Forbright Bank sets itself apart from other banks with its sustainability and eco-friendly mission. It offers customers everything they’d expect from a bank, like savings and lending options, and does it with the environment in mind. So, you can open a savings account or secure a loan with a fossil-free, Green Business-certified, and operationally carbon-neutral bank.

Forbright Bank services customers digitally with options to open savings accounts from anywhere in the U.S. However, some of their other banking options are available in-branch only with locations in the Washington, D.C. area. Their personal banking options are FDIC-insured with competitive rates. 

Keep reading as this Forbright Bank review examines the bank in more detail to help you decide if it meets your needs.

What Products Does Forbright Bank Offer?

Like traditional banks, Forbright Bank offers typical personal banking options, including high-yield savings accounts and CDs. Unfortunately they don’t offer checking accounts or money market accounts for consumers.

They also offer several business banking products, including savings accounts, checking accounts, and business credit cards. These business accounts require you to be located in the Washington DC area to open.

Forbright Bank High Yield Savings

Forbright’s high-yield savings account is called Growth Savings. It is entirely digital and currently has a 4.25% APY. Customers who deposit money in a Growth Savings account are ensured that their money is being used for sustainability efforts and not to fund fossil fuel extraction or infrastructure. As a bonus, Forbright does not charge a fee for the Growth Savings account, and there is no minimum balance to open one.

Forbright Bank CD Rates

Forbright currently offers CD rates from 3.25% to 4.00% APY with terms of 9, 12, 24, 36 and 60 months. There is a minimum deposit of $1,000 for each.

Also Read: Best CD Rates

Is Forbright Bank Legit?

We understand that your money is important to you, so you may be skeptical about trusting a new bank. Rest assured, Forbright Bank is a legitimate bank, lender, and asset manager. It has Better Business Bureau accreditation with the highest rating of an A-plus.

Does Forbright Bank Have Any Fees?

Getting hit with surprise monthly fees is never a good feeling. Although Forbright Bank’s Growth Savings does not have fees, some of its other offerings do. Luckily, they are upfront with these fees by posting a fee schedule on their website. They charge fees for typical services, including cashier’s checks and wire transfers. Customers may be pleased to learn that they do not charge ATM fees, even at foreign ATMs.

Pros and Cons of Forbright Bank

If you’re still deciding whether to open an account with Forbright Bank, a list of pros and cons may help you make a decision.

Pros of Forbright Bank

• Digital banking options
• No monthly maintenance fees on high-yield savings accounts
• Competitive annual percentage yield (APY) for savings and CDs
• Eco-friendly bank
• Readily available customer service contact information
• FDIC-insured deposit accounts

Cons of Forbright Bank

• Limited physical branches
• No CDs under 9 months
• No online checking accounts
• Requires existing bank account to fund savings account

How Do I Open a Forbright Bank Account?

If you’re ready to take the next step, let’s see how to open a Forbright Bank account.

Anyone outside the Washington, D.C. area can open a Growth Savings or CD account online. You’ll need to complete an application with your personal information, including your name, address, and social security number.

The approval process may vary, but they notify applicants whether the application is approved or denied. You must link your existing bank account to fund your Growth Savings account, and a minimum of $1,000 is required to open a CD account. 

Forbright Customer Service

Questions about opening a Forbright account or concerns with one of your existing Forbright accounts? Forbright Bank’s customer service has the following contact information and hours based on account type:

How Forbright Compares to Other Banks

Forbright Bank vs. Bask Bank

Bask Bank is Texas Capital Bank’s digital division, with no physical locations. It offers checking and savings products, such as interest checking, high-yield savings, and CD accounts.

Compared to Forbright Bank, Bask Bank’s high-yield savings account interest rate is currently higher, with an APY of 4.35%. Bask Bank also offers higher interest rates on their CD accounts with 3-month and 6-month terms than Forbright does not offer. However, Forbright does have a 60-month term account, whereas Bask’s longest term is only 24 months.

Forbright Bank vs. Marcus

Marcus is Goldman Sachs’s consumer business online banking platform. It offers savings and CD accounts only.

Forbright’s savings account currently offers a higher interest rate than Marcus’ 3.90% APY. Marcus’ CD rates, though, are higher than Forbright’s and have a 6-month term that Forbright does not offer. Since it is a savings-only platform, they do not offer any checking accounts or access to ATMs that Forbright does, so you cannot have a full-banking experience with Marcus. 

Bottom Line: If you are looking for a full-banking experience, go with Forbright.

Forbright vs. Ally Bank

Ally Bank is another online bank that offers checking and savings products, including online checking, high-yield savings, and CD accounts. It also offers investing and retirement savings options.

Ally’s

savings interest rate is the lowest at only 3.80% APY. Like Forbright, they offer a range of CD account terms up to 60 months. Unlike Forbright, though, you can open a checking account online with Ally with ATM locations across the country.

Bottom Line: If you’re looking for a full-suite online banking experience, Ally may be the better option, but if you only need a high-yield savings account, stick with Forbright.

Wrap-Up of Our Forbright Bank Review

Forbright Bank is a standard option for banking. Since they offer both online savings and in-person checking, using Forbright Bank for all your banking needs is possible. Their Growth Savings account interest rate is competitive with other banks. On the other hand, their CD account interest rates are lower than others. Their commitment to a more sustainable future is where they really set themselves apart.