Crescent Bank Review | The College Investor

The proper financial institution could make all of the distinction in your monetary plans. 

In the event you work with a financial institution that provides merchandise to propel your funds ahead, you’ll seemingly see extra monetary progress than in the event you persist with a financial institution that appears to deliberately weigh you down with excessive charges and minimal APYs. 

For these on the lookout for a worthwhile place to stash their financial savings, Crescent Financial institution is an effective possibility to think about. 

Crescent Financial institution was initially based in 1991 as Metropolis Financial institution & Belief. A rebrand resulted in Crescent Financial institution. The founders, Gary N Solomon Sr and Fred B Morgan III, stay energetic on the financial institution’s Board of Administrators. 

Since its founding, the financial institution expanded its service choices to shoppers throughout the nation. Though the financial institution gives a collection of providers, it is perhaps finest recognized for its auto loans and financial savings merchandise.

What Does It Provide?

If you’re contemplating Crescent Financial institution, right here’s what stands out about its choices. 

Jumbo Financial savings Account

Because the identify suggests, the Jumbo financial savings account is barely an possibility for these with a big quantity of financial savings to tuck away. With a minimal opening deposit of $100,000, this account isn’t a viable possibility for all savers. 

However if you’re on the lookout for a protected place to stash a pile of financial savings, you’ll earn a comparatively excessive APY. Though there is no such thing as a minimal stability requirement, you have to keep a mean each day stability of $100,000 or extra to earn the excessive APY. 

Cash Market Account

A cash market account presents a versatile place to stash your financial savings. With Crescent Financial institution, there’s a tiered APY construction that will help you take advantage of your financial savings with out giving up any entry.

By way of this account, you’ll earn an honest APY on balances between $1,000 and $99,999. If you hit the $100,000 mark, the APY jumps fairly a bit. Nonetheless, you’ll encounter a service cost of $10 per 30 days, which can minimize into your potential curiosity earnings.

CDs

Certificates of deposit provide a option to develop your financial savings over time. However with a purpose to lock in these greater charges, you’ll should be comfy with the dearth of liquidity. If it’s important to break open your CD early, there’s typically a penalty price concerned. 

Crescent Financial institution presents among the best charges on their 12 month CD, which presently earns 4.50% APY.

If you wish to get these enticing charges, you’ll have to make a minimal opening deposit of at the very least $1,000. Importantly, the web CD charges listed above are solely obtainable if you’re making a switch from a distinct monetary establishment.

Take a look at Crescent Financial institution CDs right here >>

Private Now Checking Account

If you’re on the lookout for an interest-bearing checking account, Crescent Financial institution presents an possibility. You may earn curiosity on account balances of $1,000 or extra. 

Plus, sustaining a stability of at the very least $1,000 will enable you to keep away from the $10 month-to-month service cost. 

With this account, you’ll even have limitless check-writing privileges, a debit card, and free withdrawals from Crescent Financial institution ATMs. 

Are There Any Charges?

Crescent Financial institution gives enticing APYs. However for a lot of accounts, it additionally requires a big minimal opening deposit and entails a month-to-month service cost. 

For instance, the Private Now checking account requires a minimal opening deposit of $1,000. You’ll want to take care of that stability to keep away from a $10 month-to-month service price. The cash market account has a month-to-month price of $10 for private accounts. 

By way of charges hooked up to the CDs, count on an early withdrawal penalty in the event you attempt to entry the funds early.

How Do I Contact Crescent Financial institution?

If it’s essential get in contact, you’ll be able to name 877-831-3334. The customer support line is open from Monday to Friday, 8 a.m. to 4 p.m. CT.

Primarily based on the client critiques, you will have a greater expertise as a saver utilizing this financial institution. However the A+ Higher Enterprise Bureau ranking will seemingly provide you with some degree of consolation when working with this firm.

How Does Crescent Financial institution Examine?

If you’re on the lookout for a option to develop your funds by a financial savings car, Crescent Financial institution presents some very worthwhile APYs. For instance, its  APY for a one-year CD is among the finest in the marketplace. 

However if you’re on the lookout for a excessive yield financial savings account that doesn’t require a $100,000 deposit, discover Improve or Chime. Each provide a better APY with a decrease minimal opening deposit. 

How Do I Open An Account?

If you’re able to open an account with Crescent Financial institution, you’ll want to offer a government-issued ID and your Social Safety Quantity. 

Moreover, be ready to fund the account by offering the small print of the funding account. However if you need the snail mail route, you’ll even have the choice to mail a test to the financial institution.

Crescent Financial institution is a Member FDIC. Since your deposits are FDIC-insured, as much as $250,000 is protected against loss. The financial institution additionally makes use of encryption to guard your banking actions when accessing your funds on-line. 

By way of your private data, Crescent Financial institution might use this for advertising and marketing functions. However the financial institution won’t share your data with one other firm. 

The APYs on the CDs obtainable at Crescent Financial institution are among the finest in the marketplace. If in case you have funds that you simply wish to develop by a CD ladder or for a future buy, these CD charges will turn out to be useful. 

However if you’re on the lookout for a high-yield financial savings account, the massive minimal opening deposit signifies that Crescent Financial institution won’t work in your wants. That’s as a result of there are many different high-yield financial savings accounts with cheap APYs and minimal deposit necessities. 

In both case, you must take a minute to buy round earlier than committing to this financial institution. Be sure you are locking in one of the best obtainable fee earlier than shifting ahead.