CFBank Review 2024

Trading platform:

  • Web platform
  • CFBank Mobile

CFBank Review 2024

Updated: October 06, 2023
Updated: October 06, 2023

7.81

/

10

TU Overall Score
The purpose of creating the TU Overall Score is to make the search for secure and reliable brokerage companies easier for the visitors of our website. We believe that it is a very important mission as, unfortunately, not every company in the financial industry is worthy of trust.

According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
Supported Countries:
  • USA
Supported
Currencies:
  • USD
Deposit rate:
  • 1.36-1.86% APY
Deposit insurance:
  • USD 250,000

Summary of CFBank

CFBank offers full online banking features, including a user-friendly mobile app, full control over finance and alert settings. The bank offers three plans, the minimum balance is USD 100, and the monthly fee is $6, $7 or $10. Savings accounts at up to 1.86% APY are available. The digital bank issues plastic debit and credit Visa cards. The bank also issues various types of loans: personal, business and mortgage. CFBank has its own home mortgage and mortgage refinancing division. Anybody can use the CFBank Mortgage; it is not necessary to be a client of the neobank.

💼 Main types of accounts: Choice Checking, Total Perks, Boutique Checking
💱 Multi-currency account: No
☂ Deposit insurance: Yes, USD 250,000
👛️ Savings options: Account statistics, limits and notifications, savings accounts
➕ Additional features: CFBank Mortgage, Home Equity Line of Credit (HELOC)

👍 Advantages of trading with CFBank:

  • All plans include online banking; clients manage their funds using a convenient mobile app.
  • The monthly fee is lower than average in the market; if your average account balance is high, the fee is not written off.
  • The neobank’s debit and credit cards are accepted at all ATMs. Withdrawal is free in CFBank ATMs without limits.
  • A client of the digital bank can open a savings account with a high APY – from 1.36% to 1.86%.
  • The bank offers several personal loan and business loan options with low interest rate and comfortable conditions.
  • Own mortgage service and a separate staff of home mortgage consultants (also for mortgage refinancing).

👎 Disadvantages of CFBank:

  • Deposit conditions are not suitable for everybody, as you need a rather high initial deposit of USD 10,000 even for a savings account with a minimum APY.
  • CFBank doesn’t have many ATMs, where you can withdraw cash for free. Only 5 free withdrawals per month (except for Boutique Checking plan) are available at other ATMs.
  • Customer support works mainly through the call center. According to client reviews, communication via email is not particularly quick, and there is no live chat in the app.

Evaluation of the most influential parameters of CFBank

User Satisfaction Customer Satisfaction Score (CSAT) is a unique metric of Traders Union based on the analysis of user reviews posted on pages of each broker profile by the visitors of our website from all around the world. We have been collecting these broker reviews for over 13 years, and therefore, we know and understand the level of customer satisfaction with a specific brokerage company better than anyone else.

6.68

/10

Commissions and Fees The score for this parameter is based on the licenses a company holds. The higher the level of the license, the higher the score. Obtaining licenses in other jurisdictions also improves a broker’s score. We divide all licenses into three levels:

Level 1 jurisdictions (high level of trust): CFTC – USA, FINMA – Switzerland, FCA — UK, ASIC – Australia, CBI – Ireland, JFSA — Japan, MAS – Singapore, FMA — New Zealand, IIROC – Canada, SFC – Hong Kong.

Level 2 jurisdictions (medium level of trust): CySEC – Cyprus, FSCA – South Africa, CBRC – China, SEBI – India, ISA – Israel, SECT – Thailand, DFSA – United Arab Emirates

Level 3 jurisdictions (low level of trust): FSC – Belize, FSC – British Virgin Islands, FSC – Mauritius, VFSC – Vanuatu, SCB – The Bahamas, BMA – Bermuda, CIMA – Cayman Islands

8.00

/10

Types of accounts This parameter comprises a comprehensive analysis of all commissions and fees charged by a brokerage company, including trading and deposit/withdrawal fees. Also specific fees, for example the inactivity fee, are taken into account in the final score for the fees. Users can find detailed fees charged by a company in the broker’s profile.

7.80

/10

The ease of opening an account For this parameter, we evaluate the number of trading assets a broker offers access to in each group of financial instruments. We analyze the quotes a broker offers on Forex pairs, metals, indices, commodities, stocks, and cryptocurrencies. This parameter also includes evaluation of broker’s investment programs, for example access to copy trading, which we regard as an additional type of a trading instrument.

7.30

/10

Online-Payment Usability Traders Union experts are confident that brand awareness mostly fully reflects the real state of affairs in a company – the more popular the broker, the more people trust it. The score for this indicator is based on the data analysis of such services as Ahrefs and SemRush, which show how often a company’s brand is searched on Google. In addition, indicators of the SimilarWeb service, which show the approximate number of visitors of the broker’s website, are also taken into consideration. We also review disclosed official reports of brokers, which allow for evaluating their client base.

7.40

/10

Customer Support work The score of this parameter is based on the number of available communication channels of a company’s support service. The quicker and easier it is to contact the broker’s support, the higher the score. We check every available support channel, test the speed of processing of requests and completeness of provided information through several interactions.

7.60

/10

Social programs This parameter provides an evaluation of a company’s capacity to work with beginners. Only quality training and provision of full and unbiased information can help novice traders and investors minimize the risks of losing money, even when working with top-ranked companies. Brokers with useful educational and informational tools, including webinars, tutorials, podcasts and articles, receive higher scores.

8.10

/10

Geographic Distribution of CFBank Traders

Popularity in

93.5%
US
United States
0.8%
VN
Vietnam
0.66%
EG
Egypt
0.1%
PH
Philippines
0.1%
IN
India
2.84%
Others
Others

CFBank Latest Comments for 2023 i

2 comments
Total score:
6 /10

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dellart18

The conditions are very attractive. They suit me. I would like to become a client of this company. Later I will unsubscribe in more detail how everything works here.

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HowardPl

As for me, a very convenient service. I'm thinking about getting a mortgage from them. Good conditions are offered for these purposes. But at the moment I can’t really give an assessment, I became their client not so long ago.

Expert Review of CFBank

CFBank was established in 1882; it is one of the oldest banks in the U.S. In addition to the impressive history, its membership in FDIC also speaks in favor of this financial organization. The bank insures the funds of its clients as provided by the regulator's rules and regulations. The coverage is USD 250,000. All financial organizations that are members of FDIC are reliable; they pass independent, multi-stage audits.

The neobank offers services only to the U.S. residents. It does not have officers or ATMs in all states, which is an issue for clients, who withdraw a lot of cash. The thing is that if you withdraw cash not from a CFBank ATM or a partner ATM, you will be charged with a withdrawal fee, which could be rather high (depending on the bank that owns the ATM).

Digital banking services are free, including transfers, which are performed without additional commissions, fees, limitations or minimum amounts. In terms of banking, CFBank offers all necessary features in the mobile app, including the following: control over credit cards, grouping expenses, setting personal limits and alerts. The app works on iOS and Android devices. Experts believe it is stable and reliable; it hasn’t been hacked and no vulnerabilities were found.

Usually, CFBank Mortgage is mentioned as a separate advantage. It is the neobank’s mortgage system that allows you to take out a home mortgage on beneficial conditions or refinance your mortgage. In the absolute majority of cases, the clients of the digital bank are happy with its work in this area. TU experts recommend exploring the features of CFBank, if you are looking for a stable digital bank with good conditions for a home mortgage or other types of loans.

Anton Kharitonov

Anton Kharitonov

Financial expert and analyst at Traders Union

Dynamics of CFBank’s popularity among
Traders Union’s traders, according to 2023 data

Logo TU
20,0%
Top 3
10,0%
Top 5
7,0%
Top 10
5,0%
Top 20
1,0%
Top 40
0,5%
Top 100
0,2%
Top 100+
0,05%
Jan.
Feb.
Mar.
Apr.
May.
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.

Investment Programs, Available Markets, and Products of CFBank

CFBank does not offer investment solutions, in the sense that the bank does not have a service that allows clients to grow their capital by investing in stocks or funds. However, the neobank does offer three types of savings accounts for earning passive income.

The two main savings account types allow clients to deposit funds for 12 or 24 months at 1.41% or 1.86% APY. In both cases, the minimum deposit is USD 10,000. You can open such an account online using the bank's mobile app. The interest rates offered on deposits are some of the highest for standard savings accounts available to private individuals. There is one nuance though: there is a penalty for early withdrawal of a part or the entire amount.

A Platinum account is a more beneficial solution. The APY is lower for it (1.36%), and the minimum deposit is higher (USD 25,000). However the conditions are more loyal and there are additional guarantees. It is recommended that you choose an account after consulting with the bank’s specialist, which is free, even if you are not the bank’s client yet.

CFBank offers Regular Money and Platinum Money Market personal programs. Under them, the minimum deposit is only USD 100, the subscription fee is $5 and $10, but the client does not pay it, if the account balance reaches $500 and $5,000 respectively. The interest rate for these programs is determined individually, but it is much lower than for the plans described above.

Important!

If you are a large investor and plan on investments over $10,000, contact us at vip-invest@tradersunion.com or by the feedback form on our website. Our professional team will take you through all the intricacies of the deal and all the steps from signing up to withdrawal of profits.

Terms for Cooperation with CFBank

CFBank offers accounts in US dollars. All transactions involving foreign currencies envisage automatic conversion at market rate (fees may be charged). As for the client funds, they are always insured regardless of the account type and plan. There are no banks now on the top digital bank list that do not insure their client funds. It is a generally accepted standard and a bank cannot be competitive without complying with it. The same applies to customer support service being available 24h. Not all neobanks have a call center; some just have a live chat and email. CFBank has a call center.

💼 Main types of accounts: Choice Checking, Total Perks, Boutique Checking
💱 Multi-currency account: No
💵 Deposit terms and conditions: Up to 1.86% APY
💳 Loan terms and conditions: Individual
☂ Deposit insurance: Yes, USD 250,000
👛️ Savings options: Account statistics, limits and notifications, savings accounts
📋 Types of payment: All type of online and offline payment
➕ Additional features: CFBank Mortgage, Home Equity Line of Credit (HELOC)

Comparison of CFBank with other Brokers

CFBank Wise Curve Bank Revolut Suits Me Bank Chime Bank
Supported Countries USA Globally UK and EEA Globally UK and worldwide US
Supported Currencies USD 54 currencies 26 currencies 30 currencies GBP, EUR, RON, SEK (for transactions with other currencies, automated conversion is made) USD
Deposit insurance USD 250,000 No No Yes No Yes
Minimum deposit USD 100 No No No No No
Deposit rate 1.36-1.86% APY No No 6.45% No 5%-30%
Loan Rate Individual No No 0.65%-0.7% No 0.50%

CFBank Commissions & Fees

Information

Some experts consider it a disadvantage that the commissions and fees policy of CFBank is not open to free scrutiny, meaning that the fees are not specified on the official website of the bank. You can learn about them either from a bank’s specialist or before performing a transaction. For example, when making an international transfer, the client of the bank is notified of the fee he or she will have to pay. The fee may depend on many factors, such as the transfer amount, bank of the recipient, purpose of payment ,etc.
The same applies also to withdrawal fees. CFBank has many ATMs arounds the country and there are also partner ATMs, where withdrawal is also free. If the limit on withdrawals from other ATMs is exceeded (more than 5 times a month for Choice Checking and Total Perks plans), a fee will be charged. The fee depends on the conditions of the bank that owns the ATM. Therefore, if these kinds of questions are critical for you, it is best to inquire about them during your consultation with a bank’s employee, before opening an account with this digital bank.
The table below shows a comparison of basic fees of CFBank with fees of other digital banks.

Broker Overdraft fee ATM Withdrawal Fee International transfer fee International exchange fee
Revolut No Up to $350 - free - beyond $350 - 2% 0.3% (min. $0.30, max. $6) From 0% to 1%
Chime Bank No No No 3% (max.$5)
CFBank Service is not provided Free at CFBank ATMs and partner ATMs, there is a limit to free withdrawal at other ATMs, after reaching which a fee is charged (depends on the conditions of the bank that owns the ATM) Calculated individually Exchange is carried out at the market rate (a fee may be charged)
Conclusion

This digital bank charges average market fees, with some being even lower (for example, for international transfers). Notably, many conditions are calculated individually due to external factors. It is recommended that you inquire about all questions you have about the fees in advance, during your consultation with the bank’s employees.

Detailed review of CFBank

CFBank is widely known in the U.S. as a modern reliable bank. Despite becoming a digital bank only recently, CFBank provides full online banking service to private individuals and businesses. The company gained particular popularity thanks to its lending services. For example, no other digital bank offers a home equity line of credit, where the credit is secured by the client's property. Of course, one cannot fail to mention CFBank Mortgage, the neobank’s program that allows you to take out a home mortgage under the most favorable conditions in the country.

CFBank in figures:

  • 1882 – year of the bank’s establishment;

  • USD 100 – minimum deposit;

  • 1.86% – maximum APY on the savings account;

  • USD 250,000 – insurance coverage;

  • USD 6 – subscription fee on the standard account.

In terms of subscription fee, CFBank encourages users to actively use their accounts. For example, if the average monthly balance on Choice Checking and Total Perks accounts is over USD 100 and USD 1,000 respectively, the subscription fee is not charged. The bank also has other exclusive offers. For example, if a Visa Signature Travel card holder spends more than USD 2,500 in the first three months, he/she is rewarded with 30,000 bonus points that can be used to reduce the accommodation charges at hotels all around the world (read the program description and ask a consultant for details).

Useful features by CFBank:

  • Useful features by CFBank:

  • Debit cards. A client of the bank can order a plastic Visa debit card. It is accepted at offline stores all across the world; you can withdraw money from ATMs and shop online.

  • Credit cards. CFBank offers one of the most beneficial credit lines. There are several card types with low fees, designed for the purchase of certain categories of goods/services.

  • Mortgage loans. Experts believe that CFBank Mortgage allows you to choose the best conditions for individuals, which are otherwise unavailable.

  • Commercial lending. The digital bank offers special lending conditions for businesses. For example, a client can purchase equipment on a loan of the bank at a lower interest rate.

  • Online banking. A client of the bank can make and accept transfers, pay bills and perform other financial transactions in the mobile app. No offices and red tape.

  • Control over spending. The app allows users not only to group transactions, but also set limits and alerts. CFBank offers many tools for saving money.

  • Savings accounts. The neobank offers three account types with a high annual percentage yield, up to 1.86%. The money can be withdrawn from the deposit at any time.

  • Partnership with CF Bankshares Inc. The neobank does not offer investment projects, but its clients can consult with and open an account at CF Bankshares, in order to invest in stocks and funds.

Advantages:

1

This bank has a long history, providing a wide range of services, mobile banking features in line with the latest standards.

2

CFBank has one of the simplest and easy-to-use apps for managing finances (available for iOS and Android).

3

The minimum deposit is only USD 100, monthly fee is from $6 to $10, which is considered to be good conditions.

4

The majority of the bank’s fees are average or lower than average in the market, which ensures one of the top positions in the US rating for the bank.

5

All bank’s cards are Visa cards. They can be used online and offline all across the world without any restrictions.

6

You can withdraw money from ATMs, and if you are using the Boutique Checking plan, you won’t be charged a fee even if you withdraw money from the ATMs of other banks.

7

The bank offers beneficial savings accounts; the maximum APY of 1.86% is one of the highest in the country (however, it requires a deposit of at least USD 10,000).

8

Client funds are insured in compliance with FDIC; the insurance coverage is USD 250,000 per client.

9

CFBank Mortgage provides good home mortgage conditions in the U.S. thanks to a lower interest rate and access to unique programs.

Types of accounts for individuals and businesses

Account Type
Description
Choice Checking
The minimum deposit is USD 100, the monthly fee is USD 7. No savings accounts are available. 5 free cash withdrawals at ATMs not owned by CFBank and its partners.
Total Perks
The minimum deposit is USD 1,000, the monthly fee is USD 6. No savings accounts are available. 5 free cash withdrawals at ATMs not owned by CFBank and its partners.
Boutique Checking
The minimum deposit is USD 100, the monthly fee is USD 10. Savings accounts are available. Free cash withdrawals at ATMs not owned by CFBank and its partners.

Note that CFBank has several types of savings accounts that vary in the APY. The accounts also differ in the minimum deposit and the penalty for early withdrawal.

The bank can waive the monthly fee for all account types for individuals, if a client actively uses the account. For example, if the average monthly balance of a client with the Choice Checking account is USD 100, such clients do not need to pay the USD 7 monthly fee.

Business accounts are opened one a case by case basis. You can use business accounts to pay salaries to employees, form accounting and tax statements, and pay partner invoices. Loans for purchasing equipment or procuring goods are available. You can manage a business account from your mobile app.

Banking features

CFBank offers all types of services that are standard for modern banks. However, it is worth noting that it is not entirely a digital bank. It has physical offices across the country, where clients can open accounts and perform various transactions (for example international transfers). However, keeping up with the time, CFBank offers an alternative: a client can register on the website and do everything in the mobile app installed on a smartphone, tablet PC or another device. It is easier and simpler and it saves time and money. All transactions are recorded in the app; you can group them, set limits, and automatic alerts.

Technical Support

CFBank customer support works 24/7. This, however, applies only to email, while the call center has specific operating hours. On the official website of the digital bank, look at the footer and click Find A Location. Choose the closest branch of the neobank and click Hours and Contact. You will see phone numbers and email of various specialists and their working hours. There is also one more way to contact customer support. Go to Contact Us and fill out a ticket. The response will be sent promptly to your email.

Social programs of CFBank

This digital bank is improving financial literacy of the US citizens by working with Banzai, with leading banking experts holding lectures for students. At the moment, such courses are available only in Ohio, but the bank plans to expand the program. Also, CFBank regularly donates to charity organizations. The donations amount to at least USD 30,000 per year. At the moment, no other bank in the US donates such sums to social needs and this initiative rightly raises the profile of CFBank in the eyes of the public, as well as leads to an increase in the number of its clients.

How to open an account at CFBank

Go to the official website of the digital bank. In the top right corner, you will see the Open an Account button. Click on it.

In the next window, you will find a list of requirements for applying for a new account. In order to be eligible, you must be at least 18 years of age and a U.S. citizen. If you meet these requirements, enter your email address and confirm it.

In the next window, choose your location (one of the 50 U.S. states).

Next, you need to enter your personal information, including your First Name, Last Name, Date of Birth, Address of Registration and Residence. You will also need to provide other information (from your passport or driver’s ID), which you will need to verify later. To save time, you can use the service for uploading photos with ID verification.

Then, follow instructions on the screen. Verification may take some time. Finally, the system will ask you to choose your account type. After that, you will be granted full access to the bank’s services in your Personal Account on the website.

The next step is to download and install the mobile app, as it is much easier to manage your account and cards from it. Go to Google Play or App Store on your device, enter CFBank in the search bar. The app is called CFBank Mobile. Download and install it. To log in, enter the same information you enter to access your Personal Account on the website.

How to open an account at CFBank
How to open an account at CFBank
All information posted on the Traders Union website is based on reliable and objective data. We have combined our 10 years’ experience in the financial sector and the feedback of our customers to provide you with a true picture of the best forex companies in the market. Detailed information about our methodology.

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FAQs

How does CFBank earn money?

The main income of CFBank is from commissions. You can learn the structure of commissions in detail on the bank's website.

How does CFBank protect its customers?

CFBank uses two-factor authentication, data encryption and other security methods.

Is it possible to check the statistics of expenses?

CFBank provides clients with extended statistics. You can study the detailed information about revenue receipts, expenses, split into different periods of time, etc.

Is it possible to make international payments through CFBank?

Yes. CFBank allows you to make payments between customers in different countries.

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