When considering investment options, Certificates of Deposit (CDs) often come into focus for their stability and fixed interest CD rates. Cross River Bank, like many financial institutions, offers CDs as part of its product portfolio. These financial instruments provide a secure avenue for individuals to grow their savings while enjoying a fixed interest rate.

Let’s find out more about Cross River Bank CD rates in the section below;

Cross River Bank CD Rates Offers

Some of the popular CD options of Cross River Bank are as follows;

6 Month CD

Key Features

  • Minimum Balance: $500.00.
  • Interest Rates:
    • Interest Rate: 4.88%.
    • APY: 5.00%.

Considerations

  • Offers a slightly higher APY compared to the 3-month CD.
  • The minimum balance requirement is $500.00.

Pros & Cons

ProsCons
Competitive APYShort-term commitment
Quick access to fundsLower interest compared to longer terms
Low minimum balanceLimited time to benefit from interest

12 Month CD

Key Features

  • Minimum Balance: $500.00.
  • Interest Rates:
    • Interest Rate: 5.26%.
    • APY: 5.40%.

Considerations

  • A one-year commitment with a higher APY.
  • Minimum balance requirement is $500.00.

Pros & Cons

ProsCons
Higher APYMedium-term commitment
Still relatively short termAccess to funds is restricted for 12 months

18 Month CD

Key Features

  • Minimum Balance: $500.00.
  • Interest Rates:
    • Interest Rate: 5.31%.
    • APY: 5.45%.

Considerations

  • Slightly longer term with a competitive APY.
  • Minimum balance requirement is $500.00.

Pros & Cons

ProsCons
Competitive APYMedium-term commitment

36 Month CD

Key Features

  • Minimum Balance: $500.00.
  • Interest Rates:
    • Interest Rate: 4.16%.
    • APY: 4.25%.

Considerations

  • Longer-term investment with a competitive APY.
  • Minimum balance requirement is $500.00.

Pros & Cons

ProsCons
Medium minimum balanceEarly withdrawal penalty

48 Month CD

Key Features

  • Minimum Balance: $500.00.
  • Interest Rates:
    • Interest Rate: 4.64%.
    • APY: 4.75%.

Considerations

  • A four-year commitment with a competitive APY.
  • Minimum balance requirement is $500.00.

Pros & Cons

ProsCons
Competitive APYLong-term commitment
Higher interest than shorter termsLimited access to funds for 48 months

How do Cross River Bank CD Rates Compare?

Cross River Bank’s CD rates compare favorably with those offered by other institutions, demonstrating competitive returns across various terms. For precise understanding;

  • The 6-month CD with an APY of 4.88% stands out as a competitive option, outperforming the 5-year CD rates from Wings Financial Credit Union (2.73%) and Fort Knox Federal Credit Union (3.05%).
  • Even in shorter terms, such as the 3-month and 9-month CDs, Cross River Bank offers attractive rates of 4.15% and 5.05%, respectively, surpassing the APYs of 1.06% for Umpqua Bank’s 8-Month Special and 1.10% for Incredible Bank’s 9-Month CD.

Are Cross River Bank CD Rates Competitive?

Cross River Bank’s CD rates are competitive in the current market landscape. The bank provides customers with an array of CD options, each featuring attractive Annual Percentage Yields (APYs) when compared to rates offered by other financial institutions. The rates offered by Cross River Bank across different terms, such as 6 months, 12 months, 36 months, and 48 months, are competitive and often outperform those of notable competitors. This makes Cross River Bank a compelling choice for individuals seeking stable and competitive returns on their investments.

InstitutionCD TermAPY
Cross River Bank6-Month4.88%
Cross River Bank12-Month5.40%
Cross River Bank36-Month4.25%
Cross River Bank48-Month4.75%
Wings Financial Credit Union5-Year2.73%
Fort Knox Federal Credit Union5-Year3.05%
Umpqua Bank8-Month Special1.06%
Incredible Bank9-Month1.10%

Overview Cross River Bank 

Cross River Bank is unique because it relies primarily on up-and-coming technology to provide state-of-the-art service to its customers. Cross River gives the customer ample measures to connect online or over the phone with only one branch location. By operating this way, Cross River has eliminated many of the fees and red tape that accompany most traditional banking processes. 

Cross Rivers’s partnership with technology allows this bank to provide competitive savings and investment rates without traditional hassles. Working smarter and not harder is just one of the many ways Cross River shows its customers that they will always come out on top.

Availability 

To open a CD with Cross River Bank, you must first become a member by opening an account. CDs cannot be purchased directly online but can be completed either in person at the branch or by other means such as fax, mail, or email. Two forms of government ID and the minimum deposit of $500 are needed to open the CD. 

Locations Cross River Bank 

New York & New Jersey.

Teaneck, NJ – 885 Teaneck, NJ 07666 (201) 808-7000

Frequently Asked Questions

How is interest in Cross River Bank CDs compounded?

Cross River Bank typically compounds interest on its CDs. The specific compounding frequency may vary, and customers should refer to the terms and conditions or contact the bank for precise details.

Does Cross River Bank offer additional perks or benefits with their CDs, aside from competitive interest rates?

Cross River Bank primarily emphasizes competitive interest rates on its CDs. While the CDs provide a secure and stable way to grow savings, customers should check with the bank for any additional features, such as relationship bonuses or special promotions, that may be available.

Is the Annual Percentage Yield (APY) for Cross River Bank CDs fixed for the entire term?

Yes, the APY for Cross River Bank CDs is fixed for the entire term. The rates mentioned are effective as of the specified date and remain constant throughout the CD’s duration.

Are Cross River Bank CD rates tiered based on deposit amounts?

Cross River Bank often offers standard CD rates without tiered structures based on deposit amounts. This means that the stated APY applies to the specified minimum deposit, and all eligible accounts within that tier receive the same rate.