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Cross River Bank Review 2024

Updated January 10, 2024
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At a glance

4.1
Rating: 4.1 stars out of 5
Bankrate Score
Caret Down

CDs

Rating: 3.9 stars out of 5

Checking

Rating: 4.4 stars out of 5

Savings

Rating: 3.9 stars out of 5

MMA

Rating: 3.5 stars out of 5

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
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Bank logo
Member FDIC
Savings Account
4.25
%
APY
APY
Info
As of 6/22/2024
Rating: 4.4 stars out of 5
$1
Min. balance for APY
View offer Arrow Right
Promoted offer:
Bank logo
Member FDIC
Savings Account
5.00
%
APY
APY
Info
As of 6/22/2024
Rating: 4.9 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Promoted offer: Plus, no monthly fees and unlimited free external transfers
Bank logo
Member FDIC
Savings Account
4.40
%
APY
APY
Info
As of 6/22/2024
Rating: 4.7 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Promoted offer:

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

  • Checkmark

    Checking and savings account rates are excellent.

  • Checkmark

    There are no monthly service fees.

  • Checkmark

    There are no minimum balances, except a low $500 minimum to open a CD.

Cons

  • There are just two branches, and they’re only open weekdays.

  • Customer service hours are limited.

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Cross River Bank banking products

3.9
Rating: 3.9 stars out of 5
Bankrate Score

Cross River Bank savings overview

Cross River Bank does well on many key factors for those looking for a savings account. The I Connect/E Connect Savings account earns an above-average APY, requires no minimum deposit to open, and charges no monthly fees.

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

  • Checkmark

    There are no monthly fees or a minimum opening deposit.

  • Checkmark

    Both savings accounts earn APYs above the national average.

Cons

  • You’ll need a minimum balance of $1 million to earn the top APY with the I Connect/E Connect Tiered Savings account.

  • Cross River Bank
    APY
    APY
    Info
    National average APY
    How do we get this data?
    Info
Compare Offer
Sponsored Offer
Info

This is a sponsored offer rated 4 stars or higher for competitive rate, fees, and minimums.

Bank logo
Member FDIC
Savings Account
4.25
%
APY
APY
Info
As of 6/22/2024
Rating: 4.4 stars out of 5
Info
$1
Min balance for APY
Promoted offer:

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

With so many financial institutions to choose from, it can be hard to know who to trust. Bankrate’s ever-growing list of bank and credit union reviews is updated regularly. Our editorial team analyzes and reviews each institution across deposit products such as savings accounts, checking accounts, certificates of deposit (CDs) and money market accounts (MMAs). Banks are rated by important factors such as offered interest rates, fees, minimum balance requirements, access to funds and more.

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.