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Forbright Bank Review: 'Fossil-Free' Green Banking With High APYs on Savings and CDs

Review Updated
Ashley Maready
Fact Checked: Ashley Maready
Ashley Maready
Ashley Maready
Writer and Editor

Ashley Maready is a former history museum professional who made the leap to digital content writing and editing in 2021. She has a BA in History and Philosophy from Hood College and an MA in Applied History from Shippensburg University. Ashley loves creating content for the public and learning new things so she can teach others, whether it's information about salt mining, canal mules, or personal finance.

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Many or all of the products here are from our partners that compensate us. It’s how we make money. But our editorial integrity ensures that our product ratings are not influenced by compensation. Terms may apply to offers listed on this page. APY = Annual Percentage Yield. APYs are subject to change at any time without notice.

If you want to keep your money with a "green bank," Forbright Bank can help you earn a higher yield on your savings while helping the planet. This bank is certified as "Fossil-Free," because it does not provide loans to any fossil fuel projects, such as oil companies or coal mines.

Forbright Bank also offers some of the best savings account APYs and CD rates that we've found -- read on for more details.

  • Our team of experts assessed 100+ banking institutions
  • We evaluate all banking institutions across the same 4 key criteria: annual percentage yield (APY), brand reputation, fees and minimum requirements, and additional perks
  • Our bank ratings are never influenced by our advertising partners
  • We strictly feature products that offer federal insurance and high customer satisfaction, keeping our recommendations unbiased

Savings accounts

Forbright Bank offers several savings accounts. Its high-yield savings account (Growth Savings) can be opened online, and a few other savings accounts can only be opened at a Forbright Bank branch.

Ratings Methodology
Rates as of Dec 20, 2024

Forbright Bank Growth Savings

Member FDIC.
Rating image, 4.50 out of 5 stars.
4.50/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Rating image, 4.50 out of 5 stars.
4.50/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
APY
4.60%
Min. To Earn APY
$0.01
  • One of the highest APYs for savings accounts
  • No account maintenance fees or minimum balances
  • Unlimited transfers to move money from your account
  • No ATM access

The Growth Savings account pays the highest APY of any savings account at Forbright Bank. It can be opened online and accessed via mobile app. With this account, you won't get a debit card or ATM access. But you get unlimited transfers and yields that are competitive with the best savings accounts.

The Forbright Bank Growth Savings account is Forbright Bank's high-yield online savings account, with an APY that is competitive with the best savings accounts and money market accounts. You can open a Growth Savings account online or at a Forbright Bank branch, and access your account via the Forbright Bank mobile app.

There is no minimum balance for a Growth Savings account, and no fees or monthly charges. You get unlimited transfers to move money out of your Growth Savings account to a linked external bank account at any time. But if you want ATM access or a debit card, the Growth Savings account does not provide them.

Ratings Methodology
Rates as of Dec 20, 2024

Forbright Bank Bright Savings

Member FDIC.
APY
up to 4.25% Rate info Circle with letter I in it. Balances of $0 to $249,999 earn 3.50% APY. Balances of $250,000 and up earn 4.25% APY.
Min. To Earn APY
$0.01
  • Free ATM access (including non-Forbright ATMs)
  • Decent APYs (especially for balances over $250,000)
  • No monthly maintenance fees
  • No minimum balances after opening
  • APYs are lower than the Growth Savings account
  • Must open the account at a Forbright Bank branch

Forbright Bank's Bright Savings account can only be opened at a branch, so it's a better fit for customers who live near the bank's Maryland or Virginia locations. There are no monthly account maintenance fees or minimum balances after opening, and you get free ATM access. This account's APYs are lower than the Growth Savings account, but much better than the national average. Balances over $250,000 earn a higher APY.

The Forbright Bank Bright Savings account can only be opened at a Forbright Bank branch, and it typically pays a lower APY than the digital high-yield Growth Savings account. There are no monthly maintenance fees or minimum balances for the Bright Savings account (but it does require a minimum $250 opening deposit).

Need to access cash on the go? No problem -- you use your Bright Savings account at any Forbright Bank ATMs, and get unlimited ATM fee refunds if you withdraw cash from non-Forbright Bank ATMs.

Compare savings rates

Make sure you're getting the best account for you by comparing savings rates and promotions. Here are some of our favorite high-yield savings accounts to consider.

Account APY Promotion Next Steps
3.80%
Rate info Circle with letter I in it. 3.80% annual percentage yield as of December 27, 2024. Terms apply.
Min. to earn: $0
N/A
Open Account for American Express® High Yield Savings

On American Express's Secure Website.

up to 4.00%²
Rate info Circle with letter I in it. You can earn the maximum APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.
Min. to earn: $0
New customers can earn up to a $300 bonus with qualifying direct deposits!¹
3.80%
Rate info Circle with letter I in it. See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of Dec. 6, 2024. Rates are subject to change at any time before or after account opening.
Min. to earn: $0
N/A

Certificates of deposit

Rates as of Dec. 18, 2024

APY = Annual Percentage Yield

Offer image for Forbright Bank CD
Forbright Bank CD
Bottom Line

Forbright Bank offers five CD terms ranging from nine months to five years. Its terms are competitive with CDs available from competing banks, especially for its 9-month and 12-month terms. You'll need a minimum deposit of $1,000 to open one of these CDs.

MINIMUM DEPOSIT $1,000
9 Mo. APY 1 Yr. APY 2 Yr. APY 3 Yr. APY 5 Yr. APY
5.30% 5.25% 3.00% 3.00% 3.00%

Along with its high-yield savings account, Forbright Bank offers exciting yields on certificates of deposit (CDs). Forbright Bank CDs can be opened online, nationwide -- you don't have to live near a bank branch in Maryland or Virginia.

All of Forbright Bank's CDs have fixed rates, with terms ranging from nine months to 60 months (five years). All CDs require a minimum deposit of $1,000.

Compare CD rates

Forbright Bank's 9-month CD and 1-year CD offer rates that are competitive with some of the best CDs. Its longer-term CDs tend to offer slightly lower yields. See how Forbright Bank CDs compare to other high-yield CDs.

Rates as of Dec. 18, 2024
Bank & CD Offer APY Term Min. Deposit Next Steps
APY: 4.00% Term: 1 Year Min. Deposit:  $0
Open Account for Discover® Bank CD

On Discover Bank's Secure Website.

Member FDIC.
APY: 4.25% Term: 10 Months Min. Deposit:  $2,500
Open Account for

On Secure Website.

Member FDIC.
APY: 4.25% Term: 6 Months Min. Deposit:  $500
Open Account for

On Secure Website.

Checking account

Ratings Methodology
Rates as of Dec 20, 2024

Forbright Bank Bright Checking

Member FDIC.
APY
up to 4.25% Rate info Circle with letter I in it. Balances of $0 to $2,499 earn 0% APY. Balances of $2,500 to $249,999 earn 3.50% APY. Balances of $250,000 and higher earn 4.25% APY.
Min. To Earn APY
$2,500
  • High APYs on checking account balances of $2,500 and higher
  • No monthly maintenance fees
  • No minimum balance
  • No ATM fees (even at non-Forbright ATMs)
  • Only available at Forbright Bank branches

The Forbright Bank Bright Checking account is one of the highest-yield checking accounts we've found -- but it's only available at Forbright Bank branches in Maryland and Virginia.

The Forbright Bank Bright Checking account is a high-yield checking account that's only available at Forbright Bank branches. Balances of less than $2,500 do not earn interest, but you can get a high APY on balances of $2,500-$249,999. Balances of $250,000 or more get an even higher APY. This is one of the highest-yield checking accounts available.

This checking account also charges no monthly maintenance fees and requires no minimum balance -- although there's a minimum opening balance of $25. It comes with a Forbright Bank Debit Card that gives you free ATM access at all Forbright Bank ATMs, and unlimited refunds for ATM fees at non-Forbright Bank ATMs.

Compare checking accounts

We recommend comparing checking accounts to make sure you're getting the best fit for you. Here's a list of our favorite accounts.

Account APY Promotion Next Steps
0%
Min. to earn: N/A
Earn 1% cash back on up to $3,000 in debit card purchases each month (see details when you click 'Open Account')
Open Account for Discover® Cashback Debit

On Discover Bank's Secure Website.

up to 1.10%
Min. to earn: $1
High APY when you complete 10 or more qualifying debit card purchases each month

Is Forbright Bank FDIC insured?

Yes. Forbright Bank has been FDIC insured since Oct. 17, 2003. Its FDIC certificate number is #57614. Savings accounts, CDs, checking accounts, and money market accounts are all protected by FDIC insurance at FDIC member banks.

With FDIC insurance, you can feel confident that your deposits will be safe with a bank. Even in the worst-case scenario of bank failure, deposits are insured up to $250,000 per depositor for each account ownership category.

Customer experience

Forbright Bank has been accredited by the Better Business Bureau since June 2023. As an online savings account or CD customer, you may be able to manage most of your account details via the Forbright Bank mobile app. But if you need help from a real person, the Forbright Bank customer support team is there.

Customer reviews

  • Better Business Bureau rating: A+
  • Trustpilot rating: N/A

Forbright Bank has an A+ rating from the Better Business Bureau, but has also received some negative customer reviews. Hopefully, these people's negative experiences were resolved quickly -- Forbright Bank appears to have replied to all the negative reviews and questions promptly.

Customer service

Forbright Bank has different customer service teams, phone numbers, and slightly different service hours based on your type of account.

Branch Banking: Call 888-855-7778, Monday to Friday from 9 a.m. to 9 p.m. ET (except holidays).

Forbright Bank CDs: Call 888-855-7778, Monday to Friday from 9 a.m. to 8 p.m. ET (except holidays).

Growth Savings: Call 800-550-0159, Monday to Friday from 8 a.m.-8 p.m. ET (except holidays).

Mobile app

  • App Store rating: 4.0 stars
  • Google Play rating: 5.0 stars

The quality of the Forbright Bank mobile app experience is a bit uneven. The bank offers a few different mobile apps: "Forbright Bank" has 4.0 stars on the App Store and 5.0 stars for Google Play, but it appears to only work with the Growth Savings account.

Another Forbright Bank app, called "Forbright Bank Branch," appears to work with CD accounts and checking accounts, but it has much lower ratings: 1.2 stars on the App Store, and 2.1 stars on Google Play. People have complained about persistent login issues with the "Forbright Bank Branch" app.

If you don't want to check your savings account or CD balance very often, you might not care about a few bugs in the mobile app. But if you demand frequent account access and a higher-performing mobile banking app, Forbright Bank's mobile capabilities might be a dealbreaker.

Forbright Bank relationship benefits

Unlike some banks, Forbright Bank does not offer higher relationship rate APYs if you have multiple accounts with the bank. Instead, the biggest relationship benefits of a Forbright Bank account are related to its climate impact.

If you are passionate about fighting climate change, reducing carbon emissions, divesting from fossil fuels, and funding renewable energy and sustainability projects, Forbright Bank could be a great place to keep your money.

Alternatives to Forbright Bank

Forbright Bank is not the only "green bank" fighting climate change. There are a few other banks, credit unions, and fintechs (with bank partners) that offer a similar mission -- and sometimes competitive APYs on savings accounts and CDs.

Aspiration

Aspiration is a green banking fintech. The Aspiration Spend & Save account lets you earn high interest on your cash, and earn climate-friendly rewards with your spending. You can choose to plant trees with your debit card swipes, earn rewards when shopping with a participating network of socially responsible companies, and buy carbon offsets for your driving. And Aspiration accounts are FDIC insured with its partner bank.

Climate First Bank

Climate First Bank is a community bank based in Florida with a mission to fight climate change by providing loans for solar panel installations and other renewable energy projects. And like Forbright Bank, it also offers some highly competitive APYs on savings accounts, interest-bearing checking accounts, and CDs.

Is Forbright Bank right for you?

Forbright Bank is right for you if:

  • You want some of the highest possible APYs on savings accounts or CDs.
  • You're comfortable with online banking, even if there are no local branches.
  • You want your money to help fight climate change by supporting a bank that funds renewable energy projects.

Other products by Forbright Bank

Forbright Bank doesn't only offer online savings accounts and CDs. It's a full-service bank with a wide range of financial services and banking products, including:

  • Personal loans for home energy upgrades (solar, HVAC, roofing, etc.)
  • Money market accounts: the Forbright Bank Platinum Money Market account has good APYs, but not quite as high as the best money market accounts.
  • Credit cards: Forbright Bank offers secured credit cards, a college student credit card, cash back cards, and rewards credit cards with points that can be redeemed for travel or cash.
  • Savings accounts for kids: the Sprout Savings account is for customers under the age of 18.

Our bank and credit union methodology

Our methodology for scoring banks and credit unions revolves around evaluating key aspects such as annual percentage yield (APY), brand reputation, fees and minimum requirements, and additional perks.

These criteria are weighted differently across various account types, ensuring a comprehensive assessment that reflects the competitive landscape and economic conditions.

We strictly feature products that offer federal insurance and high customer satisfaction, keeping our recommendations unbiased by advertiser influence. This robust evaluation process helps us generate balanced, reliable best-of lists that guide consumers to top financial products.

Learn more about how The Motley Fool Ascent rates bank accounts.

FAQs

  • Forbright Bank has more than $6.5 billion of assets, has been a member of the FDIC since 2003, and is FDIC insured. There is no guarantee that any bank, even the safest banks, is 100% "safe" from failure. But with Forbright Bank (or any other FDIC-insured bank), your deposits are protected against loss due to bank failure, up to $250,000 per qualifying account.

  • Forbright Bank is part of the "green banking" movement. Instead of lending money to fossil fuel companies, Forbright Bank uses its customers' deposits to make loans for affordable housing, solar panel installation, green building upgrades, and other sustainable finance projects.

  • Forbright Bank estimates that, by financially supporting energy efficiency and renewable energy projects, it helps to avoid about 30,000 metric tons of greenhouse gas emissions per year. That's about the same as taking 7,140 gas-burning cars off the road for one year.