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\nSummary:<\/strong> Formerly known as Congressional Bank, Forbright Bank operates with the mission to drive decarbonization and support the energy transition. Forbright Bank specializes in offering banking services, lending solutions, and financing for renewable energy projects, energy efficiency, and sustainability-driven businesses. It currently operates a handful of physical branches and service hubs across Maryland and Virginia, but also offers high-yield online bank accounts that can be opened from anywhere in the U.S.<\/p>\n<\/blockquote>\n
Forbright\u2019s Growth Savings account is currently offering 3.85% APY \u2014 well above the national average. There are no monthly fees or minimum deposit requirements. Interest is compounded daily and credited monthly.<\/p>\n
Forbright offers CDs with terms ranging from nine months to five years, and rates ranging from 3.25% APY to 3.75% APY. A minimum opening deposit of $1,000 is required. If you withdraw funds before the maturity date, the early withdrawal penalty is equal to three months\u2019 interest for CD terms of less than 24 months and six months’ interest for longer terms.<\/p>\n
Business checking and money market accounts<\/h3>\n
Forbright Bank offers three business checking accounts and a money market account, as well as a commercial checking account. Many of these accounts are interest-bearing with competitive rates.<\/p>\n
Business savings and CDs<\/h3>\n
Business customers can take advantage of Forbright\u2019s business savings accounts and CDs, which both offer competitive rates.<\/p>\n
Forbright offers a range of card options, including low-rate, cash back, and rewards business credit cards. These cards come with added perks such as free online expense reporting tools, mobile payment capabilities, free additional cards for employees, and more.<\/p>\n
Business customers will also have access to Forbright\u2019s Treasury management services, which help to improve cash flow, manage and monitor transactions, allow for more efficient payment processing, streamline the check deposit process, and more.<\/p>\n
Lending products and services<\/h3>\n
In addition to its personal and business banking products, Forbright offers commercial lending products and services, including real estate loans, financing for healthcare facilities, corporate financing, and more.<\/p>\n
See our picks for the 10 best online banks today>><\/em><\/strong><\/p>\n
Here are some of the fees you could incur as a Forbright Bank customer:<\/p>\n
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\n FEE <\/span> <\/th>\n FEE AMOUNT <\/span> <\/th>\n<\/tr>\n<\/thead>\n\n \n Account research <\/span> <\/td>\n $50 per hour (minimum charge 1 hour) <\/span> <\/td>\n<\/tr>\n \n Account verification <\/span> <\/td>\n $15 per account, no charge for closed CD accounts <\/span> <\/td>\n<\/tr>\n \n ATM surcharge at foreign ATMs <\/span> <\/td>\n Fees charged for withdrawals at ATMs not owned by Forbright will be reversed within one business day <\/span> <\/td>\n<\/tr>\n \n Cashier\u2019s check <\/span> <\/td>\n $10 <\/span> <\/td>\n<\/tr>\n \n Debit card expedited shipping <\/span> <\/td>\n $25 <\/span> <\/td>\n<\/tr>\n \n Debit replacement card <\/span> <\/td>\n $10 (first replacement free of charge) <\/span> <\/td>\n<\/tr>\n \n Deposit correction <\/span> <\/td>\n $5\/deposit <\/span> <\/td>\n<\/tr>\n \n Foreign item deposit fee <\/span> <\/td>\n $20\/item <\/span> <\/td>\n<\/tr>\n \n Legal process (levies, attachments, garnishments) <\/span> <\/td>\n $100\/order <\/span> <\/td>\n<\/tr>\n \n Overdraft fee (business accounts) <\/span> <\/td>\n $32 <\/span> <\/td>\n<\/tr>\n \n Nonsufficient funds (NSF) return charge <\/span> <\/td>\n $32 <\/span> <\/td>\n<\/tr>\n \n Uncollected funds (UC) charge <\/span> <\/td>\n $32 <\/span> <\/td>\n<\/tr>\n \n Continuous overdraft charge \u2014 Assessed each day the account has a negative balance after 7 calendar days grace period <\/span> <\/td>\n $5 <\/span> <\/td>\n<\/tr>\n \n Return deposit item <\/span> <\/td>\n $7.50 <\/span> <\/td>\n<\/tr>\n \n Return deposit item special handling fee <\/span> <\/td>\n $10 <\/span> <\/td>\n<\/tr>\n \n Statement copy <\/span> <\/td>\n $5 <\/span> <\/td>\n<\/tr>\n \n Stop payment <\/span> <\/td>\n $30 <\/span> <\/td>\n<\/tr>\n \n Incoming domestic wire transfer <\/span> <\/td>\n $10 <\/span> <\/td>\n<\/tr>\n \n Incoming international wire transfer <\/span> <\/td>\n $15 <\/span> <\/td>\n<\/tr>\n \n Outgoing domestic wire transfer <\/span> <\/td>\n $25 <\/span> <\/td>\n<\/tr>\n \n Outgoing international wire transfer <\/span> <\/td>\n $35 <\/span> <\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n Before you decide to bank with Forbright, here are some of the major pros and cons to consider:<\/p>\n
Pros:<\/strong><\/p>\n
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No monthly fees: <\/strong>Forbright does not charge monthly maintenance fees for its high-yield savings or CD accounts.<\/p>\n<\/li>\n
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Competitive interest rates for personal savings accounts: <\/strong>Forbright\u2019s high-yield savings account and CDs offer rates well above national averages, giving customers the chance to grow their balances at a faster rate.<\/p>\n<\/li>\n
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Mission-driven financial services: <\/strong>Forbright Bank specializes in financing clean energy projects and eco-friendly businesses. It\u2019s ideal for individuals and companies looking to bank with an institution that supports sustainability and environmental responsibility.<\/p>\n<\/li>\n<\/ul>\n
Cons:<\/strong><\/p>\n
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Limited online banking products: <\/strong>Forbright does not currently offer personal checking accounts or money market accounts, which may be a disadvantage for customers who prefer a one-stop shop for their banking needs.<\/p>\n<\/li>\n
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Mixed reviews of mobile apps: <\/strong>Forbright\u2019s mobile app had mixed reviews on the App Store and Google Play, with many customers complaining of inaccessibility and limited capabilities.<\/p>\n<\/li>\n
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Few branch locations: <\/strong>Forbright only operates a handful of branches in two states. For customers looking for easy branch access and face-to-face customer service, this could be a drawback.<\/p>\n<\/li>\n<\/ul>\n
To speak with a Forbright Bank representative for questions regarding your digital bank account,, contact customer service via email or telephone at 1 (800)-550-0159, Monday through Friday, from 8:00 a.m. to 8:00 p.m. ET (with the exception of holidays).<\/p>\n
For questions regarding business banking or branch banking, call (888) 855-7778, Monday through Friday from 9:00 a.m. to 8:00 p.m. ET (with the exception of holidays). Credit card customers can also reach a representative via telephone at 1(800) 558-3424.<\/p>\n
Forbright offers a mobile banking app on the App Store and Google Play that has a rating of 2.5 and 4.5 stars, respectively. The app offers customers the ability to transfer funds, schedule recurring deposits, receive transaction and security alerts, manage account preferences, and more. However, certain customer reviews include complaints about the app having limited functionality and customers having a hard time getting into their accounts on their mobile devices.<\/p>\n
Forbright Bank is part of an alliance of banks and credit unions that have pledged not to finance fossil fuel companies or projects.<\/p>\n
According to its most recent sustainability report, Forbright Bank highlighted its commitment to accelerating the transition to a more sustainable, clean energy economy and a more inclusive workplace.<\/p>\n
In 2024, Forbright provided more than $1 million in corporate contributions to nonprofit organizations and since 2021, the bank has originated more than $2.7B in sustainable financing, supporting residential solar, green building upgrades, accessible healthcare, and more.<\/p>\n
Additionally, 65% of Forbright\u2019s employees volunteered their time in 2024.<\/p>\n
Read more: <\/em>What is sustainable banking?<\/em><\/p>\n
Yes. Forbright Bank is an FDIC-insured bank; deposits are guaranteed up to $250,000 per depositor, per ownership category.<\/p>\n
For Online CD, Business Banking, and Branch Banking customers, the routing number is 055003418. For Growth Savings customers, the correct routing number is 055003612.<\/p>\n
Making a withdrawal from your CD before your account matures will result in an early withdrawal penalty of three to six months’ worth of interest, depending on your CD term.<\/p>\n<\/p><\/div>\n