Cross River Bank is offering several top rates on its savings account and CDs. Its savings account is called "I Connect Select Tiered Savings" and the top rate is 2.00% APY. However, this requires a minimum balance of $500K. The lower tiers are still pretty good: 1.75% APY for $150K minimum and 1.50% APY for $50K minimum. These rates are listed in the bank's savings rates page as of 4/13/2011.
The bank also has some very good mid-term and long-term CD rates. These include a 2.75% APY 4-year CD, a 2.50% APY 3-year CD, a 2.00% APY 2-year CD and a 1.75% APY 18-month CD. Minimum deposit is $500. These rates are listed in the bank's savings rates page as of 4/13/2011.
It's a small one-office bank that was just established in 2008. So it appears a branch visit is required to open an account. Cross River Bank's office is located Teaneck, New Jersey which is in the New York City metro area.
The bank has an overall health score at DepositAccounts.com of 5 stars (out of 5) based on December 2010 data. Please refer to our financial overview of Cross River Bank for more details. The bank has been a FDIC member since 2008 (FDIC Certificate # 58410).
How It Compares?
The best rate (with no balance limitation) you can find on a nationally available savings accounts these days is 1.51% APY. This is actually a checking account that's offered by the Morrill and Janes Bank and Trust as of 4/13/2011.
If you're in the New York City metro area, you can get some even higher CD rates than what Cross River offers at two small New York City institutions that I reviewed last week.
Compared to CD rates available nationwide, Cross River rates are very competitive. The best nationally available CD rates as of 4/13/2011 are 1.55% APY for 18 months, 1.77% APY for 2 years and 2.27% APY for 3 years.