Crescent Bank 24-Month Online CD Rate Climbs Up

New Orleans-based Crescent Bank upped its Online CDs rates in late November. As these were modest increases (5-15 bps), I didn’t expect the Crescent Bank CDs’ overall standing to improve that much, but the 24-month Online CD (5.40% APY) proved me wrong. (Look for the 24-month Online CD in this week's CD Deals Summary.) The minimum opening deposit is $1k of new money, which is defined as funds originating from a financial institution other than Crescent Bank.

The 24-month Online CD is available as an IRA CD (Traditional and Roth), but must be opened in-branch. The same 5.40% APY applies whether new money is used or not.

In early 2022, Crescent Bank was best known for offering auto loans throughout Louisiana. That changed when Crescent Bank began offering nationally available competitive short-term and long-terms CDs in May 2022. After quickly establishing a reputation as being a prolific producer of excellent rates, Crescent Bank began offering short-lived great rates in late 2022. The fine print on the Crescent Bank CD page includes the following disclaimer about the online CD rates:

This is a limited time offer and can be withdrawn at any time without notice.

Early Withdrawal Penalty

As stated in the Account Disclosure (attached to the online application), the Early Withdrawal Penalty reads as follows:

If we consent to a request for a withdrawal that is
otherwise not permitted, you may have to pay a penalty.

The penalty will be an amount equal to 90 days at the current interest rate
for a 12 month CD or 180 days at the current interest rate for all other terms.

Availability and Account Opening

Headquartered in New Orleans, Crescent Bank has offered its services and product line statewide for the past several years, including a loan production office offering auto loans to Louisiana residents “who were not being served by traditional lending institutions.” The success of Crescent Bank’s statewide loan program led to a nationwide expansion.

Crescent Bank diversified its national product line in 2022, when it began offering its complete product line to all U.S. citizens (18 years or older) through an online application. Opening an Online CD can only be done online.

Funding and Other Details

The following information is from a conversation with CSR.

• Funding – ACH or check.
• Ownership – Individual or joint.
• Interest – Compounded/credited quarterly; can be withdrawn penalty-free.
• Maturing Funds – ACH or cashier’s check based on how the CD was funded. ACH will go to the funding institution and the check will be sent to the address on file.
• Beneficiaries* – Unlimited, equal share, Social Security numbers are preferred but not required.
• Grace Period – 10 calendar days before automatic renewal.
• Credit Check – Soft pull.

*Beneficiaries cannot be designated until after CD is open and funded. A Beneficiary form can be requested through Crescent Bank’s online banking platform.

Bank Overview

Crescent Bank has an overall health grade of "B+" at DepositAccounts.com, with a Texas Ratio of 15.44% (above average) based on September 30, 2023 data. In the past year, Crescent Bank has increased its total non-brokered deposits by $122.98 million, an excellent annual growth rate of 10.91%. Please refer to our financial overview of Crescent Bank (FDIC Certificate # 33492) for more details.

Crescent Bank is a relatively young bank, having been established in 1991 when a small investor group purchased the assets of Columbia Federal Homestead Savings and Loan Association (Metairie, LA). The new City Bank & Trust opened its doors with only three employees. Within three years, the name was changed to Crescent Bank to avoid confusion with other similarly named "City" financial institutions, and incorporating one of New Orlean’s nicknames. Crescent Bank is currently the ninth largest bank headquartered in Louisiana, with assets in excess of $1.4 billion and more than 15,600 customer accounts.

How the 24-Month Online CD Compares

When compared to similar length-of-term CDs tracked by DepositAccounts.com which are available nationwide and have minimum deposit requirements of $10k or less, one bank has a higher rate than currently offered on the Crescent Bank 24-month Online CD. The following table compares the 24-month CD to the two highest-rate CDs from other banks and the two highest-rate CDs from credit unions.

The above information and rates are accurate as of 12/5/2023.

To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.