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Forbright Bank review (2024): Earn 5% on your savings while supporting environmentally friendly banking
Summary: Formerly known as Congressional Bank, Forbright Bank operates with the mission to drive decarbonization and support the energy transition. Forbright Bank specializes in offering banking services, lending solutions, and financing for renewable energy projects, energy efficiency, and sustainability-driven businesses. It currently operates a handful of physical branches and service hubs across Maryland and Virginia, but also offers high-yield online bank accounts that can be opened from anywhere in the U.S.
Forbright Bank products and services
Forbright currently offers the following banking products and services:
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High-yield savings account: Forbright’s Growth Savings account is one of the few on the market that still offers 5.00% APY. There are no monthly fees or minimum deposit requirements. Interest is compounded daily and credited monthly.
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Certificates of deposit (CDs): Forbright offers CDs with terms ranging from nine months to five years, and rates ranging from 3.25% APY to 4.25% APY. A minimum opening deposit of $1,000 is required. If you withdraw funds before the maturity date, the early withdrawal penalty is equal to three months’ interest for CD terms of less than 24 months and six months' interest for longer terms.
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Business checking and money market accounts: Forbright Bank offers three business checking accounts and three money market accounts for commercial customers. Many of these accounts are interest-bearing with competitive rates.
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Business savings and CDs: Commercial customers can also choose from a few different savings accounts and CDs with competitive rates.
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Business credit cards: Forbright offers a range of card options, including low-rate, cash-back, and rewards business credit cards. These cards come with added perks such as free online expense reporting tools, mobile payment capabilities, free additional cards for employees, and more.
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Treasury management services: Business customers will also have access to Forbright’s Treasury management services, which help to improve cash flow, manage and monitor transactions, allow for more efficient payment processing, streamline the check deposit process, and more.
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Institutional green deposits: Forbright Bank offers institutional green deposit accounts that allow depositors to direct their deposit balance to finance environmentally focused projects that meet Forbright’s green financing eligibility criteria.
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Lending products and services: In addition to its personal and business banking products, Forbright offers commercial lending products and services, including real estate loans, financing for healthcare facilities, corporate financing, and more.
Forbright Bank fees
Here are some of the fees you could incur as a Forbright Bank customer:
Forbright pros and cons
Before you decide to bank with Forbright, here are some of the major pros and cons to consider:
Pros:
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No monthly fees: Forbright does not charge monthly maintenance fees for its high-yield savings or CD accounts.
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Competitive interest rates for personal savings accounts: Forbright’s high-yield savings account and CDs offer rates well above national averages, giving customers the chance to grow their balances at a faster rate.
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Mission-driven financial services: Forbright Bank specializes in financing clean energy projects and eco-friendly businesses. It’s ideal for individuals and companies looking to bank with an institution that supports sustainability and environmental responsibility.
Cons:
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Limited online banking products: Forbright does not currently offer personal checking accounts or money market accounts, which may be a disadvantage for customers who prefer a one-stop shop for their banking needs.
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Mixed reviews of mobile apps: Forbright’s mobile app had mixed reviews on the App Store and Google Play, with many customers complaining of inaccessibility and limited capabilities.
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Few branch locations: Forbright only operates a handful of branches in two states. For customers looking for easy branch access and face-to-face customer service, this could be a drawback.
Customer service and mobile banking experience
To speak with a Forbright Bank representative regarding your savings account, contact customer service via email or telephone at 1(800)-550-0159, Monday through Friday, from 8 a.m. to 8 p.m. ET (with the exception of holidays).
For questions regarding CDs, business banking, or branch banking, call (888) 855-7778, Monday through Friday from 9 a.m. to 8 p.m. ET (with the exception of holidays) or reach out via email.
Forbright offers a mobile banking app on the App Store and Google Play that has a rating of 1.4 and 4.7 stars, respectively. The app offers customers the ability to transfer funds, schedule recurring deposits, receive transaction and security alerts, manage account preferences, and more. However, certain customer reviews include complaints about the app having limited functionality and customers having a hard time getting into their accounts on their mobile devices.
Social and environmental impact
Forbright Bank is part of an alliance of banks and credit unions that have pledged not to finance fossil fuel companies or projects.
According to its most recent sustainability report, Forbright Bank highlighted its commitment to accelerating the transition to a more sustainable, clean energy economy and a more inclusive workplace.
In 2023, Forbright provided $1 million in corporate contributions to nonprofit organizations. Forbright also launched its Green Deposit product, which allows depositors to direct their deposit balance to finance environmentally focused projects that meet Forbright’s green financing eligibility criteria.
More than 35,000 metric tons of estimated annual GHG emissions were avoided through renewable energy and energy efficiency-related projects, and $157 million worth of residential solar projects were facilitated through the energy loan network.
Forbright employees volunteered roughly seven hours of their time each this past year for a total of 3,000 volunteer hours across the company. Forbright has also made strides in terms of creating a more diverse work environment, with 47% of new hires self-identifying as racially or ethnically diverse and more than half of new hires self-identifying as women.
Read more: What is sustainable banking?
Frequently asked questions
Is Forbright Bank FDIC-insured?
Yes. Forbright Bank is an FDIC-insured bank; deposits are guaranteed up to $250,000 per depositor, per ownership category.
What is Forbright Bank’s routing number?
For Online CD, Business Banking, and Branch Banking customers, the routing number is 055003418. For Growth Savings customers, the correct routing number is 055003612.
What is the penalty for early withdrawal from Forbright Bank?
Making a withdrawal from your CD before your account matures will result in an early withdrawal penalty of three to six months' worth of interest, depending on your CD term.
