Forbright Bank Review: Savings and CDs
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- Savings
- Certificates of deposit
- Customer experience
Overall institution rating
4.0
Forbright Bank is an online bank that offers certificates of deposit and a high-yield savings account. You’ll need an account at an external bank to fund and withdraw from your account, which isn’t always the case for online banks, some of which partner with an ATM network or cash deposit service to allow customers to deposit and withdraw cash. But if you’re planning to let your money sit and earn interest, then Forbright’s offerings can work well for you. Forbright is Green Business certified, making it one of the few banks that has an environmental mission in addition to offering a savings account with such a high rate.
Best for: Sustainability-minded consumers who want a high-yield account to park their cash and who already have a checking account at another bank that they can use to make transfers.
Pros
- No monthly fees.
- Competitive rate on savings account.
- No minimum opening deposit on savings account.
- Highly rated mobile apps.
Cons
- No checking account.
- No cash deposit or withdrawals.
- Limited branch access.
- Must already have another bank account to fund your account.
Full review
Savings
Savings
Member FDIC
4.5
/5 NerdWallet ratingForbright’s Growth Savings account comes with a high-yield 5.30% APY, and there is no monthly fee or minimum deposit requirement.
A drawback of the account is that there’s no way to make cash deposits or withdrawals. If you want to fund your account or make a withdrawal, you have to transfer your money from or to an existing account at another bank, and transfers can take up to five days to arrive in your external bank account. On the plus side, customers can make an unlimited number of transfers and there is no fee to do so.
» Want more options? Take a look at the best high-yield savings accounts
Certificates of deposit
CD
Member FDIC
3.0
/5 NerdWallet ratingForbrights CD rates are solid, though higher rates can be found elsewhere. Each CD has a minimum opening deposit requirement of $1,000, which is a fairly common amount, though some banks have lower opening deposit requirements or even no minimum.
» Check out other rates: See our picks for the best CD rates
Customer experience
4.0
NerdWallet ratingForbright Bank is primarily an online bank, with only three physical branch locations in Virginia and Maryland. Customers can get in touch with customer service via phone from 8 a.m. to 8 p.m. EST Monday through Friday. The bank’s mobile apps are both highly rated in the Google and Apple stores as well.
One of the biggest draws for banking with Forbright is the bank’s focus on sustainability and the environment. The bank has pledged to not fund fossil fuel extraction or infrastructure and is Green Business Certified by Green America, meaning that the bank meets certain industry standards related to the environment and social justice.
» See how Forbright Bank stacks up: check out our list of best online banks
Methodology
NerdWallet’s overall ratings for banks and credit unions are weighted averages of several categories: checking, savings, certificates of deposit or credit union share certificates, banking experience and overdraft fees. Factors we consider, depending on the category, include rates and fees, ATM and branch access, account features and limits, user-facing technology, customer service and innovation. The stars represent ratings from poor (one star) to excellent (five stars). Ratings are rounded to the nearest half-star.
