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expired Posted by Blubluthehusky • Jun 24, 2023
expired Posted by Blubluthehusky • Jun 24, 2023

CFG Bank: 12-Month CD

($500 minimum deposit) & More

5.52% APY

113 Comments 53,898 Views
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Deal Details
CFG Bank is offering a 12-Month Certificate of Deposit at 5.52% APY with $500 minimum deposit.

Thanks to Community Member Blubluthehusky for posting this deal.

CFG Bank is also offering a High Yield Money Market Account at 5.17% APY with $1000 minimum deposit.

Note: Rates are accurate as of 6/26/2023. View current rates here.

Editor's Notes

Written by StrawMan86 | Staff
  • About this deal:
    • Certificate of Deposit:
      • Rates are accurate as of 6/26/2023.
      • $500 minimum deposit to open
      • No withdrawals may be made within the first 30 days. After 30 days no withdrawal penalties will be waived.
      • Maximum initial funding limit is $500,000. Funding sources available include ACH Funding and Plaid Funding.
    • High Yield Money Market Account
      • Minimum deposit to open this account is $1,000. You must maintain a minimum balance of $1,000 in the account daily to avoid a $10 service fee.
      • Once funding occurs the daily external transfer limit for the CFG High Yield Money Market Account is $5,000. Your external transfers may not exceed $30,000 in a 30-day rolling period.
      • Account will remain in credits only status for 5 days.
      • Maximum initial funding amounts:
        • Plaid Funding – $500,000
        • ACH Funding- $5,000.00
      • No check writing or debit card privileges are allowed with this account.
    • CFG Bank is FDIC Insured.
  • Please refer to the forum thread for additional details & discussion. -StrawMan86
  • Compare this rate to other CDs in the market.

Original Post

Written by Blubluthehusky
Community Notes
About the Poster
Deal Details
Community Notes
About the Poster
CFG Bank is offering a 12-Month Certificate of Deposit at 5.52% APY with $500 minimum deposit.

Thanks to Community Member Blubluthehusky for posting this deal.

CFG Bank is also offering a High Yield Money Market Account at 5.17% APY with $1000 minimum deposit.

Note: Rates are accurate as of 6/26/2023. View current rates here.

Editor's Notes

Written by StrawMan86 | Staff
  • About this deal:
    • Certificate of Deposit:
      • Rates are accurate as of 6/26/2023.
      • $500 minimum deposit to open
      • No withdrawals may be made within the first 30 days. After 30 days no withdrawal penalties will be waived.
      • Maximum initial funding limit is $500,000. Funding sources available include ACH Funding and Plaid Funding.
    • High Yield Money Market Account
      • Minimum deposit to open this account is $1,000. You must maintain a minimum balance of $1,000 in the account daily to avoid a $10 service fee.
      • Once funding occurs the daily external transfer limit for the CFG High Yield Money Market Account is $5,000. Your external transfers may not exceed $30,000 in a 30-day rolling period.
      • Account will remain in credits only status for 5 days.
      • Maximum initial funding amounts:
        • Plaid Funding – $500,000
        • ACH Funding- $5,000.00
      • No check writing or debit card privileges are allowed with this account.
    • CFG Bank is FDIC Insured.
  • Please refer to the forum thread for additional details & discussion. -StrawMan86
  • Compare this rate to other CDs in the market.

Original Post

Written by Blubluthehusky

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Top Comments

The $10 fee is only if you go below the $1,000 minimum daily balance. And you need to make a minimum deposit of $1,000 to open an account. Should not be an issue.
Use external bank for push/pull. No limits
If married, and opened as a joint account, it's $250K/ea for you and spouse, so $500K in that circumstance.

Each co-owner of a joint account is insured up to $250,000 for the combined amount of his or her interests in all joint accounts at the same IDI.

https://www.fdic.gov/deposit/diguidebankers/documents/joint-accounts.pdf

112 Comments

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Jul 13, 2023
280 Posts
Joined Feb 2007
Jul 13, 2023
rentown
Jul 13, 2023
280 Posts
Quote from karrun :
Weird that this thread is weeks old and only going FP now That said, I opened an account weeks ago and it was very easy.
are you able to make any transfers in or out? mine keep saying "you don't have permission to make transfers"
Jul 13, 2023
6,486 Posts
Joined Feb 2006
Jul 13, 2023
karrun
Jul 13, 2023
6,486 Posts
Quote from rentown :
are you able to make any transfers in or out? mine keep saying "you don't have permission to make transfers"

I set up external account to transfer in the initial amount if that's what you mean. No problems.
Jul 13, 2023
778 Posts
Joined Jun 2016
Jul 13, 2023
biskett
Jul 13, 2023
778 Posts
Quote from TD912 :
I applied Wednesday last week and it's still stuck in review. Maybe they're slow because of the weekend and 4th of July holiday? I think it said 2-3 days to review so assuming business days it should have went through already. Guess I'll give them a few more days and call them.
did you get your acct opened? if so after how many days
Jul 13, 2023
555 Posts
Joined Dec 2010
Jul 13, 2023
SellMeCheap
Jul 13, 2023
555 Posts
Note that there is a $30k monthly limit to transfer TO their MM account.

I was planning to put a sizeable portion of my paystub to this MM, yet I am only able to put 30k each month.

And no not that entire 30k was from my paystub lol.
Jul 13, 2023
2,205 Posts
Joined Jun 2013
Jul 13, 2023
koge811
Jul 13, 2023
2,205 Posts
5.5% for 12 months?
if it was 3 months yes. 12 months we know feds raising another 0.5%. Meh. Banks being cheap well We know they don't wanna pay us the correct rates. I hope the fed raises rates to 10%.

Besides banks also keeping money in reverse repo and passing 5% to banks anyway using our money to get more free money. tbtf banks looking at you we know.
Jul 16, 2023
4 Posts
Joined Jul 2014
Jul 16, 2023
blobberty
Jul 16, 2023
4 Posts
Quote from TD912 :
I applied Wednesday last week and it's still stuck in review. Maybe they're slow because of the weekend and 4th of July holiday? I think it said 2-3 days to review so assuming business days it should have went through already. Guess I'll give them a few more days and call them.
My CD request got denied. Do they check your credit (hard/soft) in the process? My credit is frozen in all 3 credit bureaus. Is that why?
Jul 22, 2023
429 Posts
Joined Nov 2011
Jul 22, 2023
TD912
Jul 22, 2023
429 Posts
Quote from biskett :
did you get your acct opened? if so after how many days
Quote from blobberty :
My CD request got denied. Do they check your credit (hard/soft) in the process? My credit is frozen in all 3 credit bureaus. Is that why?
It was finally opened after a week, but they gave me the current 5.25% rate instead of the 5.52% I signed up during which is lame. I don't think they check your credit as I didn't see any hard/soft inquiries on my reports, but maybe they could check Chex Systems which is a report related to banking accounts.

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