July 19, 2024

CFBank Review

Editorial Note: This content is not provided by the companies mentioned. Opinions expressed here are author's alone, and have not been reviewed, approved or otherwise endorsed by the companies.
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CFBank provides a high-yield savings account via Raisin, along with a money market account and CDs to amplify your savings. Keep reading for details.

5-point scale (the higher, the better)

Pros and Cons

  • High rates
  • Limited physical locations

Bottom Line

Boutique commercial bank that offers various savings options with good rates

Need a new savings account to start your financial journey? CFBank could be perfect for you. They offer a range of savings options with great rates.

Plus, they have an exclusive high-yield savings account available through Raisin, with a competitive APY and no fees. With that, let's explore what CFBank has in store for you.

What is CFBank?

Based in Ohio, CFBank is a boutique commercial bank with branches across Columbus, Cleveland, Cincinnati, Akron, and Indianapolis. [1]

They offer checking and savings accounts for both individuals and businesses. But that's not all—they also extend personal loans and commercial lending services, making them a one-stop destination for your financial needs.

Plus, CFBank has also teamed up with Raisin, an online platform that allows users to open and manage various savings options, to provide an exclusive high-yield savings account.

Pros and Cons

Pros

  • High-Yield Savings Account available via Raisin
  • High APY on money market account
  • Comes with a debit card

Cons

  • Limited physical branches
  • $10,000 opening deposit for CDs
  • $25,000 minimum balance to earn promotional APY for Platinum Money Market account

High-Yield Savings Account

CFBank has an exclusive High-Yield Savings Account available through Raisin. It offers a competitive APY, helping you grow your money faster. Plus, there are no monthly fees and you can get started with just $1 minimum.

How to open a CFBank Account via Raisin:

  1. Go to the Raisin website and select CFBank's high-yield savings account from the list of offers.
  2. Open an account with your name, SSN, date of birth, and address.
  3. Link a bank account so you can fund your savings product.

If you want to open a savings account directly with CFBank, check out the next section.

What feature is most important to you when choosing a high-yield savings account?

Platinum Money Market Account

CFBank's Platinum Money Market account is great for those aiming to supercharge their savings. It has a high APY, but you need at least $25,000 to earn the rate.

If your balance falls below that amount, you'll only qualify for the standard rate and could be subject to monthly fees as well. [2]

Certificate of Deposit

CFBank also offers CDs for individuals aiming to grow their funds and are comfortable with locking them up for a specific period. Their terms range from 3 to 60 months. But, you need at least $10,000 to open an account.

Additionally, like with most CDs, withdrawing early will result in penalties.

How Much Can You Earn?

Use this savings calculator to see how much your money can grow with CFBank:

Savings Calculator

Depositing and Withdrawing Funds

If you have an account via Raisin, you need to link an external account to deposit and withdraw your money. It may take 1-3 business days to complete a transaction.[3]

To deposit funds to accounts opened directly with CFBank, you can do any of the following:

  • Visit a physical branch
  • Transfer funds from an external account
  • Mobile check deposit

Meanwhile, if you want to withdraw money, you can opt to:

  • Withdraw at a branch or ATM
  • Do a wire transfer between accounts
  • Send money via Zelle

You can use ATMs at CFBank branches. Plus, you can also withdraw from ATMs outside their network and CFBank covers any surcharges for your first 5 transactions. [4]

Who is It Best For?

CFBank is a solid pick for those looking to grow their savings with good rates. Their high-yield savings account, available through Raisin, can help you reach your financial goals faster.

It is also a good choice for those who live near their branches in Columbus, Cleveland, Cincinnati, Akron, or Indianapolis because you can easily open an account with CFBank directly.

How CFBank Compares



Is CFBank Safe?

Yes, your money is safe at CFBank because they are an FDIC member (Cert #28263). This means deposits are federally insured up to $250,000 per depositor, per ownership category.

So, even if CFBank fails or goes under, account holders are guaranteed to get their money back up to the maximum limit allowed by law.

CFBank Customer Support
You can reach out to CFBank through the following ways:
  • By call at 614-334-7979
  • Visit a branch from 9 AM to 5 PM EST
  • Through the Contact Us form on the CFBank website

Bottom Line

CFBank is an excellent option for those seeking high-yield savings accounts, money market accounts, or competitive CDs. It is also ideal for those interested in managing multiple savings accounts on one platform since you can also open an account through Raisin.

Plus, if you live in Ohio or Indianapolis, CFBank's physical branches and online banking make managing your finances a breeze.

Which type of savings product are you most interested in?

References

  1. ^ CFBank. About Us, Retrieved 04/11/2024
  2. ^ CFBank. Personal Savings, Retrieved 04/11/2024
  3. ^ Raisin. FAQ: How long does it take to deposit my money? What about withdrawals?, Retrieved 04/30/24
  4. ^ CFBank. Locations, Retrieved 04/11/2024
CFBank National Association

High-Yield Savings Account - 4.60% APY

  • $1 minimum deposit
  • No fees
  • 24/7 online access to funds
  • FDIC insured
Bank of America
Member FDIC

Bank of America Advantage Banking - $300 Bonus Offer

Expires 1/31/2025
  • The $300 bonus offer is an online only offer and must be opened through the Bank of America promotional page.
  • The offer is for new checking customers only.
  • Offer expires 01/31/2025.
  • To qualify, open a new eligible Bank of America Advantage Banking account through the promotional page and set up and receive Qualifying Direct Deposits* totaling $2,000 or more into that new eligible account within 90 days of account opening. Bank of America Advantage SafeBalance Banking® for Family Banking accounts are not eligible for this offer.
  • Once all requirements are met, Bank of America will attempt to pay bonus within 60 days.
  • Additional terms and conditions apply. See offer page for more details.
  • *A Qualifying Direct Deposit is a direct deposit of regular monthly income – such as your salary, pension or Social Security benefits, which are made by your employer or other payer – using account and routing numbers that you provide to them.
  • Bank of America, N.A. Member FDIC.
Chase
Member FDIC

Chase Total Checking® - $300 Bonus

Expires 10/16/2024
  • New Chase checking customers enjoy a $300 bonus when you open a Chase Total Checking® account with qualifying activities
  • With over 4,700 branches, Chase has the largest branch network in the U.S. plus access to more than 15,000 ATMs.
  • Chase Mobile® app - Manage your accounts, deposit checks, transfer money and more -- all from your device.
  • JPMorgan Chase Bank, N.A. Member FDIC
  • Open your account online now
  • Available online nationwide except in Alaska, Hawaii and Puerto Rico. For branch locations, visit locator.chase.com.
  • Chase Overdraft Assist℠ - no overdraft fees if you're overdrawn by $50 or less at the end of the business day or if you're overdrawn by more than $50 and bring your account balance to overdrawn by $50 or less at the end of the next business day*
Discover Bank
Member FDIC

Discover® Online Savings - $200 Cash Bonus

Expires 3/13/2025

To qualify for Bonus: Apply for your first Discover Online Savings Account, enter Offer Code CY924 at application, deposit into your Account a total of at least $15,000 to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus. Qualifying deposit(s) may consist of multiple deposits and must post to Account within 45 days of account open date. Maximum bonus eligibility is $200.

What to know: Offer not valid for existing or prior Discover savings customers, including co-branded, or affinity accounts. Eligibility is based on primary account owner. Account must be open when bonus is credited. Bonus will be credited to the account within 60 days of the account qualifying for the bonus. Bonus is subject to tax reporting. Offer ends 03/13/2025, 11:59 PM ET. Offer may be modified or withdrawn without notice. Due to new customer funding limits, you may wish to initiate fund transfers at your other institution. For information on funding your Account, see FAQs on Discover.com/Bank. See advertiser website for full details.

CIT Bank
Member FDIC

CIT Bank Platinum Savings - 4.70% APY

  • 4.70% APY with a balance of $5,000 or more
  • 0.25% APY with a balance of less than $5,000
  • $100 minimum opening deposit
  • No monthly maintenance fee
  • Member FDIC

Darlene Santos is a research analyst at CreditDonkey, a bank comparison and reviews website. Write to Darlene Santos at darlene.santos@creditdonkey.com. Follow us on Twitter and Facebook for our latest posts.

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Editorial Note: Any opinions, analyses, reviews or recommendations expressed on this page are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by any card issuer.

†Advertiser Disclosure: Many of the offers that appear on this site are from companies from which CreditDonkey receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). CreditDonkey does not include all companies or all offers that may be available in the marketplace.

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