Cross River Bank Review 2020

Published April 2020 by TJ Porter

AT A GLANCE
4.7

Bankrate Score

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High APYs

Low Minimum Balance

Cross River Bank is best for people who are looking for great interest rates and low fees for their bank accounts. It’s not good for people who want to visit a branch regularly.

  • CDs
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    4.7
  • Savings
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    5.0
  • Checking
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    4.2
  • MMAs
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    5.0
  • MORE HIGH-YIELD OPTIONS
    MORE HIGH-YIELD OPTIONS
    Goldman Sachs Bank USA

    Member FDIC

    Savings account

    0.60 % APY

    $ 0

    Min. balance for APY

    Wealthfront

    Member FDIC

    Checking account

    0.35 % APY

    $ 1

    To open

    $ 0

    To avoid fees

    Capital One

    Member FDIC

    Checking account

    0.10 % APY

    $ 1

    To open

    $ 0

    To avoid fees

    Overall

    4.7

    Bankrate Score

    Cross River Bank offers checking, money market and savings accounts as well as CDs.

    What we like

    • Great interest rates.

    • No minimum balances, except for CDs.

    • No monthly fees.

    What we don't

    • Only supports one branch.

    • Limited customer service hours available via the phone.

    CD rates

    4.7

    Bankrate Score

    Cross River Bank’s CD rates are very competitive and are relatively accessible. You will need to make a $500 minimum deposit, which is still reasonable when compared to CDs offered by other banks.

    What we like

    • Good interest rates.

    • Offers a variety of terms.

    What we don't

    • If you want a 5-year CD, you will have to look elsewhere.

    Savings accounts

    5.0

    Bankrate Score

    OTHER SAVINGS OFFERS YOU MAY LIKE
    Goldman Sachs Bank USA

    Member FDIC

    Savings account

    0.60 % APY

    $ 0

    Min. balance for APY

    Cross River Bank offers a great interest rate on its saving account. In fact, the yield beats the rate offered by the bank’s CDs that have a term nine months or under. Best of all, there’s no minimum or monthly fee.

    What we like

    • High interest rate.

    • No minimum balance.

    • No monthly fees.

    What we don't

    • Limited hours to reach a customer service representative on the phone.

    Checking accounts

    4.2

    Bankrate Score

    OTHER CHECKING OFFERS YOU MAY LIKE
    Wealthfront

    Member FDIC

    Checking account

    0.35 % APY

    $ 1

    To open

    $ 0

    To avoid fees

    Cross River Bank’s checking account offers an interest rate almost as high as the bank’s rate on its savings account. The checking account has no minimum balance or monthly fee either. It’s greatest flaw is that the bank charges a fee if you use an ATM that isn’t on the MoneyPass network. However, the bank will refund up to $6 in surcharge fees per statement cycle.

    You won’t find all the account details listed on the bank’s website; a Bankrate representative called the institution to get more information.

    What we like

    • High interest rate.

    • No minimum balance.

    • No monthly fees.

    What we don't

    • No peer-to-peer transfer service.

    Money market accounts

    5.0

    Bankrate Score

    The money market account at Cross River Bank offers an interest rate that is just slightly higher than its checking account. The account also has no monthly balance or minimum fee.

    You won’t find all the account details listed on the bank’s website; a Bankrate representative called the institution to get more information.

    What we like

    • High interest rate.

    • No minimum balance.

    • No monthly fees.

    What we don't

    • Charges a fee for using another bank’s ATM.

    Bank experience

    Cross River Bank has one branch, meaning you’ll do most of your banking online or over the phone. However, the bank only offers phone support on weekdays.

    The bank only operates a few of its own ATMs and mainly relies on the MoneyPass network to serve its customers. MoneyPass is a large network, but not the largest, so you might not always have an ATM that is convenient to use.

    About Cross River Bank

    Cross River Bank, which is based in Teaneck, New Jersey, offers fee-free accounts with no minimums and great interest rates.

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