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On This Page
- At a glance
- Overall
- Forbright Bank banking products
- Bank fees
- About Forbright Bank
- How Forbright Bank compares to other banks
- Forbright Bank FAQs
- Review Methodology
At a glance
4.3
Rating: 4.3 stars out of 5
Bankrate Score
CDs
Rating: 4.3 stars out of 5
Checking
Rating: 4 stars out of 5
Savings
Rating: 4.4 stars out of 5
MMA
Rating: 3.9 stars out of 5
About Bankrate Score
Overview
Forbright Bank can be a convenient option if you prefer in-person banking and live in the areas of Maryland and Virginia where there are a handful of branches. Customers have free access to Forbright ATMs and unlimited fee refunds for withdrawals from other ATMs. Some accounts earn high yields and charge low-to-no monthly service fees.
Highlights
- High APY
- ATM Fee Refunds
- Free Checking
Compare offers
Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.
Advertiser Disclosure
We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence.
Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover.
How We Make Money
The offers that appear on this site are from companies that compensate us. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories, except where prohibited by law for our mortgage, home equity and other home lending products. But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be available to you.
Member FDIC
Savings Account
5.00
%
APY
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY
APY, or annual percentage yield, is the yearly return on a bank or investment account.
As of 3/12/2024
Rating: 4.9 stars out of 5
Bankrate Savings rating = 4.9/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Bankrate Savings rating = 4.9/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
$0
Min. balance for APY
Promoted offer: Plus, no monthly fees and unlimited free external transfers
LendingClub
Member FDIC
Savings Account Details
5.00
%
APY
$0
Min balance for APY
Offer rate as of3/12/2024
Interest rate5.00%
Minimum to avoid fees$0
Monthly fees$0
Check writingNo
Plus, no monthly fees and unlimited free external transfers
Member FDIC
Savings Account
4.35
%
APY
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY
APY, or annual percentage yield, is the yearly return on a bank or investment account.
As of 3/12/2024
Rating: 4.9 stars out of 5
Bankrate Savings rating = 4.9/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Bankrate Savings rating = 4.9/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
$1
Min. balance for APY
Promoted offer:
American Express
Member FDIC
Savings Account Details
4.35
%
APY
$1
Min balance for APY
Offer rate as of3/12/2024
Interest rate4.26%
Minimum to avoid fees$0
Monthly fees$0
Check writingNo
Member FDIC
Savings Account
4.50
%
APY
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY
APY, or annual percentage yield, is the yearly return on a bank or investment account.
As of 3/12/2024
Rating: 4.7 stars out of 5
Bankrate Savings rating = 4.7/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Bankrate Savings rating = 4.7/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
$0
Min. balance for APY
Promoted offer:
Marcus by Goldman Sachs
Member FDIC
Savings Account Details
4.50
%
APY
$0
Min balance for APY
Offer rate as of3/12/2024
Interest rate4.50%
Minimum to avoid fees$0
Monthly fees$0
Check writingNo
Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.
Advertiser Disclosure
We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence.
Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover.
How We Make Money
The offers that appear on this site are from companies that compensate us. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories, except where prohibited by law for our mortgage, home equity and other home lending products. But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be available to you.
Member FDIC
Savings Account
4.9
Rating: 4.9 stars out of 5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Bankrate Score
5.00
%
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY
as of 3/12/2024
$0
Min. balance for APY
Promoted offer: Plus, no monthly fees and unlimited free external transfers
LendingClub
Member FDIC
Savings Account Details
5.00
%
APY
$0
Min balance for APY
Offer rate as of3/12/2024
Interest rate5.00%
Minimum to avoid fees$0
Monthly fees$0
Check writingNo
Plus, no monthly fees and unlimited free external transfers
Member FDIC
Savings Account
4.9
Rating: 4.9 stars out of 5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Bankrate Score
4.35
%
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY
as of 3/12/2024
$1
Min. balance for APY
Promoted offer
American Express
Member FDIC
Savings Account Details
4.35
%
APY
$1
Min balance for APY
Offer rate as of3/12/2024
Interest rate4.26%
Minimum to avoid fees$0
Monthly fees$0
Check writingNo
Member FDIC
Savings Account
4.7
Rating: 4.7 stars out of 5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Bankrate Score
4.50
%
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY
as of 3/12/2024
$0
Min. balance for APY
Promoted offer
Marcus by Goldman Sachs
Member FDIC
Savings Account Details
4.50
%
APY
$0
Min balance for APY
Offer rate as of3/12/2024
Interest rate4.50%
Minimum to avoid fees$0
Monthly fees$0
Check writingNo
Member FDIC.
Savings Account
0.0
Rating: 0 stars out of 5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Bankrate Score
5.25
%
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY
as of 3/12/2024
$0
Min. balance for APY
Promoted offer: No fees. Easy deposits and quick withdrawals.
Jenius Bank
Member FDIC.
Savings Account Details
5.25
%
APY
$0
Min balance for APY
Offer rate as of3/12/2024
Interest rate5.25%
Minimum to avoid fees$0
Monthly fees$0
Check writingNo
No fees. Easy deposits and quick withdrawals.
Member FDIC
Savings Account
4.2
Rating: 4.2 stars out of 5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Bankrate Score
5.05
%
APY, or annual percentage yield, is the yearly return on a bank or investment account.
as of 3/12/2024
$5,000
Min. balance for APY
Promoted offer: CIT Bank, a division of First Citizens, 125+ years of experience.
CIT Bank
Member FDIC
Savings Account Details
5.05
%
APY
$5000
Min balance for APY
Offer rate as of3/12/2024
Interest rate4.93%
Minimum to avoid fees$0
Monthly fees$0
Check writingNo
CIT Bank, a division of First Citizens, 125+ years of experience.
Overall
Forbright Bank offers a full range of personal bank accounts as well as credit cards and loans. The one-year CD earns one of the best rates around, and the two savings accounts earn high yields on some balances. While CDs can be opened online, all other deposit accounts need to be opened at a branch.
Pros
Forbright Bank’s one-year CD earns a top-notch rate.
The bank’s tiered savings accounts earn high yields on some balances.
The checking account charges no service fees and earns high interest when balance requirements are met.
Cons
Forbright Bank only offers four full-service branches in two states.
CDs can be opened online, but you’ll need to visit a branch to open any other deposit account.
Forbright Bank banking products
4.4
Rating: 4.4 stars out of 5
Bankrate Score
Compare top savings rates
FEATURES
Forbright Bank savings overview
Forbright’s Bright Savings offers two tiers of annual percentage yield (APY), both of which are well above the national average. To earn the higher APY, however, you’ll need a balance of $250,000 or more. The bank’s Sprout Savings, open to those younger than 18 years of age, pays a competitive APY on balances up to $10,000, while any additional portion of the balance earns a lackluster rate.
Both accounts charge no monthly fees, require low minimum opening deposits and pay unlimited refunds for surcharges from other banks for using non-Forbright ATMs.
Pros
The Bright Savings and Sprout Savings accounts earn competitive rates when balance requirements are met.
Minimum opening balances for both savings accounts are manageable.
Unlimited refunds are given on surcharges from non-Forbright ATM use.
Cons
To get the highest APY on the Bright Savings account, you’ll need a balance of at least $250,000.
Balances over $10,000 on the Sprout Savings account earn a much lower yield.
Compare Offer
Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.
Advertiser Disclosure
We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence.
Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover.
How We Make Money
The offers that appear on this site are from companies that compensate us. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories, except where prohibited by law for our mortgage, home equity and other home lending products. But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be available to you.
Member FDIC
Savings Account
5.00
%
APY
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY
APY, or annual percentage yield, is the yearly return on a bank or investment account.
As of 3/12/2024
Rating: 4.9 stars out of 5
Bankrate Savings rating = 4.9/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
$0
Min balance for APY
LendingClub
Member FDIC
Savings Account Details
5.00
%
APY
$0
Min balance for APY
Offer rate as of3/12/2024
Interest rate5.00%
Minimum to avoid fees$0
Monthly fees$0
Check writingNo
Plus, no monthly fees and unlimited free external transfers
Promoted offer: Plus, no monthly fees and unlimited free external transfers
4.3
/5
Rating: 4.3 stars out of 5
See methodologyCompare CD rates
SCORE BREAKDOWN
APY offering:
5.30% - 9 mos
Rating: 5 stars out of 5
5/5
Minimum deposit:
$1,000.00
Rating: 4 stars out of 5
4/5
Range of term lengths:
9 mos – 1 yr
Rating: 2 stars out of 5
2/5
Early withdrawal penalty:
Good
Rating: 4 stars out of 5
4/5
Offer no-penalty or bump-up CDs:
No
Rating: 0 stars out of 5
0/5
Offer IRA CDs:
Yes
Rating: 5 stars out of 5
5/5
FEATURES
5.30% APY
APY, or annual percentage yield, is the yearly return on a bank or investment account. APY as of3/12/2024
$1,000 minimum deposit to open
9 months
Forbright Bank CD overview
Forbright Bank offers four terms of CDs that range from one year to five years. The one-year option earns an APY that’s tough to beat. The two-year, three-year and five-year terms earn rates that are well above average, but you can find higher yields at other banks. A minimum deposit of $1,000 is required to open a CD.
Pros
Forbright Bank’s one-year CD earns a highly competitive APY.
The minimum deposit for Forbright’s CDs is manageable.
Cons
Better rates can be found elsewhere on CDs with terms of two, three and five years.
Compare Offer
Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.
Advertiser Disclosure
We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence.
Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover.
How We Make Money
The offers that appear on this site are from companies that compensate us. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories, except where prohibited by law for our mortgage, home equity and other home lending products. But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be available to you.
Member FDIC
CD
5.05
%
APY
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY
APY, or annual percentage yield, is the yearly return on a bank or investment account.
As of 3/12/2024
Rating: 4.9 stars out of 5
Bankrate CD rating = 4.9/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
$500
Min. deposit
14mo
Term
Marcus by Goldman Sachs
Member FDIC
CD Details
5.05
%
APY
$500
Min. deposit
14mo
Term
Offer rate as of3/12/2024
Minimum deposit$500
Expires 4/17/24. APY may change before CD is opened & funded.
Promoted offer: Expires 4/17/24. APY may change before CD is opened & funded.
3.9
Rating: 3.9 stars out of 5
Bankrate Score
Compare top money market rates
Forbright Bank money market overview
You’ll need a relationship balance of $250,000 or more to qualify for Forbright’s Platinum Money Market account. It earns a competitive rate, and a balance of at least $2,500 is required to earn any interest. Having at least that amount in the account is also needed to open the account and to waive the $10 monthly service fee.
The Platinum Money Market account comes with a debit card, and Forbright refunds all surcharges from other banks for use of non-Forbright ATMs.
Pros
The Platinum Money Market account earns a high rate of return.
The account comes with a debit card.
Cons
A high relationship balance is required to qualify for the account.
The minimum required to avoid the monthly fee is higher than what some other banks charge.
4.0
Rating: 4 stars out of 5
Bankrate Score
Compare top checking rates
Forbright Bank checking overview
The Bright Checking account from Forbright Bank earns a high yield for a checking account, although you’ll need a balance of at least $2,500 to earn any interest. A higher-tiered APY is also offered on balances of $250,000 or more.
The account charges no monthly maintenance fee and requires a minimum of just $25 to open. It comes with checks and a debit card, and provides unlimited refunds for surcharges imposed by other banks when you use non-Forbright ATMs.
Pros
The Bright Checking account earns a highly competitive APY when you meet balance requirements.
The account’s minimum opening deposit requirement is low.
No monthly fees are charged.
Forbright refunds all surcharges from banks when non-Forbright ATMs are used.
Cons
No interest is earned on balances of less than $2,500.
A balance of at least $250,000 is required to earn the higher APY.
Compare Offer
Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.
Advertiser Disclosure
We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence.
Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover.
How We Make Money
The offers that appear on this site are from companies that compensate us. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories, except where prohibited by law for our mortgage, home equity and other home lending products. But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be available to you.
Member FDIC
Checking Account
0.50
%
APY
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY
APY, or annual percentage yield, is the yearly return on a bank or investment account.
As of 3/12/2024
Rating: 4.9 stars out of 5
Bankrate Checking rating = 4.9/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
$0
To open
$0
To avoid fees
SoFi
Member FDIC
Checking Account Details
0.50
%
APY
$0
To open
$0
To avoid fees
Offer rate as of3/12/2024
Minimum to avoid fees$0
Monthly fees$0
Overdraft/NSF fees$0
Out of network ATM fee$0
Has online accessYes
Bank fees
| Fee | Charged? |
|---|---|
| Overdraft fee | None |
| Non-sufficient funds fee | None |
| Monthly maintenance fee | None for checking and savings accounts, $10 for the money market account when minimum balance requirement is not met |
| Out-of-network ATM fee | None |
| Excessive transaction fee | $0 |
About Forbright Bank
In 2021, Congressional Bank rebranded as Forbright Bank. At that time, the bank announced it would dedicate half its assets to the financing of companies and investors devoted to sustainability and the shift to a low-carbon economy.
Forbright has provided financing for projects such as installation of solar systems across some New Jersey nursing facilities. It also offers financing to help commercial buildings make energy-efficient upgrades such as green roofs and solar-powered components.
The bank offers personal and business accounts, as well as credit cards and lending services. It maintains a handful of branches in two states.
Bank experience
Forbright Bank operates four full-service branches in Maryland and Virginia, along with three service hubs that provide more limited support. Personal deposit accounts need to be opened at a branch — except for CDs, which can be opened online.
Customer service can be reached over the phone Monday through Friday from 9 a.m. to 8 p.m. ET. The bank offers a basic mobile app through which Android and Apple users can check balances, deposit checks, pay bills and transfer money between accounts.
Forbright provides a handy Personal Banking Switch Kit document that lists steps to take when switching over from another bank.
How Forbright Bank compares to other banks
Forbright Bank vs. CFG Bank
Both Forbright Bank and CFG Bank operate a few branches in Maryland. When it comes to savings accounts, Forbright’s Bright Savings and Sprout Savings overall offer competitive APYs via a tiered structure, while CFG’s savings account earns an APY that’s near rock-bottom (although Forbright’s Sprout Savings also earns a very low rate on any portion of your balance over $10,000).
Forbright and CFG both offer interest-bearing checking accounts, and CFG also offers one that doesn’t earn any interest. Both banks offer four terms of CDs that earn rates well above national averages.
Neither Forbright nor CFG charges out-of-network ATM fees. Of the two, only Forbright reimburses customers for surcharges imposed by other banks for using ATMs it doesn’t own. However, CFG customers have access to tens of thousands of fee-free ATMs through the nationwide Allpoint network.
Forbright Bank FAQs
Review methodology
With so many financial institutions to choose from, it can be hard to know who to trust. Bankrate’s ever-growing list of bank and credit union reviews is updated regularly. Our editorial team analyzes and reviews each institution across deposit products such as savings accounts, checking accounts, certificates of deposit (CDs) and money market accounts (MMAs). Banks are rated by important factors such as offered interest rates, fees, minimum balance requirements, access to funds and more.
We assign a score to each type of account and its features, weigh them carefully based on importance to account holders and determine an overall score. Read our full review methodology.
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