Forbright Bank Review: 'Fossil-Free' Green Banking With High APYs on Savings and CDs
Review
Updated
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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.
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.
Forbright Bank Growth Savings
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.
Forbright Bank Bright Savings
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.
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 |
|---|---|---|---|
Open Account for SoFi Checking and Savings
On SoFi's Secure Website.
Rating image, 4.50 out of 5 stars.
4.50/5
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 |
up to 3.80%²
Rate info
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
|
Open Account for SoFi Checking and Savings
On SoFi's Secure Website. |
Open Account for CIT Platinum Savings
On CIT's Secure Website.
Rating image, 4.50 out of 5 stars.
4.50/5
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 |
4.10% APY for balances of $5,000 or more
Rate info
4.10% APY for balances of $5,000 or more; otherwise, 0.25% APY
Min. to earn: $100 to open account, $5,000+ for max APY
|
Earn a bonus of at least $225 after a one-time deposit of $25,000+.
Transfer a one-time deposit of $25,000-$49,999.99 for a bonus of $225. Transfer a one-time deposit of $50,000+ for a bonus of $300. Account must be opened with code PS2025 while this promotion lasts, and funded within 30 days. Bonus will be fulfilled within 60 days from the funding date. There is no period of time where the customer will be required to maintain the funds. Account must be open when bonus is credited. One bonus per account and primary customer. Bonus will be credited into the Platinum Savings Account that fulfills the funding requirement. Funding can be deposited all at once or incrementally.
|
Open Account for CIT Platinum Savings
On CIT's Secure Website. |
Open Account for American Express® High Yield Savings
On American Express's Secure Website.
Rating image, 4.00 out of 5 stars.
4.00/5
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 |
3.70%
Rate info
3.70% annual percentage yield as of April 5, 2025. Terms apply.
Min. to earn: $0
|
N/A
|
Open Account for American Express® High Yield Savings
On American Express's Secure Website. |
SoFi disclosure:
¹ New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/26. See full bonus and annual percentage yield (APY) terms at sofi.com/banking#1.
² SoFi members who enroll in SoFi Plus with Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi Plus members are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. See the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus.
³ We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Checking & Savings Fee Sheet for details at sofi.com/legal/banking-fees/.
⁴ SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC’s regulations.
Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at SoFi.com/banking/fdic/sidpterms. See list of participating banks at SoFi.com/banking/fdic/participatingbanks.
⁵ We’ve partnered with Allpoint to provide you with ATM access at any of the 55,000+ ATMs within the Allpoint network. You will not be charged a fee when using an in-network ATM, however, third-party fees incurred when using out-of-network ATMs are not subject to reimbursement. SoFi’s ATM policies are subject to change at our discretion at any time.
⁶ Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.
⁷ Overdraft Coverage is limited to $50 on debit card purchases only and is an account benefit available to customers with direct deposits of $1,000 or more during the current 30-day Evaluation Period as determined by SoFi Bank, N.A. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the“30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Members with a prior history of non-repayment of negative balances are ineligible for Overdraft Coverage.
APY = Annual Percentage Yield
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.
| 9 Mo. APY | 1 Yr. APY | 2 Yr. APY | 3 Yr. APY | 5 Yr. APY |
|---|---|---|---|---|
| 4.00% | 4.00% | 3.50% | 3.25% | 3.25% |
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.
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.
| Bank & CD Offer | APY | Term | Min. Deposit | Next Steps |
|---|---|---|---|---|
Discover® Bank CD
Member FDIC.
Open Account for Discover® Bank CD
On Discover Bank's Secure Website. |
APY:
4.00%
|
Term:
1 Year
|
Min. Deposit:
$0
|
Open Account for Discover® Bank CD
On Discover Bank's Secure Website. |
|
APY:
4.50%
|
Term:
10 Months
|
Min. Deposit:
$2,500
|
Open Account for
On Secure Website. |
|
|
APY:
4.30%
|
Term:
6 Months
|
Min. Deposit:
$1
|
Open Account for
On Secure Website. |
Forbright Bank Bright Checking
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.
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 |
|---|---|---|---|
Open Account for Discover® Cashback Debit
On Discover Bank's Secure Website.
Rating image, 5.00 out of 5 stars.
5.00/5
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 |
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. |
Open Account for Quontic High Interest Checking
On Quontic's Secure Website.
Rating image, 4.50 out of 5 stars.
4.50/5
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 |
up to 1.10%
Min. to earn: $1
|
High APY when you complete 10 or more qualifying debit card purchases each month
|
Open Account for Quontic High Interest Checking
On Quontic's Secure Website. |
10 debit card point of sale transactions of $10 or more per statement cycle required to earn the maximum APY. If the qualifying activity requirement is not fulfilled, the interest rate paid on the entire balance will be 0.01% APY.
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.
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.
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.
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).
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.
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.
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 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 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.
Forbright Bank is right for you if:
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:
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.
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.
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. Motley Fool Money does not cover all offers on the market. Motley Fool Money is 100% owned and operated by The Motley Fool. Our knowledgeable team of personal finance editors and analysts are employed by The Motley Fool and held to the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands. Terms may apply to offers listed on this page. APYs are subject to change at any time without notice.
