A long-time DA reader emailed me with some good news about opening a CD at New Jersey-based Cross River Bank.
Now, due to Coronavirus, you can open an account and CD by email and bank transfer.
More details about the application process are in the “Availability” section below.
Cross River currently has one competitive CD in its product line: the 24-month CD, earning 2.10% APY. The minimum opening deposit is $500, with no stated balance cap.
I last wrote about Cross River CDs in July 2018, following substantial across-the-board rate increases. At that time, the 24-month CD earned 2.94% APY, but the real star of the product line was the 48-month CD, which earned 3.56% APY. As recently as four weeks ago, all of Cross River’s CDs had competitive APYs. Rates dropped last week, with the 24-month CD losing only 15 bps, while the rest of the CDs experienced substantial drops between 90 and 114 bps.
According to CSR, the Early Withdrawal Penalty for CDs with terms greater than 12 months is 182 days.
Thanks again to the DA reader who let me know about Cross River’s new policy for opening a CD.
Headquartered in Teaneck, New Jersey, Cross River Bank has historically offered a portion of its product line through its online application to the residents of Connecticut, New Jersey, and New York, but opening a CD had to be done in-branch. There were no residency restrictions associated with CDs: anyone who came into the Teaneck branch could open a CD.
The current COVID-19 situation has changed how CDs can be opened.
In light of the recent developments regarding the Coronavirus (COVID-19) and on the advice of local authorities, the Cross River branch located at 885 Teaneck Rd, Teaneck, New Jersey has been temporarily relocated until further notice to:
400 Kelby Street (Parker Plaza building)
Fort Lee, New Jersey 07024
While this temporary branch location will be open Monday through Friday, only deposit and withdrawal transactions will be processed. Opening a new account can be done by calling the Customer Service Team at 1-877-55CRB55 between 9 am and 3 pm, Monday through Friday.
Cross River Bank has an overall health grade of "A+" at DepositAccounts.com, with a Texas Ratio of 2.51% (excellent) based on December 31, 2019 data. In the past year, Cross River Bank has increased its total non-brokered deposits by $246.94 million, an excellent annual growth rate of 21.57%. Please refer to our financial overview of Cross River Bank (FDIC Certificate # 58410) for more details.
Established in 2008 by French-born entrepreneur and finance industry veteran Gilles Gade, Cross River Bank is currently New Jersey’s 14th largest bank, with assets in excess of $2 billion.
Born in the aftermath of the 2008 financial crisis, Cross River was built with the goal of providing access to credit to consumers in need. Since then, it has evolved into a national technology leader, providing innovative fintech solutions across the country. Cross River has received outstanding recognition for its leading technology, community commitment, innovations in financial services and unmatched workplace culture.
How the CD Compares
When compared to the similar length-of-term CDs tracked by DepositAccounts.com that require a similar deposit and are available nationwide, Cross River Bank’s 24-month CD APY currently ranks first.*
The above rates are accurate as of 4/4/2020.
To search for the best CD rates, either nationally available or state-specific, please refer to our CD Rates Table page.
*We are continually working to keep our rates up-to-date, but there have been just too many rate cuts for us to process quickly. For the time being, please be aware that the rates listed at DepositAccounts.com may not reflect the latest rates published by the banks and credit unions.