CFG Bank savings account review

Do you want to learn about all the features of the CFG Bank savings account? Responsible Economy thoroughly analyzes the fees, requirements, yields, and all the conditions that CFG Bank offers in its savings account. Additionally, we provide a comparison with the best savings accounts that you can open in the United States, along with an explanatory video to guide you through the process.

Explicative video

We’ve created a video that provides a straightforward summary of all the features of the CFG Bank savings account. If you find our content helpful and informative, we’d greatly appreciate your support through a subscription. By subscribing, you’ll receive daily videos covering various topics related to responsible finance and economy.

Features

In this section, we’ll cover all the features of the CFG Bank savings account.

Interest rate

Undoubtedly, the most critical aspect of any savings account is the yield it offers. The CFG Bank savings account provides an impressive interest rate of 5.17% APY. This rate stands among the highest offered on savings accounts in the United States.

Fees

Knowing the commissions is crucial as they can impact the overall returns of your savings. Fortunately, the CFG Bank savings account rates offer an online savings account with no opening fees or monthly maintenance fees, allowing you to maximize your earnings.

Minimum deposit

To take advantage of the attractive 5.17% APY interest rate, a minimum deposit of $1000 is required when opening the CFG Bank savings account.

ATMs

It’s important to note that CFG Bank has limited physical presence, with only two US branches equipped with ATMs. However, at CFG Bank ATMs, you can withdraw money without incurring any additional commissions.

Deposit funds

You can deposit funds into the CFG Bank savings account by making bank transfers or you can also mail a check.

Withdrawls

When you wish to withdraw funds, you can do so through bank transfers from your CFG Bank savings account to the desired account.

Best savings accounts 2023

We’ve conducted a comparison of the CFG Bank savings account with the best savings accounts that you can open in the United States. In this comparison, we present the main characteristics of each savings account.

Video with the best savings accounts

We also have made a video with the best savings accounts:

Pros and cons

Once we’ve reviewed all the features of the CFG Bank savings account and thoroughly analyzed the main characteristics of the best savings accounts, we are now ready to present a table summarizing all the advantages and disadvantages:

Pros	Cons
High yields	2 branches in the United States
No fees	Minimum Balance $1,000

Requirements

Opening the savings account is straightforward; you only need to meet the following requirements:

• Age: You must be over 18 years old.
• Residency: You need to live in the United States.
• Phone Number: You must have an American phone number.

Documentation

In addition to the requirements mentioned earlier, the bank may also request the following documentation to complete the account opening process:

• Certified copy of identity document (for each applicant): In most cases, a current, valid passport will be sufficient, although other acceptable forms of ID may also be allowed.
• Certified copy or original proof of address (for each applicant): Your proof of address can typically be a bank or building society statement, or a utility bill, that confirms your residential address.
• Your signed Client Agreement: The bank will require you to sign the Client Agreement, which outlines the terms and conditions of the savings account and your responsibilities as an account holder.

Frequent questions

Here we answer all the questions you may have:

Conclusions and opinions

After conducting a comprehensive review, our opinion is that CFG Bank offers one of the best savings accounts in the United States. There are several reasons for this assessment:

• High Interest Rate: CFG Bank provides a very competitive interest rate, which is one of the highest in the market. This means that your savings can grow at a faster rate compared to many other accounts.
• No Commissions: One of the significant advantages of the CFG Bank savings account is that it doesn’t charge any commissions. This ensures that your returns remain intact without being reduced by unnecessary fees.

However, it’s important to consider a couple of factors:

• Minimum Initial Deposit: To take advantage of the attractive interest rate, you need to make a minimum initial deposit of $1,000. This requirement might not be suitable for individuals with limited funds for opening an account.
• Limited Physical Presence: CFG Bank only has two offices in the United States, which might be inconvenient for those who prefer in-person banking services or need access to more branches.

More information about CFG Bank

Here you have interest information about CFG Bank:

Information	Description
Website	https://www.cfg.bank/
Facebook	https://www.facebook.com/theCFGbank
Twitter	https://twitter.com/theCFGBank
Linkedin	https://www.linkedin.com/company/thecfgbank/

Related content

Finally you have a related posts about savings account:

Updated the day 1 September, 2023 by Alfredo Barandiarán