Forbright Bank Review: Growth Savings and More
Written by
Dawn Allcot
Edited by
Melanie Grafil
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Quick Take: Forbright Bank, Member FDIC, was originally Congressional Bank until it rebranded in 2022. Forbright offers traditional checking accounts, Growth Savings and money market accounts, business bank accounts, credit cards and CDs to help you manage your personal finances. You can open a Growth Savings account online. Forbright's online CDs offer competitive APYs with terms from one to five years.
Overview of Forbright Bank
Forbright Bank, a traditional bank that offers high-yield online CDs and Growth Savings, is one of just seven U.S. banks that is a signatory to the United Nations Principles for Responsible Banking. Forbright vows to remain carbon neutral and supports sustainability in multiple ways through its editorial standards.
In addition to this commitment to sustainability, the bank offers high-yield savings and CDs that are available online and support sustainability measures, plus checking, savings, and money market accounts through a handful of brick-and-mortar branches in Maryland and Virginia.
Forbright Bank: Key Features
Forbright is a smaller bank with an emphasis on sustainability. It has limited online offerings, but Maryland and Virginia residents can visit a branch to open a checking, savings or money market account.
For online customers, Forbright offers a high-yield savings account and a variety of online CDs with competitive interest rates and no fees apart from early withdrawal penalties. Here are a few key features:
- Online CDs
- Growth Savings
- Customer Service
- Sustainability
1. Online CDs
Forbright’s online CDs stand out with competitive rates and no monthly fees. You will need $1,000 to open an online CD. You can earn the highest rate at Forbright with a 12-month CD, offering a APY. Keep in mind that early withdrawals of your principal balance will result in a penalty of three months interest for a 12-month CD, and six months interest for 24-, 36-, or 60-month CDs. No additional fees or penalties apply. However, you can withdraw interest that has accrued at any time during the term with no fees or penalties.
2. Growth Savings
The Growth Savings account is only available online and offers a high-yield savings option and offers you the chance to grow your money with a healthy APY of as of May 2024. Not only can you grow your wealth, but also support a sustainable financial model by banking with Forbright. The bank also offers Sprout Savings for customers younger than 18.
3. Customer Service
Forbright has three branches in Maryland and one in Virginia, all serving the DMV region. If you live in this area and want in-person service, you can visit a branch Monday through Friday, from 9 a.m. to 5 p.m., except for bank holidays.
Online account holders can reach customer service between the hours of 9 a.m. and 8 p.m. Eastern Time, Monday through Friday by calling 888-855-7778. Growth Savings account holders can reach customer service between the hours of 8 a.m. and 8 p.m. ET, Monday through Friday by calling 1-800-550-0159. You can also email customersupport@forbrightbank.com
For people looking for the personal service of a traditional bank combined with high APYs for online savings and CDs, Forbright Bank offers the best of both worlds.
4. Sustainability
Forbright stands out for its sustainability initiatives. For consumers who want to find a bank that cares about sustainability, Forbright receives high marks. The bank invests in sustainable projects, allocating capital for sustainable energy and sustainability initiatives in the transportation, manufacturing, green building and healthcare industries. In addition, it has earned fossil-free certification from the nonprofit organization, Bank.Green and follows the United Nations Sustainable Development Goals guidelines.
Forbright has also vowed to remain carbon neutral. It provides incentives for managers and other employees to reduce their carbon footprint, offering bonuses for solar panel and electric vehicle purchases, reimbursements for sustainable subscription services and rewards for taking public transit or bicycling to work.
Who Should Choose Forbright Bank?
If you’re looking for a high APY for online CDs with terms of 12 to 60 months, Forbright should be a top choice. Residents in the DMV region who are looking for a local bank with low monthly fees might also consider Forbright, especially if you can meet the minimum balance requirements to have fees waived. Anyone looking for a bank that also helps support sustainability initiatives for our planet should consider opening an online CD with Forbright.
Other Deposit Accounts Options
Forbright offers multiple options in checking, savings and money market accounts, that could work for your banking needs. These options include:
- Personal checking
- Personal Now checking
- Statement savings
- Tiered savings
- Personal money market
- ICS money market
- Platinum money market
All checking, savings and money market accounts have a $10 monthly fee, but you can waive those fees by holding a minimum balance in the account. All accounts, including the savings and money market accounts, include a Forbright debit card and seven free “Anywhere” atm withdrawals.
Final Take To GO
As sustainable banking grows in popularity and importance, consumers should be able to look forward to more choices in banks that support environmental initiatives. For now, Forbright is one of only a handful of banks that tout their commitment to sustainability. This makes Forbright a popular choice among consumers. Being able to do good for the planet while earning more than 5.0% APY on your money makes Forbright an easy choice for online CDs.
Caitlyn Moorhead contributed to the reporting for this article.
Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of May 1, 2024.
Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.
