATM fees.

Do note, however, that you must visit a branch to open this account, which may not be feasible for customers outside those states.

Forbright Bank Platinum Money Market Account

The Forbright Bank Platinum Money Market Account features an attractive 4.25% APY and refunds fees from out-of-network ATMs. You can access your funds with a debit card or checks, a convenience not available with all money market accounts.

However, to qualify for this account, you need a $250,000 “relationship balance,” which is the total balance across all your Forbright accounts, as well as a $2,500 minimum deposit. Additionally, if your balance drops below $2,500 at any point during the billing cycle, a $10 monthly service fee will apply.

This money market account is also exclusively for branch customers. If you prefer a fully digital banking experience, you may want to cast your net wider.

Comparing Forbright Bank

Forbright Bank vs. CIT Bank

CIT Bank operates entirely online, making it a viable option for tech-savvy customers who prefer digital banking. On the other hand, Forbright Bank may be appealing for those in the DC, Maryland, or Virginia areas who value in-person interactions, especially if they also prioritize eco-friendly banking.

CIT Bank offers a variety of CDs, including an 11-month no-penalty CD yielding 3.50% APY, while Forbright focuses solely on traditional CDs.

Forbright’s limited ATM network contrasts with CIT Bank’s policy of refunding up to $30 in ATM fees per month.

Forbright Bank vs. Ally Bank

Ally Bank provides access to 43,000 ATMs across the country, albeit without physical branches. If you’re looking for an environmentally conscious bank with local branches, Forbright is the way to go, provided you’re near one.

Ally’s CD rates range from 2.90% to 4.05% APY, making it a solid choice if you seek variety in term lengths and slightly higher interest rates on most CDs.

Forbright Bank vs. Jenius Bank

The Jenius Savings Account currently offers a competitive 4.80% APY, without a monthly fee, putting it on even footing with Forbright’s savings account.

If you’re interested in a broader selection of online banking options, Forbright’s offerings, including CDs, may be more appealing.

Forbright’s lending details aren’t prominently displayed; you’ll need to contact customer support for specifics. Meanwhile, Jenius Bank makes its personal loan information readily available online.

If you prefer to bank primarily through a single institution, exploring other online banks might yield better all-around options than Forbright or Jenius.

Why You Can Trust Our Review of Forbright Bank

At our core, we believe it’s crucial to find a reputable and reliable bank for your hard-earned money. That’s why we’re dedicated to providing in-depth, well-researched content aimed at empowering you to make informed financial decisions.

Our team operates independently from our business partners, ensuring our reviews are unbiased. Curious about our review process for other products? Check out our editorial standards page.

We assess bank accounts using our bank account methodology, assigning ratings on a scale from one to five stars. A one-star rating denotes significant room for improvement, whereas a five-star rating indicates a top-tier banking option.

Our evaluation considers various features, such as ATM network size and fees for checking accounts, with a heightened focus on interest rates for savings, money market accounts, and CDs since these aspects are pivotal for growing your funds. We utilize a weighted average to calculate star ratings, prioritizing interest rates and fees due to their substantial impact on your overall banking experience.

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