Forbright Bank Bright Savings Account 2023 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
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.
Ivy Bank offers tiered rates to savers. You'll earn one APY on balances of $0 to $249,999, and a higher rate once you hit the $250,000 mark.
Are the rates the highest?
No, compared to some online banks that pay even more to savers. However, they're still much better than what you might find at a traditional bank or credit union.
If you're on the hunt for the best high-yield savings accounts, here are a few tips to remember.
- Online banks usually pay higher rates to savers than brick-and-mortar banks or credit unions.
- If a bank uses rate tiers, then you might need to maintain a much higher balance to qualify for the best APY.
- Some banks might cap interest rates by balance, meaning that once you save a certain amount you'll earn a lower APY.
- Savings account rates aren't guaranteed and they can go up or down at any time.
Aside from interest rates, it's also a good idea to check out the fees. Some savings accounts can cost more than others, taking away from your interest earnings.
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
|Monthly maintenance fee||$0|
|Excess withdrawal fee||$0|
|Dormant account fee||$5|
|Returned item fee||$7.50|
|Incoming wire transfers (domestic)||$10|
|Incoming wire transfers (international||$15|
|Outgoing wire transfers (domestic)||$25|
|Outgoing wire transfers (international||$35|
Forbright Bank refunds foreign ATM fees. There's no limit on the number of refunds you can get each month.
That's a nice benefit, as other banks each cap the number of refunds they offer or don't do refunds at all.
Forbright Bank allows you to access your savings at ATMs.
There's no fee when you withdraw money at a Forbright Bank ATM. Forbright doesn't charge a fee when you use another bank's ATM either.
The ATM network is small, with locations limited to Maryland and Virginia. However, you can use any bank's ATM to withdraw cash.
As mentioned, Forbright Bank refunds foreign ATM fees. So, if another bank charges you a $5 fee to make a withdrawal you'll get that money back.
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.
Forbright Bank is an FDIC-member bank. That means you'll have FDIC insurance on your deposits.
FDIC coverage protects you on 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.