Forbright Bank Review 2026
Forbright Bank is a U.S.-based financial institution focused on deposit products and sustainability-driven banking. It primarily operates online, with limited branch access in Maryland and northern Virginia. Its digital product lineup centers on savings accounts and certificates of deposit (CDs). Checking and money market accounts are available in person at its branches.
In this Forbright Bank review, we’ll cover what you need to know about the bank’s products, including key features, pros and cons, and use cases.
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Up to 4.00%8
8. 0.70% Savings APY Boost Earn up to 4.00% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.30% APY as of 12/23/25) for up to 6 months. Open a new SoFi Checking and Savings account and pay the $10 SoFi Plus subscription every 30 days OR receive eligible direct deposits OR qualifying deposits of $5,000 every 31 days by 3/30/2026. Rates variable, subject to change. Terms apply at sofi.com/banking#2. SoFi Bank, N.A. Member FDIC.
Up to 3.85%1
Barclays Tiered Savings Annual Percentage Yields (APYs) are accurate as of 01/13/2025 and may change at any time without prior notice, before or after the account is opened. The APYs are determined by the Balance Tiers (Tiers) and the amount deposited. The same rate may apply to multiple Tiers and Tiers may change without notice. APY is calculated based on the Tier into which the end of day account balance falls. Fees could reduce the earnings on the account. No minimum balance to open, but for interest to post to your account you must maintain a minimum balance that would earn you at least $0.01. Please see the Compare Account Page for current Tier and APY information. The APY for the Barclays Tiered Savings account for balance tiers greater than $250,000 are currently 10X the national average of 0.46% APY, based on the national average of savings account rates published in the FDIC’s National Rates and Rate Caps, accurate as of 09/16/2024.
Overview
Forbright Bank provides nationwide, digital access to its Growth Savings account and Growth CDs online. However, customers must visit a branch to open or manage other products, such as checking and money market accounts.
Here’s an overview of the bank’s products:
| Category | Products offered | Access |
|---|---|---|
| Savings | Growth Savings account | Online |
| CDs | Growth CDs (fixed-term certificates of deposit) | Online |
| Checking | Checking account (limited availability) | In-branch |
| Money market | Money market account (limited availability) | In-branch |
Key features
Customers can expect the following features and attributes of Forbright Bank’s deposit accounts:
- No monthly maintenance fees: The savings account does not charge recurring fees, helping you keep more of your interest.
- Competitive interest rates: Forbright offers APYs on savings and CDs that often exceed those at traditional brick-and-mortar banks.
- Low minimum requirements: You can open a savings account with no minimum deposit, while CDs require a relatively modest initial balance.
- Online account access: You can open and manage savings accounts and CDs through the bank’s digital platform.
- Limited product accessibility: You must visit a branch to access certain accounts, including checking and money market options.
- External account reliance: You may need to link an external checking account to fund transfers and withdrawals.
- Sustainability focus: Forbright directs deposits toward environmentally focused lending and investment projects.
Pros and cons
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No monthly fees on savings accounts -
Competitive APYs on savings and CDs -
No minimum deposit for savings -
FDIC-insured accounts
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Limited product availability online -
External account for transfers may be required -
Minimal branch footprint -
Some products only available in person
Use cases
Overall, Forbright Bank primarily serves savers who want to earn interest on deposited funds rather than handle everyday banking. For example, the Growth Savings account works well for individuals who already use a separate checking account and want to grow excess cash.
Similarly, Growth CDs fit those who want predictable returns over a fixed term, especially for medium- to long-term savings goals. However, customers who need in-person services or access to checking and money market accounts must rely on the bank’s limited branch network.
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About our contributors
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Amanda Hankel is a managing editor at LendEDU. She has more than seven years of experience covering various finance-related topics and has worked for more than 15 years overall in writing, editing, and publishing.
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Edited by
Kristen Barrett, MATKristen Barrett is a managing editor at LendEDU. She lives in Cincinnati, Ohio, with her wife and their pack of senior rescue dogs. She has edited and written personal finance content since 2015.
