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

CFG Bank: 12-Month CD

($500 minimum deposit) & More

5.52% APY

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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

Kandros
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.
techie333
Use external bank for push/pull. No limits
mdsuperstar
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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Jun 25, 2023
604 Posts
Joined Mar 2019
Jun 25, 2023
maltamonk
Jun 25, 2023
604 Posts

Our community has rated this post as helpful. If you agree, why not thank maltamonk

Quote from LawrenceT6420 :
If I transfer $400,000 is it protected by fdic?
No. FDIC has always been 250k limit...with one exception...SVB where they covered everything. Basically anything above 250k is a gamble unless you have 100s of millions if not billions...then govt would bail you out at tax payer expense.
1
3
2
Jun 25, 2023
242 Posts
Joined Jul 2021
Jun 25, 2023
Freesub1
Jun 25, 2023
242 Posts
What does No CD mean?
Jun 25, 2023
706 Posts
Joined Oct 2022
Jun 25, 2023
HappyDome8591
Jun 25, 2023
706 Posts
Abnormally high. I wonder what they are doing.
Jun 25, 2023
2,953 Posts
Joined Jan 2015
Jun 25, 2023
blitzmnit
Jun 25, 2023
2,953 Posts
Quote from HappyDome8591 :
Abnormally high. I wonder what they are doing.
They are probably getting money to buy tbills in coming months as fed is likely to do 2 more increases.
Also loans to customers are much higher.
Pro
Jun 25, 2023
12,140 Posts
Joined Nov 2010
Jun 25, 2023
PeteyTheStriker
Pro
Jun 25, 2023
12,140 Posts
Quote from HappyDome8591 :
Abnormally high. I wonder what they are doing.
If they are smart stocking up on cash to buy a ton of things after the economy hits rock bottom as well as be able to keep themselves a float, all depends how good their management is. We already seen at least 5 banks have crappy management and they collapsed.
Jun 25, 2023
91 Posts
Joined Jan 2015
Jun 25, 2023
mdsuperstar
Jun 25, 2023
91 Posts

Our community has rated this post as helpful. If you agree, why not thank mdsuperstar

Quote from LawrenceT6420 :
If I transfer $400,000 is it protected by fdic?
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
3
Jun 25, 2023
1,140 Posts
Joined Oct 2017
Jun 25, 2023
LawrenceT6420
Jun 25, 2023
1,140 Posts
Quote from mdsuperstar :
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
See this is helpful. Thanks

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Jun 25, 2023
372 Posts
Joined Nov 2014
Jun 25, 2023
oniserva
Jun 25, 2023
372 Posts

Our community has rated this post as helpful. If you agree, why not thank oniserva

Quote from mdsuperstar :
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
The marriage is not covered by FDIC, though. On average, they are less trustworthy than the banks.
1
4
Jun 25, 2023
391 Posts
Joined Apr 2019
Jun 25, 2023
Ajax77
Jun 25, 2023
391 Posts
Quote from Freesub1 :
What does No CD mean?
I asume no CD means High Yield Savings, which gives you more flexibility than a CD account.
Jun 25, 2023
220 Posts
Joined Mar 2016
Jun 25, 2023
rowmean77
Jun 25, 2023
220 Posts
Quote from LawrenceT6420 :
If I transfer $400,000 is it protected by fdic?
$250k only I believe is insured.
Jun 25, 2023
706 Posts
Joined Oct 2022
Jun 25, 2023
HappyDome8591
Jun 25, 2023
706 Posts
Quote from PeteyTheStriker :
If they are smart stocking up on cash to buy a ton of things after the economy hits rock bottom as well as be able to keep themselves a float, all depends how good their management is. We already seen at least 5 banks have crappy management and they collapsed.
Actually not necessarily have anything to do with management. When rates go up the existing bonds lose value. So most of the banks with any bond (treasury or mortgage) holdings are under water on the books. The only difference is who is being forced to cash out. Take any bank out there and if you can get people to withdraw money at the same time, it will go under, regardless how who's managing it.

And getting new deposits in a locked CD is a good way to shore up their cash positions. I wonder if they are under stress which is why they are offering such high interest rate compared to similar size peers. (Just speculations, I don't have any involvement or financial interest with this firm)
Jun 25, 2023
235 Posts
Joined Mar 2015
Jun 25, 2023
WaitWhaat
Jun 25, 2023
235 Posts
"*Rates are subject to change at any time" So you open at 5.xx and starting the second month they apply 0.xx . 😉😁
Last edited by WaitWhaat June 25, 2023 at 02:05 PM.
1
Jun 25, 2023
566 Posts
Joined Oct 2007
Jun 25, 2023
The Profit
Jun 25, 2023
566 Posts
Quote from Ajax77 :
I asume no CD means High Yield Savings, which gives you more flexibility than a CD account.
Yes, but the rates will go down when the Fed lowers, while CD is locked in for the term...
Jun 25, 2023
40 Posts
Joined Sep 2017
Jun 25, 2023
Bm335coupe
Jun 25, 2023
40 Posts
When the cd matures, how much money can we electronically transfer per day? I hate these small banks that put small amounts cap and makes things so much harder to transfer

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Jun 25, 2023
1,618 Posts
Joined Dec 2011
Jun 25, 2023
Dilbertic
Jun 25, 2023
1,618 Posts
Be great if they had a bank rating system, some of these banks are hard to deal with and some you shouldn't be trusting, hard to tell with all these new banks popping up..

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