Cross River Bank Review

Overview

Cross River Bank started in 2008 with its headquarters in Teaneck, New Jersey. It has $8.39 billion in assets and $6.41 billion in deposits, making it a medium-size bank. Cross River Bank lacks premium access to customer service, with no options for live chat or all-day service. It is a conventional brick-and-mortar bank with in-person service, in addition to its online and mobile apps. With a score of 4.2 stars out of 5, Cross River Bank should be solidly in contention for your choice of bank. Cross River Bank offers a variety of product offerings, including savings accounts, checking accounts and CDs. It has a fair savings rate compared to the average savings account. Locating a bank with free checking and a high interest rate savings account is your best option for getting the most income on your deposits alongside easy access to your funds.

The overall rating is a weighted average of rates, fees, service quality and financial health.Read more

Cross River Bank features a savings rate of 2.60%, which is good compared to the national average. Cross River Bank's one-year CD earns at a rate of 5.40%, while its highest-yielding money market account earns at an APY of 0.25%. Given its poor savings rate, you should consider Cross River Bank for your deposits.

How Cross River Bank's Savings Rates Compare

There is insufficient data on Cross River Bank's fees to provide a full SmartAsset rating.

Cross River Bank is a brick-and-mortar bank, with two total bank locations in New Jersey. It also offers access to a web app, for an easy online-banking experience. Cross River Bank receives an excellent consumer satisfaction score due to comparatively few complaints filed with the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency.

Cross River Bank is a medium-size bank with assets totaling $8.39 billion and deposits totaling $6.41 billion. Cross River Bank's Texas Ratio is 2.45%, signifying a low likelihood of failure. Additionally, Cross River Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

The Texas Ratio, a measure of a "bad assets" against available capital, can provide an early warning sign of bank failure. A low ratio indicates smaller chance of failure; a higher ratio suggests greater risk.

Products Offered

Cross River Bank has several deposit products including savings accounts, checking accounts and CDs that provide you with many options to manage your money. Cross River Bank does not have the best savings rate, which means you should think about other options for banks that deliver more return for your money. CDs can be a terrific option to achieve higher returns, but there are limitations to accessing your money. Cross River Bank's CD rates are fair compared to the average U.S. bank.

Find a Cross River Bank Near Me

Cross River Bank has two physical locations across the U.S.