Forbright Bank Review 2024

If you’re looking for a bank that aligns with your environmental values ​​while offering competitive rates, Forbright Bank may be worth considering. This Maryland financial institution combines traditional banking with a commitment to green initiatives and climate change solutions.

While Forbright has limited branches in Maryland and Virginia, it is making a name for itself in the digital banking space with online-only accounts that offer impressive returns. Whether you’re local to the area or just looking for competitive rates, here’s what you need to know about Forbright Bank offers.

Forbright Bank is a traditional financial institution that offers a modern, eco-conscious approach to banking. Founded in Maryland, it serves local customers through DMV branches while offering select digital banking products nationally.

Forbright Bank rates and products

Let’s look at Forbirght’s personal banking solutions and see how they stack up in today’s competitive market.

The Bright Checking account offers something rarely found in traditional checking accounts: the potential to earn up to 4.25% annual percentage yield (APY). Here’s what makes it stand out:

• A minimum opening deposit of $25
• No monthly maintenance fees
• Unlimited discounts on ATM fees
• Tired interest that rewards higher balances:
  • 3.50% APY on balances between $2,500 and $249,999
  • 4.25% APY on balances of $250,000 or more

For those who don’t need interest-earning features, the Root Checking account offers a more basic option with the same $25 minimum deposit requirement. Both accounts require a branch visit to open, which limits accessibility if you live outside the Forbright service area.

Although these accounts offer attractive features, there are some drawbacks. Smaller balances don’t earn interest, and you’ll need a significant balance ($250,000) to earn the highest APY. The bank also charges fees for overdrafts, non-sufficient funds (NSF) and paper statements.

If you want to earn competitive rates while maintaining easy access to your money, the Platinum Money Market account is worth considering. Here’s what you need to know:

• 4.25% APY
• Minimum opening deposit of $2,500
• $10 monthly maintenance fee (available with minimum balance)
• Includes debit card access
• Unlimited discounts on ATM fees
• No transaction limits (unusual for money market accounts)

This account’s unique combination of high returns and unlimited transactions sets it apart. While the majority money market accounts limit monthly transactions, Forbright lets you move money as needed without penalty.

The main hurdle is the $2,500 minimum deposit and balance requirement to avoid the monthly maintenance fee. While this may be steep for some savers, the high APY and flexible access could make this worthwhile for those who can qualify.

Forbright offers three savings accounts, each accommodating different goals and preferences.

Bright Savings is offered at the branch and has no monthly maintenance fee and no minimum balance requirement. That said, balances under $249,999 earn 3.50% APY, and all others earn 4.25%.

You also have access to an ATM card, which you can use to make penalty-free withdrawals at Forbright ATMs or receive unlimited ATM fee refunds for out-of-network withdrawals.

This account shares all the features of Bright Savings, except for the minimum initial deposit and your potential. of gain. You’ll need just $1 to get started and earn 4.25% on all balances under $10,000.

But if you carry more, your potential earning is limited to just 0.80% APY. Sprout Savings is only accessible at a branch location.

This fee-free option is only accessible digitally and you will not have access to an ATM. Instead, you must initiate account transfers online to withdraw funds. Still, it pays a high APY of 5.00%, making the account worth considering if you don’t need access to cash frequently.

The Forbright CD range focuses on terms from nine to 60 months with some interesting features. Here’s a breakdown of their rates as of November 2024:

The CD program is notable for offering the highest short-term rate, making it attractive to those who don’t want to lock up their money for the long term. All CDs require a minimum deposit of $1,000, which is relatively standard in the industry. Early withdrawal penalties apply:

• Terms under 24 months: Three months interest
• Terms 24 months and more: six months interest

Other Forbright Bank products and services

Beyond core banking, Forbright offers several specialized products for residents of the DC metro area.

Retirement accounts

• IRA savings account
• IRA CDs

Credit cards

• Reward points card
• Cashback options
• Student credit card
• Credit card

Business services

• Business checking and savings accounts
• Business CDs
• Credit cards
• Treasury management services
• Institutional green deposits

Forbright Bank’s digital experience and customer support

Forbright Bank has three branches in Maryland and Virginia, open Monday through Friday from 9:00 AM to 5:00 PM ET, four ATM locations and three self-service hub locations. It also offers a mobile app for Android and Apple devices to help you manage your money easily.

The bank offers telephone support weekdays from 9:00 am to 8:00 pm ET for general banking questions, with slightly extended hours – 8:00 am – 8:00 pm ET – for growth savings accounts. However, there is no weekend support or online chat, which could be inconvenient for customers who need support outside of business hours.

The mobile app receives generally positive reviews on Google Play, with users praising its ease of use but noting occasional login difficulties and support challenges. App Store ratings are somewhat lower, with similar feedback about the user-friendly interface, but concerns about account verification and communication issues.

Despite having an A+ rating and accreditation from the Better Business Bureau, Fulbright’s customer rating on the platform is just 2.25 out of 5 (although based on only 24 customer reviews, all of which have been resolved and closed) .

If you live in the Washington, DC metro area and prefer an in-person banking experience, Forbright Bank may be ideal. Its focus on the environment is also a good option if sustainability and climate change are important to you.

You can also access high-yield savings accounts and CDs, as these products are available online to consumers nationwide. But if you’re interested in another type of account that isn’t offered digitally or live outside the DMV area, you’ll want to look elsewhere for a bank.

Every bank review we publish has undergone a rigorous editorial process to ensure accuracy and objectivity. Learn more about our methodology here.