Crescent Bank Long-Term CDs Jump To Near Rate Leading Levels

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Deal Summary: Online CDs – 36-month (4.00% APY), 48-month (4.15% APY), 60-month (4.20% APY), $1k minimum deposit, new money.

Availability: Nationwide (online application)

Five months ago, New Orleans-based Crescent Bank was best known for offering auto loans throughout Louisiana. For the past several months, Crescent Bank has been offering nationally available competitive short-term and long-terms CDs, establishing a reputation of being a prolific producer of excellent rates. However, the Bank still has two issues for CD investors: 1) the only option to receive CD funds is by check, and 2) designating beneficiaries requires mailing in notarized documents.

Recent substantial rate increases (50-60 bps) have again positioned the longer-term CDs within striking distance of the rate leaders. Crescent Bank CDs can be opened with a $1k deposit, but to be eligible for the online rates, new money is required. In this instance, new money is defined as funds originating from a financial institution other than Crescent Bank.

APYMINMAXINSTITUTIONPRODUCTDETAILS
4.60%$1k-Crescent Bank60 Month CD - New Money
4.55%$1k-Crescent Bank36 Month CD - New Money
4.55%$1k-Crescent Bank48 Month CD - New Money
Rates as of November 29, 2022.

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

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.

Funding and Maturing Funds

As stated in the FAQs at the bottom of the CD page,

How do I deposit the opening funds into my CD?

Once your online CD application is completed and ready for funding, you will be shown step-by-step instructions on how to deposit money into the account. You may fund your CD account by mailing us a check or by electronically transferring funds from an account at another financial institution.

Currently, the only option for distributing maturing funds is a cashier’s check sent to the address on file.

Designating Beneficiaries

Unlimited beneficiaries (equal shares) can be added after a CD is opened by contacting Crescent Bank and sending notarized documentation with each beneficiary’s personal information. Social Security numbers are not required.

Availability

Headquartered in New Orleans, Crescent Bank has offered its services and product line statewide for 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 footprint earlier this year by offering its complete product line to all U.S. citizens (18 years or older) through an online application. Opening a CD can be done online. (The online application can open a maximum of five CDs at one time.)

CDs can also be opened at any of three Louisiana branches located in New Orleans, Mandeville, and Metairie. The Mandeville location is a limited-purpose branch dedicated to CD sales only.

Bank Overview

Crescent Bank has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 11.97% (above average) based on June 30, 2022 data. In the past year, Crescent Bank has increased its total non-brokered deposits by $307.66 million, an excellent annual growth rate of 41.98%. Please refer to our financial overview of Crescent Bank (FDIC Certificate # 33492) for more details.

Crescent Bank is a fairly 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 Louisiana’s 13th largest bank, with assets in excess of $1.2 billion and more than 12,600 customer accounts.

How the 48-Month CD Compares

When compared to similar length-of-term CDs tracked by DepositAccounts.com that are available nationwide and have minimum deposit requirements of $10k or less, one credit union has a higher rate than currently offered on the Crescent Bank 48-month CD. The following table compares the 48-month CD to the two highest-rate CDs from other banks and the two highest-rate CDs from credit unions.

How the 60-Month CD Compares

When compared to similar length-of-term CDs tracked by DepositAccounts.com that are available nationwide and have minimum deposit requirements of $10k or less, one bank and one credit union have higher rates than currently offered on the Crescent Bank 60-month CD. The following table compares the 60-month CD to the two highest-rate CDs from other banks and the two highest-rate CDs from credit unions.

How the 36-Month CD Compares

When compared to similar length-of-term CDs tracked by DepositAccounts.com that are available nationwide and have minimum deposit requirements of $10k or less, two credit unions have higher rates than currently offered on the Crescent Bank 36-month CD. The following table compares the 36-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 10/13/2022.

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

Related Pages: New Orleans CD rates, 5-year CD rates, nationwide deals

Comments
dale26s
  |     |   Comment #1
can only receive funds from matured cd by snail mail cashiers check.. dealbreaker!
Crescent Bank Ups Nationally Available Long-Term CD Rates
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Availability: Nationwide (online application)

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More than a year ago, I wrote about Crescent Bank’s (Louisiana) competitive long-term CDs. Since September 2014, these CDs have had 5 or 6 rate changes, with the latest being yesterday’s increases.

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