Last Updated: 04/18/2025
Forbright Bank Platinum Money Market
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in Money Market Accounts from Forbright Bank
Last Updated: 04/18/2025
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Highlights
APY (Annual Percentage Yield)
4.25%(Verified 06/21/2024)
Minimum Balance to Earn APY
$2,500
Minimum Opening Deposit
Starting at $2,500
Forbright Bank Platinum Money Market Review
Forbright Bank Platinum Money Market is offered by Forbright Bank, a bank founded in 2003 and based in Chevy Chase, MD. Forbright Bank Platinum Money Market are available in 50 states, 5 US territories, and Washington, DC.
Key Takeaways
- Very high annual percentage yield (APY). This account offers an annual percentage yield of up to 4.25%, which is much higher than the national average for a money market account. However, you must keep a minimum balance of $2500.
- $0 monthly account fees available. This account charges a monthly fee of up to $10, but the fee may be waived if you keep a minimum balance of$2,500.
- High minumum opening deposit. You must deposit a minimum of $2,500, which is high compared to most money market accounts.
Pros & Cons of Forbright Bank Platinum Money Market
| Pros | Cons |
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Forbright Bank Platinum Money Market FAQ
Are money market accounts from Forbright Bank federally insured?
Yes, your deposits are insured by the Federal Deposit Insurance Corporation (FDIC). The FDIC is an independent agency of the United States government that protects you against the loss of your insured deposits if an FDIC-insured bank or savings association fails. FDIC insurance is backed by the full faith and credit of the United States government.
What are the interest rates for Forbright Bank Platinum Money Market rates?
| Rates | Amount |
| APY | 4.25% |
Forbright Bank Platinum Money Market offers an APY of up to 4.25% (APY stands for annual percentage yield, rates may change).However, to earn interest you must keep a balance of $2500. This is higher than the typical APY for online-only checking accounts, which is around 1% APY.
What are the fees for Forbright Bank Platinum Money Market?
This account charges a monthly maintenance fee of up to $10. You can avoid this fee by maintaining a balance of $2,500.| Description | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Monthly Service Fee | $0 - $10 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
What is the minimum balance for Forbright Bank Platinum Money Market?
Minimum deposit of $2,500. You must make an initial deposit of at least $2,500 to open this account.
Monthly maintenance fee waiver. You can avoid the monthly fee if you keep a balance of $2,500.
Interest rate minimum balance of $2,500. You must keep the account balance above $2,500 to earn interest.
What features and perks does Forbright Bank Platinum Money Market offer?
This account includes the following features:
- Mobile Banking Services - Forbright Bank Platinum Money Market allows you to manage your money through online banking and a dedicated mobile app.
- Nationwide ATM network - Forbright Bank Platinum Money Market allows you to access your money from an ATM, a convenient feature only a few offer.
What is the customer service phone number?
The customer service number for this account is (888) 855-7778.
What is the support contact email?
The support contact email for this business credit card is CustomerService@ForbrightBank.com.
How to open an account with Forbright Bank
- Visit the Forbright Bank website.
- Fill in the application form. You will typically need to provide general financial information, such as your name, Social Security Number and address.
- Check the information is accurate and submit your application.
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Hours of Operation
Sunday
Closed
Monday
9:00AM - 8:00PM
Tuesday
9:00AM - 8:00PM
Wednesday
9:00AM - 8:00PM
Thursday
9:00AM - 8:00PM
Friday
9:00AM - 8:00PM
Saturday
Closed