Account types

High yield commercial savings

3min

The High Yield Commercial Savings Account is a new type of deposit account within Digital Banking. It is an interest-bearing account that leverages a tiered rate card﻿. You will earn higher yield, the more money you put into an account.
You must have a Commercial Deposit Account with Cross River to open High Yield Commercial Savings Account. This account has no outbound transaction features, you can only transfer funds to your Commercial Deposit Account within the Digital Banking portal. From your Commercial Deposit Account, you will be able to transact with external accounts. The minimum opening balance to earn interest is $2million.
Pricing
No additional fees apply this account type. The maintenance fee for the Commercial Deposit Account applies across the total balance that a customer has in all Cross River Digital Banking accounts. No outbound transactions are allowed out of this account (aside from internal book transfers) so no additional fees apply for this account type.
How does the account work?
The High Yield Commercial Savings Account is configured under CRB Direct Digital Banking.
Interest is compounded daily and is credited to the account monthly.
If you close your account before interest is credited, you will not receive the accrued interest.
The daily balance method is used to calculate interest on the account.
This method applies a daily periodic rate to the principal in the account each day.
There are no limits to the number of online transfers between the High Yield Commercial Savings Account and your other deposit accounts at Cross River.
Transfers directly from a High Yield Commercial Savings Account to accounts at a third-party institution are not possible. To transfer funds to an external account, you must first move the money into your Commercial Deposit Account.
Current rate table as of April 2024 (subject to change)
Tier
Minimum balance to obtain Annual Percentage Yield (APY) $
Interest rates %
APY %
1
2,000,000-4,999,999
3.2
3.25
2
5,000,000-9,999,999
3.92
4.00
3
10,000,000-24,999,999
4.16
4.25
4
25,000,000-49,999,999
4.40
4.5
5
50,000,000+
4.64
4.75
﻿

Tier	Minimum balance to obtain Annual Percentage Yield (APY) $	Interest rates %	APY %
1	2,000,000-4,999,999	3.2	3.25
2	5,000,000-9,999,999	3.92	4.00
3	10,000,000-24,999,999	4.16	4.25
4	25,000,000-49,999,999	4.40	4.5
5	50,000,000+	4.64	4.75

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Updated 15 Oct 2024

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