Forbright Bank review

Growth Savings pays a variable rate of 3.85%, above the site median of 3%. Because the rate is variable, it can be revised, so the figure you open on is not a promise for a whole term. Read the current rate before you commit a balance.

There is no minimum deposit: the account takes a balance of $0, and the monthly fee is $0. The pricing model is listed as no monthly fee, so a small balance earns interest on the same terms as a large one. Nothing here forces a minimum balance to keep the account open.

It is an easy-access account, listed as easy access, which is the most common kind in this category on the site. There is no fixed term to run to and no notice period to serve, so you are not locking money away for a set period. It suits an emergency buffer or everyday cash more than a long-term pot.

Deposits are covered to FDIC up to USD 250,000 under the FDIC scheme, and the bank itself is listed as FDIC cert 57614. That cover applies to the deposit, not to the interest rate, so a variable rate can still fall. Keeping the balance within the covered limit is the part you control.

The account is easy-access, listed as easy access, and is run online and through the mobile app with access at any hour. Growth Savings allows unlimited transfers, so you can move money in and out as often as you like without a per-transfer charge. That suits anyone keeping a working balance and a separate pot at the same bank.

Support runs on phone and help centre, which means a phone line and a help centre rather than live chat. There is no monthly charge to worry about while you sort an issue, since the monthly fee is $0. Have your account details ready before you call.

Forbright Bank is a US institution, headquartered in the United States and registered as Forbright Bank. The account is a US deposit account, so the protection covering it is the US one. Readers in the UK and Europe would be looking at a different market entirely.

Forbright Bank was founded in 2003 and trades as Forbright Bank, a US bank rather than a savings app. Age alone does not decide safety; the FDIC licence and the deposit protection limit do that work. Check the current rate and the covered limit before you open.