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Cross River Bank Review 2022

Updated December 2, 2022
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At a glance

4.6
Rating: 4.6 stars out of 5
Bankrate Score
Caret Down

CDs

Rating: 4.5 stars out of 5

Checking

Rating: 4.6 stars out of 5

Savings

Rating: 5 stars out of 5

MMA

Rating: 3.9 stars out of 5

About Bankrate Score

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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 only those living in New Jersey, Connecticut or New York or existing customers can open accounts online.

Highlights

  • High APY
  • Low Min Balance
Compare offers
Bank logo
Member FDIC
Savings Account
3.85
%
APY
Rating: 4.6 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Bank logo
Member FDIC
Savings Account
3.75
%
APY
Rating: 4.6 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Bank logo
Member FDIC
Savings Account
3.60
%
APY
Rating: 4.6 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 its single branch a deal breaker, but consumers in the New York City area looking for great rates on checking and savings 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’s just two branches, and they’re only open weekdays.

  • Other banks make it easier to open an account online.

  • Customer service hours are limited.

Cross River Bank bank products

5.0
Rating: 5 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 or any monthly fees.

Pros

  • Checkmark

    You won’t be charged any monthly fees.

  • Checkmark

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

  • Checkmark

    There’s no minimum balance to get started.

Cons

  • Accounts aren’t yet available nationwide.

  • Opening an account could be more convenient elsewhere.

Compare Offer
Bank logo
Member FDIC
Savings Account
3.85
%
APY
Rating: 4.6 stars out of 5
InfoHover for more
$0
Min balance for APY

Bank experience

Cross River Bank has just a single branch, meaning you’ll do most of your banking online or over the phone. It only offers phone support on weekdays and lacks an app, unlike many other community and regional banks.

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.