Certificates of Deposit FAQs

Find the answers to your most frequently asked questions about our online Certificates of Deposit accounts

Renewing My CD and Accessing My Account

How do I manage my account online or through the app?

Once you have opened a Certificate of Deposit with us, you can view your account and access it online or via our app by enrolling via Online Banking.

If you have already enrolled, you can sign in here or through the app to access your account.

How do I enroll in online banking?

After you have successfully opened a CD with Forbright Bank, you can click here to enroll in online banking. Please be sure to click the radio button for the account type of Certificate of Deposit and then follow the instructions.

Please allow up to 1-2 business days for the enrollment to complete. You will receive an email notification once you can login.

How do I reset my password?

If you are having issues accessing the Online Banking platform, you may select the “Forgot Password” link on the sign-in page. This will prompt you to reset your password.

I don’t recognize any of the phone numbers listed to retrieve my code.

To provide the most secure system possible, we utilize one-time log-in codes, which are sent to a phone number associated with your account.

If you do not recognize the phone numbers listed which are associated with your account, you might have entered an incorrect user ID. Return to the sign-in page and re-enter your user ID. If you recognize the phone numbers, but they are no longer accurate, contact us at 888-855-7778.

How do I verify my email address?

During the log in or enrollment process, you may be asked to verify your email, where you’ll be sent an email with a secure code. Once you receive this, enter the code provided where prompted to verify your email address and access your account.

How do I find my account number?

To view your account number, please go to open.forbrightbank.com/ and in the upper right corner click “Log In”. Enter the email address you used when you opened the account and then you will receive a code emailed to you that is needed to login. Once logged in click on “Accounts” and then on the pop up click on “Set Up”. On the next page you will see your account information.

How do I find my User ID?

Visit our Personal Banking log-in page and select the “Forgot your User ID?” link. You’ll then be asked a series of questions to retrieve your User ID.

How do I upload an attachment?

Once you have logged into online banking, select “support” from the hamburger menu in the upper right-hand corner. Then click “Contact Us”. Using the form that pops up, provide details regarding the services needed and use the “Upload File” button the upload an attachment.

Getting Started

How do I open an account?

Thanks for your interest in opening an online CD with Forbright Bank! You may open a personal CD online by visiting open.forbrightbank.com or by visiting one of our branches in Maryland or Northern Virginia.

For a full list of locations and hours, please visit https://www.forbrightbank.com/about-us/locations/.

What are the terms of the online CD?

Forbright Bank is proud to offer multiple term selections for our online CDs, including 9, 12, 24, 36, and 60-month offerings. For a full list, including the most up to date interest rates and minimum balance requirements, visit here.

I’m not near one of your branches. Can I still open up a CD?

Yes! Our personal Certificate of Deposit is available nationwide, regardless of where you live. To open a CD online, visit https://open.forbrightbank.com.

What do I need to open a Certificate of Deposit account?

To open an account, you will need:

  • A valid form of ID (Driver’s license, state ID, passport)
  • Your social security number
  • Current residential address
  • Your email address
  • Your routing number & account number of funding source account OR
  • Your online login credentials of the funding source account AND
  • Must be at least 18 years of age

Can I open an account over the phone?

Due to security restrictions, we ask that you either apply online here or visit us in one of our local branches in either Maryland or Virginia.

What are the acceptable forms of ID?

Valid forms of ID include an unexpired driver’s license, state ID, or passport.

What are the location and age requirements?

You must be at least 18 years old and reside in the United States.

What is the minimum balance to open an online CD account?

The minimum balance requirement to open an online CD account is $1,000.

Do you pull a credit report?

We pull a soft consumer report via Qualifile during the application process.

How are funds transferred into my online CD account?

Funds can be transferred from an active personal savings or checking account. The CD can only be funded from one source and not multiple banks. Once opened, no additional funds can be added to the CD, but you can open other CDs and fund from another funding source.

During account opening, you can fund your account from either one of two methods. Some banks can be accessed through Plaid, a secure third-party data transfer network, by inputting your online banking login credentials. The other option is to provide the routing number & account number of the funding source account. This transfer will take place upon account approval. Please ensure sufficient funds are available in the funding account prior to submitting your application. There is no fee to transfer funds.

What is the maximum amount that can be deposited into an online CD?

The maximum amount you can deposit in one online CD is $5,000,000. There is no limit to the number of accounts you can open.

When is the rate confirmed?

Your online Certificate of Deposit will receive the rate which is in effect at the time your completed application is reviewed and approved (approval may take 1-2 business days), which acts as the rate for the duration of the selected term. Rates and APYs may change at any time. For a list of current rates, please click here.

What is your FDIC insurance coverage?

Forbright Bank utilizes important resources to ensure that our customers feel safe doing business with us. Our FDIC insurance coverage ensures the standard insurance amount, $250,000 per depositor for each account ownership category. For more information about our safety measures, please click here.

How do I receive opening documents for my online CD?

As part of your online application, you will be asked to give consent to receive certain account opening documents and notices from us electronically. Upon account approval, the disclosures will be emailed to the email address you provide.

Can I be sent a hard copy confirmation of my online Certificate of Deposit?

To receive a CD confirmation letter, you can email customer service at customerservice@forbrightbank.com to be sent the letter.

When are the funds transferred into my online CD account?

Upon your completion of the online application, and our review and approval, the funds will be drafted by ACH transfer. This could happen as soon as the same business day.

Therefore, please make sure the funds are available at the other institution prior to completing your application. There is no fee for the transfer.

How do I open multiple online CD accounts?

To open multiple CDs under the same account, select the log-in button on the upper right corner when applying. Then enter the email address you used to open the first account to receive a code via email to log in. This will then allow you to manage multiple CDs within the same account.

If you are opening additional CD accounts and are already enrolled in online banking, please allow overnight processing for it to be added to your online banking profile.

I changed my mind and would like to cancel my account. Can I do that?

Once a CD is opened, we are unable to cancel the account. You may reach out to your funding bank to request they stop the ACH debit or to recall the ACH if the funds have already been debited.

Should you request to close your new Forbright Bank Certificate of Deposit during the initial 45-day waiting period, the initial deposit will not be returned until after 45 calendar days. Early withdrawal penalties do apply.

A penalty equal to three (3) months interest will be charged to your account for CDs less than a 12-month term.

For those longer (24-month term or greater), then a penalty equal to six (6) months interest will be charged to your account.

How do I open a CD for my business?

Our personal CDs can be opened only for individuals online. Business CDs may be opened by visiting one of our branches, located in Maryland and Virginia.

Can I open up my CD as an Individual Retirement Account (IRA)?

IRAs cannot be opened online. IRAs may be opened by visiting one of our branches located in Maryland and Virginia. Please note that interest rates for IRAs are not the same as CD rates. For a list of current rates for our Retirement accounts, visit here.

Where can I find more information about Forbright Bank?

Forbright Bank is a full-service bank and lender that’s committed to playing an important role in accelerating the transition to a sustainable and clean energy economy. Established in 2003 and headquartered in Chevy Chase, Maryland, Forbright Bank includes several branch locations in both Virginia and Maryland and offers nationwide online offerings, including our personal Certificate of Deposit.

For a full review of our offerings, check out this article from Business Insider. And for more details on the work we’re doing to create a  brighter future, you can visit our Impact page.

How to Apply

I entered incorrect information on my application (Name, address, SSN, etc.), how do I update?

If you have applied and you believe you provided incorrect information, please call us at 888-855-7778 for assistance. Customer service hours are Monday-Friday 9:00am to 8:00pm ET.

How long will it take for my application to be reviewed?

It may take 1 to 2 business days for the Bank to review your completed application. We’ll send you an email to the email address you provide letting you know the status or if additional information is needed.

How do I find my application status or confirm it was submitted?

You should receive an email confirming we have received your application. We ask you to allow up to 1-2 business days to review your application.

If you have not received a status update after that time period, you may contact us at customerservice@forbrightbank.com or 888-855-7778 (Option 2).

I accidentally exited out of my application. How do I continue?

You should receive an email reminding you to finish opening your account. Once you do, you can click the Finish Application button and select your name in the top right-hand corner. Then select Applications to find your application still in progress.

If you have not received that email or cannot locate it, you may email customerservice@forbrightbank.com or call 888-855-7778 for more assistance in retrieving your application that’s already in progress.

How do I cancel my application?

If the account has not yet been completed and opened, follow these steps:

  1. Open the email you received asking you to finish opening the new account. Click the Finish Application button.
  2. Select your name in the top right-hand corner. Then select Applications.
  3. Click on the application you wish to cancel. You will be asked to confirm your request. After confirming, the system will acknowledge if your request was successful.

You may also contact customer service at 888-855-7778 or customerservice@forbrightbank.com. Customer service hours are Monday-Friday 9:00am to 8:00pm ET.

How It Works

When is the interest posted? How to set up a monthly interest deposit?

Interest compounds daily and posts monthly, on or around the same date the CD was opened. You will see the interest posting in the transaction history of your online banking portal.

If you would like to have interest mailed by check or sent by ACH monthly, please contact customerservice@forbrightbank.com after the account is opened. The Annual Percentage Yield (APY) on all certificates assumes that principal and interest will remain on deposit until maturity.

Why am I seeing a different rate?

When logging into your online banking portal, you may see your CD’s Interest Rate, and not the APY, which are two separate rates.

Annual percentage yield (APY) is the percentage rate reflecting the total amount of interest paid on an account, based on the interest rate and the compounding of interest over a one year period of time, whereas interest is the percentage of interest you’d earn on the account. To find the most up to date APY and interest rates for our CD offerings, visit here. Rates and APYs are subject to change at any time.

When does interest begin to accrue?

Interest will begin to accrue on your new CD upon receipt of the initial deposit, which includes the 45-day waiting period.

What are your penalties and fees?

For an account held to maturity, you will earn the full interest rate without any fees, including no fee for a deposit transfer, opening fee or maintenance fee.

The only potential penalty associated with our CDs occurs if you withdraw the deposit early, then a penalty equal to three (3) months interest will be charged to your account for CD terms less than 24 months.

For those longer (24-month term or more), then a penalty equal to six (6) months interest will be charged to your account.

How to Manage Your Account

How do I confirm only one account has been opened or find the account status?

To confirm the number of accounts opened, you may enroll in our online banking to view any active accounts under your name with their associated status. If you have already enrolled, you can sign in to view the accounts here.

How do I change the account title after the account is opened?

Please contact customer service at 888-855-7778. Customer service hours are Monday-Friday 9:00am to 8:00pm ET. You will be asked to securely provide documentation to support the request.

How do I make updates to my account?

If you have inaccurate information on your account, including mailing address, phone number, SSN, or email, please contact customer service at 888-855-7778 or customerservice@forbrightbank.com.

How do I add more funds or open additional accounts?

You would not be able to add additional funds to the CD account once it is opened but may open multiple CDs.

To open an additional CD account, click here and in the upper right corner, click on Log In. Then enter the email address you used to open the first account and you will receive a code via email to log in.

How do I transfer ownership of my account?

You have the option of adding a joint owner or to set up the CD as a trust account. To add a joint owner, you may do so by visiting https://open.forbrightbank.com to set up once your CD account has been opened.

If you’d like to set up the CD as a trust account, you can contact customer service at 888-855-7778 or customerservice@forbrightbank.com request an update to the account.

Can I add a joint owner to my online account?

Yes. After you complete the account opening process in your name, you can add one joint owner by following the steps below.

  1. Visit https://open.forbrightbank.com/login/
  2. Once you enter your email address, and enter the code that is sent for authentication, your accounts that have been previously opened online will appear. Click on the arrow at the right for the account you wish to add a joint owner.
  3. Click Set Up.
  4. In the Get More Out of Your Account section, select Add Joint Owner and provide the email address of the potential joint owner. Click Invite.
  5. Once the invite is sent, customers can see any pending invites from the Account page. Click the Edit button to cancel or resend the invitation.
  6. The joint owner will receive an email to submit their own application.
  7. Once the joint owner submits their information and the application is approved, the new joint owner will receive an email indicating that they’ve been added to the primary account owner’s account. The joint owner will receive a copy of the account disclosures by email.

Please allow up to 7 business days for this to update.

The only way to add more than one joint owner to your online CD account is to visit one of our branches with proper identification along with the joint owner to be added.

How do I add a beneficiary to my online CD account?

Once your online CD account has been opened successfully, you can request to add beneficiary information to your account by following the steps below:

  1. Visit https://open.forbrightbank.com/login/
  2. Once you enter your email address, and input the code that is sent for authentication, your accounts that have been previously opened online will appear. Click on the arrow at the right for the account you wish to add a beneficiary.
  3. Click Set Up.
  4. In the Get More Out of Your Account section, select Beneficiary.
  5. Provide your beneficiary’s information, and then click Add Beneficiary.
  6. We will review the request from there and will confirm once the request is complete or contact you if additional information is needed.

Can I add multiple beneficiaries?

To add more than one beneficiary, please send us the additional beneficiary information below via online banking message as we cannot accept this sensitive information over email. Once we receive the information, we will update the account and notify you when it has been completed.  Due to the high volumes please allow 7 business days to process your request.

  • Name of Beneficiary
  • Date of Birth
  • Social Security Number (If foreign, require U.S. address & contact)
  • Email Address
  • Phone Number
  • Address
  • Your Name and CD Account Number

How do I open a CD in the name of my trust?

An online CD account can be opened in the name of your trust if all the following applies:

  • You are both the grantor and the trustee
  • It is a revocable trust
  • Your social security number is the tax ID for your trust
  • The trust has no more than two trustees
  • If two trustees, they have the authority to act independently

To begin, follow the steps to open the CD online in your name only.

Once that CD is approved, if there is an additional trustee, add that person following the steps outlined in the question of how to add a joint owner. After both trustees have been added, please contact customer service at 888-855-7778 or customerservice@forbrightbank.com to request an update to the account.

Do not send your trust document via unsecure email. Instead, wait for customer service to reply to your request. Then, you’ll be able to securely email your documentation to us to support your request.

Once received, the title of the account will be updated to reflect the name and date of the trust and our system will be updated to change the owners to trustees. We will also send a trustee certification form to be e-signed via DocuSign. Customer service hours are Monday-Friday 9:00am to 8:00pm ET.

How do I add a trust as a beneficiary?

We do not need the trust documents, but require the information below to add the trust as a beneficiary:

  • Name of Trust
  • Date of Trust
  • Address
  • Phone number
  • Tax ID for Trust
  • Email address (of at least one of the Trustees)

How can I view my balance?

You can view your balance including interest accruals by enrolling in online banking.

How can I view my statements or set up statements to be sent to me via email?

While we do not offer the ability to receive statements for our online CD, you can view or check your monthly interest accrual via your online banking portal under “Transaction History.”

If you haven’t enrolled yet, you may sign up here.

How do I request paper statements to be mailed to me?

As we do not provide monthly statements on our CD accounts, we encourage users to enroll in Online Banking to view their interest accruals.

Why is my account listed as “inactive”?

If you are experiencing an issue with an account that should be listed as active, please reach out to contact us at 888-855-7778 so we may provide assistance.

How do I redeem or close out my CD before maturity?

If you would like to withdrawal the CD early, you may reach out to Customer Service at customerservice@forbrightbank.com or by calling 888-855-7778 (select option 2) and they will send you a document to sign to close the CD.

Please note that there is a 45-day waiting period after the CD has been opened, so if you request within that time frame, the initial deposit will not be returned until after 45 calendar days.

For 9 or 12-month CDs, there is a penalty equal to three (3) months interest. For those longer (24 months or greater), then a penalty equal to six (6) months interest will be charged to your account. We do not “call” CDs and close them before the term ends.

What happens when the CD matures? Can I make a withdrawal of the account?

At Forbright Bank, your account will automatically renew at maturity. This means that the CD will rollover at the Bank’s current rate as of the date of maturity. Please refer to your maturity notice for additional information. You have a grace period of ten (10) calendar days after the maturity date to withdraw the funds without being charged a penalty.

If you choose not to renew your online CD account, your funds will be returned to you via ACH. To receive your funds, you will be asked to provide us with the following information:

a) Bank Name,
b) Bank Routing and Transit Number,
c) Bank Account Number,
d) Account

Once we are in receipt of this information an ACH payment will be transmitted to your bank within 2 business days. There is no fee for the transfer.

Didn’t see what you’re looking for?

Our customer service team is here to help. Get in touch with our team, available Monday through Friday, 9am-8pm ET.

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