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khronos 60.1K Views
Feb 25, 2023 6:39 AM

CFG Bank: 12-Month Certificate of Deposit

5.15% APY

(minimum $500 deposit)
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Deal Details
CFG Bank is offering a 12-Month Certificate of Deposit at 5.15% APY with a minimum deposit of $500.

CFG Bank is also offering a High Yield Money Market Account at 4.55% APY with a minimum deposit of $1,000.

Thanks to community member khronos for sharing this deal.

Editor's Notes

Written by qwikwit | Staff
  • Certificate of Deposit Terms:
    • No additional deposits are permitted after initial deposit. The minimum balance for all CDs is $500, and the maximum deposit is $250,000. Fees could reduce the earnings on the account. These accounts are subject to an early withdrawal penalty. All accounts are subject to a 7-day interest penalty if withdrawal occurs within 6 days of account opening.
  • Money Market Account Terms:
    • For the first 30 days after initial funding, all deposits are placed on hold and unavailable for withdrawal.
  • Review the complete terms and conditions for both account types here.
  • See forum thread for additional deal discussion.

Original Post

Written by khronos
Community Notes
About the Poster
Deal Details
Community Notes
About the Poster
CFG Bank is offering a 12-Month Certificate of Deposit at 5.15% APY with a minimum deposit of $500.

CFG Bank is also offering a High Yield Money Market Account at 4.55% APY with a minimum deposit of $1,000.

Thanks to community member khronos for sharing this deal.

Editor's Notes

Written by qwikwit | Staff
  • Certificate of Deposit Terms:
    • No additional deposits are permitted after initial deposit. The minimum balance for all CDs is $500, and the maximum deposit is $250,000. Fees could reduce the earnings on the account. These accounts are subject to an early withdrawal penalty. All accounts are subject to a 7-day interest penalty if withdrawal occurs within 6 days of account opening.
  • Money Market Account Terms:
    • For the first 30 days after initial funding, all deposits are placed on hold and unavailable for withdrawal.
  • Review the complete terms and conditions for both account types here.
  • See forum thread for additional deal discussion.

Original Post

Written by khronos

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90 Comments

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Feb 25, 2023 12:54 PM
5.1K Comments
Joined Jan 2005
SonofZeusFeb 25, 2023 12:54 PM
5.1K Comments
IRA eligible?
Nationwide?
1
Feb 25, 2023 11:34 PM
626 Comments
Joined Sep 2006
ROBBY69Feb 25, 2023 11:34 PM
626 Comments

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1
Original Poster
Pro
Feb 25, 2023 11:43 PM
2.3K Comments
Joined Jan 2015
khronos
Original Poster
Pro
Feb 25, 2023 11:43 PM
2.3K Comments
Quote from ROBBY69 View quoted comment :
https://www.depositaccounts.com/b...nk/offers/

5.35% at Mountain America Credit Union
https://www.macu.com/
Nice!
Feb 25, 2023 11:53 PM
25 Comments
Joined Nov 2020
SplendidGorilla520Feb 25, 2023 11:53 PM
25 Comments
This would all be a heck of a lot more useful if they were brokered CDs
Feb 26, 2023 12:04 AM
5K Comments
Joined Mar 2005
thegman230Feb 26, 2023 12:04 AM
5K Comments
Quote from ROBBY69 View quoted comment :
https://www.depositaccounts.com/b...nk/offers/

5.35% at Mountain America Credit Union
https://www.macu.com/
No, it is 5.25. The higher rate is for a YOUTH certificate up to a limit.
Last edited by thegman230 February 26, 2023 at 03:54 AM.
Feb 26, 2023 12:05 AM
5K Comments
Joined Mar 2005

This comment has been rated as unhelpful by Slickdeals users.

Feb 26, 2023 12:12 AM
2.9K Comments
Joined Nov 2011
mepo12Feb 26, 2023 12:12 AM
2.9K Comments
Any reason not to get the money market account?

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Feb 26, 2023 1:22 AM
923 Comments
Joined Aug 2016
anatvass313Feb 26, 2023 1:22 AM
923 Comments
Quote from SplendidGorilla520 View quoted comment :
This would all be a heck of a lot more useful if they were brokered CDs
JPMorgan Chase brokered 12 month CD is 5.10%. Lower interest but it takes literally 30 seconds to place an order.
Feb 26, 2023 1:23 AM
69 Comments
Joined Aug 2004

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Feb 26, 2023 1:27 AM
31 Comments
Joined Dec 2009
freeyellow2000Feb 26, 2023 1:27 AM
31 Comments

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Per FAQ
Quote :
How do I increase my external transfer limit?
Please call us at 888-205-8388 during our weekday business hours. We will record verification of your identity and request prior to inputting the increase. Your increase will last for five business days.

How do I wire funds from my account?
Please call us at 888-205-8388 during our weekday business hours. We will record verification of your identity and request prior to providing you with the wire transfer paperwork. A wire can be sent for you on the same business day if we receive the paperwork back from you by 3PM EST. A fee is charged for this service.
So much for being a friendly bank, you have to call to increase transfer limit and it only last for 5 days.
Any large transfer requires you to call in. Boy there making it difficult for you to transfer your money out if you don't like the their service. Don't forget phone support is only available during business hours. Really Paperwork, I guess you can't do it online



Hard Pass for me and reading some of their reviews on depositaccounts.com/banks/cfg-community-bank.html.
Last edited by freeyellow2000 February 25, 2023 at 05:30 PM.
1
Feb 26, 2023 1:33 AM
227 Comments
Joined Oct 2012
Tortilla-ChipFeb 26, 2023 1:33 AM
227 Comments

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Quote from gruckenbauer View quoted comment :
12-month Treasuries are yielding 5.136% at Schwab and are exempt from federal income tax.
If you think treasuries are exempt from FEDERAL taxes you're gonna have a bad time
2
3
Feb 26, 2023 1:34 AM
43 Comments
Joined Oct 2007
cortexFeb 26, 2023 1:34 AM
43 Comments
Quote from gruckenbauer View quoted comment :
12-month Treasuries are yielding 5.136% at Schwab and are exempt from federal income tax.
You mean state income tax, right?
Feb 26, 2023 1:41 AM
1.1K Comments
Joined May 2004
BunduckieFeb 26, 2023 1:41 AM
1.1K Comments
Quote from gruckenbauer View quoted comment :
12-month Treasuries are yielding 5.136% at Schwab and are exempt from federal income tax.
Exempt from State tax not federal
Feb 26, 2023 1:59 AM
30 Comments
Joined Jul 2022
Ndgt10Feb 26, 2023 1:59 AM
30 Comments

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Pro tip: Buy them in your Roth IRA. No tax.
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Feb 26, 2023 2:25 AM
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Joined Oct 2006
danteshorsFeb 26, 2023 2:25 AM
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For the HYMM from CFG- Following initial funding, there is daily external outbound transfer limit of $5k and daily inbound transfer limit of $25k. The total external transfers (inbound and outbound) may not exceed $30k in a 30-day rolling period.

lets say you put in $250k, it'll take you 9 months to move your money out. :/
1

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