Sunday, 20 October 2019

Cross River Bank Review: Checking, Savings, CD and Money Market Accounts

Cross River Bank Review: Checking, Savings, CD and Money Market Accounts
16 Dec
3:39

Cross River Bank’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

1.92%

Savings

Cross River Bank E Connect Savings

2.00%

American Express National Bank High Yield Savings Account

on American Express National Bank’s secure website

Member FDIC

2.63%

CD Rates

Cross River Bank 12 Month CD

2.65%

Goldman Sachs Bank USA High-yield 12 Month CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

3.25%

CD Rates

Cross River Bank 36 Month CD

2.85%

Synchrony Bank 36 Month CD

on Synchrony Bank’s secure website

Member FDIC

3.56%

CD Rates

Cross River Bank 48 Month CD

3.10%

Goldman Sachs Bank USA High-yield 5 Year CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

Cross River Bank checking account options

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How Cross River Bank’s checking accounts compare

Cross River Bank’s checking account is excellent for a number of reasons. First, there’s no minimum balance requirement or monthly fee. It also offers a top-notch interest rate for all balances, and you won’t need to jump through any hoops to qualify. Other lenders that pay high checking rates sometimes have monthly requirements to qualify, like a minimum number of debit card purchases per month — fortunately, there’s nothing like that at Cross River Bank.

Finally, the Cross River Bank checking account includes up to $6 per statement cycle refunds for fees from out-of-network ATMs, which could be handy if you ever travel away from their service areas in New Jersey and New York. The only real downside of this account is you cannot apply online; you’ll need to either visit the branch in-person or request the forms by email.

For a checking account, Cross River Bank could be a solid choice. But before signing up, be sure to consider this list of the best checking accounts first. They pay just as much as Cross River Bank and have other benefits, like larger ATM refunds and you can apply online.

Cross River Bank savings account options

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How Cross River Bank’s savings accounts compare

We are very impressed with the Cross River Bank savings accounts. They both pay phenomenal interest rates, one of the highest rates in the country for savings accounts and a return that’s better even than many CDs. There’s also no monthly fee or minimum balance requirement.

We were a little puzzled that they set up a tiered rate system for one account, where what you earn depends on your balance, but then kept the rate identical for all brackets. It’s also the same as the non-tiered savings account. Perhaps in the future, they will change their rates for these accounts. Still, considering how much you can earn with this free savings account, we won’t complain too much.

If you’d like to see just why Cross River Bank’s savings accounts are so impressive, you can compare them against our list of the top savings accounts in the United States.

Cross River Bank’s CD rates

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How Cross River Bank’s CD rates compare

If you are looking for a CD that lasts between 12 and 48 months, that’s where Cross River Bank really shines. They pay extremely competitive rates for their CDs with maturities in this range. If you want something outside this timeline, Cross River Bank is probably not your best choice.

They do not offer anything that lasts longer than 48 months. While they do offer several options that last less than 12 months, they do not pay very much. In fact, you could earn a higher rate through the Cross River Bank checking and savings accounts — then you wouldn’t have to worry about the CD early withdrawal penalty.

If you want a CD term that’s outside of Cross River Bank’s sweet spot or you just want to compare your options, we’ve tracked down the best rates for every CD term. Be sure to check them out if you want the highest possible return on your CD.

Cross River Bank money market account options

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How Cross River Bank’s money market accounts compare

If we didn’t know about the other options at Cross River Bank, we’d be very tempted by their money market account. It pays a high interest rate, there’s no minimum balance requirement and there’s no monthly fee. As far as money market accounts go, that’s a great combo.

The only reason we’d avoid signing up is because Cross River Bank’s savings accounts are even better. They pay higher interest rates while also being completely free.

If you’d like to outearn Cross River Bank’s savings rates, that’s a tough challenge — but these money market accounts might be up to the task because they currently pay the very highest rates in the country.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

David Rodeck

David Rodeck |

David Rodeck is a writer at MagnifyMoney. You can email David here

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Source: https://www.magnifymoney.com/blog/reviews/cross-river-bank/

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