When it comes to choosing a bank, it’s important to consider the services and benefits they offer. With so many options available, how do you know which bank is right for you? In this review, we will take a closer look at Forbright Bank and provide an overview of their services and benefits.
Finding the right bank can make a big difference in managing your finances effectively. Forbright Bank is a well-established financial institution that aims to provide a wide range of services tailored to meet the needs of their customers. Whether you are looking for a simple checking account or more complex investment opportunities, Forbright Bank has you covered.
In this review, we will delve into the various services and benefits that Forbright Bank offers. From their online banking platform to their competitive interest rates, we will explore how Forbright Bank can help you achieve your financial goals. So, if you’re in the market for a new bank, keep reading to find out if Forbright Bank is the right choice for you.
Forbright Bank
Forbright Bank is a community bank headquartered in Potomac, Maryland. It was founded in 2003 and is the third largest bank in the state of Maryland. Forbright Bank offers a variety of personal and business banking products and services, including checking and savings accounts, CDs, loans, and investment services.
Forbright Bank is known for its competitive interest rates, low fees, and commitment to sustainability. The bank offers some of the highest CD rates in the country, and its savings accounts also earn high interest. Forbright Bank also charges no monthly fees for most of its accounts, and it reimburses customers for all ATM fees charged by other banks.
Also Read: Best NeoBanks: A Guide to Digital Banking.
Forbright Bank is also a leader in sustainable banking. The bank invests in sustainable projects and initiatives, and it has vowed to remain carbon neutral. Forbright Bank has also earned fossil-free certification from the nonprofit organization, Bank. Green.
Forbright Bank Pros and Cons
Pros:
- Competitive interest rates on CDs and savings accounts
- Low fees
- Commitment to sustainability
- FDIC insured
Cons:
- Limited branch network (only 6 branches in Maryland)
- Must visit a branch in-person to open some types of accounts
Forbright Bank Accounts
Forbright Bank offers a variety of personal and business banking products and services, including:
- Checking accounts: Forbright Bank offers a variety of checking accounts, including Bright Checking, which offers competitive interest rates and no monthly maintenance fees, and Sprout Checking, which is a checking account for children and young adults under the age of 18.
- Savings accounts: Forbright Bank offers two types of savings accounts: Bright Savings and Sprout Savings. Bright Savings is a tiered savings account that offers a higher interest rate on higher balances, while Sprout Savings is a savings account for children and young adults under the age of 18.
- Certificates of deposit (CDs): Forbright Bank offers a variety of CD terms and interest rates. CD terms range from 12 months to 60 months, and interest rates are competitive. Forbright Bank also offers a bonus rate for CDs opened online.
- Money market accounts: Forbright Bank offers a money market account that offers a competitive interest rate and check-writing capabilities.
- Business accounts: Forbright Bank offers a variety of business banking accounts, including checking and savings accounts, loans, and investment services.
Who Should Choose Forbright Bank?
Forbright Bank is a good choice for people who are looking for a bank with competitive interest rates, low fees, and a commitment to sustainability. The bank is also a good choice for people who live in the Maryland area, as it has a limited branch network.
Overall, Forbright Bank is a reputable community bank with a strong focus on sustainability. It offers a variety of personal and business banking products and services at competitive rates and fees.
About Fees
Forbright Bank is known for its low fees. Most of its accounts have no monthly maintenance fees, and it waives fees for other services, such as ATM withdrawals. However, there are a few fees that Forbright Bank customers should be aware of, including:
- Overdraft fees: Forbright Bank charges a $32 overdraft fee per item presented.
- Non-sufficient funds (NSF) fees: Forbright Bank charges a $32 NSF fee per item presented.
- Uncollected funds fees: Forbright Bank charges a $32 uncollected funds fee per item presented.
- Wire transfer fees: Forbright Bank charges a $25 fee for domestic wire transfers and a $45 fee for international wire transfers.
- Safe deposit box fees: Forbright Bank charges a monthly fee for safe deposit boxes, ranging from $10 to $50 depending on the size of the box.
Forbright Bank also charges a few miscellaneous fees, such as a $10 account closing fee and a $10 account verification fee. Customers can view a complete list of Forbright Bank fees on the bank’s website.
How to Avoid Forbright Bank Fees
There are a few ways to avoid Forbright Bank fees:
- Maintain a minimum balance in your checking account: Forbright Bank waives the monthly maintenance fee for its Bright Checking account if you maintain a minimum balance of $2,500.
- Use direct deposit: Forbright Bank waives the monthly maintenance fee for its Bright Checking account if you have direct deposit set up.
- Avoid overdrafts and NSFs: Forbright Bank charges a high fee for overdrafts and NSFs. To avoid these fees, make sure you have enough money in your account to cover your checks and debit card purchases.
- Use Forbright Bank ATMs: Forbright Bank reimburses customers for all ATM fees charged by other banks. To avoid ATM fees, use Forbright Bank ATMs whenever possible.
Overall, Forbright Bank has low fees compared to other banks. However, there are a few fees that customers should be aware of, such as overdraft fees and NSF fees. Customers can avoid these fees by maintaining a minimum balance in their checking account, using direct deposit, and avoiding overdrafts and NSFs.
About Savings Accounts
Forbright Bank offers two types of savings accounts: Bright Savings and Sprout Savings.
Bright Savings is a tiered savings account that offers a higher interest rate on higher balances. The minimum opening deposit is $1, and there is no monthly maintenance fee. Bright Savings account holders also have access to unlimited ATM fee reimbursements.
Sprout Savings is a savings account for children and young adults under the age of 18. It offers a competitive interest rate on balances up to $10,000. Any additional portion of the balance earns a lower interest rate. There is no minimum opening deposit for Sprout Savings, and there is no monthly maintenance fee. Sprout Savings account holders also have access to unlimited ATM fee reimbursements.
Forbright Bank Savings Account Interest Rates
As of October 9, 2023, Forbright Bank offers the following interest rates on its savings accounts:
Bright Savings
- Tier 1: 0.80% APY on balances up to $250,000
- Tier 2: 4.25% APY on balances over $250,000
Sprout Savings
- 4.25% APY on balances up to $10,000
- 0.80% APY on balances over $10,000
Forbright Bank Savings Account Fees
Forbright Bank charges no monthly maintenance fees for its Bright Savings or Sprout Savings accounts. There is also no minimum opening deposit for either account. However, Forbright Bank does charge a $10 account closing fee.
About Certificate of Deposits
Forbright Bank offers a variety of certificate of deposit (CD) terms and interest rates. CD terms range from 12 months to 60 months, and interest rates are competitive. Forbright Bank also offers a bonus rate for CDs opened online.
Forbright Bank CD Terms and Interest Rates
As of October 9, 2023, Forbright Bank offers the following CD terms and interest rates:
| Term | Interest Rate | APY |
|---|---|---|
| 12 months | 5.505% | 5.65% |
| 24 months | 2.957% | 3.00% |
| 36 months | 2.957% | 3.00% |
| 60 months | 2.957% | 3.00% |
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Forbright Bank CD Features
Forbright Bank CDs offer the following features:
- Competitive interest rates
- Flexible terms (12 to 60 months)
- Bonus rate for CDs opened online
- FDIC insured up to $250,000 per depositor, per account ownership type
Forbright Bank CD Fees
Forbright Bank charges a penalty fee for early withdrawals from CDs. The penalty fee is equal to three months of interest for CDs with terms less than 24 months, and six months of interest for CDs with terms of 24 months or more.
Overall, Forbright Bank offers a variety of CD terms and interest rates to choose from. Forbright Bank CDs are a good option for savers who are looking for a safe and secure way to earn a competitive interest rate on their savings.
Who Should Choose Forbright Bank CDs?
Forbright Bank CDs are a good choice for savers who are looking for a safe and secure way to earn a competitive interest rate on their savings. Forbright Bank CDs are also a good choice for savers who are willing to tie up their money for a set period of time.
How to Choose the Right Forbright Bank CD
When choosing a Forbright Bank CD, you should consider the following factors:
- Term: How long are you willing to tie up your money?
- Interest rate: What interest rate are you looking for?
- Fees: Are there any fees associated with the CD?
- Features: What features are important to you, such as a bonus rate for opening online or the ability to withdraw interest early without penalty?
About Checking Accounts
Forbright Bank offers two types of checking accounts: Bright Checking and Sprout Checking.
Bright Checking is a standard checking account that offers a competitive interest rate and no monthly maintenance fees. Bright Checking account holders also have access to unlimited ATM fee reimbursements.
Sprout Checking is a checking account for children and young adults under the age of 18. It offers a competitive interest rate on balances up to $10,000. Any additional portion of the balance earns a lower interest rate. There is no minimum opening deposit for Sprout Checking, and there is no monthly maintenance fee. Sprout Checking account holders also have access to unlimited ATM fee reimbursements.
Forbright Bank Checking Account Features
Both Bright Checking and Sprout Checking accounts offer the following features:
- Competitive interest rates
- No monthly maintenance fees
- Unlimited ATM fee reimbursements
- Check writing capabilities
- Online banking and mobile app access
Forbright Bank Checking Account Fees
Forbright Bank charges no monthly maintenance fees for its Bright Checking or Sprout Checking accounts. There is also no minimum opening deposit for either account. However, Forbright Bank does charge the following fees:
- Overdraft fee: $32 per item presented
- Non-sufficient funds (NSF) fee: $32 per item presented
- Uncollected funds fee: $32 per item presented
- Wire transfer fee: $25 for domestic wire transfers, $45 for international wire transfers
- Safe deposit box fee: $10 to $50 per month, depending on the size of the box
Overall, Forbright Bank checking accounts are a good option for people who are looking for a checking account with competitive interest rates, low fees, and unlimited ATM fee reimbursements. Both Bright Checking and Sprout Checking accounts offer good features and benefits, but the best account for you will depend on your individual needs and goals.
Who Should Choose Forbright Bank Checking Accounts?
Forbright Bank checking accounts are a good choice for people who are looking for a checking account with competitive interest rates, low fees, and unlimited ATM fee reimbursements. Forbright Bank checking accounts are also a good choice for people who live in the Maryland area, as the bank has a limited branch network.
How to Choose the Right Forbright Bank Checking Account
When choosing a Forbright Bank checking account, you should consider the following factors:
- Interest rate: What interest rate are you looking for?
- Fees: Are there any fees associated with the account?
- Features: What features are important to you, such as unlimited ATM fee reimbursements or check writing capabilities?
- Branch access: How important is it to you to have access to a physical branch?
About Money Market Accounts
This account offers a competitive interest rate and check-writing capabilities.
Forbright Money Market Account Features
The Forbright Money Market Account offers the following features:
- Competitive interest rate
- No monthly maintenance fee (with a minimum balance of $2,500)
- Check writing capabilities
- Online banking and mobile app access
- Unlimited ATM fee reimbursements
Forbright Money Market Account Fees
Forbright Bank charges no monthly maintenance fee for its Money Market Account if you maintain a minimum balance of $2,500. If you do not maintain a minimum balance of $2,500, a monthly maintenance fee of $10 will be charged.
Forbright Bank also charges the following fees for its Money Market Account:
- Overdraft fee: $32 per item presented
- Non-sufficient funds (NSF) fee: $32 per item presented
- Uncollected funds fee: $32 per item presented
- Wire transfer fee: $25 for domestic wire transfers, $45 for international wire transfers
- Safe deposit box fee: $10 to $50 per month, depending on the size of the box
Overall, the Forbright Money Market Account is a good option for people who are looking for a money market account with a competitive interest rate, check-writing capabilities, and unlimited ATM fee reimbursements. However, it is important to note that there is a monthly maintenance fee if you do not maintain a minimum balance of $2,500.
About Business Accounts
Forbright Bank offers a variety of business banking accounts, including:
- Business Checking: Forbright Bank offers a variety of business checking accounts, including Business Bright Checking, which offers competitive interest rates and no monthly maintenance fees, and Sprout Business Checking, which is a checking account for small businesses and startups.
- Business Savings: Forbright Bank offers two types of business savings accounts: Business Bright Savings and Sprout Business Savings. Business Bright Savings is a tiered savings account that offers a higher interest rate on higher balances, while Sprout Business Savings is a savings account for small businesses and startups.
- Business Certificates of Deposit (CDs): Forbright Bank offers a variety of CD terms and interest rates for businesses. CD terms range from 12 months to 60 months, and interest rates are competitive. Forbright Bank also offers a bonus rate for CDs opened online.
- Business Money Market Accounts: Forbright Bank offers a money market account for businesses that offers a competitive interest rate and check-writing capabilities.
- Business Loans: Forbright Bank offers a variety of business loans, including small business loans, commercial loans, and equipment loans.
What are the Top Competitors of Forbright Bank?
The top competitors of Forbright Bank are:
- CFG Community Bank
- BayVanguard Bank
- 1st Mariner Bank
- Woodsboro Bank
- Howard Bank
- Old Line Bank
- Community Bank of Maryland
- Bank of America
- Wells Fargo
- JPMorgan Chase & Co
- Capital One
Here is a comparison of Forbright Bank, CFG Community Bank, BayVanguard Bank, 1st Mariner Bank, and Woodsboro Bank:
| Bank | Interest Rates | Fees | Number of Branches |
|---|---|---|---|
| Forbright Bank | 5.67% APY on 12-month CD, 5.25% APY on High Yield Money Market Account | No monthly maintenance fee on most accounts, $32 overdraft fee | 6 branches in Maryland |
| CFG Community Bank | 5.62% APY on 12-month CD, 5.12% APY on High Yield Money Market Account | No monthly maintenance fee on most accounts, $32 overdraft fee | 15 branches in Maryland |
| BayVanguard Bank | 5.65% APY on 12-month CD, 5.20% APY on High Yield Money Market Account | No monthly maintenance fee on most accounts, $32 overdraft fee | 12 branches in Maryland |
| 1st Mariner Bank | 5.60% APY on 12-month CD, 5.15% APY on High Yield Money Market Account | No monthly maintenance fee on most accounts, $32 overdraft fee | 103 branches in Maryland, Delaware, and Pennsylvania |
| Woodsboro Bank | 5.55% APY on 12-month CD, 5.10% APY on High Yield Money Market Account | No monthly maintenance fee on most accounts, $32 overdraft fee | 5 branches in Maryland |
As you can see, all five banks offer competitive interest rates on their CDs and money market accounts. They also all have low fees and no monthly maintenance fees on most accounts. However, 1st Mariner Bank has the largest branch network, with over 100 branches in Maryland, Delaware, and Pennsylvania. Woodsboro Bank has the smallest branch network, with only 5 branches in Maryland.
These banks offer similar products and services to Forbright Bank, such as checking and savings accounts, CDs, loans, and investment services. They also have a presence in the Maryland area.
When choosing a bank, it is important to compare the interest rates, fees, features, and customer service of different banks. It is also important to consider your individual needs and goals. For example, if you are looking for a bank with a strong commitment to sustainability, Forbright Bank is a good option. If you are looking for a bank with a large branch network, Bank of America or Wells Fargo may be a better choice.
