Crescent Bank Raises Rates On Its Nationally Available CDs

POSTED ON BY

Deal Summary: Online CDs – 12-month (2.00% APY), 18-month (2.30% APY), 24-month (2.50% APY), 30-month (2.70% APY), 36-month (2.75% APY), 48-month (2.80% APY), 60-month (2.85% APY), $1k minimum deposit of new money.

Availability: Nationwide (online application)

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.

APYMINMAXINSTITUTIONPRODUCTDETAILS
2.85%$1k-Crescent Bank60 Month CD - New Money
2.80%$1k-Crescent Bank48 Month CD - New Money
2.75%$1k-Crescent Bank36 Month CD - New Money
2.70%$1k-Crescent Bank30 Month CD - New Money
2.50%$1k-Crescent Bank24 Month CD - New Money
2.30%$1k-Crescent Bank18 Month CD - New Money
2.00%$1k-Crescent Bank12 Month CD - New Money
Rates as of June 21, 2022.

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This is a limited time offer and can be withdrawn at any time without notice.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 13th 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.

APYCD Term (Early Withdrawal Penalty)Credit Union/Bank
2.30%18-Month CD (EWP=180 days)Crescent Bank
2.05%18-Month Money Market Certificate (EWP=maximum 30% of maturity dividends)PenFed Credit Union
2.02%18-Month MYSB Direct Online CD (EWP=90 days)M.Y. Safra Bank
2.02%18-Month CD (EWP=180 days)CFG Bank
2.00%18-Month Bump-Up CD (EWP=180 days)Veridian Credit Union

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.

APYCD Term (Early Withdrawal Penalty)Credit Union/Bank
2.26%12-Month Certificate (EWP=90 days)Connexus Credit Union
2.00%12-Month CD (EWP=90 days)Crescent Bank
2.00%1-Year Bread Savings CD (EWP=180 days)Bread Financial
1.75%12-Month Money Market Certificate (EWP=maximum 30% of maturity dividends)PenFed Credit Union
1.90%1-Year CD (EWP=180 days)KS StateBank

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.

Related Pages: New Orleans CD rates, 1-year CD rates, 5-year CD rates, nationwide deals

Comments
Crescent Bank Now Offers Very Competitive CDs Nationwide
UPDATE 5/13/2022: Crescent Bank CD rates have dropped.

Deal Summary: Online CDs – 12-month (2.10% 1.75% APY), 18-month (2.30% 2.00% APY), 24-month (2.50% 2.20% APY), 36-month (2.90% 2.30% APY), 48-month (3.00% 2.50% APY), 60-month (3.10% 2.75% APY), $1k minimum deposit of new money, rates may change on May 13, 2022.

Availability: Nationwide (online application)

It’s been four years since I last wrote about Crescent Bank. At that time, the product line (including CDs) was offered exclusively to Louisiana residents. As I was doing preliminary work for this week’s...

Continue Reading
Crescent Bank (LA) Boosts 60-Month CD
Deal Summary: 60-month CD (3.03% APY), 48-month CD (2.78% APY), $1k minimum deposit

Availability: Louisiana

It’s been more than two years since I last wrote about Crescent Bank. At that time, the Bank was offering several competitive long-term CDs. Following rate increases earlier this week, the 48-month CD (2.78% APY) and 60-month CD (3.03% APY) are once again players. Any of Crescent Bank’s CDs can be opened with a $1k deposit and there are no stated balance caps.

In the past nine months, the 48- and...

Continue Reading
Crescent Bank (LA) Raises Rates On Long-Term CDs
Availability: Louisiana

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.

The new rates are on the 36-month CD (2.00% APY), 48-month CD (2.05% APY), and 60-month (2.27% APY).

The minimum deposit to open any of the CDs is $1K, with no maximum balance cap. These CDs are also available as IRAs (Traditional and Roth), earning the same APYs with the same funding requirements.

Continue Reading
Crescent Bank (LA) Raises Rates On 7 CDs To Competitive Rates - Local

In early September, I wrote a posting about Crescent Bank (Louisiana) raising rates to competitive levels on three of its CDs. Two months later, you might expect me to say something on the order of, "those rates have dropped," or "those CDs are no longer available."

Good news: Crescent Bank has raised the rates on seven of its CDs to competitive rates. The minimum deposit to open any of the CDs is $1K and there is no maximum balance cap. Five of these CDs are also available as IRAs...

Continue Reading
Crescent Bank (LA) Offers 3 Top Performing CDs - Locally Available Only

Crescent Bank (LA) raised the rates yesterday on three of its CDs to competitive rates: 36-month CD (1.76% APY), 48-month CD (2.02% APY), and 60-month CD (2.27% APY). The minimum deposit to open any of the CDs is $1K and there is no maximum balance cap. According to CSR, the Early Withdrawal Penalty is 6 months interest for any CD over 1 year in length.

These three CDs are also available as IRAs (Traditional and Roth), but at higher rates: 36-month IRA (1.86% APY), 48-month IRA (2.17%...

Continue Reading

More Past Offers



The financial institution, product, and APY (Annual Percentage Yield) data displayed on this website is gathered from various sources and may not reflect all of the offers available in your region. Although we strive to provide the most accurate data possible, we cannot guarantee its accuracy. The content displayed is for general information purposes only; always verify account details and availability with the financial institution before opening an account. Contact [email protected] to report inaccurate info or to request offers be included in this website. We are not affiliated with the financial institutions included in this website.