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earn.bank Review: Money Market and CD Rates

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It may not have been previewed, commissioned or otherwise endorsed by any of our network partners.

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earn.bank’s CD rates

Certificates of Deposit (CD)

These CDs offer solid rates, but you’ll need to make a massive deposit to open them.
TermAPY
1 year1.00%
2 years1.15%
  • Minimum opening deposit: $25,000
  • Minimum balance amount to earn APY: $25,000
  • Early withdrawal penalty: For a one year term, the penalty is six months interest on the amount withdrawn. For a two year term, the penalty is 12 months interest on the amount withdrawn.

Right now, earn.bank has two types of CDs: a one-year term and a two-year term. You need to deposit at least $25,000 to open either CD and keep this much in the account to earn the APY. If you can do that, though, earn.bank’s CD rates are well above average.

At the end of your CD term, you have 10 days to withdraw money without owing penalty. Otherwise, earn.bank will automatically renew the account for the same term and at whatever rate they are paying at that time.

How to get an earn.bank CD

You can apply for earn.bank CDs online. The application will ask you for your contact information, your Social Security number and a form of government-issued ID like a driver’s license or passport. You will also need to make your deposit. earn.bank accepts deposits by bank transfer, check or credit card.

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How earn.bank’s CD rates compare

The CD rates at earn.bank are quite good. They are miles ahead of what you’d receive at a large national bank. However, considering that you need to make a deposit of at least $25,000, we’d expect even higher rates, and earn.bank is not at the top level nationally.

Further, earn.bank does not have much variety. They only had two terms as of this writing. It’s fine to focus on only two offers if that lets a lender deliver some of the best rates currently on the market, but earn.bank does not.

If you’re going to make the type of big money deposit they’re asking for, you should be receiving an extremely competitive return. While earn.bank’s CD rates aren’t bad, you can earn much more from something on our list of some of the best CDs in the country.

earn.bank money market account options

Money Market Account

One of the best money market accounts in the country, thanks to its sky-high interest rate.
APYMinimum Balance Amount to Earn APY
1.85%$0.01
  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $10, waived if you keep an minimum average daily balance of $10,000.
  • ATM fees: N/A
  • ATM fee refunds: N/A
  • Overdraft fees: $20

You can open the earn.bank Money Market Account for a deposit of just $100. However, you are incentivized to keep a minimum average daily balance of at least $10,000. If you don’t, this account charges a fairly steep $10 monthly maintenance fee.

After you open, you have three months to enroll in e-statements instead of paper statements. If you haven’t enrolled after three months, earn.bank will start charging a steep $25 per month paper statement fee.

This account does not allow withdrawals by checks, debit cards or bill payments. You can request withdrawals by transferring to accounts linked to your online banking or by sending an email earn.bank’s customer service department.

Government regulations limit certain transactions to only six per month without penalty by the bank, including pre-authorized transfers, phone transfers and through online banking. If you make more than six, earn.bank will charge $15 for each excessive transaction and could close your account if it happens too often.

If you’d like an earn.bank Money Market Account, you can apply online through their website. The application will ask for your contact information, Social Security number and a form of government-issued ID. You can make your opening deposit by check, credit card, ACH transfer or wire transfer.

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How earn.bank’s money market accounts compare

The earn.bank money market account made it to our list of the best money market accounts in the country and with good reason. It pays one of the highest rates you can find for a money market account, better even than most CDs. But unlike a CD, you can take money out without owing an early withdrawal penalty.

There are a couple small downsides you should be aware of. First, you should switch to e-statements as soon as you open to avoid the $25 paper statement fee. earn.bank really doesn’t want customers to use paper statements. In addition, you should maintain an average balance of at least $10,000 to avoid the $10 monthly fee.

But these are just minor issues. The only time this money market account wouldn’t be a great fit is if you don’t plan on keeping at least $10,000 in your account. Then, you should use our list of highest-earning money market accounts to find one with a smaller balance requirement. But if you can make the balance limit, earn.bank is a fantastic choice for growing your savings.

Overall review of earn.bank’s banking products

As of December 2018, earn.bank was only offering two types of banking products: CDs and a money market account. With their money market account, they hit a home run. The rate is phenomenal and there’s no monthly fee, so long as you keep a $10,000 average balance and use e-statements.

Their CDs were less impressive. While the rates are good, they aren’t nearly as competitive as the money market, especially considering that you need to make at least a $25,000 deposit to open a CD. You can make just as much with earn.bank’s Money Market Account but then you don’t have to worry about possible early withdrawal penalties.

If you’re looking for a money market account, earn.bank should be at the top of your list. We would skip their CDs until they start paying more generous rates. For any other type of banking product, you’ll need to go elsewhere because checking accounts, savings accounts and IRA CDs are not available at earn.bank.

As a final note, earn.bank’s tech-focused approach may be an issue for customer service. When we tried calling their support line, no one answered. We were told to leave a voicemail or send an email. Keep this in-mind if you value being able to reach a live person on the phone for your banking concerns and needs.

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.

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Reviews

Direct Federal Credit Union Review: Checking, Savings, CD, Money Market and IRA Accounts

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It may not have been previewed, commissioned or otherwise endorsed by any of our network partners.

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Direct Federal Credit Union checking account options

Direct Federal Credit Union Hub Checking Account

The Hub Checking account doesn’t earn interest but is otherwise excellent, thanks to its low fees and bank benefits.
  • Minimum opening deposit: None
  • Monthly account maintenance fee: None
  • ATM fees: None
  • ATM fee refunds: Up to $20 per month
  • Overdraft fees: $30

Direct Federal Credit Union does not require an opening deposit for the Hub Checking account. You can set one up for any amount or for no deposit at all. However, to qualify for this account you need to sign up for e-statements and set up a direct deposit.

Direct Federal Credit Union waives these requirements, though, if you are 65 and older or under age 25. If you don’t meet these requirements, they downgrade you a non-Hub Checking account, covered below.

The Hub account does not charge a monthly maintenance fee; it also does not pay interest. However, it comes with several bank benefits. You receive free checks, official checks and traveler’s checks. You also receive a free credit report each year. And if you ever request a stop payment, there is also no fee.

With the debit card, you can make withdrawals from any ATM and Direct Federal Credit Union will not charge a fee, even for out-of-network transactions. In addition, they will refund up to $20 per month in fees from out-of-network ATM owners.

To open a Hub Checking account, you need to be a member of the Direct Federal Credit Union. If you haven’t joined yet, you can set up this account as part of your new membership application, using the same information.

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Direct Federal Non-Hub Checking Account

A downgraded account for customers who don’t meet the Hub Checking account requirements. It has much higher fees and fewer benefits.
  • Minimum opening deposit: None
  • Monthly account maintenance fee: $10 (waived for the first three months.)
  • ATM fees: None at Direct Federal Credit Union, NYCE®, CIRRUS, SUM and certain ATMs in Publix supermarkets. $2 per transaction at other ATMs.
  • ATM fee refunds: None
  • Overdraft fees: $30

If you don’t meet the Hub Checking account requirements (e-statements and a direct deposit), Direct Federal Credit Union will switch you to a Non-Hub Checking account. This account also does not earn interest and does not have a minimum opening deposit requirement — however, the fees are higher.

First, this account charges a $10 monthly maintenance fee. It’s waived for the first three months, but after that there’s no way to avoid it — unless you re-qualify for Hub Checking. The Non-Hub Checking account also charges a $2 fee when you use out-of-network ATMs. Finally, there is no refund for out-of-network ATM charges on this account.

The Non-Hub Checking account also does not include other bank benefits, like free checks.

You do not sign up for the Non-Hub Checking account directly; it’s not an option on their application form. Instead, Direct Federal Credit Union tracks whether you meet the requirements after signing up for Hub Checking and if you don’t, they’ll switch you to this account.

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How Direct Federal Credit Union’s checking accounts compare

When it comes to delivering the essentials, these checking account does an excellent job. There’s no monthly fee, it comes with free checks and a credit report, and Direct Federal Credit Union doesn’t charge anything for out-of-network ATM transactions. They also refund up to $20 per month in fees from out-of-network ATM owners for those with The Hub Checking account.

Now, you’ll need to qualify for the Hub Checking account or else they’ll downgrade you to a non-Hub Checking account with much higher fees. But it’s very easy — all it takes is setting up e-statements and a direct deposit.

We do have one complaint about their checking account: It doesn’t earn interest. If you could get all these banking benefits while also earning a nice return on your money, why not take the upgrade? These top checking accounts offer many of the same perks as Direct Federal Credit Union while paying spectacular interest rates.

Direct Federal Credit Union savings account options

Direct Federal Credit Union Savings Account

Not a bad savings account. There’s no monthly fee and it earns an above average rate.
APYMinimum Balance Amount to Earn APY
0.10%$5
  • Minimum opening deposit: $5
  • Monthly account maintenance fee: None
  • ATM fees: None at Direct Federal Credit Union, NYCE®, CIRRUS, SUM and certain ATMs in Publix supermarkets. $1 per transaction at other ATMs.
  • ATM fee refunds: None
  • Overdraft fees: $30

You need to deposit at least $5 to open a Savings account and keep at least this much in your account to earn interest. However, this account does not charge a monthly fee regardless of how low your balance gets.

Direct Federal Credit Union’s savings rate is above average; it’s the same for all balances, so you cannot earn more for depositing more.

With the account debit card, you can make free withdrawals from Direct Federal Credit Union, NYCE®, CIRRUS, SUM and certain ATMs in Publix supermarkets. If you use an out-of-network ATM, Direct Federal Credit Union will charge $1 and they will not refund any fees from the ATM owner.

Certain transactions, like transfers, checks and bill payments, are limited up to six per statement cycle due to Regulation D.

You can open this Savings account online or at their branch. If you aren’t a member yet, you can apply for this account while setting up your membership. You’ll use the same info, and will just need to make your deposit of $5.

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How Direct Federal Credit Union’s savings accounts compare

You could do worse than this savings account. It has no monthly fee, only takes $5 to open and earns an above average interest rate. It’s a huge step-up compared to what you’d get at a larger national bank, with their non-existent returns.

Still, if you put in a little research, there are even better options out there. Take a look at our rankings of of the best savings accounts. You’ll see that these options also have low fees and pay more than triple the rate at Direct Federal Credit Union. Your savings will grow much more quickly with one of these choices instead.

Direct Federal Credit Union’s CD rates

Direct Federal Credit Union Certificates

In between mostly average CD rates, Direct Federal Credit Union has some hidden gems.
TermAPY ($250)APY ($100,000)
3 months0.25%0.30%
6 months0.70%0.75%
7 months0.50%0.55%
8 months0.50%0.55%
9 months0.40%0.45%
11 months0.75%0.80%
12 months0.40%0.45%
15 months0.45%0.50%
18 months0.45%0.50%
21 months0.60%0.65%
24 months0.60%0.65%
30 months0.70%0.75%
36 months0.95%1.00%
48 months1.00%1.05%
60 months1.00%1.05%
  • Minimum opening deposit: $250 ($100,000 for Jumbo).
  • Minimum balance amount to earn APY: $250 ($100,000 for Jumbo).
  • Early withdrawal penalty: For terms less than one year, the penalty is 30 days of dividends on the entire principal balance. For terms of one year and longer, the penalty is 90 days of dividends on the entire principal balance.

Direct Federal Credit Union’s Certificate range from as short as 3 months all the way up to 60 months. They have six certificates with terms less than one year, so there’s lot of variety for short-term CDs.

You only need to deposit $250 to open a regular certificate and keep this much in the account to earn the APY. They also offer slightly higher jumbo rates for deposits of at least $100,000.

The majority of Direct Federal Credit Union’s Certificate rates are just average, but they do have some terrific offers. As of December 2018, their best rates were for their 7 month, 11 month, 18 month and 30 month Certificates.

If you take money out of your certificate before the maturity date, Direct Federal Credit Union will charge a penalty:

  • For terms less than one year, the penalty is 30 days of dividends on the entire principal balance.
  • For terms of one year and longer, the penalty is 90 days of dividends on the entire principal balance.

You can open any of these Certificates online or at their branch. If you aren’t a member yet, you can set these certificates up along with your membership. You’ll just need to make your deposit of at least $250 along with your application.

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How Direct Federal Credit Union’s CD rates compare

For the most part, Direct Federal Credit Union’s Certificate rates are average to below average. However, they have a few hidden gems mixed between everything — their 7 month, 11 month and 30 month Certificates pay rates that are as good as anyone else out there.

Pay attention when you sign up — a longer term doesn’t always mean a higher rate. For example, their 30 month Certificate pays nearly twice as much as the 60 month, despite tying up your money for a much shorter amount of time.

Besides the rates, we appreciate that Direct Federal Credit Union lets you open a certificate for just $250, much lower than the standard $1,000 minimum at most lenders. Also, their early withdrawal penalties are low, so they don’t ding you too badly for taking money out before the maturity date.

If one of the Direct Federal Credit Union’s top offers matches your savings goal, they are an excellent choice. But if the terms don’t fit your timeline or you just want to make sure you’re getting the best deal, you can compare against this list of the best CD rates in the country.

Direct Federal Credit Union money market account options

Direct Federal Credit Union Rate Riser Money Market Account

If you can cover this account’s $25,000 balance requirement, you’ll be rewarded with a spectacular interest rate.
APYMinimum Balance Amount to Earn APY
1.50%$25,000
  • Minimum opening deposit: $500
  • Monthly account maintenance fee: None
  • ATM fees: None at Direct Federal Credit Union, NYCE®, CIRRUS, SUM and certain ATMs in Publix supermarkets. $1.00 per transaction at other ATMs.
  • ATM fee refunds: None
  • Overdraft fees: $30

The Rate Riser Money Market account requires an opening deposit of at least $500. Deposits into this account have to be new money only, meaning funds that aren’t already at Direct Federal Credit Union.

However, this account doesn’t start paying interest unless you have a minimum daily balance of $25,000. If you ever fall below that limit, you won’t earn interest for the month.

In exchange for this tough requirement, the Rate Riser Money Market account pays a fantastic interest rate. Direct Federal Credit Union also guarantees that they will add another 0.25% to the interest rate on Jan. 1, 2019; that rate will then be guaranteed until the end of March. After that, they could change it at their discretion.

You are only allowed to make six transfers or withdrawals out of the Riser Money Market account per month. If you go over the monthly limits, Direct Federal Credit Union charges $10 per excess transaction.

Like all Direct Federal Credit Union’s products, you can only open a Rate Riser Money Market account when you’re a member. This special account is listed on their new membership application, so you’re able to take care of that as you join.

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Direct Federal Credit Union Money Market Account

This is Direct Federal Credit Union’s regular money market account. It doesn’t outearn their savings account unless you have a huge balance.
APYMinimum Balance Amount to Earn APY
0.10%$0.01
0.10%$25,000
0.15%$50,000
0.15%$75,000
0.20%$100,000
0.30%$200,000
  • Minimum opening deposit: None
  • Monthly account maintenance fee: None
  • ATM fees: None at Direct Federal Credit Union, NYCE®, CIRRUS, SUM and certain ATMs in Publix supermarkets. $1.00 per transaction at other ATMs.
  • ATM fee refunds: None
  • Overdraft fees: $30

Direct Federal Credit Union also offers a regular Money Market account. This account does not have an opening deposit requirement, so you can launch for any amount. It also does not charge a monthly maintenance fee.

The Money Market account earns interest on all balances. However, the rates aren’t great: you’ll need a balance of at least $75,000 before you earn more than Direct Federal Credit Union’s savings account.

The Money Market account limits you to only six transfers or withdrawals per month, including checks. If you make more than six, Direct Federal Credit Union charges you $10 for each excess transaction.

You can open a Direct Federal Credit Union Money Market account online or at a branch. It’s on the new membership application, so you can set this up at the same time as joining the credit union.

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How Direct Federal Credit Union’s money market accounts compare

If you plan on keeping at least $25,000 in your money market account, Direct Federal Credit Union could be an excellent choice. Their Rate Riser already pays a phenomenal rate and it will only get better in 2019, when they increase by another 0.25%. The only catch is that if your balance ever falls below $25,000, even for a day, you won’t earn interest for the month.

Besides Rate Riser, Direct Federal Credit Union has a less-impressive standard Money Market account. While it has no monthly fee and pays interest on all balances, the rates aren’t great. You need to deposit $75,000 to outearn the savings account — and with that amount, you could easily qualify for the Rate Riser instead.

For large deposits, we strongly recommend the Direct Federal Credit Union Rate Riser account. If you plan on depositing less or want to see what else is out there, we highly recommend these money market accounts. They are competitive with Rate Riser and some of them can be opened for a lot less than $25,000.

Direct Federal Credit Union’s IRA CD rates

Direct Federal Credit Union Fixed Rate IRA Certificates

You can open any of the Certificates in an IRA. Pay attention to the rates when you sign up as some terms are much better than others.
TermAPY ($250)APY ($100,000)
3 months1.30%1.35%
6 months1.25%1.30%
7 months0.50%0.55%
8 months0.50%0.55%
9 months0.50%0.55%
11 months0.75%0.80%
12 months0.75%0.80%
15 months0.90%0.95%
18 months0.90%0.95%
21 months 1.00%1.05%
24 months1.00%1.05%
30 months1.10%1.15%
36 months1.10%1.15%
48 months1.25%1.30%
60 months 1.25%1.30%
  • Minimum opening deposit: $250 ($100,000 for Jumbo).
  • Minimum balance amount to earn APY: $250 ($100,000 for Jumbo).
  • Early withdrawal penalty: For terms less than one year, the penalty is 30 days of dividends on the entire principal balance withdrawn. For terms of one year and longer, the penalty is 90 days of dividends on the entire principal balance withdrawn.

Direct Federal Credit Union lets you open any of their regular certificates as part of an IRA, for your retirement plan. The rates and terms are identical, ranging from 3 months up to 60 months.

You need to deposit at least $250 to open a regular Fixed Rate IRA Certificate. Direct Federal Credit Union also offers Jumbo IRA Certificates, with slightly higher rates, for a deposit of $100,000.

Most of the Fixed IRA CD rates are just average, but they do have a few extremely generous offers mixed in. As of December 2018, the best rates were for the 7 month, 11 month, 18 month and 30 month terms.

If you take money out of a Fixed Rate IRA CD before the maturity date, Direct Federal Credit Union charges an early withdrawal penalty. The penalty amount depends on your original maturity:

  • For terms less than one year, the penalty is 30 days of dividends on the entire principal balance withdrawn.
  • For terms of one year and longer, the penalty is 90 days of dividends on the entire principal balance withdrawn.

The IRA CDs are not presented as an option of Direct Federal Credit Union’s new membership application form. You’ll need to join as a member first and then you can set up these accounts, either at a branch or through your online banking portal.

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Direct Federal Credit Union Variable Rate IRA CD

Direct Federal Credit Union also has a variable rate IRA CD that lasts 24 months. You can open it up for a smaller amount of money and the rate can change over time.
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: None

Besides their Fixed IRA CDs, Direct Federal Credit Union has a 24 month Variable Rate IRA CD. You can open this account for a deposit of just $50. In addition, you can add more money after you open — it’s not a one-time deposit like for the IRA CDs.

Since this is a variable rate IRA CD, the amount you earn can go up and down each month, depending on market conditions. However, Direct Federal Credit Union did not publish this rate, so we could not compare it against the Fixed Rate IRA CDs.

After you open, you are supposed to keep your money in the Variable Rate IRA CD until the end of the 24 month term. If you take money out before then, Direct Federal Credit Union will charge a penalty worth 90 days of dividends on the amount you withdrew.

You can only open a Variable Rate IRA CD after you join the Direct Federal Credit Union as a member; and it does not feature on the new membership form. Once you’re signed up, though, you can apply for this account online or at their branch.

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Direct Federal Credit Union IRA Money Market Account

For more flexible access to your savings, you can set up an IRA Money Market account. The rates are lower than an IRA CD but there is no early withdrawal penalty.
APYMinimum Balance Amount to Earn APY
0.30%$0.01
0.30%$25,000
0.30%$50,000
0.40%$75,000
0.60%$100,000
0.70%$200,000
  • Minimum opening deposit: $500
  • Monthly account maintenance fee: None

Direct Federal Credit Union also offers their money market account for IRAs. You need to deposit at least $500 to open this account. You can also add money whenever you want after opening, unlike a Fixed Rate IRA CD.

This account earns interest on all balances, though the rates are significantly lower than the Fixed Rate IRA CDs. In exchange, you can take money out whenever you want without owing a penalty to Direct Federal Credit Union. Finally, the IRA Money Market account does not charge a monthly fee.

Like the other retirement plans, you can only open an IRA Money Market account after you become a member of the Direct Federal Credit Union. They don’t include IRAs on their new membership application. Join first and then you can apply for this account.

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How Direct Federal Credit Union’s IRA CD rates compare

Direct Federal Credit Union offers all kinds of variety for your retirement plan. First, they have over a dozen terms available for Fixed Rate IRA CDs. You can find plenty of both short and long-term accounts. Direct Federal Credit Union also offers a Variable Rate account, which you can open for a smaller balance, and an IRA Money Market account, which lets you take money without an early withdrawal penalty.

If you ask us, it’s almost too much variety, since not all of the IRA CD rates are of the same quality. Some are exceptional, like the 7 month, 11 month and 30 month term; some are average, and a few are below average. Having choice is nice, but they might want to trim down their offerings to just the best products.

With that being said, if you focus on their best offers, Direct Federal Credit Union has some excellent IRA CDs. They are right up there with the very best IRA CDs nationwide.

Overall review of Direct Federal Credit Union’s banking products

No matter your financial goal, chances are you can find a quality fit at Direct Federal Credit Union. If you’re trying to earn a high return on your savings, they offer some excellent CD and IRA CD rates. They also have a money market special which pays one of the highest returns we’ve seen for this type of account.

The Hub Checking account also gets the job done for your banking needs because it has no monthly fee, up to $20 in refunds for ATM fees each month and benefits like free checks.

Nobody’s perfect, and even these great accounts have some minor issues. It would have been nice for their checking account to earn interest. In addition, their special Rate Riser Money Market account requires a $25,000 balance and you have to open it with new funds, money not already at Direct Federal Credit Union. Still, these are just minor issues.

Ultimately, our biggest complaint about Direct Federal Credit Union is that their products are only available for a small service area, for people in Norfolk or Middlesex counties in Massachusetts. If you happen to be in these areas, be sure to check this lender out. The rest of us are jealous.

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.

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Reviews

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

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It may not have been previewed, commissioned or otherwise endorsed by any of our network partners.

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Cross River Bank checking account options

I Connect Select Checking/E Connect Select Checking Account

An excellent all-around checking account with no monthly fee, a high interest rate and a respectable ATM fee refund program.
APYMinimum Balance Amount to Earn APY
0.25%
$0.01
  • Minimum opening deposit: None
  • Monthly account maintenance fee: None
  • ATM fees: None at Cross River Bank and Money Pass ATMs. $3 per transaction at other ATMs.
  • ATM fee refunds: Up to $6 per statement cycle
  • Overdraft fees: $25

Cross River Bank does not require a minimum deposit for their I Connect Select Checking/E Connect Select Checking account. You can open one up for any amount or without adding money. This account also does not charge a monthly maintenance fee.

This account also pays interest on all balances, and the rate is fantastic for a checking account.

With this checking account, you get access to online banking, a debit card and free checks. To access your money, you can make free withdrawals from Cross River Bank and Money Pass ATMs. If you use another ATM, Cross River Bank charges a $3 fee. However, they also will refund up to $6 per statement cycle in fees from out-of-network ATM use.

You can open an I Connect Select Checking/E Connect Select Checking account at the Cross River Bank branch in New Jersey or you can ask customer service to email you the new account forms. You can then fill them out and email, fax or mail them back to Cross River Bank. This account cannot be opened online.

The application form will ask for your contact information, employment status and two forms of government ID. While opening, you can deposit money by bank transfer or check.

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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

I Connect/E Connect Savings Account

Cross River Bank’s regular savings account pays slightly more interest than their checking account and is also free.
APYMinimum Balance Amount to Earn APY
0.65%
$0.01
  • Minimum opening deposit: None
  • Monthly account maintenance fee: None
  • ATM fees: None at Cross River Bank and Money Pass ATMs. $3 per transaction at other ATMs.
  • ATM fee refunds: Up to $6 per statement cycle
  • Overdraft fees: $25

There is no minimum opening deposit requirement for the Cross River Bank I Connect/E Connect Savings Account. You can open one up for any amount or with no deposit. After you open, this account also has no minimum balance requirement and does not charge a monthly fee.

The I Connect/E Connect Savings Account pays interest on all balances and the rate is superb. It’s a moderate improvement over their checking rate, which is already very high. The interest rate on this account always stays the same and will not increase for larger balances.

Since this is a savings account, there is a government restriction on certain transactions like drafts, checks and account transfers. You are allowed to make up to six certain withdrawls or transfers per month, per Regulation D. If you go over the limit, Cross River Bank could restrict your ability to transfer funds, close your account or convert your savings account into a checking account.

You can open a Cross River Bank I Connect/E Connect Savings Account at the branch or by filling out the account forms and sending them in; however, there isn’t a way to apply online. The application will ask for your contact/work information, SSN and two forms of government ID. You can also deposit money but don’t have to as this is not a requirement.

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I Connect/E Connect Tiered Savings Account

This account has different interest brackets based on your account balance.
APYMinimum Balance Amount to Earn APY
0.65%
$0.01
  • Minimum opening deposit: None
  • Monthly account maintenance fee: None
  • ATM fees: None at Cross River Bank and Money Pass ATMs. $3 per transaction at other ATMs.
  • ATM fee refunds: Up to $6 per statement cycle
  • Overdraft fees: $25

The I Connect/E Connect Tiered Savings Account is nearly identical to their other savings account. The only difference is that they divide the interest rates into tiers. Adding more money moves you into another bracket, where in theory you should earn more.

However, at the time of writing this review, the rates were the same for all tiers and also the same rate as the regular savings account. That’s not much of an issue though as the base rate is excellent.

The I Connect/E Connect Tiered Savings Account does not charge a monthly fee or have a minimum opening deposit requirement. It also restricts certain types of withdrawals/transfers under Regulation D up to six per month.

If you’d like to open an I Connect/E Connect Tiered Savings Account, you can do so at a Cross River Bank branch or by requesting the forms to fill in on your own and sending them in. You do not need to make a deposit to open, but can do so if you’d like by bank transfer or check.

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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

Certificate of Deposit

The short-term CDs are nothing to get excited about, but once you get to the 12 month CDs, they pay some of the best rates we’ve seen.
TermAPY
3 months0.20%
6 months0.35%
9 months0.35%
12 months0.40%
18 months0.45%
24 months0.50%
36 months1.01%
48 months1.01%
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: For maturities of one year or less, the penalty will be 91 days interest on the amount withdrawn. For maturities over one year, the penalty will be 182 days interest on the amount withdrawn.

Cross River Bank offers CDs which range from 3 months up to 48 months. You need to deposit at least $500 to open one of these accounts and keep at least this much in your CD to earn the APY.

Cross River Bank’s CDs with maturities of less than one year only pay an OK rate. Their lengthier CDs — lasting one year or longer — are another story and pay fantastic rates.

When you sign up for a Cross River Bank CD, you are supposed to keep your money in the account until the end of the term. If you make an early withdrawal, they will charge a penalty. The penalty depends on your original maturity:

  • For maturities of one year or less, the penalty will be 91 days interest on the amount withdrawn.
  • For maturities over one year, the penalty will be 182 days interest on the amount withdrawn.

At the end of the term, Cross River Bank will automatically renew you into the same type of CD. You have a 10 day grace period after the maturity date to take out money or close the account without owing a penalty.

You can open the Cross River Bank Certificates of Deposit at their branch or by mailing/faxing/emailing in the new account forms. The CDs are not available online though. You will need to complete the new account form, submit two forms of government ID and make your initial deposit of at least $500 to complete opening the account.

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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

Regular/E Money Market account

This money market account is respectable, but their savings account earns even more.
APYMinimum Balance Amount to Earn APY
0.35%
$0.01
  • Minimum opening deposit: None
  • Monthly account maintenance fee: None
  • ATM fees: None at Cross River Bank and Money Pass ATMs. $3 per transaction at other ATMs.
  • ATM fee refunds: Up to $6 per statement cycle
  • Overdraft fees: $25

The Regular/E Money Market account does not have a minimum opening deposit requirement, so you can launch one without adding money. Like the other deposit accounts, the money market account also does not charge a monthly maintenance fee.

The Regular/E Money Market account pays interest on all balances and the rate is quite good. The rate always stays the same and will not increase for larger deposits, though.

Since this is a money market account, government restrictions under Regulation D apply. You are allowed to make up to certain six withdrawals or transfers per month. If you go over the limit. Cross River Bank could close your account, convert it into a checking account or limit your ability to make these withdrawals.

You cannot open a Cross River Bank Regular/E Money Market account online; you’ll have to go to a branch. If you want to save the trip, you can also ask customer service to email you the forms so you can complete them at home. You’ll need to fill out your personal information, work status and SSN along with two forms of ID. There’s no opening deposit requirement but you can also send money in as you open by check or bank transfer.

SEE DETAILS Secured

on Cross River Bank’s secure website

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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.

Overall review of Cross River Bank’s banking productsub

Cross River Bank’s personal deposit accounts are fantastic. But you wouldn’t know it from the way they present everything. Cross River Bank publishes very little about their accounts on their website so we had to contact customer service for most of the information. At the same time, it’s not easy to sign up because you can’t open accounts online.

It’s a bit of a puzzle because if they promoted them just a little and offered online enrollment, we bet they’d have customers lining up. Perhaps they are too busy working on their lending platforms or they are gearing up for a marketing push in the near future.

For now, Cross River Bank’s deposit accounts remain a hidden gem. After reading this review, you can appreciate why they are so good, with their excellent rates, low fees and low balance requirements. While it will take a little more work to sign up for these accounts, they are worth the effort.

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