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The bottom line: Forbright Bank is a good option for those seeking competitive CD rates, specifically one a 1-year term. While you can open a CD online, you must visit one of the branches in person for other types of accounts. Forbright Bank may also appeal to people who value sustainable and eco-friendly banking.
Forbright Bank Review: Overall Rating
FeatureInsider Rating (out of 5)CD3.5Bright Savings3.5Sprout Savings4Checking4Money Market Account3.75Trustworthiness5Total4
Forbright Bank Pros and Cons
ProsCons
Eco-friendly bank
High interest rates on various accounts
Online CDs are available regardless of where you live in the US
Unlimited refunds for fees charged by out-of-network ATMs
No monthly service fees or overdraft fees on checking account
Limited CD termsLow-rated mobile appLimited ATM and branch network High minimum deposit for its money market account; you also need a $250,000 combined balance to qualify for the accountMust visit a branch to open an account, excluding CDs
About Forbright Bank
Formerly known as Congressional Bank, Forbright is a bank and lender with a strong emphasis on sustainability and decarbonization. Since its launch, the environmentally friendly bank has financed businesses and clean energy projects that share its vision of driving environmental change. Forbright Bank has also committed to maintaining carbon neutrality in its business operations.
Forbright Bank has four full-service branches in Maryland and Virginia, open weekdays from 9 a.m. to 5 p.m. You can also visit a Service Hub, which offers in-person assistance for various services. Its hours vary by location.
You can reach Forbright Bank customer service from Monday to Friday, 9 a.m. to 8 p.m. ET, via phone and email.
The Forbright Bank mobile app has received subpar reviews in the Google Play store (2.3 out of 5) and Apple store (1.8 out of 5). However, both apps display ratings from fewer than 10 users, which should be considered when assessing its overall performance.
Forbright is a Member FDIC bank, so deposits are insured for up to $250,000 per owner, per category. This means that even if Forbright shuts down, your insured money is safe.
Is Forbright Bank Trustworthy?
Forbright Bank is accredited by the Better Business Bureau (BBB), which gives the bank an A+ grade. It’s worth noting that BBB ratings may not necessarily align with your experience with the bank. Rather, the BBB rating indicates how well a company handles customer complaints, its longevity in the industry, and its adherence to ethical business practices.
Forbright Bank hasn’t undergone any recent lawsuits or controversies.
Forbright Bank FAQs
Is Forbright Bank legit?
Yes, Forbright Bank is FDIC-insured, meaning that if the bank ever shuts down, up to $250,000 is protected (or $500,000 for a joint account). Forbright Bank is also BBB-accredited with an A+ grade.
What was Forbright Bank formerly known as?
In 2021, Congressional Bank rebranded itself as Forbright Bank, a full-service bank and lender focused on sustainable and ethical banking.
What does Forbright bank do?
Forbright Bank offers personal and business banking, credit cards, and lending services.
Is Forbright an online bank?
You can access your Forbright Bank account via web browser and mobile app. You’re able to open a CD online, but you can only open a savings, checking, or money market account in one of its four branches.
Forbright Bank Account Reviews
Forbright Bank Online CDs
Forbright Online CD – Product Name Only rates range from Forbright Online CD – APY APY, and it has one of the best 1-year CD rates out there. It only has 1-year, 2-year, 3-year, and 5-year terms, though, so you’ll need to look elsewhere for a different term length.
Forbright Bank Bright Savings Account
The Forbright Bank Bright Savings Account – Product Name Only pays 3.50% APY on balances under $250,000, and 4.25% APY on balances of $250,000 or more. This account does require a minimum deposit of Forbright Bank Bright Savings Account – Minimum Deposit, but there is Forbright Bank Bright Savings Account – Fees Display.
Bright Savings may be right for you if you carry a larger balance, especially if you have a joint account so you’re insured for more than $250,000.
Forbright Bank Sprout Savings Account
With Forbright Bank Sprout Savings Account – Fees Display and a minimum deposit of Forbright Bank Sprout Savings Account – Minimum Deposit, the Forbright Bank Sprout Savings Account – Product Name Only is a cost-effective option. It pays 4.25% APY for balances under $10,000, but only 0.80% APY on higher balances. Those with smaller balances may prefer Sprout Savings over Bright Savings.
Forbright Bank Bright Checking Account
The Forbright Bank Bright Checking Account – Product Name Only has a minimum opening deposit of Forbright Bank Bright Checking Account – Minimum Deposit, Forbright Bank Bright Checking Account – Fees Display, and no overdraft fees. On top of that, accounts with $2,500 or more earn Forbright Bank Bright Checking Account – APY APY, making it a strong high-yield checking account.
While Forbright Bank only has ATMs in Maryland and Virginia, you’ll receive unlimited reimbursements for fees charged by out-of-network ATMs.
Forbright Bank Platinum Money Market Account
The Forbright Bank Platinum Money Market Account – Product Name Only offers a competitive Forbright Bank Platinum Money Market Account – APY APY, and it refunds fees charged by out-of-network ATMs. It also allows you to access your money with a debit card or paper checks.
However, you need a $250,000 “relationship balance” to qualify for this account. A relationship balance is the combined balance in all of your Forbright accounts. It also has a Forbright Bank Platinum Money Market Account – Minimum Deposit minimum deposit, and you’ll pay a Forbright Bank Platinum Money Market Account – Fees Display if your balance dips below $2,500 on any day of your billing cycle.
How Forbright Bank Compares
Forbright Bank vs. CIT Bank
CIT Bank operates entirely online, so it could be a good fit if you’re tech-savvy and prefer to do all of your banking online. In contrast, Forbright Bank might appeal to those in the DC, Maryland, or Virginia area who prefer to do banking in person. It may also be an attractive option to those seeking an eco-conscious bank.
CIT Bank offers several types of CDs, including an 11-month no-penalty CD that pays CIT Bank No Penalty 11-Month CD – APY APY. In contrast, Forbright Bank exclusively offers traditional CDs.
CIT doesn’t have an ATM network, but it refunds up to $30 per month in ATM fees. Meanwhile, Forbright has a small network and reimburses an unlimited amount in ATM fees each month.
Forbright Bank vs. Ally Bank
Ally Bank offers access to 43,000 ATMs nationwide, but it doesn’t have in-person branches. Forbright Bank only offers four full-service branches. So if you prefer banking with an environmentally friendly bank in person, and you live near a branch, consider Forbright.
Ally offers several types of CDs that pay Ally High Yield CD – APY APY. It’s a good choice if you want options, but Forbright pays a higher 1-year CD rate.
Why You Should Trust Us: How We Reviewed Forbright Bank
At Personal Finance Insider, we understand the importance of finding a trustworthy and quality bank to house your funds. That’s why we’re committed to delivering thoroughly researched, helpful content to help you make the most informed decision.
We review bank accounts by looking at several categories, including affordability, interest rates, customer service, ethics, mobile app ratings, and other factors based on the type of account. Each account receives a final score from 0 to 5.
You can learn more about how we rate banking products by visiting our bank account methodology and CD methodology pages. Check out our editorial standard page if you’re curious how we write reviews for other types of products.