Dedicated to Deposits: Deals, Data, and Discussion

4.20% 12-Month / 4.00% 6-Month CD at Crestmark Bank - Nationally Available

POSTED ON BY

Crestmark Bank
Update 7/16/08: Crestmark has stopped accepting new deposits.

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.
  Tags: Crestmark Bank, CD rates

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Comments
8 comments.
Comment #1 by Anonymous posted on
Anonymous
Crestmark is now the leader for the one-year CD, as IndyMac has just dropped its CD rates (but seems to have raised it MMA rates).

1
Comment #2 by Anonymous posted on
Anonymous
Wachovia offers 4.25% for one-year CD through 8/5 but they can pull back anytime.

1
Comment #3 by Anonymous posted on
Anonymous
Crestmark could be quite an attractive deal, relative to competition. With IndyMac and especially with Wachovia, the worry is not putting your money in, it's getting your money back cleanly and without lost interest at time of maturity. In that regard, I'd take my chances with Crestmark over the other two.

1
Comment #4 by Mitch (anonymous) posted on
Mitch
When my Crestmark CD recently matured, the very pleasant CSR wired the funds to me free of charge. Monthly interest is paid by mailed check.

1
Comment #5 by Anonymous posted on
Anonymous
If web site is any indication, bank appears very unsophisticated, at least in their communications. For example, the CD application form was prepared on Excel. No product disclosures are available for the CDs, that I can find.

Would love to hear from existing customers on their experience with bank's systems, processes and service.

1
Comment #6 by Anonymous posted on
Anonymous
rating on bank rate.com is only one star not 4 star as stated

1
Comment #7 by Banking Guy (anonymous) posted on
Banking Guy
Note the rating is based on data from a certain date. It looks like Bankrate has just recently updated its ratings based on 3/31/08 data instead of 12/31/07 data. And the Crestmark's ratings did go way down.

1
Comment #8 by Anonymous posted on
Anonymous
As of today, the party is over at Crestmark, at least for now - no additional deposits being accepted.

1