Forbright Bank Review 2024
Top story
Forbright Bank Review 2024
6 min read
T
By: Tyler Richards

About Forbright Bank

 

Forbright Bank is a small regional bank formerly known as Congressional Bank, which was founded in 1953. It rebranded itself as Forbright Bank in 2021. The bank operates four branches in Maryland and Virginia.

 

 

Featured Offers

Forbright Bank logo
Bank Grade
Top 3% rate
4.25% APY
Commercial Platinum Money Market
Business Money Market by Forbright Bank
Forbright Bank logo
Bank Grade
Top 5% rate
4.25% APY
Platinum Money Market
Personal Money Market by Forbright Bank
Bankers' Bank of the West logo
Bank Grade
Top 1% rate
5.54% APY
Money Market
High Yield Money Market by Bankers' Bank of the West
Berkshire Bank logo
Bank Grade
Top 1% rate
5.25% APY
Digital Premium Relationship Money Market Account
Personal Money Market by Berkshire Bank
Amerant Bank logo
Bank Grade
Top 1% rate
5.25% APY
Relationship Money Market
Personal Money Market by Amerant Bank
First Foundation Bank logo
Bank Grade
Top 1% rate
5.25% APY
Online Money Market
Personal Money Market by First Foundation Bank
CFG Bank logo
Bank Grade
Top 1% rate
5.25% APY
CFG High Yield Money Market Online and In Branch
Personal Money Market by CFG Bank
First National Bank of Omaha logo
Bank Grade
Top 1% rate
5.15% APY
$25K Money Market
Personal Money Market by First National Bank of Omaha
Berkshire Bank logo
Bank Grade
Top 1% rate
5.00% APY
Premium Relationship Money Market Account
Personal Money Market by Berkshire Bank

Forbright Bank Overview

 

Forbright Bank is a full-service bank that offers CD, checking, money market, and savings accounts out of its four branches in Maryland and Virginia as well as through its website. The bank offers competitive APYs on all of its CD accounts, as well as money market and savings accounts. The bank allows CD accounts to be opened online, but all others must be opened at one of the four branches in the DC-Metro area.

 

Most of its CDs offer competitive APYs.Only four branches in operation in Maryland and Virginia.
Competitive APYs on money market and savings accounts.All non-CD accounts must be opened in person at one of the branches.
Little to no monthly service charges on most of its non-CD accounts.Money market accounts require slightly higher opening deposits.

 

 

Forbright Bank Product Offerings

 

CDs

A certificate of deposit (CD) is a form of savings account that pays a fixed interest rate on the money in the account for a certain period, known as a term. Forbright Bank offers CDs with terms ranging from three months to five years. It offers competitive APYs on all of its CDs, with most offering yields at or above the national average of 2.79%. Here are the details for some of the bank's CD offerings for the month! and 2024:

Forbright Bank
3-5 Month Business CD
3 Month CD by Forbright Bank
Bank Grade
B+
APY
4.00%
Avg. user rating
4.00
Why we chose it?
What to watch for

Forbright Bank
9 Month CD
9 Month CD by Forbright Bank
Bank Grade
B+
APY
5.60%
Avg. user rating
4.00
Why we chose it?
What to watch for

Checking Accounts

Forbright Bank has several different business and personal checking accounts. All of the checking accounts offer APYs at or slightly above the national average of 0.14% for checking accounts except for the personal checking account that offers an APY much higher than the national average. All accounts have a low monthly service charge or a charge that can be waived by meeting certain balance requirements. Here are the latest account details for April 2024:

Forbright Bank
Bright Checking
Personal Checking Account by Forbright Bank
Bank Grade
B+
APY
3.50%
Avg. user rating
4.00
Why we chose it?
What to watch for

Forbright Bank
Commercial Checking
Business Checking by Forbright Bank
Bank Grade
B+
APY
0.00%
Avg. user rating
4.00
Why we chose it?
What to watch for

Money Market Accounts

A money market account is an interest-bearing hybrid between a savings account and a checking account. Forbright Bank offers both personal and business money market accounts, some of which offer a competitive APY higher than the national average of 0.83%. Here are the account details for April 2024:

Forbright Bank
Platinum Money Market
Personal Money Market by Forbright Bank
Bank Grade
B+
APY
4.25%
Avg. user rating
4.00
Why we chose it?
What to watch for

Forbright Bank
Commercial Platinum Money Market
Business Money Market by Forbright Bank
Bank Grade
B+
APY
4.25%
Avg. user rating
4.00
Why we chose it?
What to watch for

Savings Accounts

A savings account is an interest-bearing account that pays you interest while you save for your financial goals. Forbright Bank offers several different savings accounts. All accounts have a low to no monthly service charge and no minimum opening deposit. All accounts offer competitive APYs that are much higher than the national average of 0.56%. Here are the latest savings account details for April 2024:

 

 

Forbright Bank
Sprout Savings
Personal Savings Account by Forbright Bank
Bank Grade
B+
APY
4.25%
Avg. user rating
4.00
Why we chose it?
What to watch for

 

Forbright Bank
Commercial Tiered Savings
Business Savings Account by Forbright Bank
Bank Grade
B+
APY
3.50%
Avg. user rating
4.00
Why we chose it?
What to watch for

 

Bank Fees

  • Overdraft fee: $32; $5 per day after the 7th day

  • Savings and Money Market Account excess withdrawals: None

  • Account closure fee: $10 if within 90 days of account opening

  • Dormant account fee: $5/month

  • Wire transfer fee: Domestic - Incoming is $10 and outgoing is $25; International - Incoming is $15 and outgoing is $35; $50 if in foreign currency

  • Non-network ATM fee: None

  • Monthly service charge: $5-$10 depending on the account

  • Stop payment fee: $30

  • Paper statement fee: $2

 

Forbright Bank Features

Forbright Bank's customer service line is available weekdays from 9 a.m. to 8 p.m. EST and 24 hours a day via its automated line. It also offers an easy-to-use mobile app that allows customers to check balances, deposit checks, pay bills, and transfer money between accounts. 

 

 

Forbright Bank FAQs

Are Forbright Bank and Congressional Bank the same bank?
Does Forbright Bank  charge overdraft fees?
What are Forbright Bank's customer service phone hours?
Is it safe to bank with Forbright Bank?
Does Forbright Bank use Zelle?
Does Forbright Bank have any branches?
What is the daily withdrawal limit?

 

Our Take

Forbright Bank offers several CDs with varying terms that all offer competitive APYs at or higher than their national averages. The bank's Bright Checking account is the sole checking account that offers a highly competitive APY compared to most other checking accounts. The Bright Savings Account and the Platinum Money Market accounts also offer highly competitive APYs as well as low minimum opening deposits and monthly service charges that can be waived. As it is a small regional bank, it may be a good option for residents of the DC metropolitan area, where it operates its four branches. Another important point is that although CDs can be opened online, all other account types must be opened in person at one of the branches. 

Methodology

 

Our editorial staff continually updates the information contained on our website. Our editorial staff has analyzed virtually all of the banks and credit unions that it follows, and it does weekly rate analysis for more than 250 prominent banks and credit unions. These institutions were chosen because they provide competitive APYs, low fees, and other factors we find important. These banks and credit unions often provide accounts that are available nationally. All of these banks are FDIC-insured, and all of these credit unions are NCUA-insured. Choosing an FDIC-insured bank or an NCUA-backed credit union assures that your money is protected as long as it stays within insurance limits and requirements.

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