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

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Updated on Tuesday, September 1, 2020

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.

SEE DETAILS Secured

on Cross River Bank’s secure website

Member FDIC

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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.

SEE DETAILS Secured

on Cross River Bank’s secure website

Member FDIC

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.

SEE DETAILS Secured

on Cross River Bank’s secure website

Member FDIC

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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.

SEE DETAILS Secured

on Cross River Bank’s secure website

Member FDIC

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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

Member FDIC

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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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