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Cross River Bank Review 2023

Updated March 7, 2023
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At a glance

4.2
Rating: 4.2 stars out of 5
Bankrate Score
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CDs

Rating: 3.8 stars out of 5

Checking

Rating: 4.3 stars out of 5

Savings

Rating: 4.4 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
Compare offers
Bank logo
Member FDIC
Savings Account
3.40
%
APY
Rating: 4.9 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Bank logo
Member FDIC
Savings Account
3.75
%
APY
Rating: 4.7 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Bank logo
Member FDIC
Savings Account
4.00
%
APY
Rating: 5 stars out of 5
$0
Min. balance for APY
View offer Arrow Right

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.

  • You must visit a branch to open an account.

  • Customer service hours are limited.

Cross River Bank bank products

4.4
Rating: 4.4 stars out of 5
Bankrate Score

Cross River Bank savings overview

Cross River Bank does well on many of the most important factors for those looking for a savings account. It offers a top-tier APY with the I Connect Savings account, and there’s no minimum to open an account and there are no monthly fees. Moreover, there are no withdrawal limits for Cross River Bank’s savings account.

Pros

  • Checkmark

    You won’t be charged any monthly fees.

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    The same top-tier rate is available across all balances.

  • Checkmark

    There’s no minimum balance to get started.

  • Checkmark

    There’s no withdrawal limit.

Cons

  • Opening an account is more convenient elsewhere.

Compare Offer
Bank logo
Member FDIC
Savings Account
3.40
%
APY
Rating: 4.9 stars out of 5
Info
$0
Min balance for APY
View offer Arrow Right

Bank experience

Cross River Bank has just two branches, meaning you’ll do most of your banking online or over the phone. It only offers phone support on weekdays. Cross River Bank customers can use the highly rated TouchBanking app on the Apple App Store and Google Play Store to participate in mobile banking.

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 find a conveniently located ATM.

About Cross River Bank

Cross River Bank, based in Teaneck, New Jersey, offers fee-free accounts with no minimums and 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.

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.