Crestmark Bank has once again raised its CD rates. The new rates include a 3.95% APY 3-month, 4.00% APY 6 and 9-month and 4.20% APY 12-month. All terms over one year have a yield of 4.00% APY. There's also a 30-day CD with a yield of 3.80% APY and a 60-day CD with a yield of 3.85% APY. The minimum deposit is $25,000, and the maximum is $200,000. They do not compound interest so the APY and APR are equivalent.
This is the third week that Crestmark Bank has raised its CD rates since my June 15th post. Before June, my last Crestmark post was in September 2006. When I contacted Crestmark in 2006, I was told that the CDs can be opened by mail. They haven't changed much in the last two years. Their CD application is still in Excel format.
Crestmark often goes through periods in which it stops offering CDs. 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 is based in Troy, Michigan. It has been FDIC insured since 1996 (FDIC Certificate # 34353). Bankrate gives Crestmark a rating of 4 stars (sound) as of 12/31/07. [ Update 7/8/08: Bankrate's new rating based on 3/31/08 data has fallen to 1 star ]. It has 3.5 stars (good) at BauerFinancial based on 3/31/08 data.
Thanks to the reader who mentioned these new rates in the comments.