CFG Bank offers a 1-year CD with 5.28% APY

Recommends CFG 5.28 APY Smaart Company Accounting, Tax, & Insurance Services Smaart Company Accounting, Tax, & Insurance Services

Not only have a number of Fed rate hikes over the past year and a half increased the cost of borrowing, but savers have also seen savings account APYs increase. Currently, the national average savings rate is 0.40% – compared to 0.07% just a year ago.

The same applies to the prices of Certificates of Deposit (CD). In May 2022, the national average one-year certificate of deposit rate was 0.21%. Since then, that average has risen to 1.59%, with many banks and credit unions offering far above the national average.

One of the biggest contenders right now: CFG Bank’s 12-month CD.

CFG Bank: 1-year CD offers 5.28% APY

Founded in 2009, CFG Bank is a Maryland-based bank that offers one- to five-year CDs, as well as money market accounts, traditional checking accounts, and commercial banking products. They have a few physical locations throughout Maryland, though customers can also transact with CFG online or via a mobile app.

Right now, CFG’s 1-year CD offers 5.28% APY — just over three times the national average. Savers who wish to take advantage of this APY can open an account online or at a physical CFG branch.

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Minimum opening deposit: $500

1-year APY: 5.28%

The penalty: 90 days of simple interest

Savers will need to make a minimum opening deposit of $500, but no more than $500,000, and maintain a minimum daily balance of $500 to earn 5.28% APY. If required, account holders can make withdrawals within the first 30 days. However, after this point, any withdrawals will result in a penalty.

CD pros and cons

CDs work a little differently than a traditional savings account. As such, it may not be the right account type for every saver. Some of the pros and cons to consider include:

  • Higher rates than a traditional savings account: CDs require that you commit to locking up your money for the duration of your term. For this reason, these accounts typically offer a higher APY than traditional savings accounts.
  • CDs offer a fixed rate of interest: Unlike a traditional savings or money market account, CDs offer a fixed rate of interest. Savers who prefer stability and do not want to be exposed to the effects of federal rate hikes or market volatility may prefer a CD for this reason.
  • Locking yourself to a CD may keep you from higher rates: One potential downside to CDs is that having a fixed interest rate may also prevent you from earning the highest possible APY if rates go up.
  • CDs do not offer the same liquidity as other means of savings: Savers who want more of a safety net and prefer access to their money might consider choosing a savings account that does not penalize them for making a withdrawal before a certain time. Although there are no penalty CDs, most CDs will fine savers for withdrawing the CD before their CD is mature.


CDs can be part of a profitable savings strategy for savers who are willing to secure their money for a set period of time. With many financial institutions offering APYs well above the national average, savers may want to consider keeping their savings in a CD to increase their savings.

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