Cross River Bank Review 2024
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At a glance
CDs
Checking
Savings
MMA
About Bankrate Score
Overview
Cross River Bank is best for savers seeking highly competitive interest rates and low fees. But it has just two branches — in New Jersey and New York — and is probably best suited for those living in these states, since the bank is highly localized.
Highlights
- High APY
- Low Min Balance
Offers featured here have been sponsored which impacts how, where, and in what order the products appear. Not all offers are displayed on this page.
These are sponsored offers rated highly by us for competitive rates, fees, and minimums.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 4.4/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 4.9/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate CD rating = 4.9/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Offers featured here have been sponsored which impacts how, where, and in what order the products appear. Not all offers are displayed on this page.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Overall
Cross River Bank offers checking, money market and savings accounts as well as CDs. Consumers may find the highly-localized nature of this bank is a deal breaker, but consumers in the New York City and New Jersey area looking for great rates on deposit products may find it’s a good fit.
Pros
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Checking and savings account rates are excellent.
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There are no monthly service fees.
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There are no minimum balances, except a low $500 minimum to open a CD.
Cons
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There are just two branches, and they’re only open weekdays.
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Customer service hours are limited.
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Cross River Bank banking products
Cross River Bank savings overview
The bank also offers the I Connect/E Connect Tiered Savings account that earns an above-average APY on balances of up to $249,999. It earns competitive APYs on higher balances, although you’ll need at least $1 million to earn the top yield.
Pros
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There are no monthly fees or a minimum opening deposit.
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Both savings accounts earn APYs above the national average.
Cons
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You’ll need a minimum balance of $1 million to earn the top APY with the I Connect/E Connect Tiered Savings account.
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Cross River BankAPYAPY last updated between 12/14 and 12/20.APYAPY last updated between 12/14 and 12/20.National average APYHow do we get this data?Bankrate independently tracks hundreds of APYs and product details for banking institutions nationwide. We retain the historical data of every rate we track in our database. If there are any gaps where we weren’t actively tracking a rate at the time, the graph will reflect the missing data.
Bank fees
| Fee | Charges |
|---|---|
| Overdraft fee | $0 |
| Nonsufficient funds fee | $0 |
| Monthly maintenance fee | $0 |
| Out-of-network ATM fee | $0 |
| Excessive transaction fee | $0 |
About Cross River Bank
Cross River Bank, based in Teaneck, New Jersey, offers fee-free accounts with no minimums and some great interest rates. Beyond retail banking, the company is also involved in developing products and services for marketplace lending and payment processing with its fintech partners.
Customer experience
Customer service: Cross River Bank only offers phone support on weekdays.
Branch availability: Cross River Bank has just two branches, meaning customers will do most of their banking online or over the phone.
Mobile banking app: Customers have access to a mobile app that allows you to see account activity, transfer money between accounts and set up alerts.
How does Cross River Bank compare with other banks?
Cross River Bank vs. CFG Bank
Cross River Bank and CFG Bank both maintain a small number of branches, with Cross River located in New York and New Jersey and CFG in Maryland. They can be a good choice for those who prefer in-person banking and live near the branches.
When it comes to deposit accounts, both banks’ CDs earn competitive rates and require a minimum opening deposit of $500, although Cross River offers twice as many terms as CFG. CFG’s money market earns a competitive rate on balances over $1,000, while Cross River’s money market earns a rate that’s below the national average.
CFG no longer offers a saving account as of this review, while Cross River’s savings account earns an above-average APY. Both banks offer checking accounts with no monthly fee, while Cross River’s checking also earns interest.
FAQs
Review methodology
We assign a score to each type of account and its features, weigh them carefully based on importance to account holders and determine an overall score. Read our full review methodology.
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