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Forbright Bank Review

Forbright Bank CD
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Kale Havervold
Dec. 14, 2023
3 min read
Kale Havervold
Forbright Bank CD Summary
Forbright Bank is a banking and financial services company founded in 2003, with headquarters in Chevy Chase, Maryland. It provides bank accounts, loans, credit cards, and more. Its certificates of deposit (CDs) have no monthly maintenance fees, have competitive rates, and are fast and easy to sign up for. Accounts are FDIC-insured for up to $250,000, and deposits with Forbright help sustainable businesses and green projects.

Pros

  • Competitive CD rates
  • FDIC-insured
  • Easy online sign-up process

Cons

  • Limited CD terms
  • $1,000 minimum deposit for CDs

Forbright Bank CD at a glance

8.8
Editorial score

Fees?

Most products are fee-free
8.0

Security

FDIC insured, SSL/AES encryption and supports 2 factor authentication
10.0

Customer service

Early morning, evening and weekend service with multiple communication options and a dedicated fraud team
8.0

Online experience

User friendly site with full online banking capabilities
8.0

Mobile experience

Excellent mobile app with all mobile banking features enabled, including digital check deposits
10.0

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Advantages Over Traditional Banks

Forbright CDs provide very competitive rates of up to 5.75% APY. Also, investing in them helps contribute to a more sustainable future.

This is because Forbright supports clean energy projects and sustainable businesses with your deposits, while still giving you solid returns. Its website provides a calculator to help show how much of a difference your deposit will make when it comes to reducing carbon emissions.

The company offers features like a no-fee checking account and strong interest rates on savings accounts. It also provides other unconventional services, like a checking account that earns a generous amount of interest and unlimited ATM fee refunds.

The latter feature means customers can use any non-Forbright ATM and have the fee refunded within a single business day. Forbright ATMS, however, are free for its customers at the point of use.

Cutting-Edge Banking Services 

It’s straightforward and quick to apply online to open a CD account with Forbright. The company provides a mobile app and online platform that lets you send money, schedule payments, manage accounts, set alerts, deposit checks on the go, and more.

Traditional Banking Services

Along with its CDs, Forbright offers a variety of other traditional banking features. These include checking and savings accounts, retirement accounts, credit cards, loans, and business banking solutions.

While there aren’t many physical Forbright locations, there are a few branches and ATMs in Maryland and Virginia.

Interest Rates and Fees

Forbright’s CDs don’t have a monthly fee, but there’s an early withdrawal fee. If your account has a maturity of less than 24 months, the penalty equals three months’ interest. It’s six months’ interest if your account's maturity is 24 months or more. However, if you withdraw only the interest amount that your investment has accrued, you won’t incur a fee.

Customer Service and Online Experience

Customer support from Forbright is available over the phone at 888-855-7778 and via email at customerservice@forbrightbank.com. Operating hours are between 9am and 8pm ET, Monday to Friday. You can also fill out an online form to get in touch.

The company provides a solid online experience, and you can sign up for CDs online without ever having to step foot into a physical location. Opening an account is fast, and your application is reviewed within a day or two of completing it. However, keep in mind that to sign up for accounts like checking or savings, you’ll have to visit a branch.

To sign up for a CD with Forbright, you have to be 18 years old and need to provide:

  • Your social security number
  • A form of ID (such as a driver’s license)
  • Your address
  • Your email
  • Information about your funding source account (such as routing and account numbers)

The Forbright website includes helpful guides and resources on topics like how much to save each month and how much savings you’ll need during retirement. There’s a comprehensive FAQ page about CDs that answers questions such as how to add a beneficiary to your account and how to cancel or withdraw an application.

Mobile App 

Forbright has a mobile app that is available on Apple and Android devices. It’s quite basic, with a barebones design that doesn’t impress visually but offers lots of helpful features. You can deposit checks on the go, check account balances, pay bills, search through transactions, make transfers, and more.

Security 

Forbright takes customer security seriously and features SSL encryption on its website to ensure your connection is secure. It also has a dedicated line for reporting fraud, and deposit accounts are FDIC-insured for up to $250,000. This means that if the financial institution fails, your deposits are protected up to the $250,000 limit per account.

The company uses physical, technical, and administrative measures to protect your personal information, including encryption and secure servers. It features a comprehensive privacy policy that outlines the information it collects, how it’s used, who it’s shared with, and the privacy choices you have.

It’s a trusted company that has an A+ rating from the Better Business Bureau. It has also earned a five-star rating from BauerFinancial, an independent bank rating agency. The company has a helpful cybersecurity FAQ page that goes over what you should do if you experience things like identity theft or if you get a suspicious call or email.

Summary

While the $1,000 minimum deposit might be higher than some customers would like, Forbright CDs are still a good choice. They provide competitive rates, no monthly maintenance fees, and an easy sign-up process.

It offers multiple ways to receive customer support, is FDIC-insured, and takes your privacy seriously. The fact that it uses deposits to help sustainable businesses and projects is a nice touch, as well.

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Methodology

This review was created using information from the Forbright website, as well as its privacy policy.


Kale Havervold
Written by
Kale Havervold
Kale Haverold is a freelance writer with over 5 years of experience crafting articles about credit cards, loans, debt, and a raft of other personal finance topics. His work has been featured on Top10.com, BestMoney, Yahoo, Hardbacon, and Loans Canada. Kale’s easy-to-digest, research-driven articles stem from his passion to share knowledge that helps readers make informed financial decisions.
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