Forbright Bank Review 2024
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At a glance
CDs
Checking
Savings
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. Accounts that can be opened online include a savings account and certificates of deposit (CDs). For accounts that include ATM access, customers receive unlimited fee refunds for withdrawals from non-Forbright ATMs. Some accounts earn high yields and charge low-to-no monthly service fees.
Highlights
- High APY
- ATM Fee Refunds
- Free Checking
Offers featured here have been sponsored which impacts how, where, and in what order the products appear. Not all offers are displayed on this page.
These are sponsored offers rated highly by us for competitive rates, fees, and minimums.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
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.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
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.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Offers featured here have been sponsored which impacts how, where, and in what order the products appear. Not all offers are displayed on this page.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Overall
Forbright Bank offers a full range of personal bank accounts as well as credit cards and loans. The nine-month and one-year CDs earn highly competitive rates, and the three savings accounts earn yields that are well above the national average. While CDs and one savings account can be opened online, all other deposit accounts need to be opened at a branch. Forbright offers a money market account, which isn’t reviewed by Bankrate because it doesn’t meet our criteria. The account, for instance, is only open to customers with a relationship balance of at least $250,000.
Pros
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Forbright Bank’s nine-month and one-year CDs earn top-notch rates.
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The bank’s savings accounts earn yields higher than the national average.
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The checking account charges no service fees and earns high interest when balance requirements are met.
Cons
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Forbright Bank only offers four full-service branches in two states.
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CDs and one savings account can be opened online, but you’ll need to visit a branch to open any other deposit account.
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A money market account is offered, but is only available to customers with an average relationship balance of at least $250,000.
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Forbright Bank banking products
APY last updated between 10/24 and 10/30.
Forbright Bank savings overview
Forbright also offers Bright Savings and Sprout Savings accounts, both of which need to be opened in a branch. Bright Savings has a tiered structure, with an above-average APY for most balances and a competitive APY for balances of at least $250,000. Sprout Savings, open to those younger than 18 years of age, pays a competitive APY on balances up to $10,000. Both of these accounts provide ATM access and unlimited reimbursement of surcharges for using non-Forbright ATMs.
Pros
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The Growth Savings account earns a highly competitive APY and requires no minimum deposit amount.
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The Bright Savings and Sprout Savings accounts earn competitive rates when balance requirements are met.
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Bright Savings and Sprout Savings come with ATM access, including unlimited refunds on surcharges for non-Forbright ATM use.
Cons
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The Growth Savings account does not come with ATM access.
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Not all balances on the Bright Savings and Sprout Savings accounts earn the best available APY.
Bank fees
| Fee | Charged? |
|---|---|
| Overdraft fee | None |
| Non-sufficient funds fee | None |
| Monthly maintenance fee | None for checking and savings accounts |
| Out-of-network ATM fee | None |
| Excessive transaction fee | $0 |
Customer 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 that need to be opened at a branch include the checking account and two savings accounts. CDs and the Growth Savings account can be opened online.
Customer service for branch banking can be reached over the phone Monday through Friday from 9 a.m. to 8 p.m. ET. Growth Savings customer service is available weekdays between 8 a.m. and 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.
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.
How Forbright Bank compares to other banks
Compare different account types offered by Forbright. Annual percentage yields (APYs) shown were updated between Oct. 24, 2024 and Oct. 30, 2024.
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Selected bank
Forbright Bank savings account
Bankrate score
4.9
Bankrate Savings rating = 4.9/5 Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs), minimum opening deposit requirements and minimum balances to avoid monthly service fees are some of the things that make up Bankrate’s score. |
Most comparable
Ally Bank savings account
Bankrate score
4.9
Bankrate Savings rating = 4.9/5 Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs), minimum opening deposit requirements and minimum balances to avoid monthly service fees are some of the things that make up Bankrate’s score. |
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Bankrate score
Bankrate Savings rating Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs), minimum opening deposit requirements and minimum balances to avoid monthly service fees are some of the things that make up Bankrate’s score. |
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APY
APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. APYs last updated between Oct. 24, 2024 and Oct. 30, 2024.
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| 5.00% | 4.00% | |
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Minimum balance for APY
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| $0.00 | $0.00 | |
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Estimated earnings
Interest earned calculation based on a $50,000 deposit amount for a period of 1 year and is rounded to the nearest dollar. Exact earnings are dependent on calendar year, balance, and compounding frequency. Minimum deposit rules may apply.
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| $2,500 | $2,000 | |
| Forbright Bank’s Growth Savings account earns a highly competitive yield, without requiring a minimum opening deposit or charging monthly service fees. | Ally Bank consistently offers a competitive yield on its Online Savings Account. The online bank doesn’t have the absolute highest yield, but it offers a competitive one and doesn’t have a minimum balance requirement or a monthly service fee. The bank offers mobile deposit, but you’ll need to transfer money to the Ally checking account or money market account if you want to access money in your savings from an ATM. | |
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Forbright Bank FAQs
Review methodology
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.
Forbright Bank customer reviews
Forbright Bank has 21 reviews
Dive into community reviews below and see what others think about Forbright Bank.
In July 2024, Bankrate collaborated with a third-party vendor to survey 1,200 bank account holders nationwide. Bankrate and our vendor collected and summarized account holder responses to five rating questions on a 5-point scale as well as open-ended reviews of the banking experience. Responses are based on individual account holder product details, and therefore cannot be verified for accuracy. Reviewers received an incentive for their feedback. Their ratings are unedited and have not been reviewed or approved by the associated bank or credit union, nor do these responses reflect Bankrate's own expert review of these banking products.
Community Reviews
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