Forbright Bank review 2024: Green banking meets high yields, but limited branch access

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If you’re looking for a bank that aligns with your environmental values while offering competitive rates, Forbright Bank might be worth considering. This Maryland-based financial institution combines traditional banking services with a commitment to green initiatives and climate change solutions.

While Forbright has limited branches in Maryland and Virginia, it’s making a name in the digital banking space with online-only accounts offering impressive yields. Whether you’re local to the area or just searching for competitive rates, here’s what you need to know about Forbright Bank’s offerings.

About Forbright Bank

Forbright Bank is a traditional financial institution that offers a modern, eco-conscious approach to banking. Founded in Maryland, it serves local customers through branches in the DMV while offering select digital banking products nationwide.

Forbright Bank rates and products

Let’s break down Forbirght’s personal banking solutions and see how they stack up in today’s competitive market.

Bright Checking account

The Bright Checking account offers something rarely seen in traditional checking accounts: the potential to earn up to 4.25% annual percentage yield (APY). Here’s what makes it stand out:

• A low $25 minimum opening deposit
• No monthly maintenance fees
• Unlimited ATM fee rebates
• Tired interest rates that reward higher balances:
  • 3.50% APY for balances between $2,500 and $249,999
  • 4.25% APY for balances of $250,000 or more

For those who don’t need interest-earning features, the Root Checking account provides a more basic option with the same $25 minimum deposit requirement. Both accounts require a branch visit to open, which limits accessibility if you live outside of Forbright’s service area.

While these accounts offer appealing features, there are a few drawbacks. Smaller balances don’t earn interest, and you’ll need a significant balance ($250,000) to earn the highest APY. The bank also charges fees for overdrafts, insufficient funds (NSF), and paper statements.

Platinum Money Market

If you want to earn competitive rates while maintaining easy access to your money, the Platinum Money Market account is worth considering. Here’s what you need to know:

• 4.25% APY
• $2,500 minimum opening deposit
• $10 monthly maintenance fee (waivable with minimum balance)
• Includes debit card access
• Unlimited ATM fee rebates
• No transaction limits (unusual for money market accounts)

This account's unique combination of high yields and unlimited transactions sets it apart. While most money market accounts restrict monthly transactions, Forbright lets you move money as needed without penalties.

The main hurdle is the $2,500 minimum deposit and balance requirement to avoid the monthly maintenance fee. While this may be steep for some savers, the high APY and flexible access could make it worthwhile for those who can meet the requirements.

Savings accounts

Forbright offers three savings accounts, each catering to different goals and preferences.

Bright Savings

Bright Savings is offered at the branch and has no monthly maintenance fee and minimum balance requirement. That said, balances below $249,999 earn 3.50% APY, and all others earn 4.25%.

You also get access to an ATM card, which you can use to make penalty-free withdrawals at Forbright ATMs or receive unlimited ATM fee refunds for out-of-network withdrawals.

Sprout Savings

This account shares all the features of Bright Savings except for the minimum initial deposit and your earning potential. You’ll need just $1 to start and earn 4.25% on all balances below $10,000.

But if you carry more, your earning potential is capped at just 0.80% APY. Sprout Savings is only accessible at a branch location.

Growth Savings

This fee-free option is only accessible digitally, and you won’t get ATM access. Instead, you must initiate online account transfers to withdraw funds. Still, it pays a high APY of 5.00%, making the account worth considering if you don’t need frequent access to your cash.

CDs

Forbright’s CD lineup focuses on terms from nine to 60 months, with a few interesting features. Here’s a breakdown of their rates as of November 2024:

The CD program stands out for offering its highest rate on the shortest term, making it attractive for those who don’t want to lock up their money long term. All CDs require a $1,000 minimum deposit, which is relatively standard in the industry. Early withdrawal penalties apply:

• Terms under 24 months: Three months interest
• Terms 24 months and longer: Six months interest

Other Forbright Bank products and services

Beyond basic banking, Forbright offers several specialized products for residents of the DC metro area.

Retirement accounts 

• IRA Savings Account
• IRA CDs

Credit cards

• Rewards points card
• Cash back options
• Student credit card
• Credit-building card

Business services

• Business checking and savings accounts
• Business CDs
• Credit cards
• Treasury management services
• Institutional green deposits

Forbright Bank's digital experience and customer support

Online and mobile banking platform

Forbright Bank has three branch locations in Maryland and Virginia, open Monday through Friday from 9 a.m. to 5 p.m. ET, four ATM locations, and three self-service hub locations. It also offers a mobile app for Android and Apple devices to help you manage your money easily.

Customer service

The bank offers phone support on weekdays from 9 a.m. to 8 p.m. ET for general banking questions, with slightly extended hours — 8 a.m. to 8 p.m. ET — for Growth Savings accounts. However, there's no weekend support or online chat, which could be inconvenient for customers who need assistance outside business hours.

The mobile app receives generally positive reviews on Google Play, with users praising its ease of use but noting occasional login difficulties and support challenges. App Store ratings are somewhat lower, with similar feedback about the user-friendly interface but concerns about account verification and communication issues.

Despite holding an A+ rating and accreditation from the Better Business Bureau, Fulbright’s customer rating on the platform sits at just 2.25 out of 5 (though only based on 24 customer reviews, which have all been resolved and closed).

How Forbright Bank stacks up

Is Forbright Bank right for you?

If you live in the Washington, D.C. metro area and prefer an in-person banking experience, Forbright Bank could be ideal. Its environmental focus is also a good option if sustainability and climate change are important to you.

You can also access high-yield savings accounts and CDs, as these products are available online to consumers nationwide. But if you’re interested in a different type of account that is not offered digitally or live outside of the DMV area, you’ll want to look elsewhere for a bank.

How we rated this bank

Every bank review we publish has undergone a rigorous editorial process to ensure accuracy and objectivity. Learn more about our methodology here.

Editorial disclosure: Opinions expressed are author's alone, not those of any bank, credit card issuer, or other entity. This content has not been reviewed, approved, or otherwise endorsed by any of the entities included in the post.