Crestmark Bank is once again offering CDs with some competitive rates. The most competitive CD is a 3-month CD which has a rate of 3.85%. The other terms are also fairly competitive. These include a 3.60% 30-day CD, a 3.65% 60-day CD, a 3.90% 180-day CD, a 3.95% 270-day CD and a 4.20% CD for terms of 1 year and longer. The minimum deposit is $25,000, and the maximum is $200,000. They do not compound interest so only APR is listed.
Crestmark recently added a CD FAQ page which has many of the CD details. They also improved their CD application which used to be an Excel document. It's now a PDF document. The FAQ says you can either email, mail or fax the application. I'm not sure if email would be secure. The funds can be sent by check or wire transfer.
One nice feature noted in the FAQ is that at maturity they can wire transfer the funds at no charge. They do require you to fax in written instructions. A reader in my previous post also mentioned this:
When my Crestmark CD recently matured, the very pleasant CSR wired the funds to me free of charge. Monthly interest is paid by mailed check.
According to the FAQ, they're currently rolling out the feature to allow payment of monthly interest via ACH.
Crestmark often goes through periods in which it stops offering CDs. When you see the rate page with rates of 0%, I was told this meant that they were not accepting new funds. Hopefully, these latest rates will last for awhile. My last post on Crestmark was in July.
The bank is based in Troy, Michigan. It has been FDIC insured since 1996 (FDIC Certificate # 34353). Crestmark's financial rating at Bankrate had a big drop this year going from 4 stars based on 12/31/07 data to 1 star (lowest) based on 3/31/08 data. It still has 3.5 stars (good) at BauerFinancial based on 3/31/08 data.