Cross River Bank (NJ/NY/CT) Hikes Rate On Money Market Account

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Deal Summary: I and E Money Market, 1.26% APY, no minimum balance.

Availability: Online application available for residents of New Jersey, New York, and Connecticut.

Earlier this month, New Jersey-based Cross River Bank, raised the rate on its I (in-branch) and E (online) Money Market accounts (1.26% APY). There is no minimum opening deposit or balance requirement to earn the stated APY, and no stated balance cap.

APYMINMAXINSTITUTIONPRODUCTDETAILS
1.26%--Cross River BankI Money Market Account
1.26%--Cross River BankE Money Market Account
Accounts mentioned in this post. Rates as of November 19, 2017.

While there is no rate guarantee on the I/E Money Market accounts, it’s somewhat reassuring that the previous rate of 1.00% APY has been maintained for most of the last six years.

For those interested in a joint or beneficiary account, the online application reads,

If applying for a joint or beneficiary account, you will need their Name,
Social Security Number, Identification (for joint account) and Date of Birth.

Availability

Headquartered in Teaneck, New Jersey, Cross River Bank offers its product line through its online application to U.S. residents, 18-years or older, who live in Connecticut, New Jersey, or New York.

Opening an E Money Market account can only be done online, while the I Money Market account (available only to New Jersey residents) requires an in-person visit to the New Jersey branch located on Teaneck Road in Teaneck.

Bank Overview

Cross River Bank has an overall health grade of "A+" at DepositAccounts.com, with a Texas ratio of 0.34% (excellent) based on March 31, 2017 data. In the past year, Cross River Bank has increased its total non-brokered deposits by $183.77 million, an excellent annual growth rate of 57.22%. 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 36th largest bank, with assets in excess of $651 million. It was described in a November 2016 TechCrunch.com article as,

the obscure financial institution that seemingly everyone in fintech has heard of but doesn’t really know, [that] originated more than $2.4 billion in loans for companies like Affirm and Upstart in 2015 alone.

In November 2016, Cross River Bank announced completion of a $28 million growth-equity investment spearheaded by Silicon Valley’s Battery Ventures, along with assistance from Andreessen Horowitz and Ribbit Capital.

How the I/E Money Market Compares

When compared to the 259 Money Market Accounts tracked by DepositAccounts.com that require a similar minimum balance and are available within the Bank’s market area, Cross River Bank’s I/E Money Market APY currently ranks second.

The above rates are accurate as of 5/30/2017.

To look for the best Money Market Account rates, both nationwide and state specific, please refer to our Money Market Account rates table, or our Rates Map page.

Related Pages: New York money market accounts, money market accounts

Comments
Special 6-Month CD Rate at Cross River Bank in New Jersey

For those who don’t want to lock into PenFed’s long-term CDs, you’ll have to search hard for short-term CDs with rates above 1%. Once in awhile you may find a good deal at a local bank. That’s the case for Cross River Bank in Teaneck, New Jersey. It’s offering a 6-month CD with a 1.30% APY. Minimum deposit is $50,000. New money is required. This CD is listed in the bank’s CD rates page as of 12/02/2013. Thanks to DA member stormdog123 who posted on this deal in the forum.

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Top CD and Savings Account Rates Continue at Cross River Bank in NJ - Local Only

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...

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Top CD and Savings Account Rates at Cross River Bank in NJ - Local Only

Cross River Bank continues to offer some top CD rates. The most competitive one is the 18-month CD which has a 1.75% APY. Some other noteworthy rates include the 3-year CD with a 2.25% APY and the 4-year CD with a 2.50% APY. Minimum deposit is $500.

The bank's savings account, I Connect Select Tiered Savings, also continues to offer very competitive rates. The top rate is 2.00% APY, but this requires a minimum balance of $500,000. Balances from $150,000 to under $500,000 earn 1.50% APY and balances from $50,000...

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Competitive CD and Savings Account Rates at Cross River Bank in New Jersey - Local Only

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%...

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