Crescent Bank Review | The College Investor

The right bank can make all the difference in your financial plans. 

If you work with a bank that offers products to propel your finances forward, you will likely see more financial progress than if you stick with a bank that seems to intentionally weigh you down with high fees and minimal APYs. 

For those looking for a worthwhile place to stash their savings, Crescent Bank is a good option to consider. 

Crescent Bank was originally founded in 1991 as City Bank & Trust. A rebrand resulted in Crescent Bank. The founders, Gary N Solomon Sr and Fred B Morgan III, remain active on the bank’s Board of Directors. 

Since its founding, the bank expanded its service offerings to consumers across the nation. Although the bank provides a suite of services, it might be best known for its auto loans and savings products.

What Does It Offer?

If you are considering Crescent Bank, here’s what stands out about its offerings. 

Jumbo Savings Account

As the name suggests, the Jumbo savings account is only an option for those with a significant amount of savings to tuck away. With a minimum opening deposit of $100,000, this account isn’t a viable option for all savers. 

But if you are looking for a safe place to stash a pile of savings, you’ll earn a relatively high APY. Although there is no minimum balance requirement, you must maintain an average daily balance of $100,000 or more to earn the high APY. 

Money Market Account

A money market account offers a flexible place to stash your savings. With Crescent Bank, there is a tiered APY structure to help you make the most of your savings without giving up any access.

Through this account, you’ll earn a decent APY on balances between $1,000 and $99,999. When you hit the $100,000 mark, the APY jumps quite a bit. However, you’ll encounter a service charge of $10 per month, which will cut into your potential interest earnings.

CDs

Certificates of deposit offer a way to grow your savings over time. But in order to lock in these higher rates, you’ll have to be comfortable with the lack of liquidity. If you have to break open your CD early, there is often a penalty fee involved. 

Crescent Bank offers some of the most competitive rates on their 12 month CD, which currently earns 4.50% APY.

If you want to get these attractive rates, you’ll need to make a minimum opening deposit of at least $1,000. Importantly, the online CD rates listed above are only available if you are making a transfer from a different financial institution.

Check out Crescent Bank CDs here >>

Personal Now Checking Account

If you are looking for an interest-bearing checking account, Crescent Bank offers an option. You can earn interest on account balances of $1,000 or more. 

Plus, maintaining a balance of at least $1,000 will help you avoid the $10 monthly service charge. 

With this account, you’ll also have unlimited check-writing privileges, a debit card, and free withdrawals from Crescent Bank ATMs. 

Are There Any Fees?

Crescent Bank provides attractive APYs. But for many accounts, it also requires a significant minimum opening deposit and involves a monthly service charge. 

For example, the Personal Now checking account requires a minimum opening deposit of $1,000. You’ll need to maintain that balance to avoid a $10 monthly service fee. The money market account has a monthly fee of $10 for personal accounts. 

In terms of fees attached to the CDs, expect an early withdrawal penalty if you try to access the funds early.

How Do I Contact Crescent Bank?

If you need to get in touch, you can call 877-831-3334. The customer service line is open from Monday to Friday, 8 a.m. to 4 p.m. CT.

Based on the customer reviews, you may have a better experience as a saver using this bank. But the A+ Better Business Bureau rating will likely give you some level of comfort when working with this company.

How Does Crescent Bank Compare?

If you are looking for a way to grow your funds through a savings vehicle, Crescent Bank offers some very worthwhile APYs. For example, its  APY for a one-year CD is one of the best on the market. 

But if you are looking for a high yield savings account that doesn’t require a $100,000 deposit, explore Upgrade or Chime. Both offer a higher APY with a lower minimum opening deposit. 

How Do I Open An Account?

If you are ready to open an account with Crescent Bank, you’ll need to provide a government-issued ID and your Social Security Number. 

Additionally, be prepared to fund the account by providing the details of the funding account. But if you want the snail mail route, you’ll also have the option to mail a check to the bank.

Crescent Bank is a Member FDIC. Since your deposits are FDIC-insured, up to $250,000 is protected from loss. The bank also uses encryption to protect your banking activities when accessing your funds online. 

In terms of your personal information, Crescent Bank may use this for marketing purposes. But the bank will not share your information with another company. 

The APYs on the CDs available at Crescent Bank are some of the best on the market. If you have funds that you want to grow through a CD ladder or for a future purchase, these CD rates will come in handy. 

But if you are looking for a high-yield savings account, the large minimum opening deposit means that Crescent Bank might not work for your needs. That’s because there are plenty of other high-yield savings accounts with reasonable APYs and minimal deposit requirements. 

In either case, you should take a minute to shop around before committing to this bank. Make sure you are locking in the best available rate before moving forward.