bank rates

East Coast Deal On Savings, MMA Accounts

finger touching calculator keysTri-state residents who prefer to keep their cash close at hand can open a money market account or a savings account at Cross River Bank in Teaneck, N.J., that pays nearly as much as the big national online banks do for savings and MMAs.

The money market account pays 1.00% APY on all balances, and there are no account minimums. The bank also has an I Connect Select Tiered Savings account that pays 1.00% APY on balances between $10,000 and $499,999.

Both accounts are available to anyone who lives in New Jersey, New York or Connecticut. The accounts can be opened at the bank or online.

Cross River’s MMA rate is lower than the 1.10% APY offered nationally by EverBank (www.everbank.com). But you can earn that top rate only on balances up to $50,000.

Higher balance portions earn 0.61% APY.

The Jacksonville, Fla.-based EverBank guarantees its top rate for six months. After that time, the rate drops to the standard MMA rate, which currently is 0.61% APY. You need a minimum deposit of $1,500 to open an account, but you’re not required to keep that much in your account to earn interest.

Cross River’s savings account rate is just a touch below that of SFGI Direct (www.sfgidirect.com), which pays 1.01% APY.

You need a minimum deposit of $500 to open an account at SFGI Direct, but you don’t need to have that much in your account to earn interest. SFGI Direct is the online division of Summit Community Bank, based in Moorefield, W.Va.

Two other banks, MySavingsDirect (www.mysavingsdirect.com) and First Trade Union Bank (www.ftub.com), both pay 1.00% APY. MySavingsDirect pays that rate on all balances. At First Trade Union, you need to have at least $2,500 in your account to earn the best rate.

For more information, visit www.crossriverbank.com or call 201-808-7000. Cross River Bank has one brick-and-mortar location in Teaneck.

Compare Cross River Bank’s offers with the top savings accounts in our database.

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