Crestmark Bank Has Top-Rate, Nationally Available CDs

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Deal Summary: 6-month CD (1.50% APY), 9-month CD (1.55% APY),12-month CD (1.70% APY), 18-month CD (1.75% APY), $25k minimum/$250k maximum deposit.

Availability: Nationwide

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.

APYMINMAXINSTITUTIONPRODUCTDETAILS
1.75*%$25k$250kCrestmark Bank18 Month CD
1.70*%$25k$250kCrestmark Bank12 Month CD
1.55*%$25k$250kCrestmark Bank9 Month CD
1.50*%$25k$250kCrestmark Bank6 Month CD
Accounts mentioned in this post. Rates as of November 19, 2017.

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.

Availability

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.

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

Update 7/21/2017: Added info about the lack of online access.

Related Pages: Detroit CD rates, 1-year CD rates, nationwide deals

Comments
rhutnik
rhutnik   |     |   Comment #1
Their CDs only pay simple interest, no compounding at all. I wonder why. How many other nationwide banks do this with their CDs or liquid accounts?
Sylvia
Sylvia   |     |   Comment #3
rhutnik, maybe it's because they're not equipped to deal with the complexities of a retail financial institution. Did you notice that they're also not offering online banking? I wonder if they would even prepare periodic statements, which would have to be individually sent via snail mail since customers can't access accounts online.
RJM
RJM   |     |   Comment #2
Nice short term rates but their 5 year stinks. I'm probably not going to open an account just for a 1 year CD.
RSL
RSL   |     |   Comment #4
Simple interest vs compounded ... doesn't matter if the APY is higher than other certificates of deposit of same term.
chasinrates
chasinrates   |     |   Comment #5
Thanks Ken - Good info!
Ann
Ann   |     |   Comment #6
Are you FDIC insured?
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