CFG Bank Money Market Account 2024 Review

CFG Bank offers a high-yield money market account that boasts an impressive APY. You'll need a little more money to open this account compared to other money market options and there's a minimum balance requirement you must meet to avoid a monthly fee. 

Online money market accounts can help you grow your savings at competitive rates. The CFG Bank Online High Yield Money Market account features an exceptional APY that could make it tempting for any saver. 

You might consider opening this account if you:

• Are comfortable with an online savings option
• Have at least $1,000 to open an account
• Can meet the ongoing minimum balance requirement to avoid a fee
• Don't need check-writing or debit card privileges 

You can open the account online in minutes. If you're interested in other ways to save with CFG Bank, you can open a CD with terms ranging from 12 to 60 months. CFG also offers interest checking accounts.

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Compared to Other Online Savings Accounts

Vio Bank Cornerstone Money Market Savings Account

Vio Bank's Cornerstone Money Market Savings account offers an APY that's slightly above what you could get with CFG Bank. The minimum opening deposit requirement is lower, at just $100, and there's no monthly maintenance fee. You can set up automatic transfers to grow your money faster hassle-free. 

Read our full editorial review of the Vio Bank Cornerstone Money Market Savings account

Discover Bank Money Market Account

Discover Bank's money market account earns a slightly lower APY but one that still beats out traditional banks and credit unions. The minimum opening deposit requirement is $2,500 but there's no monthly fee. As an added benefit, you'll be able to make ATM withdrawals at more than 60,000 ATMs fee-free. 

Read our full editorial review of the Discover Bank Money Market account

NBKC Bank Money Market Account

NBKC Bank's money market account has no monthly maintenance fee and you don't need a lot of money to open an account. Compared to the other money market accounts listed so far, the APY is lower but you do get the benefit of ATM access. You can also manage your savings via online and mobile banking.

Read our full editorial review of the NBKC Bank Money Market account

Quontic Bank Money Market Account

The Quontic Bank Money Market Account has a low $100 opening deposit requirement and earns an above-average APY. This account includes check-writing and debit card privileges so you have multiple ways to access your money. There are no monthly maintenance fees or excess withdrawal fees. 

Read our full editorial review of the Quontic Bank Money Market account

Interest Rates

CFG Bank offers an impressive rate to savers, compared to other online money market accounts. The APY you could earn even surpasses some of the best high-yield savings accounts.

You'll need to maintain a $1,000 minimum daily balance to earn the advertised APY. Other banks may apply interest starting at just $0.01 instead. 

Which bank has the highest money market rates?

Generally, online banks offer higher rates for money market accounts than brick-and-mortar banks or credit unions. Money market rates at traditional banks are usually much lower. 

Here are a few things to remember as you compare rates from different banks. 

• There may be a minimum balance requirement to earn the advertised APY.
• Banks may apply the same APY to all balances or tier rates by balance. 
• Banks can cap your APY once your account hits a certain balance threshold. 

Note that money market account rates are not fixed and can change at any time. If you're interested in earning a fixed APY on savings, you may want to shop around to compare CD rates.

Fees

Online banks tend to charge fewer fees than traditional banks. Reviewing the fee schedule can help you decide if a money market account is worth the APY you could earn.

Here's a look at the fees CFG Bank charges.

Other Service Fees - CFG Bank Money Market Account

You'll need to maintain a $1,000 minimum daily balance to avoid the $10 monthly service fee. There are no excess withdrawal fees associated with this account. 

ATM Access

Many money market accounts include an ATM or debit card for cash withdrawals. CFG Bank doesn't offer that benefit and you don't get check-writing privileges either. 

Whether that's a pro or con for you depends on how often you plan to withdraw money. 

An ATM or debit card could be useful if you're using a money market account for your emergency savings. You could hit the ATM for cash if your car breaks down or something unexpected happens. 

If you're interested in a money market account with ATM access, look for a bank that offers ATM fee rebates. 

Rebates can save you money since you get some of the fees you pay back. They also give you more options when it comes to where you can withdraw cash if your bank's ATM isn't nearby. 

Account Management

CFG Bank offers online and mobile banking access for money market accounts. If you need to make deposits, you can add them via:

• ACH transfer from a linked bank account
• Plaid transfer
• Incoming wire transfer (domestic or international)

Note that fees apply for wire transfers. 

As mentioned, you won't get a debit card or checks with this account. But you can still send international wire transfers. You also have the option to send and receive money through Zelle. 

There are limits on how much you can transfer. Initially, you can deposit a maximum of:

• $500,000 (for Plaid deposits)
• $5,000 (for ACH transfers)

Once you fund your account your daily external transfer limit is $5,000. You can't exceed $30,000 in external transfers in a 30-day rolling period. Note that you can only make deposits, not withdrawals, in the first five days of account opening. 

FDIC Insurance

CFB Bank accounts are FDIC-insured so your deposits are protected against bank failures. 

Bank failures are uncommon but when one happens, the FDIC steps in to make sure customer deposits are covered. 

The current FDIC coverage limit is $250,000 per depositor, per account ownership type. Similar coverage is offered by the National Credit Union Administration for credit union accounts. 

What to Look for in a Savings Account

There are some differences between a money market account vs. a savings account or CD. Money market accounts may offer debit cards, ATM cards, or checks while savings accounts typically don't. 

A money market account could also offer a better rate than a high-yield savings account. However, minimum opening deposit requirements might be higher. 

Here are some questions to consider as you search for the best money market account option:

• What APY will you earn?
• Does the same APY apply to all balances or are rates tiered?
• What's the opening deposit requirement? 
• Is there a minimum balance requirement to earn interest or avoid a monthly fee?
• What fees does the bank charge?
• Does the account come with an ATM card, debit card, or checks?
• How large is the ATM network? 
• Does the bank refund foreign ATM surcharges?
• Are there limits on deposits or withdrawals?
• What options do you have for depositing money? 
• Can you deposit cash?
• Is there a robust and user-friendly mobile banking app?
• What options are there for contacting customer support?
• Does the bank offer any other accounts, like checking or CDs? 

It's helpful to compare savings accounts at online banks first before looking at traditional banks. Online banks generally offer the best savings rates with the fewest fees. 

Frequently Asked Questions

Is CFG Bank trustworthy? 

CFG Bank is a legitimate financial institution. The bank is FDIC-insured, so customer deposits are protected. You can open your accounts online, including money market accounts and CD accounts.  

Is a money market account better than a savings account? 

Money market accounts may be better than savings accounts if you're earning a higher rate, paying no monthly fee, and getting access to a debit card or checks. If you're comparing money market accounts to savings accounts, it helps to consider the APY you could earn, what you'll pay, and how you can access your money to decide which one makes the most sense for you. 

Is a money market account better than a CD?

Money market accounts are better than CDs for people who know they'll need to withdraw cash sooner rather than later. With a CD account, your savings are locked in for a set term. If you take money out before the term ends, you might forfeit some or all of the interest earned so far. A CD is usually better when you know you won't need to withdraw your savings for the entirety of the term.