Forbright Bank
Last Updated: 7/1/2025
Note: Interest rates below are reported as APY, or Annual Percentage YieldQuick Views
Growth Savings: 4.25% APY(Rank 26 out of 76 tracked HYSAs)
Minimum Deposit: $0 | Online Only
Sprout Savings: 0.80% - 3.90% APY(Rank 54 out of 76 tracked HYSAs)
Minimum Deposit: $1 | Eligible States: Limited (see below)
Bright Savings: 3.00% - 3.90% APY(Rank 55 out of 76 tracked HYSAs)
Minimum Deposit: $250 | Eligible States: Limited (see below)
National Savings Interest Rate: 0.38% (as of 6/16/2025)
Note: The FDIC tracks savings and CD rates nationally, but it does not report APY, only the average interest rate.
(Source: FDIC)Bank Overview
Location: Chevy Chase, Maryland
Founded: 2003
Affiliation: Forbright Bank was rebranded from Congressional Bank, Member FDIC, effective January 19, 2022
Access to Branches: Locations in the Washington D.C. area (Maryland and Virginia)
BBB Rating: A+ (BBB Accredited)
App Store Rating: 4.8/5
Google Play Rating: 4.6/5
Website: Visit Forbright Bank
Our Take on Forbright Bank
Highlights
- Growth Savings offers a competitive APY of 4.25%.
- Forbright Bank has an A+ BBB rating and is accredited.
- App Store rating of 4.8 and Google Play rating of 4.6.
- No maintenance fees on all savings accounts.
Considerations
- Direct deposit is not required, which may limit some account options.
- Sprout and Bright Savings accounts have lower APYs for higher balances.
- Only available in the Washington D.C. area.
- Minimum balance of $250,000 needed for top rate in Bright Savings.
Summary: Forbright Bank offers competitive savings accounts, particularly the Growth Savings account with an APY of 4.25%. It holds an A+ BBB rating, ensuring trustworthiness. However, the bank's offerings are limited to the Washington D.C. area, and higher balances in certain accounts yield lower APYs. All accounts have no maintenance fees, making them accessible options for savers. The bank's app ratings are also strong, enhancing user experience.
Savings Accounts
Savings Accounts Offered by Forbright Bank
| Feature | Sprout Savings | Growth Savings | Bright Savings |
|---|---|---|---|
| APY | 0.80% - 3.90% (as of 7/1/2025) | 4.25% (as of 7/1/2025) | 3.00% - 3.90% (as of 7/1/2025) |
| APY Trend | Stable for the last month | Stable for the last month | Stable for the last month |
| Minimum Deposit | $1 | $0 | $250 |
| Minimum Balance for APY | $0.01 | $0 | $250,000 |
| FDIC-insured | Yes | Yes | Yes |
| Online Only | No | Yes | No |
| Bundled Account | No | No | No |
| Direct Deposit Required | No | No | No |
| Compound Frequency | Daily | Daily | Daily |
| Maintenance Fee | $0 | $0 | $0 |
| Eligibility | This account is for children under 18 years old, where the account custodian is an existing customer. It must be opened in a Forbright branch (Washington, D.C. metro area) | United States | This account must be opened in a Forbright branch (Washington, D.C. metro area) |
| Note | This is a tiered savings account, where the highest rate is capped at a balance of $9,999. A lower APY of 0.80% is applied to balances above that. See bank for more details. | N/A | This is a tiered savings account, where the highest rate is obtained by meeting a minimum balance of $250,000. A lower APY of 3.00% may be obtained with as little as $0.01 in balance. See bank for more details and all tiers. |
No deposit agreement summary available for this bank. | |||
Calculate Savings for Forbright Bank
All calculations are based on APY.
Deposit Frequency:
Total savings breakdown:
- Interest earned: $4 (3.85%)
- Total contributions: $0 (0.00%)
- Initial deposit: $100 (96.15%)
Your total balance
$104.00
Effective APY: 4.25% (based on your deposit and contributions)
The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.
Forbright Bank Savings Rates Over Time
Historical APY Insights
| Metric | Sprout Savings | Bright Savings | Growth Savings |
|---|---|---|---|
| Latest APY | 3.90 % | 3.90 % | 4.25 % |
| Trend | Sideways | Sideways | Sideways |
| Slope (bps/mo) | -0.0 | -0.0 | -2.2 |
| Rate Changes / Mo | 0.00 | 0.00 | 0.15 |
| Days Since Last Change | 119 | 119 | 172 |
| High (-6 m) | 3.90 % | 3.90 % | 4.60 % |
| Low (-6 m) | 3.90 % | 3.90 % | 4.25 % |
| Draw-down from High | 0.0 % | 0.0 % | -7.6 % |
| Volatility (CV) | 0.000 | 0.000 | 0.020 |
APY Insights Glossary
- Latest APY
- Most recent advertised annual-percentage yield.
- Trend
- Direction over the last 6 months (regression slope).
- Slope (bps/mo)
- Average monthly change; 10 bps = 0.10 pp.
- Rate Changes / Mo
- Typical number of APY moves per month.
- Days Since Last Change
- Recency of the latest APY adjustment.
- High (-6 m)
- Highest APY in the last 196 days.
- Low (-6 m)
- Lowest APY in the last 196 days.
- Draw-down from High
- How far today sits below the 6-month peak.
- Volatility (CV)
- Coefficient of variation = stdev ÷ mean.
Why Track Savings-Account APYs?
- See how quickly a bank reacts to Fed moves or competition.
- Gauge “twitchiness” - frequent moves can annoy savers.
- Spot if you're buying near a peak (draw-down) or riding a rise.
- Slope (bps/mo) shows speed of change.
- Volatility (CV) scales jumps by average level.
Compare Forbright Bank's Savings Accounts
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| Feature | Forbright Bank | Select a bank... |
|---|---|---|
| Product | N/A | |
| APY | 4.25% (as of 7/1/2025) | N/A |
| Bundled Account | No | N/A |
| FDIC-insured | Yes | N/A |
| Online Only | Yes | N/A |
| Compound Frequency | Daily | N/A |
| Minimum Deposit | $0 | N/A |
| Minimum Balance for APY | $0 | N/A |
| Maintenance Fee | $0 | N/A |
| Direct Deposit Required | No | N/A |