Dedicated to Deposits: Deals, Data, and Discussion

High Yield CDs Return to Crestmark Bank - 5.60% 3-Month

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Crestmark Bank has again started offering several high rates on certificates of deposit. Every few months Crestmark comes out with high yield CDs. These only last for a couple of weeks, and then they stop accepting new funds. The best deals are on the short term CDs which range from 5.45% APY for a 30-day CD to 5.65% APY for a 12-month CD. The minimum deposit is $25K, and the maximum is $200K. They do not compound interest so the APY and APR are equivalent. The full list of rates are below:

Certificate of Deposit Rates
Term Rate (APR)
30 days 5.45%
60 days 5.55%
90 days 5.60%
180 days 5.65%
270 days 5.65%
365 days 5.65%
545 days (18 mos.) 5.60%
730 days (2 yrs.) 5.60%
910 days (30 mos.) 5.40%
1095 days (3 yrs.) 5.40%
1275 days (42 mos.) 5.40%
1460 days (4 yrs.) 5.40%
1825 days (5 yrs.) 5.45%

The 90 day CD has a 2 month interest penalty for early withdrawals. The 180 day CD has a 3-month penalty and the 365 day CD has a 6-month penalty.

My last report on Crestmark was on June 1st. One interesting note about the rates is that the very short term rates increased by 0.30 to 0.40 while the 1-year rate remains the same at 5.65%. As has been the case at other banks, long term CD rates haven't improved any if at all in the last several months.

I had been uncertain about Crestmark since the website made it appear the CDs were only for businesses. When I contacted Crestmark, I was told that they do accept personal accounts. CDs can only be opened through the Troy, Michigan office. However, they can be opened by mail.

When you see the rate page with rates of 0%, I was told this meant that they were not accepting new funds. Hopefully, these latest rates will last for awhile.

The bank has been FDIC insured since 1996. Bankrate rates Crestmark as 3 out of 5 stars (performing). As of December 31, 2005, the bank had 143 million in total assets.


Comments
2 comments.
Comment #1 by Banking Guy (anonymous) posted on
Banking Guy
I just noticed some new rates as of 9/30/06 including a 5.65% APY 3-month CD and a 5.60% APY 6-month CD.

The rates were showing zero percent in the last few days (meaning they weren't accepting new funds). So these new rates may not last long either.

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Comment #2 by Dan (anonymous) posted on
Dan
Just checked there website today 6/30/07 and I got the same thing, not accepting new money. I was there a couple days ago and they were taking new money. I noticed alot of banks I'm interested in have dropped there rates on CD's as of Friday. I was lookin at Countrywide's 1 yr. and 18 months and now I'm not. both went way down

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