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Forbright Bank Review: Overall Rating
Forbright Bank Pros and Cons
About Forbright Bank
Formerly referred to as Congressional Bank, Forbright is a financial institution and lender with a powerful emphasis on sustainability and decarbonization. Since its launch, the environmentally pleasant financial institution has financed companies and clear vitality initiatives that share its imaginative and prescient of driving environmental change. Forbright Bank has additionally dedicated to sustaining carbon neutrality in its enterprise operations.
Forbright Bank has 4 full-service branches in Maryland and Virginia, open weekdays from 9 a.m. to five p.m. You also can go to a Service Hub, which provides in-person help for numerous providers. Its hours range by location.
You can attain Forbright Bank customer support from Monday to Friday, 9 a.m. to eight p.m. ET, through cellphone and electronic mail.
The Forbright Bank cellular app has acquired subpar opinions within the Google Play retailer (2.3 out of 5) and Apple retailer (1.8 out of 5). However, each apps show rankings from fewer than 10 customers, which must be thought of when assessing its total efficiency.
Forbright is a Member FDIC financial institution, so deposits are insured for as much as $250,000 per proprietor, per class. This implies that even when Forbright shuts down, your insured cash is secure.
Is Forbright Bank Trustworthy?
Forbright Bank is accredited by the Better Business Bureau (BBB), which provides the financial institution an A+ grade. It’s value noting that BBB rankings could not essentially align along with your expertise with the financial institution. Rather, the BBB score signifies how nicely an organization handles buyer complaints, its longevity within the business, and its adherence to moral enterprise practices.
Forbright Bank hasn’t undergone any latest lawsuits or controversies.
Forbright Bank FAQs
Yes, Forbright Bank is FDIC-insured, that means that if the financial institution ever shuts down, as much as $250,000 is protected (or $500,000 for a joint account). Forbright Bank can also be BBB-accredited with an A+ grade.
In 2021, Congressional Bank rebranded itself as Forbright Bank, a full-service financial institution and lender centered on sustainable and moral banking.
Forbright Bank provides private and enterprise banking, bank cards, and lending providers.
You can entry your Forbright Bank account through net browser and cellular app. You’re capable of open a CD on-line, however you may solely open a financial savings, checking, or cash market account in one among its 4 branches.
Forbright Bank Account Reviews
Forbright Bank Online CDs
Forbright Online CD
Annual Percentage Yield (APY)
3.00% to five.65%
Minimum Deposit Amount
$1,000
- 12-month time period with a aggressive rate of interest
- Standard early withdrawal penalty
- $1,000 minimal opening deposit
Product Details
- Early withdrawal penalties: for phrases lower than 24 months, the penalty is 3 months of curiosity; for phrases of 24 months or extra, the penalty is 6 months of curiosity
- Interest compounded day by day and deposited month-to-month
- FDIC insured
Forbright Online CD charges vary from 3.00% to five.65% APY, and it has among the best 1-year CD charges on the market. It solely has 1-year, 2-year, 3-year, and 5-year phrases, although, so you will have to look elsewhere for a special time period size.
Forbright Bank Bright Savings Account
Forbright Bank Bright Savings Account
Fees
no month-to-month service payment
Annual Percentage Yield (APY)
3.50% to 4.25%
Minimum Deposit Amount
$250
- Relatively excessive rate of interest
- No month-to-month service charges
- No out-of-network ATM charges
- Unlimited refunds for any charges charged by out-of-network ATM issuers
- $250 minimal opening deposit
- To earn the very best charge, your stability should be $250k or larger
Insider’s Take
Forbright Bank is a wonderful choice for these in search of aggressive CD charges. While you may open a CD on-line, you should go to one among their branches in-person for different forms of accounts. Forbright Bank may additionally attraction to individuals who worth sustainable and eco-friendly banking.
Product Details
- Open a Bright Savings Account at a Forbright Bank department
- 3 branches in Maryland (Bethesda, Potomac, Rockville) and 1 department in Virginia (Herndon)
- Forbright focuses on environmentally pleasant banking
- Tiered rate of interest system: Your charge will increase when your stability reaches $250k
- Interest compounds day by day
- Member FDIC
The Forbright Bank Bright Savings Account pays 3.50% APY on balances underneath $250,000, and 4.25% APY on balances of $250,000 or extra. This account does require a minimal deposit of $250, however there isn’t a month-to-month service payment.
Bright Savings could also be best for you should you carry a bigger stability, particularly when you’ve got a joint account so that you’re insured for greater than $250,000.
Forbright Bank Sprout Savings Account
Forbright Bank Sprout Savings Account
Fees
no month-to-month service payment
Annual Percentage Yield (APY)
0.80% to 4.25%
Minimum Deposit Amount
$1
- Relatively excessive rate of interest
- $1 minimal opening deposit
- No month-to-month service charges
- No out-of-network ATM charges
- Unlimited refunds for any charges charged by out-of-network ATM issuers
- Lower charge on larger balances
Insider’s Take
Forbright Bank is a wonderful choice for these in search of aggressive CD charges. While you may open a CD on-line, you should go to one among their branches in-person for different forms of accounts. Forbright Bank may additionally attraction to individuals who worth sustainable and eco-friendly banking.
Product Details
- Open a Sprout Savings Account at a Forbright Bank department
- 3 branches in Maryland (Bethesda, Potomac, Rockville) and 1 department in Virginia (Herndon)
- Forbright focuses on environmentally pleasant banking
- Tiered rate of interest system: Your charge decreases when your stability reaches $10k
- Interest compounds day by day
- Member FDIC
With no month-to-month service payment and a minimal deposit of $1, the Forbright Bank Sprout Savings Account is an economical choice. It pays 4.25% APY for balances underneath $10,000, however solely 0.80% APY on larger balances. Those with smaller balances could favor Sprout Savings over Bright Savings.
Forbright Bank Bright Checking Account
Forbright Bank Bright Checking Account
Fees
no month-to-month service payment
Annual Percentage Yield (APY)
as much as 4.25%
Minimum Deposit Amount
$25
- Earn curiosity
- No month-to-month service charges
- No out-of-network ATM charges
- Unlimited refunds for any charges charged by out-of-network ATM issuers
- No overdraft charges
- $25 minimal opening deposit
- Minimum $2,500 stability to earn curiosity
- To earn the very best charge, your stability should be $250k or larger
Insider’s Take
Forbright Bank is a wonderful choice for these in search of aggressive CD charges. While you may open a CD on-line, you should go to one among their branches in-person for different forms of accounts. Forbright Bank may additionally attraction to individuals who worth sustainable and eco-friendly banking.
Product Details
- Open a Bright Checking Account at a Forbright Bank department
- 3 branches in Maryland (Bethesda, Potomac, Rockville) and 1 department in Virginia (Herndon)
- Forbright focuses on environmentally pleasant banking
- Tiered rate of interest system: Your charge will increase when your stability reaches $250k
- Interest compounds day by day
- Member FDIC
The Forbright Bank Bright Checking Account has a minimal opening deposit of $25, no month-to-month service payment, and no overdraft charges. On prime of that, accounts with $2,500 or extra earn as much as 4.25% APY, making it a powerful high-yield checking account.
While Forbright Bank solely has ATMs in Maryland and Virginia, you will obtain limitless reimbursements for charges charged by out-of-network ATMs.
Forbright Bank Platinum Money Market Account
Forbright Bank Platinum Money Market Account
Fees
$10 month-to-month service payment
Annual Percentage Yield (APY)
4.25%
Minimum Deposit Amount
$2,500
- High rate of interest
- Access to a debit card and paper checks
- No out-of-network ATM charges
- Unlimited refunds for any charges charged by out-of-network ATM issuers
- You could qualify to waive the $10 month-to-month service payment
- $2,500 minimal opening deposit
- $10 month-to-month service payment
- You want a mixed stability of $250,000 in all your Forbright accounts to qualify to open this account
Insider’s Take
Forbright Bank is a wonderful choice for these in search of aggressive CD charges. While you may open a CD on-line, you should go to one among their branches in-person for different forms of accounts. Forbright Bank may additionally attraction to individuals who worth sustainable and eco-friendly banking.
Product Details
- Open a Platinum Money Market Account at a Forbright Bank department
- 3 branches in Maryland (Bethesda, Potomac, Rockville) and 1 department in Virginia (Herndon)
- Forbright focuses on environmentally pleasant banking
- To waive the $10 month-to-month service payment, keep a $2,500 day by day stability
- Interest compounds day by day
- Member FDIC
The Forbright Bank Platinum Money Market Account provides a aggressive 4.25% APY, and it refunds charges charged by out-of-network ATMs. It additionally lets you entry your cash with a debit card or paper checks.
However, you want a $250,000 “relationship balance” to qualify for this account. A relationship stability is the mixed stability in all your Forbright accounts. It additionally has a $2,500 minimal deposit, and you will pay a $10 month-to-month service payment in case your stability dips under $2,500 on any day of your billing cycle.
How Forbright Bank Compares
Forbright Bank vs. CIT Bank
CIT Bank operates fully on-line, so it might be match should you’re tech-savvy and like to do all your banking on-line. In distinction, Forbright Bank would possibly attraction to these within the DC, Maryland, or Virginia space preferring to do banking in particular person. It may additionally be a beautiful choice to these in search of an eco-conscious financial institution.
CIT Bank provides a number of forms of CDs, together with an 11-month no-penalty CD that pays 4.90% APY. In distinction, Forbright Bank completely provides conventional CDs.
CIT would not have an ATM community, but it surely refunds as much as $30 per thirty days in ATM charges. Meanwhile, Forbright has a small community and reimburses an infinite quantity in ATM charges every month.
CIT Bank Review
Forbright Bank vs. Ally Bank
Ally Bank provides entry to 43,000 ATMs nationwide, but it surely would not have in-person branches. Forbright Bank solely provides 4 full-service branches. So should you favor banking with an environmentally pleasant financial institution in particular person, and you reside close to a department, think about Forbright.
Ally provides a number of forms of CDs that pay 3.00% to five.15% APY. It’s a sensible choice in order for you choices, however Forbright pays a better 1-year CD charge.
Ally Bank Review
Why You Should Trust Us: How We Reviewed Forbright Bank
At Personal Finance Insider, we perceive the significance of discovering a reliable and high quality financial institution to accommodate your funds. That’s why we’re dedicated to delivering completely researched, useful content material that can assist you take advantage of knowledgeable resolution.
We evaluation financial institution accounts by a number of classes, together with affordability, rates of interest, customer support, ethics, cellular app rankings, and different components based mostly on the kind of account. Each account receives a remaining rating from 0 to five.
You can study extra about how we charge banking merchandise by visiting our checking account methodology and CD methodology pages. Check out our editorial commonplace web page should you’re curious how we write opinions for different forms of merchandise.
