Imagine a bank that goes beyond just financial transactions. Forbright Bank is a true pioneer in the world of banking, offering a unique mix of digital and branch services in Maryland and Virginia. What sets Forbright Bank apart is its unwavering focus on sustainability – financing projects that fight climate change through solar residential loans, wind turbine repairs, and affordable housing. Today, we’ll delve into the realm of online deposit products offered by Forbright Bank and see how they measure up.
What Is Forbright Bank?
Established in 2003 in Maryland, Forbright Bank is a beacon of financial empowerment. With a comprehensive range of products, including checking, money market, savings, retirement accounts, credit cards, and lending solutions, Forbright Bank caters to both personal and business needs. Online users can access high-yield savings and CD accounts, setting the bank apart with its innovative approach.
What Does It Offer?
Forbright Bank is home to a myriad of personal and business banking tools, available through its full-service branches and online. Currently, customers have the option to open high-yield savings and CD accounts digitally, providing a seamless and convenient banking experience.
Growth Savings Account
One of the standout options at Forbright Bank is the Growth Savings account. Boasting an impressive 5.30% APY, this account competes against the best in the industry. With zero monthly maintenance or withdrawal fees and no minimum opening deposit, customers can enjoy hassle-free banking. While the account doesn’t offer debit card access for ATM withdrawals, it allows unlimited transfers to a designated checking account. Keep in mind, to maintain security, a zero balance for 21 days may result in account closure.
Certificates of Deposit (CDs)
Forbright Bank offers five diverse CDs with terms spanning from 9 months to 5 years. A minimum deposit of $1000 is required to kickstart your CD journey. Whether initiated in person or through the online platform, CD accounts require basic information, making the process smooth and efficient.
Are There Any Fees?
At Forbright Bank, there are no monthly maintenance fees for the Growth Savings account. Opening a CD incurs no fees, yet early withdrawals are subject to penalties – 3-month interest charge for terms under 24 months, and 6-month interest charge for longer terms.
How Does Forbright Compare?
With a competitive 5.30% APY, Forbright Bank stands tall among its online peers. While BrioDirect matches this rate, Ally Bank emerges as a strong contender with a broader range of online products. If you’re intrigued by accounts beyond savings and CDs, Ally Bank could be your best bet, even if its savings APY is slightly lower.
How Do I Open An Account?
Opening a Growth Savings Account at Forbright Bank is a breeze, a few clicks away from digital bliss. Simply click “Apply Now” on the Savings Account page, follow the steps, and voila – your account is live! Deposit funds securely using Forbright’s trusted transfer system, and you’re ready to go.
Is It Safe And Secure?
Rest assured, Forbright Bank is an FDIC-member institution, ensuring deposit safety up to FDIC limits. Garnering a stellar 4 out of 5 star rating from Bauer Financial, the bank’s integrity remains intact. Notwithstanding, a recent Consent Order from the FDIC raises caution regarding liquidity risk, warranting careful consideration.
How Do I Contact Forbright Bank?
Need assistance or have inquiries? Forbright Bank offers phone, email, and in-person support. Dial 1-800-550-0159 during business hours (Mon. to Fri., 8 a.m.-8 p.m. EST) for Growth Savings Account support. Alternatively, shoot an email to customersupport@forbrightbank.com.
Is It Worth It?
For current Forbright Bank customers, the Growth Savings Account presents a lucrative opportunity, marrying convenience with high APY. Without monthly fees and a competitive rate, it’s a compelling choice. However, the recent FDIC warnings may raise some concerns regarding risk, highlighting the importance of prudent decision-making when it comes to financial institutions.
In conclusion, Forbright Bank is a beacon of sustainability, offering a unique blend of digital and branch services. While the Growth Savings Account shines brightly, potential risks merit careful consideration. For those seeking innovative banking solutions with a touch of sustainability, Forbright Bank might just be the perfect fit.
