Forbright Bank is a U.S.-based financial institution focused on deposit products and sustainability-driven banking. It primarily operates online, with limited branch access in Maryland and northern Virginia. Its digital product lineup centers on savings accounts and certificates of deposit (CDs). Checking and money market accounts are available in person at its branches.
In this Forbright Bank review, we’ll cover what you need to know about the bank’s products, including key features, pros and cons, and use cases.
- Up to $400 Bonus Tiered Disclosure
New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Eligible Direct Deposits received within 25 calendar days of your first Eligible Direct Deposit of $1 or more) OR $400 (with at least $5,000 total Eligible Direct Deposits received within 25 calendar days of your first Eligible Direct Deposit of $1 or more). Cash bonus amount will be based on the total amount of Eligible Direct Deposit received within 25 calendar days of your first Eligible Direct Deposit of $1 or more. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 5/15/2026 and will be available through 12/31/2026. Full terms at sofi.com/banking. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC. SoFi members with Eligible Direct Deposit can earn 3.30% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the 3.30% APY for savings (including Vaults). Members without Eligible Direct Deposit will earn 0.80% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 9/23/26. Fees may reduce earnings. Additional information can be found at http://www.sofi.com/legal/
- APY disclosures
Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 9/23/26. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and information can be found at https://www.sofi.com/legal/
- Fee Policy
We do not charge any account, service, or maintenance fees for SoFi Checking and Savings. We do charge transaction fees for outgoing wire transfers, Instant Transfers, and global remittance transfers. Our fee policy is subject to change at any time. See the SoFi Bank Fee Sheet for details at sofi.com/legal/banking-fees/.
- Additional FDIC Insurance
SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC’s regulations. Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at SoFi.com/banking/fdic/sidpterms. See list of participating banks at SoFi.com/banking/fdic/participatingbanks.
- ATM Access
We’ve partnered with Allpoint to provide you with ATM access at any of the 55,000+ ATMs within the Allpoint network. You will not be charged a fee when using an in-network ATM, however, third-party fees may be incurred when using out-of-network ATMs. SoFi’s ATM policies are subject to change at our discretion at any time.
- Early Access to Direct Deposit Funds
Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.
- Overdraft Coverage
Overdraft Coverage is a feature automatically offered to SoFi Checking and Savings account holders who receive at least $1,000 or more in Eligible Direct Deposits within a rolling 31 calendar day period on a recurring basis. Eligible Direct Deposit is defined on the SoFi Bank Rate Sheet, available at https://www.sofi.com/legal/banking-rate-sheet. Members enrolled in Overdraft Coverage may be covered for up to $50 in negative balances on SoFi Bank debit card purchases only. Overdraft Coverage does not apply to P2P transfers, bill payments, checks, or other non-debit card transactions. Members with a prior history of unpaid negative balances are not eligible for Overdraft Coverage. Eligibility for Overdraft Coverage is determined by SoFi Bank in its sole discretion. Members can check their enrollment status, if eligible, at any time by logging into their account through the SoFi app or on the SoFi website.
- 1.10% Savings APY Boost: Earn up to 4.40% Annual Percentage Yield (APY) on one SoFi Savings account with a 1.10% APY Boost (added to the 3.30% APY as of 10/20/26) for up to 6 months. Open your first SoFi Checking and Savings account and receive eligible direct deposits OR qualifying deposits of $5,000 every 31 days by 12/31/27. Rates are variable and subject to change. Terms apply at sofi.com/banking#4. SoFi Bank, N.A. Member FDIC.
savings APY
3.85%ⓘ
Up to 4.00%8
8. 0.70% Savings APY Boost Earn up to 4.00% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.30% APY as of 12/23/25) for up to 6 months. Open a new SoFi Checking and Savings account and pay the $10 SoFi Plus subscription every 30 days OR receive eligible direct deposits OR qualifying deposits of $5,000 every 31 days by 3/30/2026. Rates variable, subject to change. Terms apply at sofi.com/banking#2. SoFi Bank, N.A. Member FDIC.Up to 3.85%1
Barclays Tiered Savings Annual Percentage Yields (APYs) are accurate as of 01/13/2025 and may change at any time without prior notice, before or after the account is opened. The APYs are determined by the Balance Tiers (Tiers) and the amount deposited. The same rate may apply to multiple Tiers and Tiers may change without notice. APY is calculated based on the Tier into which the end of day account balance falls. Fees could reduce the earnings on the account. No minimum balance to open, but for interest to post to your account you must maintain a minimum balance that would earn you at least $0.01. Please see the Compare Account Page for current Tier and APY information. The APY for the Barclays Tiered Savings account for balance tiers greater than $250,000 are currently 10X the national average of 0.46% APY, based on the national average of savings account rates published in the FDIC’s National Rates and Rate Caps, accurate as of 09/16/2024.Online access
Yes, for savings and CDs
Yes
Yes
Table of Contents
Overview
Forbright Bank provides nationwide, digital access to its Growth Savings account and Growth CDs online. However, customers must visit a branch to open or manage other products, such as checking and money market accounts.
Here’s an overview of the bank’s products:
| Category | Products offered | Access |
|---|---|---|
| Savings | Growth Savings account | Online |
| CDs | Growth CDs (fixed-term certificates of deposit) | Online |
| Checking | Checking account (limited availability) | In-branch |
| Money market | Money market account (limited availability) | In-branch |
Key features
Customers can expect the following features and attributes of Forbright Bank’s deposit accounts:
- No monthly maintenance fees: The savings account does not charge recurring fees, helping you keep more of your interest.
- Competitive interest rates: Forbright offers APYs on savings and CDs that often exceed those at traditional brick-and-mortar banks.
- Low minimum requirements: You can open a savings account with no minimum deposit, while CDs require a relatively modest initial balance.
- Online account access: You can open and manage savings accounts and CDs through the bank’s digital platform.
- Limited product accessibility: You must visit a branch to access certain accounts, including checking and money market options.
- External account reliance: You may need to link an external checking account to fund transfers and withdrawals.
- Sustainability focus: Forbright directs deposits toward environmentally focused lending and investment projects.
Pros and cons
Pros
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No monthly fees on savings accounts
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Competitive APYs on savings and CDs
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No minimum deposit for savings
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FDIC-insured accounts
Cons
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Limited product availability online
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External account for transfers may be required
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Minimal branch footprint
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Some products only available in person
Use cases
Overall, Forbright Bank primarily serves savers who want to earn interest on deposited funds rather than handle everyday banking. For example, the Growth Savings account works well for individuals who already use a separate checking account and want to grow excess cash.
Similarly, Growth CDs fit those who want predictable returns over a fixed term, especially for medium- to long-term savings goals. However, customers who need in-person services or access to checking and money market accounts must rely on the bank’s limited branch network.
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About our contributors
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Written by Amanda HankelAmanda Hankel is a managing editor at LendEDU. She has more than seven years of experience covering various finance-related topics and has worked for more than 15 years overall in writing, editing, and publishing.
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Edited by Kristen Barrett, MATKristen Barrett is a managing editor at LendEDU. She lives in Cincinnati, Ohio, with her wife and their pack of senior rescue dogs. She has edited and written personal finance content since 2015.