New Jersey-based Cross River Bank has substantially raised the rates on most of its CDs, adding between 76 and 89 bps. Any of Cross River Bank’s CDs can be opened with a $500 minimum deposit, and there is no stated balance cap.
|2.45%||$500||-||Cross River Bank||48 Month CD|
|2.40%||$500||-||Cross River Bank||36 Month CD|
|2.25%||$500||-||Cross River Bank||24 Month CD|
|2.20%||$500||-||Cross River Bank||18 Month CD|
|2.15%||$500||-||Cross River Bank||12 Month CD|
According to CSR, the Early Withdrawal Penalty for CDs with terms of 12 months or less is 91 days, and 182 days for terms greater than 12 months.
In the past year, there have been four rate increases for each of these five CDs, with the yield curve also improving.
Thanks to DA reader, SYC, for the Forum post about Cross River Bank’s newest CD rates.
I/E Money Market Accounts
Since I last wrote about Cross River Bank’s I (in-branch) and E (online) Money Market accounts in May 2017, the APY has continued to increase, with 56 bps being added in the past 14 months. Residents of New Jersey, New York, and Connecticut can open the E Money Market using the Bank’s online application.
|1.82%||-||-||Cross River Bank||Money Market Account|
|1.82%||-||-||Cross River Bank||E Money Market Account|
Headquartered in Teaneck, New Jersey, Cross River Bank offers a portion of its product line through its online application to U.S. residents, 18-years or older, who live in Connecticut, New Jersey, or New York, but CDs are not available online.
Opening a CD can only be done in-branch at the single New Jersey branch located on Teaneck Road in Teaneck.
According to CSR, there are no residency restrictions associated with CDs: anyone who can come into the Teaneck branch can open a CD.
Cross River Bank has an overall health grade of "A+" at DepositAccounts.com, with a Texas ratio of 0.39% (excellent) based on March 31, 2018 data. In the past year, Cross River Bank has increased its total non-brokered deposits by $488.15 million, an excellent annual growth rate of 96.68%. 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 23rd largest bank, with assets in excess of $1.1 billion. In a December 2017 press release Cross River Bank announced,
a partnership with Mastercard (NYSE: MA) to launch its new Mastercard Cash Pick-Up service. Cash Pick-Up allows banks and their disburser partners to deliver cash quickly, securely and easily to any vetted consumer – banked or unbanked – through enabled ATMs, without the use of a card.
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 CDs Compare
When compared to the similar length-of-term CDs tracked by DepositAccounts.com that require a similar deposit and are available within the Bank’s market area, all of Cross River Bank’s CD APYs currently rank first.
The above rates are accurate as of 7/19/2018.
To search for the best CD rates, either nationally available or state-specific, please refer to our CD Rates Table page.