Forbright Bank Bright savings account review
Forbright Bank’s Bright savings account features a competitive rate, with a chance to earn a higher APY when you maintain a balance of $250,000 or more. Saving with Forbright is also an opportunity to support a more sustainable future.
Forbright Bank’s high-yield savings account could be a good choice if you’re hoping to earn a higher interest rate while paying no monthly maintenance fee. There’s no minimum balance requirement after the initial opening deposit, and Forbright offers unlimited ATM fee refunds.
This account could be an excellent pick for people who:
- Would like to avoid high banking fees
- Regularly withdraw cash at ATMs
- Want to earn a competitive APY
- Have at least $250 to open an account
Forbright Bank supports green initiatives, and every dollar you save here helps to support a sustainable future. That might be appealing to savers who want to grow their money while also doing good for the environment.
Forbright Bank Bright Savings Account Pros & Cons
- Strong savings rates
- ATM card available with unlimited ATM fee refunds
- No monthly maintenance fee with no minimum balance requirement
- Highest-advertised rate available only when the account balance is at least $250,000
- Limited branch access
Find the best rates
Unlock exclusive savings rates and gain access to top-tier banking benefits.
Compared to other online savings accounts
Ivy Bank high-yield savings account
Ivy Bank offers a high-yield savings account with an impressive rate, with a couple of catches. You’ll need at least $2,500 to open an account and a $2,500 minimum balance to earn the highest APY. But there’s no monthly service fee, and Ivy Bank offers some helpful online money management tools.
Lending Club high-yield savings account
Lending Club’s high-yield savings account features a solid APY that’s a bit higher than what you could get at Forbright Bank. You’ll need $100 to open an account, but after that, there are no minimum balance requirements. And there’s no monthly maintenance fee either.
Varo Money savings account
Varo offers one of the highest savings account rates, but there’s one thing to know. Rates are tiered by balance, and once you reach $5,000 in savings, you’ll earn a lower APY. However, there are no monthly account fees to worry about, and Varo offers plenty of free tools to help you plan your financial goals.
Bread Savings high-yield savings account
Bread Savings is another top-rated pick for online savings accounts. You’ll earn a rate that’s above what Forbright Bank offers, with a $100 minimum opening deposit requirement. There are no monthly fees or hidden fees, and interest compounds daily to help you grow your money faster.
Interest rates
Forbright Bank offers a tiered interest structure for its Bright Savings account. You will earn a competitive APY on balances up to $249,999, and you can unlock a higher rate once your balance reaches the $250,000 mark.
Are these rates the highest?
While Forbright’s tiered rates are significantly better than what you would typically find at a traditional brick-and-mortar bank or credit union, they may be lower than some of the most aggressive online-only competitors. If you are looking for the absolute highest return, Forbright’s digital-only Growth Savings account currently offers a higher, non-tiered rate of apy% APY (rates_last_updated) with no minimum balance requirement.
If you are hunting for the best high-yield savings account, remember these tips:
Verify fees: Always look at the fee schedule; Forbright is notable for having no monthly maintenance fees and offering unlimited ATM fee refunds.
Check the tiers: Like the Bright Savings account, some banks require a much higher balance to qualify for their top-tier APY.
Compare online vs. branch: Digital-only products like Growth Savings often provide higher yields than branch-affiliated accounts like Bright Savings.
Watch for caps: Some institutions might cap interest rates once you reach a certain balance, leading to lower earnings on excess funds.
Fees
Banks make money by charging fees, but you’re likely to pay less with an online bank.
Why? Online banks tend to have lower overhead costs than brick-and-mortar banks. So they pass that savings on to their customers.
The Forbright Bank Bright savings account has no monthly maintenance fee. However, other charges may apply.
Other Service Fees – Forbright Bank Bright Savings
| Type | Fee |
|---|---|
| Monthly maintenance fee | $0 |
| Excess withdrawal fee | $0 |
| Dormant account fee | $5 |
| Returned item fee | $7.50 |
| Stop payment | $30 |
| Cashier’s checks | $10 |
| Incoming wire transfers (domestic) | $10 |
| Incoming wire transfers (international | $15 |
| Outgoing wire transfers (domestic) | $25 |
| Outgoing wire transfers (international | $35 |
| Statement copies | $5 |
ATM access
Forbright Bank provides convenient access to your savings through its ATM services.
Competitive edge: Unlike many other banks that cap the number of monthly reimbursements or offer no refunds at all, Forbright places no limit on the number of ATM fee refunds you can receive each month.
No-fee withdrawals: You will not be charged a fee when withdrawing money at any Forbright Bank ATM.
Foreign ATM usage: Forbright does not charge a fee for using another bank’s ATM, though the other institution may apply its own surcharge.
Unlimited fee refunds: A standout feature of the Bright Savings account is its unlimited ATM fee refunds. If another bank charges you a fee—even as high as $5—Forbright will reverse that surcharge, typically within one business day.
Network and locations: While Forbright’s physical branches and owned ATMs are concentrated in Maryland and Virginia, the refund policy effectively turns any ATM nationwide into a fee-free option for you.
Account management
You’ve got a few ways to manage your savings with Forbright Bank.
Your options for depositing or withdrawing money include:
- Online and mobile banking
- Remote check deposit
- Wire transfers
- ACH transfers to or from an external linked bank account
- Direct deposit
- In-person deposits at a Forbright Bank branch
- ATM access
Forbright’s branch locations are limited, so having these other options means this account is still convenient. And if you’re comfortable banking online already, not being able to visit a branch may not matter that much.
FDIC insurance
Forbright Bank is an FDIC-member bank. That means you’ll have FDIC insurance on your deposits.
FDIC coverage protects you in the off-chance that your bank fails. Your deposits are secure, up to a set limit. The current FDIC insurance limit is $250,000 per depositor, per account ownership type, per financial institution.
What to look for in a savings account
Where you open a savings account matters, especially if you’re hoping to get the best rates. That’s why it helps to shop around and compare different banks before making a decision.
Here’s a checklist of things to weigh as you look at different banks and savings accounts.
- What types of accounts are offered (i.e., savings, money market, CDs, checking, credit cards, etc.)
- Minimum deposit requirements, if any
- Minimum balance requirements
- Monthly fees, if any
- Other fees, such as excess withdrawal fees or wire transfer fees
- Online and mobile banking access
- ATM or debit card access
- Branch banking access (if you’d prefer a traditional bank)
- Savings features and money management tools
- Deposit and withdrawal limits
- Overdraft protection
- Customer service
- Overall user experience
Doing your research can help you find the right savings account for your needs.
You can easily compare savings accounts at online banks and traditional banks online to see what options you have.
Frequently asked questions
Is Forbright Bank a legitimate bank?
Yes, Forbright Bank is a legitimate financial institution. The bank offers checking accounts, savings accounts, CD accounts, money market accounts, credit cards, and retirement savings accounts.
What does Forbright Bank invest in?
Forbright Bank’s mission is focused on creating a sustainable economy. The bank offers financing for businesses that are committed to protecting the environment. It also funds clean energy projects aimed at reducing carbon footprints.
Is Forbright Bank an online bank?
Forbright Bank offers bank accounts online, but it also has branch locations in Maryland and Virginia. If you don’t live in either of those states, you could still open a checking account or savings and access your funds at any ATM nationwide.
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