Forbright Bank Growth Savings Account 2024 Review
Forbright Bank offers savers a competitive rate and a chance to make a positive impact. The Growth Savings Account is an online savings account that's backed up by human support. There are no monthly fees or minimum balance requirements.
The Forbright Bank Growth Savings account delivers an outstanding rate for savers who are interested in banking online. This account may also appeal to anyone who prefers to support an environmentally-conscious bank. Forbright is part of a network of banks and credit unions that are green business-certified and fossil-free.
You might consider Forbright Bank if you:
- Are comfortable with an online savings account
- Would like to be able to make unlimited withdrawals fee-free
- Prefer a savings account with no monthly fee
- Don't need an ATM card
Forbright Bank also offers certificate of deposit (CD) accounts if you're looking for other ways to save. Checking accounts are available for business customers.
Forbright Bank Growth Savings Account Pros & Cons
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Compared to Other Online Savings Accounts
SmartyPig Savings Account
SmartyPig is a goal-focused online savings account with no fees. It works like a digital piggy bank but it's not just for kids. You could use a SmartyPig account to save for a vacation, home improvements and large purchases while earning an impressive APY on your money.
Read our full editorial review of the SmartyPig Savings account
RBMax Max Interest Savings Account
The RBMax Max Interest Savings Account offers an above-average APY, with one catch: the advertised rate applies to balances up to $250,000. After that, you'll earn a lower rate. There are no minimum balance requirements or monthly fees and you'll need just $10 to open this account online.
Read our full editorial review of the RBMax Max Interest Savings account
Wells Fargo Platinum Savings Account
If you prefer a traditional bank, you might consider the Wells Fargo Platinum Savings account. This account doesn't pay a lot of interest and you'll pay a $12 monthly maintenance fee unless you qualify for a fee waiver. However, you do get the benefit of being able to make deposits or withdrawals at Wells Fargo branches and ATMs.
Read our full editorial review of the Wells Fargo Platinum Savings account
Rising Bank High Yield Savings Account
Rising Bank pays an above-average rate, though it's slightly less than what you could earn with Forbright Bank. You'll need a little more money--$1,000 to be exact--to open this account. The upside is that there are no monthly fees and you'll be able to manage your money via online and mobile banking.
Read our full editorial review of the Rising Bank High Yield Savings account
Interest Rates
It's natural to look at interest rates when comparing savings accounts. The higher the rate, the more your money could grow over time.
Forbright Bank ranks among the best online savings accounts based on the APY you can earn. The rate is comparable to what you could get with high-yield CDs but you aren't locked in to saving for a set term.
There are no minimums or maximums you'll need to meet to earn the advertised APY. Some banks may cap your APY up to a certain limit or require you to maintain a high minimum balance to get the best rates.
Keep in mind that savings account rates can change. The rate you earn on day one might be higher or lower than the rate you'll get on day 100. If you're looking for guaranteed returns, then you may want to check out CD rates instead.
Fees
Banks charge fees to make money, that's nothing new. Online banks typically charge fewer fees since they have lower overhead costs.
Here's an overview of how fees work at Forbright Bank.
Other Service Fees - Forbright Bank Growth Savings
| Type | Fee |
|---|---|
| Monthly maintenance fee | $0 |
| Excess withdrawal fee | $0 |
| Cashier's checks | $10 |
| Paper statements | $5 |
| Stop payment | $30 |
| Nonsufficient funds fee | $32 |
| Overdraft fee | $32 |
| Incoming wire transfer fee | $10-$15 |
| Outgoing wire transfer fee | $25-$50 |
ATM Access
Forbright Bank has ATM and branch locations but you don't get an ATM card with the Growth Savings account. If you need to withdraw money you can do that through online or mobile banking, with no withdrawal limits.
If you're interested in visiting a Forbright Bank branch, you'll find locations in:
- Maryland (2 locations)
- Virginia (1 location)
It's easy to open a Growth Savings account online. You'll just need to share some personal information and link a bank account to make your first deposit.
Account Management
Online and mobile banking are convenient ways to manage your savings. Forbright Bank makes it easy to log in and:
- Check balances
- Deposit checks
- Review transaction history
- Download statements
- Update personal information
- Set up banking alerts
You can link your account to accounts at other banks to transfer funds in or out of savings. If you'd like to set up recurring deposits to savings you can do that too.
It's easy to schedule automatic transfers between linked accounts or via direct deposit. You'll just need Forbright Bank's routing number and your account number to set up direct deposit.
Forbright doesn't limit deposits or withdrawals, but there is a limit on your FDIC insurance coverage.
FDIC Insurance
FDIC insurance protects depositors when a bank fails. Ideally, that never happens. But if it does and your bank is an FDIC member institution, then your deposits are covered up to certain limits.
The current coverage limit is $250,000 per depositor, per account ownership type. The main thing you need to know about Forbright Bank is that deposits are FDIC-insured. So on the off chance that the bank fails, your money is safe up to the limit.
What to Look for in a Savings Account
Getting the best rate matters when shopping for a savings account, but it's not the only thing to consider. The right savings account for you should offer the features and benefits you're looking for, without steep fees.
Here are some questions to ask when choosing a savings account.
- Is an online savings account a good fit, or would a traditional bank be better?
- What is the interest rate and APY?
- Is there a minimum balance required to earn the advertised APY?
- Does the APY apply to all balances or is there a cap on how much interest you can earn?
- What's the monthly fee, if any?
- How much will you need to deposit to open an account?
- Is there a fee for excess withdrawals?
- What other fees does the bank charge?
- Will you get online and mobile banking access?
- Is there an ATM card available?
- Which ATMs can you use and how many are fee-free?
- Does the bank offer any built-in savings or money management tools?
Reading online reviews can give you a better idea of what people are saying about a particular bank's savings account. You can compare savings accounts at online banks to check rates and fees, then look at the options at brick-and-mortar banks.
Frequently Asked Questions
What savings account will grow the most money?
Finding a savings account that grows the most money usually depends on finding the best savings account rate. Online savings accounts typically outperform savings accounts from traditional banks where rates are concerned. They can also charge fewer fees as well.
Is an online bank better?
An online bank may be better for people who want to get the highest savings rates but don't mind not being able to visit a branch. Online banks are usually more fee-friendly and you can still access your savings via online and mobile banking. Some online banks also offer an ATM card with savings accounts so you can easily make cash withdrawals.
Is a savings account the best way to save?
High-yield savings accounts are a great way to save if you want to earn a great rate with minimal fees. CD accounts can sometimes offer higher rates but you have to commit to leaving your money in the account for a set period, which may range from 30 days to 10 years. A money market account can offer convenient access to your money if you get a debit card, ATM card or checks.
