Business Insider's personal finance team reviewed Forbright Bank side by side the best banks and found it to be a standard offering.
It's a good option for those seeking an environmentally friendly bank that also offers high interest rates on CDs and a high-yield savings account. However, the top banks are still superior to Forbright Bank because they offer more bank account variety and standout features with their bank accounts.
While you can open a CD or a savings account online, you must visit one of the branches in person for other types of accounts.
Forbright Bank Overall Rating
| Feature | Business Insider rating (out of 5) |
| Savings | 4.25 |
| CD | 3.5 |
| Checking | 4 |
| Money market account | 3.25 |
| Trustworthiness | 4 |
| Total | 4 |
About Forbright Bank
Formerly known as Congressional Bank, Forbright is a bank and lender with a strong emphasis on sustainability and decarbonization.
You can open Forbright Bank's high-yield savings account and CDs online from anywhere in the U.S., but to get the bank's other personal and business accounts you must open an account at a branch.
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.
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.
Forbright Bank Environmental Commitment
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. It is fossil-free certified, which means that it has pledged not to invest in fossil fuel projects.
Finding banks that have gone through green certification processes is one way to make sure that a financial institution is truly committed to its environmental commitments. Forbright is fossil-free certified and also an official partner of the National Park Foundation.
Forbright Bank Online and Mobile Banking Experience
Forbright Bank's mobile app has standard features. You'll be able to set up recurring deposits, view your transaction history, and contact customer support.
The Forbright Bank mobile app has received decent reviews in the Google Play store (4.6 out of 5) and Apple store (4.5 out of 5). However, both apps display ratings from fewer than 200 users, which should be considered when assessing their overall performance.
Forbright Bank Customer Service and Support
You can reach Forbright Bank customer service from Monday to Friday, 9 a.m. to 8 p.m. ET, via phone and email. Other banks have 24/7 customer support, though, so keep that in mind if you want extended customer service availability.
You can also visit one of Forbright Bank's branches to receive customer support. Forbright Bank branches are only located in two states, though, so it may not be convenient for most nationwide customers.
How to Open a Forbright Bank Account
The Forbright Growth Savings and Forbright Online CD can be opened online, while all other personal and business accounts offered need to be opened at branches. This is typical for smaller institutions that may not have the same bandwidth as national brick-and-mortar banks to offer all their services online and at branches.
Similar to any other bank, you'll provide basic information to fill out Forbright Bank's account application. For example, your full name, address, and Social Security number are needed to fill out the form. You may also be required to show a government-issued ID, like a driver's license or passport.
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.
In 2022, Forbright Bank entered into a consent order with the Federal Deposit Insurance Corporation and the state of Maryland's Office of the Commissioner of Financial Regulation. The consent order required Forbright to improve its anti-money laundering/countering the financing of terrorism program. Forbright Bank does not admit wrongdoing by entering into the consent order.
Pros of Banking with Forbright
- Eco-friendly bank
- High interest rates on various accounts
- Online CDs and high-yield savings accounts are available regardless of where you live in the U.S.
- Unlimited refunds for out-of-network bank ATM fees
- No monthly service fees or overdraft fees on checking account
Cons of Banking with Forbright
- Limited CD terms
- Limited ATM and branch network
- High minimum deposit for its money market account; you also need a $250,000 combined balance to qualify for the account
- Must visit a branch to open an account, excluding CDs and high-yield savings accounts
Forbright Bank's Savings Accounts and CDs
Forbright Bank CD Rates
Forbright Online CD rates range from 3.25% to 4.00% APY, which is higher than average CD rates. It only has 9-month, 1-year, 2-year, 3-year, and 5-year terms, though, so you'll need to look elsewhere for a different term length or more CD variety. Usually, banks offer terms from 6 months to 5 years at the minimum.
Forbright Bank Savings Accounts
The Forbright Growth Savings account pays 4.25% APY, which is higher than average savings account interest rates. This account does not require a minimum opening deposit, and there is no monthly service fee, which make it more flexible than standard bank accounts.
Forbright Growth Savings might be a good choice for you if you're interested in opening a free high-yield savings account with an environmentally friendly bank. It also may be worthwhile if your priority is to avoid transfer fees. You can make unlimited transfers from Forbright Growth Savings to external accounts.
It may not be the best fit if you want to easily deposit or withdraw cash. Forbright Growth Savings doesn't offer a debit card, so you can't make ATM withdrawals. If you want to get cash, you'll have to transfer money to an external checking account and then withdraw money from that account.
If you'd rather bank in person, Forbright also offers a Bright Savings Account to open at branches. This savings account has no monthly service fees and also pays a competitive interest rate.
Forbright Bank's Checking Accounts and Money Market Accounts
Forbright Bank Bright Checking Account
The Forbright Bank Bright Checking Account is a solid choice for avoiding common bank fees. It has a minimum opening deposit of $25, no monthly service fee, and no overdraft fees. On top of that, accounts with $2,500 or more earn up to 4.25% APY, making it a solid 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.
The downside to this account is that you have to be near a branch to open a bank account. You won't be able to open this account digitally, so if you're a nationwide user you're out of luck.
Forbright Bank Platinum Money Market Account
The Forbright Bank Platinum Money Market Account offers a competitive 4.25% 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, which not all money market accounts have.
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 $2,500 minimum deposit, and you'll pay a $10 monthly service fee if your balance dips below $2,500 on any day of your billing cycle.
The money market account also is specifically for branch customers, so if you're looking for a completely digital money market account you'll likely want to consider a different bank.
Compare Forbright Bank
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 3.50% APY. In contrast, Forbright Bank exclusively offers traditional CDs.
Forbright has a small network and reimburses an unlimited amount in ATM fees each month. CIT Bank refunds up to $30 in ATM fees per 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 CD rates are competitive. Its High Yield CDs pay 2.90% to 4.05% APY. It's a good choice if you want more term variety, and slightly higher interest rates on most CD terms.
Forbright Bank vs. Jenius Bank
The Jenius Savings Account offers 4.50% APY, and no monthly service fee, so it stacks up pretty evenly with Forbright's savings account.
You'll prefer Forbright Bank if you're interested in additional online bank account options. It has CDs in addition to its savings account.
To learn about Forbright's lending options, you'll have to contact customer support. Meanwhile, Jenius Bank lets you see its information for personal loans online.
If you're interested in banking primarily in one place, other online banks will likely be a better option than Forbright Bank or Jenius Bank. There are online banks with various checking accounts, savings accounts, CDs, and money market accounts, as well as products beyond banking.
Why You Should Trust Us: How We Reviewed Forbright Bank
At Business 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.
Business Insider's personal finance team is editorially independent, meaning that the business team doesn't tell the team's writers and editors what to write. If you're curious about how we write reviews for other types of products, check out our editorial standards page.
We review bank accounts by using our bank account methodology, which rates bank accounts on a scale from one to five stars. Bank accounts with a one-star rating require significant improvement, while accounts that receive a five-star rating are considered to be top-tier options.
We analyze different features for each type of bank account. For example, we'll look at ATM network size and fees for checking accounts but not CDs since that isn't a feature that heavily impacts the latter account's usage. For savings accounts, money market accounts, and CDs, we'll also put a greater emphasis on interest rates since these accounts are primarily useful for saving and growing your money. You can review our bank account methodology to see exactly which categories we'll look at for each type of bank account.
We use a weighted average to get our star rating, which means we weigh certain features, like interest rates and fees, at a higher weight percentage than others. We understand that these areas can more heavily impact a person's overall banking experience.
Forbright Bank FAQs
Yes, Forbright Bank is a legitimate bank. It's 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.
In 2021, Congressional Bank rebranded itself as Forbright Bank, a full-service bank and lender focused on sustainable and ethical banking.
Forbright Bank offers personal and business banking, credit cards, and lending services.
You can access your Forbright Bank account via web browser and mobile app. You're able to open a Forbright Online CD and Forbright Growth Savingsonline. Other personal and business bank accounts must be opened at a branch.
