Crescent Bank (LA) Raises Rates On Long-Term CDs

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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).

APYMINMAXINSTITUTIONPRODUCTDETAILS
2.12%$1k-Crescent Bank60 Month CD
2.12%$1k-Crescent Bank60 Month IRA (Traditional, Roth)
2.01%$1k-Crescent Bank48 Month CD
2.01%$1k-Crescent Bank48 Month IRA (Traditional, Roth)
1.81%$1k-Crescent Bank36 Month CD
1.81%$1k-Crescent Bank36 Month IRA (Traditional, Roth)
Accounts mentioned in this post. Rates as of July 30, 2016.

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.

According to CSR, the Early Withdrawal Penalty is six months interest for any CD over one year in length.

Availability

Headquartered in New Orleans, Crescent Bank offers its services and product line to residents of Louisiana, with proof of residency (driver’s license, state ID card) required at time of application.

Opening a CD (or any other type of account) requires an in-person visit to any of three Louisiana branches located in New Orleans, Metairie, and Covington. At this time, Crescent Bank’s online platform is limited to account management.

Note: While the main office in New Orleans and the Metairie branch are full-service locations, the Covington location is a limited purpose branch dedicated to CD sales only.

Bank Overview

Crescent Bank (FDIC Certificate # 33492) has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 11.46% (above average) as of September 30, 2015. In the past year, Crescent Bank increased its total deposits by $67.22 Million, an excellent annual growth rate of 8.18%. Please refer to our financial overview of Crescent Bank for more details.

Crescent Bank is a fairly young bank, having been established in 1991 when a small investor group purchased the assets of New Orlean’s Columbia Homestead. The new City Bank & Trust opened with three employees, but the name was soon changed to Crescent Bank, avoiding confusion with other similarly named "City" financial institutions and incorporating one of New Orlean’s nicknames. Today, Crescent Bank has grown to become Louisiana’s 10th largest bank, with assets in excess of $1 Billion.

How the CDs Compare

When compared to 184 similar length-of-term CDs tracked by DepositAccounts.com, requiring a similar minimum deposit and available to Louisiana residents, Crescent Bank’s 36-Month CD currently ranks first.

When compared to 143 similar length-of-term CDs tracked by DepositAccounts.com, requiring a similar minimum deposit and available to Louisiana residents, Crescent Bank’s 48-Month CD currently ranks fourth.

When compared to 164 similar length-of-term CDs tracked by DepositAccounts.com, requiring a similar minimum deposit and available to Louisiana residents, Crescent Bank’s 60-Month CD currently ranks third.

The above rates are accurate as of 1/20/2016.

To search for nationwide CD rates and CD rates in your state, please refer to the CD rates section of DepositAccounts.com.

Comments
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