Cross River Bank CD Rates Shoot Upward

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Deal Summary: CDs – 12-month (2.63% APY), 18-month (2.79% APY), 24-month (2.94% APY), 36-month (3.25% APY), 48-month (3.56% APY), $500 minimum balance.

Availability: In-branch only, but anyone who can come into the Teaneck, NJ branch is eligible to open a CD.

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.

APYMINMAXINSTITUTIONPRODUCTDETAILS
3.56%$500-Cross River Bank48 Month CD
3.25%$500-Cross River Bank36 Month CD
2.94%$500-Cross River Bank24 Month CD
2.79%$500-Cross River Bank18 Month CD
2.63%$500-Cross River Bank12 Month CD
Rates as of August 13, 2018.

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.

Cross River Bank CD comparison chart

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.

APYMINMAXINSTITUTIONPRODUCTDETAILS
1.82%--Cross River BankMoney Market Account
1.82%--Cross River BankE Money Market Account
Rates as of August 13, 2018.

Availability

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.

Bank Overview

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.

Interest RateCD Length of TermCredit Union/Bank
2.63% APY12-Month CDCross River Bank
2.55% APY12-Month Connect CDBank5 Connect
2.51% APY12-Month Online Promo CDM.Y. Safra Bank

Interest RateCD Length of TermCredit Union/Bank
2.79% APY18-Month CDCross River Bank
2.75% APY15-Month CD SpecialMainStreet Bank
2.68% APY18-Month Share Certificate SpecialInterior Federal Credit Union

Interest RateCD Length of TermCredit Union/Bank
2.94% APY24-Month CDCross River Bank
2.90% APY24-Month Share CertificateCommunityWide Federal Credit Union
2.85% APY25-Month CDUSALLIANCE Financial

Interest RateCD Length of TermCredit Union/Bank
3.25% APY36-Month CDCross River Bank
3.00% APY36-Month Share CertificateCommunityWide Federal Credit Union
2.90% APY36-Month Connect CDBank5 Connect

Interest RateCD Length of TermCredit Union/Bank
3.56% APY48-Month CDCross River Bank
3.20% APY48-Month Share CertificateCommunityWide Federal Credit Union
3.05% APYOnline 4-Year CDCitizens Access

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.

Related Pages: New York money market accounts, money market accounts, 1-year CD rates, 5-year CD rates

Comments
Robb
Robb   |     |   Comment #1
Decent 48 month deal here given the 6 month EWP and it sounds like anyone can participate if they can get to the NJ branch. Might consider this one after doing some research.
Luvcd
Luvcd   |     |   Comment #7
Have plane reservations will travel
Cdfan
Cdfan   |     |   Comment #2
I opened 4yr cd without a problem at the branch. Only customer there. I also opened savings acct for my son at 1.92% apy.
anonymous
anonymous   |     |   Comment #3
Cdfan -- (if you know) What are the options for getting your money when the CD matures? Also, can beneficiaries be designated on a CD?
Cdfan
Cdfan   |     |   Comment #11
Beneficiaries may be desginated. Do not know options for getting money at maturity.
deplorable 1
deplorable 1   |     |   Comment #4
3.46% on a 4 year CD is pretty good. Nice to see rates pushing higher.
alan1
alan1   |     |   Comment #5
And the 3.56% being offered by Cross River is even better.
Edward
Edward   |     |   Comment #8
And 4% from Sharonview is so far the best. I don't need to visit their branch or make flight reservation either. Haha!
zz
zz   |     |   Comment #9
I could only find a 3% rate for a 7 year CD at Sharonview:
https://www.sharonview.org/resources/rates-fees/checking-savings-rates
alan1
alan1   |     |   Comment #10
zz -- Sharonview's 64-month, 4.00% APY special expired in March. As I remember it, the special was available for perhaps a couple of weeks.
Nj bob
Nj bob   |     |   Comment #12
I got one of those too however that was short lived and no where close to that 4% now. Wish I could get another one
hank
hank   |     |   Comment #6
I had started to open a veridian 41 month bump up cd at 3.1% but I halted that just before it was final. Now I intend to open this one. It is only 7 months more and the rate is nearly half a percent higher.
Nj bob
Nj bob   |     |   Comment #13
I am heading there Monday morning to open one at this rate. For some reason NJ banks are way behind other states with good rates. This is by far the best avail in nj now.
hank
hank   |     |   Comment #14
this is the best anywhere actually. Where can you find a better rate for 4 years
Anonymous
Anonymous   |     |   Comment #15
Wait til next interest rate increase and you will see
hank
hank   |     |   Comment #17
Bob, any issues with opening the cd?
dfs
dfs   |     |   Comment #19
I'm not Bob but I had no issues yesterday when I opened up a 4 year CD.
highrate
highrate   |     |   Comment #16
I am planning on opening this next week. Even if there's another quarter point fed increase I'm not sure it will bump rates higher than this. I understand from reading other people;s posts that they do accept cds with pods.
dfs
dfs   |     |   Comment #18
Drove up there yesterday and opened up 4 year CD with no problem. I was told they will open up any CD from anyone as long as you get to the Teaneck, NJ branch in person.
highrate
highrate   |     |   Comment #20
I went and opened a cd last week. They were very busy. The place was filled with people opening the cd. I had no problems
Hyman Roth
Hyman Roth   |     |   Comment #21
Sounds fishy. Only one branch? In Jersey?
highrate
highrate   |     |   Comment #22
they told me they are going to start advertising these rates next week. They expect the rates to be offered until the end of September
Legs Diamond
Legs Diamond   |     |   Comment #23
The Fed should tightening again in September and December. By January of 2019 rates will even be higher. By January of 2020 rates will be much high.
Big Words
Big Words   |     |   Comment #24
Whoa! How do you fancy that?

Talk about going against the herd! Fascinating!
dave9354
dave9354   |     |   Comment #25
Ken, you do not have to come into a branch to open a CD. I opened a savings account online and ACH the funds to the savings account. I then called the bank and they opened the CD over the phone. You will need to call the bank and have them email the forms to sign. My CD is open and online.
hank
hank   |     |   Comment #26
this is still a very good deal. I am thinking of opening another one
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Availability: Online application available for residents of New Jersey, New York, and Connecticut.

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