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.
|1.26%||-||-||Cross River Bank||I Money Market Account|
|1.26%||-||-||Cross River Bank||E Money Market Account|
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.
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.
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.
|Interest Rate||Account Name||Bank/Credit Union|
|1.30% APY||Personal Money Market ($250 min)||ableBanking|
|1.26% APY||I/E Money Market (no min)||Cross River Bank|
|1.26% APY||Money Market ($500 min)||Self-Help Federal Credit Union|
The above rates are accurate as of 5/30/2017.