Crescent Bank Raises Rates On Its Nationally Available CDs

In the beginning of May, New Orleans-based Crescent Bank began offering very competitive CDs on nationwide basis. According to the promotion page, the competitive APYs were limited-time special rates, which were so “limited-time” they ended two days after I first saw them. For the rest of the month, the CDs offered rates that were 35-60 bps lower than the special rates.

As DA reader, rockies, noted in a Forum post over the weekend, “it appears rates are increasing again.” While the majority of the newly increased rates are not as high as the previous limited-time special rates, the 18-month CD now offers the same "special rate" 2.30% APY and is the most competitive CD in the product line. Crescent Bank CDs can be opened with a $1k deposit, but to be eligible for the online rates, new money is required. New money is defined as funds originating from a financial institution other than Crescent Bank.

The CD page states,

This is a limited time offer and can be withdrawn at any time without notice.

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.

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 has recently diversified its national footprint 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 10.42% (excellent) based on March 31, 2022 data. In the past year, Crescent Bank has increased its total non-brokered deposits by $178.22 million, an excellent annual growth rate of 25.37%. 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 13^th largest bank, with assets in excess of $1 billion and more than 11,000 customer accounts.

How the 18-Month CD Compares

When compared to similar length-of-term CDs tracked by DepositAccounts.com that are available nationally and have minimum deposit requirements of $10k or less, no banks or credit unions have a higher rate than currently offered on the Crescent Bank 18-month CD. The following tables compares the 18-month CD to the two highest-rate CDs from other credit unions and the two highest-rate CDs from banks.

How the 12-Month CD Compares

When compared to similar length-of-term CDs tracked by DepositAccounts.com that are available nationally and have minimum deposit requirements of $10k or less, only one credit union has a higher rate than currently offered on the Crescent Bank 12-month CD. The following tables compares the 60-month CD to the two highest-rate CDs from other credit unions and the two highest-rate CDs from banks.

The above information and rates are accurate as of 6/6/2022.

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