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.
The bank also has a good deal on a savings and money market account. The I Connect Select Tiered Savings Account has 1.00% APY on balances from $10K to under $500K. No interest is paid on balances under $10K. The yield goes up to 1.20% for balances of $500K and above. There’s also a money market account with a 1.00% APY. These rates are listed at the bottom of the bank’s home page.
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 grade at DepositAccounts.com of B+ with a Texas Ratio of 0% (excellent) based on September 2013 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
This 6-month CD rate is way above what's available nationwide. The highest 6-month CD rate without a maximum deposit is 1.00 APY at Connexus Credit Union.
The best nationally available money market or savings account rate without a balance cap is 1.15% APY at Connexus Credit Union. However, this has an active checking account requirement. With a checking requirement, the highest yield is 1.00%.
These rates are accurate as of 12/02/2013.