Forbright Bank Review (2024)

Reviews / Banking

4 min Read

May 9, 2023

By Dawn Allcot

GOBankingRates Score

Forbright Bank

4.9

Pros

High 5.10% APY on 12-month online CD
Supports sustainability measures
FDIC-insured in excess of $250,000 per account through InfraFi Network Deposits

Cons

$1,000 minimum opening deposit for CDs
Limited branches in only 2 states

Overview of Forbright Bank

Forbright Bank, a traditional bank that offers high-yield online CDs, is one of just seven U.S. banks that is a signatory to the United Nations Principles for Responsible Banking. Forbright issued its first Green Bond in 2021, vows to remain carbon neutral and supports sustainability in multiple ways.

In addition to this commitment to sustainability, the bank offers high-yield online CDs that support sustainability measures, plus checking, savings, and money market accounts through a handful of brick-and-mortar branches in Maryland and Virginia.

Forbright Bank Account Offerings and Features

Forbright is a smaller bank with an emphasis on sustainability. It has limited online offerings, but Maryland and Virginia residents can visit a branch to open a checking, savings or money market account.

For online customers, Forbright offers a variety of online CDs with competitive interest rates and no fees apart from early withdrawal penalties.

Online CDs

Forbright’s online CDs stand out with competitive rates and no monthly fees. You will need $1,000 to open an online CD. You can earn the highest rate at Forbright with a 12-month CD, offering a APY. Keep in mind that early withdrawals of your principal balance will result in a penalty of three months interest for a 12-month CD, and six months interest for 24-, 36-, or 60-month CDs. No additional fees or penalties apply. However, you can withdraw interest that has accrued at any time during the term with no fees or penalties.

Other Deposit Accounts: Checking, Savings, and Money Market Accounts

Forbright offers multiple options in checking, savings and money market accounts, including:

Personal checking
Personal Now checking
Statement savings
Tiered savings
Personal money market
ICS money market
Platinum money market

All checking, savings and money market accounts have a $10 monthly fee, but you can waive those fees by holding a minimum balance in the account. All accounts, including the savings and money market accounts, include a Forbright debit card and seven free “Anywhere” atm withdrawals.

Customer Service

Forbright has three branches in Maryland and one in Virginia, all serving the DMV region. If you live in this area and want in-person service, you can visit a branch Monday through Friday, from 9 a.m. to 5 p.m., except for bank holidays.

Online account holders can reach customer service between the hours of 9 a.m. and 8 p.m. (Eastern Time), Monday through Friday by calling 888-855-7778. You can also email CustomerService@ForbrightBank.com.

For people looking for the personal service of a traditional bank combined with high APYs for online CDs, Forbright Bank offers the best of both worlds.

Sustainability

Forbright stands out for its sustainability initiatives. For consumers who want to find a bank that cares about sustainability, Forbright receives high marks. The bank invests in sustainable projects, allocating capital for sustainable energy and sustainability initiatives in the transportation, manufacturing, green building and healthcare industries. In addition, it has earned fossil-free certification from the nonprofit organization, Bank.Green and follows the United Nations Sustainable Development Goals guidelines.

Forbright has also vowed to remain carbon neutral. It provides incentives for managers and other employees to reduce their carbon footprint, offering bonuses for solar panel and electric vehicle purchases, reimbursem*nts for sustainable subscription services and rewards for taking public transit or bicycling to work.

Who Should Choose Forbright Bank

If you’re looking for a high APY for online CDs with terms of 12 to 60 months, Forbright should be a top choice. Residents in the DMV region who are looking for a local bank with low monthly fees might also consider Forbright, especially if you can meet the minimum balance requirements to have fees waived. Anyone looking for a bank that also helps support sustainability initiatives for our planet should consider opening an online CD with Forbright.

Final Note

As sustainable banking grows in popularity and importance, consumers should be able to look forward to more choices in banks that support environmental initiatives. For now, Forbright is one of only a handful of banks that tout their commitment to sustainability. This makes Forbright a popular choice among consumers. Being able to do good for the planet while earning more than 5.0% APY on your money makes Forbright an easy choice for online CDs.

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