Growth CD

Forbright Bank is proud to offer a high-yield Certificate of Deposit featuring competitive rates, a variety of terms, and an easy-to-use online banking experience. To open an account, simply select a CD term, enter your information, and deposit a minimum of $1,000 within the first 10 calendar days of opening.

With our 10-day best rate assurance you will automatically receive the best published Growth CD rate for your term if rates increase during the first 10 calendar days of account opening, inclusive of the account opening date.

Forbright Bank also offers the benefit of penalty-free paid interest transfers on Growth CD. This means Growth CD customers can set up recurring monthly withdrawals of interest or choose a one-time, per-term disbursement of all paid interest.

Forbright Bank offers the benefit of penalty-free paid interest transfers on Growth CD. This means customers can access the interest paid on their Growth CD account – without penalty – on a monthly or once-per-term basis. In other words, you can set up recurring monthly withdrawals of interest or choose a one-time, per-term disbursement of all paid interest.

Please note that interest is paid monthly and must be credited to your Growth CD account before you can transfer it. You cannot withdraw accrued interest that has not yet been paid.

Open a Growth CD and deposit at least $1,000 within the first 10 calendar days. If the rate on your selected CD term increases during this time, our 10-day best rate assurance is set up to ensure you get the higher rate.

Note this 10-day period is inclusive of the day you opened your account, and you’ll need to fund your account with a minimum of $1,000 within this 10-day period to keep your account open and receive the higher rate. The 10-day best rate assurance also applies at renewal during the 10-calendar day grace period (inclusive of your maturity date).

Forbright Bank does not charge fees for opening or maintaining Growth CD. There is no opening fee, no maintenance fee, and no fee for making a deposit transfer.

There is a penalty for closing your CD before it matures. If your Growth CD term is 9 or 12 months, this penalty is equal to 90 days of interest. If your CD is 24, 36, or 60 months, the penalty is equal to 180 days of interest.

If you have questions, our Customer Support team is available to help answer any questions.

Great question! Forbright Bank is a proud partner of the National Park Foundation, where we help fund their mission and programs to expand protection of America’s park lands and connect more people to the country’s more than 400 national parks. In addition, we’re carbon neutral in our operations and we are proud to support organizations like The Nature Conservancy and American Red Cross – all while helping you save more. To learn more, see our impact.

Since you don’t have to add funds to your Growth CD account during the account opening process, there is no minimum balance requirement to open a Growth CD. However, you must make at least a $1,000 deposit within the first 10 calendar days of opening your account – which includes the day you opened the account – to keep your account open.

For Growth CD, interest is accrued daily and credited to your account monthly.

Before your Growth CD matures, we’ll send you a maturity notice via email. The notice will include the maturity date on your Growth CD account.

You have the option to:

• Do nothing, and your CD will be rolled to the same term.
• Or, close your CD without penalty during the 10-day grace period.
• Or, partially withdraw funds, assuming what remains is greater than $1,000.
• If you have a Growth Savings account, you may also deposit funds from Growth Savings to your Growth CD during the 10-day grace period by contacting our Customer Care team at 1-800-550-0159.

The interest rate and annual percentage yield applied for your renewed Growth CD will be what is currently offered based on the day your CD matures.

Growth CD customers can withdraw paid interest by setting up monthly interest disbursements in the secure online banking platform. Customers can also call our Customer Support team to request a one-time interest disbursement. Please note the one-time interest disbursement is limited to once per CD term.