Michigan-based Crestmark Bank (Crestmark) is currently offering a series of competitive CDs, with the shorter-term CDs the most competitive. The minimum deposit for all the CDs is $25k, with a balance cap of $250k.
This week’s rate increases (ranging from 45 to 65 bps) have resulted in the highest APYs since the financial crisis. While all of Crestmark’s CDs have been part of the Bank’s product line for more than six years, their availability is intermittent.
We are not always in the market; we enter the market to fund certain projects.
According to the CD Administrator, the Early Withdrawal Penalty (EWP) is structured as follows:
6-month CD, 3 months EWP
9-month CD, 4 months EWP
12-month CD, 6 months EWP
18-month CD, 9 months EWP
Crestmark has an excellent FAQ section on its Certificates of Deposit page, which answers almost any concern you may have, including my favorite,
How do I know if you are a real bank?
And here's a Q&A that's important to recognize:
Q: Can I view my account online?
Unfortunately, you cannot view your account online at this time. If you ever have a question regarding your account, please contact our CD administration team.
Headquartered in Troy, Michigan, Crestmark Bank is a nationally recognized business-to-business lender that “specializes in diverse financial solutions for small-to-medium sized businesses.” Crestmark does not always offer CDs, but when it does it is on a nationwide basis.
Opening a CD can be done through the “CD New Account Request” form, which is available in an electronic format, which can be returned via email, or as a PDF, which can returned by either fax or snail-mail.
Crestmark’s sole branch location in Troy is not able to accommodate in-person CD transactions.
Credit Union Overview
Crestmark Bank has an overall health grade of "A+" at DepositAccounts.com, with a Texas Ratio of 3.41% (excellent) based on March 31, 2017 data. In the past year, the Bank has increased its total non-brokered deposits by $50.78 million, an excellent annual growth rate of 9.45%. Please refer to our financial overview of Crestmark Bank (FDIC Certificate # 34353) for more details.
Crestmark Bank will be celebrating its 21st anniversary this fall, having been founded by W. David Tull in 1996. Tull recognized a niche market - “small-to-medium sized businesses that needed funding the more traditional banks could not provide” – and developed a solution. Crestmark has widened its original target market (manufacturing, service, and transportation industries) to include apparel, footwear, and home furnishings, while opening new offices in California, Florida, Louisiana, New York, and Tennessee. Crestmark is currently the 13th largest bank headquartered in Michigan, with assets in excess of $913 million.
How the CDs Compare
When compared to the 195 similar length-of-term CDs tracked by DepositAccounts.com that are available nationwide, Crestmark Bank’s 9- and 6-month CD APYs currently rank first and second, respectively, regardless of minimum deposit.
When compared to the 214 similar length-of-term CDs tracked by DepositAccounts.com that are available nationwide, Crestmark Bank’s 12-month CD APY currently ranks first, regardless of minimum deposit.
When compared to the 156 similar length-of-term CDs tracked by DepositAccounts.com that are available nationwide, Crestmark Bank’s 18-month CD APY currently ranks first, regardless of minimum deposit.
The above rates are accurate as of 7/14/2017.
Update 7/21/2017: Added info about the lack of online access.