Cross River Bank continues to offer some competitive CD rates. The best deal is its 18-month CD which has a 1.75% APY. Its 1-year CD rate is also very competitive with a 1.25% APY. Its 3-year and 4-year CD rates have fallen since my July review, but they're still good deals: 2.00% APY for 3 years and 2.25% APY for 4 years. Minimum deposit is $500.
The rates on the bank's savings account, I Connect Select Tiered Savings, has also fallen since my July review, but they remain competitive especially for large balances. The top rate is 1.50% APY, but this requires a minimum balance of $500,000. Balances from $150,000 to under $500,000 earn 1.25% APY and balances from $50,000 to under $150,000 earn 1.00% APY.
The above rates are listed in the bank's savings rates page as of 11/29/2011.
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) with a Texas Ratio of 2.90% (excellent) based on September 2011 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 These CD and Savings Account Rates Compare
The 18-month CD rate is way above what's available nationwide. The highest 18-month CD rate is 1.35% APY at Alliant Credit Union.
The best nationally available savings account rate without a balance cap is 1.30% APY at UFB Direct (division of Bank of Internet USA).
These rates are accurate as of 11/29/2011.
Searching for the Best CD Rates
To search for the best nationwide CD rates and the best CD rates in your state, please refer to the CD rates section of DepositAccounts.com.