CFBank Review
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CFBank provides a high-yield savings account via Raisin, along with a money market account and CDs to amplify your savings. Keep reading for details.
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Overall Score | 3.8 | ||
Savings | 5.0 | ||
CD | 3.0 | ||
Money Market | 3.5 | ||
Pros and Cons
- High rates
- Limited physical locations
Bottom Line
Boutique commercial bank that offers various savings options with good rates
Need a new savings account to start your financial journey? CFBank could be perfect for you. They offer a range of savings options with great rates.
Plus, they have an exclusive high-yield savings account available through Raisin, with a competitive APY and no fees. With that, let's explore what CFBank has in store for you.
What is CFBank?
Based in Ohio, CFBank is a boutique commercial bank with branches across Columbus, Cleveland, Cincinnati, Akron, and Indianapolis. [1]
They offer checking and savings accounts for both individuals and businesses. But that's not all—they also extend personal loans and commercial lending services, making them a one-stop destination for your financial needs.
Plus, CFBank has also teamed up with Raisin, an online platform that allows users to open and manage various savings options, to provide an exclusive high-yield savings account.
High-Yield Savings Account - 5.07% APY
- $1 minimum deposit
- No fees
- 24/7 online access to funds
- FDIC insured
Pros and Cons
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Pros
- High-Yield Savings Account available via Raisin
- High APY on money market account
- Comes with a debit card
Cons
- Limited physical branches
- $10,000 opening deposit for CDs
- $25,000 minimum balance to earn promotional APY for Platinum Money Market account
High-Yield Savings Account
CFBank has an exclusive High-Yield Savings Account available through Raisin. It offers a competitive APY, helping you grow your money faster. Plus, there are no monthly fees and you can get started with just $1 minimum.
How to open a CFBank Account via Raisin:
- Go to the Raisin website and select CFBank's high-yield savings account from the list of offers.
- Open an account with your name, SSN, date of birth, and address.
- Link a bank account so you can fund your savings product.
If you want to open a savings account directly with CFBank, check out the next section.
Platinum Money Market Account
CFBank's Platinum Money Market account is great for those aiming to supercharge their savings. It has a high APY, but you need at least $25,000 to earn the rate.
If your balance falls below that amount, you'll only qualify for the standard rate and could be subject to monthly fees as well. [2]
Certificate of Deposit
CFBank also offers CDs for individuals aiming to grow their funds and are comfortable with locking them up for a specific period. Their terms range from 3 to 60 months. But, you need at least $10,000 to open an account.
Additionally, like with most CDs, withdrawing early will result in penalties.
How Much Can You Earn?
Use this savings calculator to see how much your money can grow with CFBank:
Depositing and Withdrawing Funds
If you have an account via Raisin, you need to link an external account to deposit and withdraw your money. It may take 1-3 business days to complete a transaction.[3]
To deposit funds to accounts opened directly with CFBank, you can do any of the following:
- Visit a physical branch
- Transfer funds from an external account
- Mobile check deposit
Meanwhile, if you want to withdraw money, you can opt to:
- Withdraw at a branch or ATM
- Do a wire transfer between accounts
- Send money via Zelle
You can use ATMs at CFBank branches. Plus, you can also withdraw from ATMs outside their network and CFBank covers any surcharges for your first 5 transactions. [4]
Who is It Best For?
CFBank is a solid pick for those looking to grow their savings with good rates. Their high-yield savings account, available through Raisin, can help you reach your financial goals faster.
It is also a good choice for those who live near their branches in Columbus, Cleveland, Cincinnati, Akron, or Indianapolis because you can easily open an account with CFBank directly.
How CFBank Compares
High-Yield Savings Premier - 5.31% APY
- No account activity or maintenance fees
- $500 minimum opening deposit
- FDIC insured
Discover® Online Savings - $200 Cash Bonus
To qualify for Bonus: Apply for your first Discover Online Savings Account, enter Offer Code CY624 at application, deposit into your Account a total of at least $15,000 to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus. Qualifying deposit(s) may consist of multiple deposits and must post to Account within 45 days of account open date. Maximum bonus eligibility is $200.
What to know: Offer not valid for existing or prior Discover savings customers, including co-branded, or affinity accounts. Eligibility is based on primary account owner. Account must be open when bonus is credited. Bonus will be credited to the account within 60 days of the account qualifying for the bonus. Bonus is subject to tax reporting. Offer ends 09/12/2024, 11:59 PM ET. Offer may be modified or withdrawn without notice. See advertiser website for full details.
Money Market Deposit Account - 5.18% APY
- $1 minimum deposit
- No fees
- 24/7 online access to funds
- Federally insured by NCUA
CIT Bank Term CDs - Up to 3.50% APY
- Up to 3.50% APY
- $1,000 minimum opening deposit
- No monthly maintenance fee
- Member FDIC
| Term | CD Rates |
|---|---|
| 6 Month | 3.00% APY |
| 1 Year | 0.30% APY |
| 13 Month | 3.50% APY |
| 18 Month | 3.00% APY |
| 2 Year | 0.40% APY |
| 3 Year | 0.40% APY |
| 4 Year | 0.50% APY |
| 5 Year | 0.50% APY |
Is CFBank Safe?
Yes, your money is safe at CFBank because they are an FDIC member (Cert #28263). This means deposits are federally insured up to $250,000 per depositor, per ownership category.
So, even if CFBank fails or goes under, account holders are guaranteed to get their money back up to the maximum limit allowed by law.
You can reach out to CFBank through the following ways:
- By call at 614-334-7979
- Visit a branch from 9 AM to 5 PM EST
- Through the Contact Us form on the CFBank website
Bottom Line
CFBank is an excellent option for those seeking high-yield savings accounts, money market accounts, or competitive CDs. It is also ideal for those interested in managing multiple savings accounts on one platform since you can also open an account through Raisin.
Plus, if you live in Ohio or Indianapolis, CFBank's physical branches and online banking make managing your finances a breeze.
References
- ^ CFBank. About Us, Retrieved 04/11/2024
- ^ CFBank. Personal Savings, Retrieved 04/11/2024
- ^ Raisin. FAQ: How long does it take to deposit my money? What about withdrawals?, Retrieved 04/30/24
- ^ CFBank. Locations, Retrieved 04/11/2024
High-Yield Savings Account - 5.07% APY
- $1 minimum deposit
- No fees
- 24/7 online access to funds
- FDIC insured
Chase Total Checking® - $300 Bonus
- New Chase checking customers enjoy a $300 bonus when you open a Chase Total Checking® account with qualifying activities
- With over 4,700 branches, Chase has the largest branch network in the U.S. plus access to more than 15,000 ATMs.
- Chase Mobile® app - Manage your accounts, deposit checks, transfer money and more -- all from your device.
- JPMorgan Chase Bank, N.A. Member FDIC
- Open your account online now
- Available online nationwide except in Alaska, Hawaii and Puerto Rico. For branch locations, visit locator.chase.com.
- Chase Overdraft Assist℠ - no overdraft fees if you're overdrawn by $50 or less at the end of the business day or if you're overdrawn by more than $50 and bring your account balance to overdrawn by $50 or less at the end of the next business day*
Bank of America Advantage Banking - $200 Bonus Offer
- The $200 bonus offer is an online only offer and must be opened through the Bank of America promotional page.
- The offer is for new checking customers only.
- Offer expires 9/30/2024.
- To qualify, open a new eligible Bank of America Advantage Banking account through the promotional page and set up and receive qualifying direct deposits totaling $2,000 or more into that new eligible account within 90 days of account opening. Bank of America Advantage SafeBalance Banking® for Family Banking accounts are not eligible for this offer.
- Once all requirements are met, Bank of America will attempt to pay bonus within 60 days.
- Additional terms and conditions apply. See offer page for more details.
- Bank of America, N.A. Member FDIC.
U.S. Bank Smartly® Checking - Up to $450 Bonus
Earn up to $450 with a new Bank Smartly Checking account. Complete the following within 90 days of account opening:
- Enroll in online banking or the U.S. Bank Mobile App
- Make two or more direct deposit(s) totaling $2,000 to $4,999.99 to earn $250, $5,000 to $7,999.99 to earn $350 or $8,000 or more to earn $450
Fund your new account within 30 days to start qualifying activities. Offer may not be available if you live outside of the U.S. Bank footprint or are not an existing client of U.S. Bank or State Farm.
Discover® Online Savings - $200 Cash Bonus
To qualify for Bonus: Apply for your first Discover Online Savings Account, enter Offer Code CY624 at application, deposit into your Account a total of at least $15,000 to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus. Qualifying deposit(s) may consist of multiple deposits and must post to Account within 45 days of account open date. Maximum bonus eligibility is $200.
What to know: Offer not valid for existing or prior Discover savings customers, including co-branded, or affinity accounts. Eligibility is based on primary account owner. Account must be open when bonus is credited. Bonus will be credited to the account within 60 days of the account qualifying for the bonus. Bonus is subject to tax reporting. Offer ends 09/12/2024, 11:59 PM ET. Offer may be modified or withdrawn without notice. See advertiser website for full details.
Darlene Santos is a research analyst at CreditDonkey, a bank comparison and reviews website. Write to Darlene Santos at darlene.santos@creditdonkey.com. Follow us on Twitter and Facebook for our latest posts.
Note: This website is made possible through financial relationships with some of the products and services mentioned on this site. We may receive compensation if you shop through links in our content. You do not have to use our links, but you help support CreditDonkey if you do.
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