Forbright Bank: Green Banking with Competitive Rates – Is It Right for You? (2024)

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The bottom line: Forbright Bank is a good option for those seeking competitive CD rates, specifically on a 1-year term. It also offers a strong high-yield savings account. While you can open a CD or a savings account online, you must visit one of the branches in person for other types of accounts.

About Forbright Bank

Formerly known as Congressional Bank, Forbright is a bank and lender with a strong emphasis on sustainability and decarbonization. Since its launch, the environmentally friendly bank has financed businesses and clean energy projects that share its vision of driving environmental change. Forbright Bank has also committed to maintaining carbon neutrality in its business operations.

Forbright Bank has four full-service branches in Maryland and Virginia, open weekdays from 9 a.m. to 5 p.m. You can also visit a Service Hub, which offers in-person assistance for various services. Its hours vary by location.

You can reach Forbright Bank customer service from Monday to Friday, 9 a.m. to 8 p.m. ET, via phone and email.

The Forbright Bank mobile app has received good reviews in the Google Play store (5.0 out of 5) and Apple store (4.0 out of 5). However, both apps display ratings from fewer than 20 users, which should be considered when assessing its overall performance.

Forbright is a Member FDIC bank, so deposits are insured for up to $250,000 per owner, per category. This means that even if Forbright shuts down, your insured money is safe.

Is Forbright Bank Trustworthy?

Forbright Bank is accredited by the Better Business Bureau (BBB), which gives the bank an A+ grade. It's worth noting that BBB ratings may not necessarily align with your experience with the bank. Rather, the BBB rating indicates how well a company handles customer complaints, its longevity in the industry, and its adherence to ethical business practices.

In 2022, Forbright Bank entered into a consent order with the Federal Deposit Insurance Corporation and the state of Maryland's Office of the Commissioner of Financial Regulation. The consent order required Forbright to improve its anti-money laundering/countering the financing of terrorism program. Forbright Bank does not admit wrongdoing by entering into the consent order.

Pros of Banking with Forbright

• Eco-friendly bank
• High interest rates on various accounts
• Online CDs and high-yield savings account are available regardless of where you live in the U.S.
• Unlimited refunds for out-of-network bank ATM fees
• No monthly service fees or overdraft fees on checking account

Cons of Banking with Forbright

• Limited CD terms
• Limited ATM and branch network
• High minimum deposit for its money market account; you also need a $250,000 combined balance to qualify for the account
• Must visit a branch to open an account, excluding CDs and high-yield savings accounts

Forbright Bank's Savings Accounts and CDs

Forbright Bank CD Rates

Forbright Online CD rates range from 4.00% to 4.75% APY, and on certain terms it has some of the best CD rates out there. It only has 9-month, 1-year, 2-year, 3-year, and 5-year terms, though, so you'll need to look elsewhere for a different term length.

Forbright Bank Growth Savings Account

The Forbright Growth Savings account pays 5.30% APY. This account does not require a minimum opening deposit, and there is no monthly service fee.

Forbright Growth Savings might be a good choice for you if you're interested in opening a free high-yield savings account with an environmentally friendly bank.

Forbright Bank's Checking Accounts and Money Market Accounts

Forbright Bank Bright Checking Account

The Forbright Bank Bright Checking Account has a minimum opening deposit of $25, no monthly service fee, and no overdraft fees. On top of that, accounts with $2,500 or more earn up to 4.25% APY, making it a strong high-yield checking account.

While Forbright Bank only has ATMs in Maryland and Virginia, you'll receive unlimited reimbursem*nts for fees charged by out-of-network ATMs.

Forbright Bank Platinum Money Market Account

The Forbright Bank Platinum Money Market Account offers a competitive 4.25% APY, and it refunds fees charged by out-of-network ATMs. It also allows you to access your money with a debit card or paper checks.

However, you need a $250,000 "relationship balance" to qualify for this account. A relationship balance is the combined balance in all of your Forbright accounts. It also has a $2,500 minimum deposit, and you'll pay a $10 monthly service fee if your balance dips below $2,500 on any day of your billing cycle.

Compare Forbright Bank

Forbright Bank vs. CIT Bank

CIT Bank operates entirely online, so it could be a good fit if you're tech-savvy and prefer to do all of your banking online. In contrast, Forbright Bank might appeal to those in the DC, Maryland, or Virginia area who prefer to do banking in person. It may also be an attractive option to those seeking an eco-conscious bank.

CIT Bank offers several types of CDs, including an 11-month no-penalty CD that pays 3.50% APY. In contrast, Forbright Bank exclusively offers traditional CDs.

CIT doesn't have an ATM network, but it refunds up to $30 per month in ATM fees. Meanwhile, Forbright has a small network and reimburses an unlimited amount in ATM fees each month.

CIT Bank Review

Forbright Bank vs. Ally Bank

Ally Bank offers access to 43,000 ATMs nationwide, but it doesn't have in-person branches. Forbright Bank only offers four full-service branches. So if you prefer banking with an environmentally friendly bank in person, and you live near a branch, consider Forbright.

Ally offers several types of CDs that pay 3.00% to 4.85% APY. It's a good choice if you want options, but Forbright pays a higher 1-year CD rate.

Ally Bank Review

Why You Should Trust Us: How We Reviewed Forbright Bank

At Personal Finance Insider, we understand the importance of finding a trustworthy and quality bank to house your funds. That's why we're committed to delivering thoroughly researched, helpful content to help you make the most informed decision.

We review bank accounts by looking at several categories, including affordability, interest rates, customer service, ethics, mobile app ratings, and other factors based on the type of account. Each account receives a final score from 0 to 5.

You can learn more about how we rate banking products by visiting our bank account methodology and CD methodology pages. Check out our editorial standard page if you're curious how we write reviews for other types of products.

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