This Bank Pays Higher Than the National Average Interest — While Helping the Environment
Written by
Vance Cariaga
Edited by
Nick Friedman
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American consumers have no shortage of high-yield savings accounts to choose from these days, thanks to Federal Reserve interest-rate hikes that have pushed savings account rates to their highest point in more than 20 years. The national average interest rate on a savings account is currently 0.45% Annual Percentage Yield (APY)1, which is much higher than last decade, but you can do a lot better than that.
One excellent option is Forbright Bank, which offers APY on its high-yield Growth Savings account — more than 11 times the national average2.
Even better? Forbright is a bank on a mission to curb climate change. As the seventh bank to be a signatory to the United Nations Principles for Responsible Banking, Forbright puts a big priority on sustainability and responsible financial management.
How Banking With Forbright Bank is Good For Your Finances — and the Environment
The APY you get with Growth Savings is among the highest in the industry. You can keep the money you earn, too, because there are no account fees.
There’s no minimum account balance requirement, either, though if an account remains at zero balance for 21 days, Forbright Bank will close the account for your safety. However, you can reapply at any time. Your deposits at Forbright Bank are protected by the FDIC up to $250,000 per depositor, per insured bank, for each account ownership category.
As a digital high-yield savings account, Growth Savings doesn’t support ATM withdrawals or include a debit card, but you do get unlimited transfers of any amount to the checking account you choose to keep for cash funds.
Opening a Growth Savings account is simple and can be done in a few steps. You’ll just need to include your contact info, Social Security Number and existing bank account information.
Environmental Impact
Forbright Bank sets itself apart from most banks through its emphasis on investing in responsible programs. Nearly one-third of the bank’s portfolio directly funds clean energy and sustainable projects. It finances millions in residential solar loans, green building upgrades, and accessible healthcare.
In addition, Forbright Bank has earned a fossil-free certification from the nonprofit organization Bank.Green and follows U.N. Sustainable Development Goals guidelines.
Forbright Bank has vowed to remain carbon neutral, and employees receive bonuses for solar panel and electric vehicle purchases, reimbursements for sustainable subscription services, and rewards for taking public transit or bicycling to work.
As an example of its sustainability work, Forbright Bank in March announced support for the National Park Foundation to help fund their mission, protect public lands, and connect more people to the country’s 400-plus national parks. Forbright Bank made a $250,000 donation to the National Park Foundation and will continue its engagement through employee initiatives and special offerings.
Last year, Forbright Bank partnered with GRID Alternatives Mid-Atlantic to support installation of a solar energy system on a home constructed by Habitat for Humanity D.C. & Northern Virginia in Alexandria, Virginia. The system will provide equitable access to clean energy for a family with a demonstrated need in Northern Virginia.
Bottom Line
So, if you want to earn more than 11 times the national average interest on your savings while helping the environment, it’s easy to apply for an account with Forbright Bank and start earning APY1.
1National average for savings accounts published on FDIC’s National Rates and Rate Caps, accurate as of May 20, 2024. 2While the rates and APYs mentioned above are accurate at the time of publication, they’re subject to change at any time and may have changed or may no longer be available. At Forbright Bank, rates and APYs are subject to change at any time, even after account opening. Growth Savings is available only online at Forbright Bank.
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