Brief Look at 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.
- 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).
- 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.
TU Expert Verdict
Chief Analytics Officer
CFBank offers personal and business accounts with three main checking plans, supported by a fully featured mobile app that includes expense tracking, credit card management, and customizable alerts. The bank insures client deposits up to USD 250,000 through FDIC, and provides U.S. dollar accounts with market-rate currency conversion for international transactions. Debit and credit Visa cards are issued for all plans, cash withdrawals are free at CFBank ATMs, and clients can access savings accounts paying up to 1.86% APY. The CFBank Mortgage and various loan options are available even to non-account holders, and digital banking services such as online and offline payments or domestic transfers are performed without additional fees.
A few disadvantages are the high minimum deposit of USD 10,000 for savings accounts, limited ATM availability for free cash withdrawals, and the lack of live chat and slow email response times from customer support. Some fee details are only available through direct consultation with bank staff. CFBank is most suitable for U.S. residents who prioritize secure online banking, benefit from higher balances, and value integrated loan and mortgage solutions, but it may not suit those seeking low entry savings or instant digital customer support.
CFBank Summary
| 💼 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) |
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.
CFBank Commissions & Fees
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 |
| 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) |
| Chime Bank | No | No | No | 3% (max.$5) |
| Revolut | No | Up to $350 - free - beyond $350 - 2% | 0.3% (min. $0.30, max. $6) | From 0% to 1% |
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.
Account Types
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.
Investment Options
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.
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.
Contacts
| Foundation date | 2019 |
|---|---|
| Official site | https://cf.bank/ |
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:
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1882 – year of the bank’s establishment;
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USD 100 – minimum deposit;
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1.86% – maximum APY on the savings account;
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USD 250,000 – insurance coverage;
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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:
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Useful features by CFBank:
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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.
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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.
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Mortgage loans. Experts believe that CFBank Mortgage allows you to choose the best conditions for individuals, which are otherwise unavailable.
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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.
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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.
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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.
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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.
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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:
This bank has a long history, providing a wide range of services, mobile banking features in line with the latest standards.
CFBank has one of the simplest and easy-to-use apps for managing finances (available for iOS and Android).
The minimum deposit is only USD 100, monthly fee is from $6 to $10, which is considered to be good conditions.
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.
All bank’s cards are Visa cards. They can be used online and offline all across the world without any restrictions.
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.
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).
Client funds are insured in compliance with FDIC; the insurance coverage is USD 250,000 per client.
CFBank Mortgage provides good home mortgage conditions in the U.S. thanks to a lower interest rate and access to unique programs.
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