CresCom Bank, headquartered in Charleston, South Carolina, caters to customers at its 62 branches across North Carolina and South Carolina and owns Crescent Mortgage Company. CresCom offers a wide range of financial services—checking accounts, savings accounts, CDs, IRAs, mortgages, loans, money markets and more, to its customers, who range from individuals to families, businesses and nonprofits.
CresCom Bank lists its checking, savings or money market account (MMA) rates on its website, but in order to learn its CD rates, you must either visit one of their branches in North or South Carolina, or call its customer care phone line. Through its customer service portal, you can connect with a banker who will explain the terms and limits in your particular zip code.
To open a CD account at CresCom Bank, you must contribute a minimum deposit of $1,000. While fairly expensive, $1,000 is a standard starting deposit for many banks, both local and national, though many banks only require $500. Unfortunately, CresCom’s rates come up relatively short, especially when compared to CD rates of other similar-sized banks.
The reason for CresCom’s low rates likely come as a result of the need to maintain a vast physical presence. CresCom must maintain up-keep on its more than 60 brick-and-mortar storefronts to maintain its consumer base. But even so, you’ll still find a number of CD account options to choose from at CresCom, with a sizable range of term lengths and corresponding interest rates. With the help of a CresCom banker or financial advisor, you can choose to invest in the one which is best for your finances.
In order to pick a CD option at CresCom, consider factors like when you’ll need to tap into your savings, how much you can currently afford to stow away and how long you can afford to wait for your initial investment to mature.
You can open a CD at CresCom Bank from anywhere as short as 90 days—the bank’s shortest term—to as long as five years, its longest. You can adjust which term works best for you based on the APY and monthly compounding. But take heed: CresCom CD rates change every single week, so it’s important to stay on top of them, which requires regularly consulting its customer service extension or dropping by your local branch.
|CD Term||Minimum Deposit||APY|
|3-Month||$1,000||0.35%||Compare CD Rates|
|6-Month||$1,000||0.50%||Compare CD Rates|
|9-Month||$1,000||0.40%||Compare CD Rates|
|12-Month||$1,000||0.65%||Compare CD Rates|
|18-Month||$1,000||0.70%||Compare CD Rates|
|24-Month||$1,000||0.80%||Compare CD Rates|
|36-Month||$1,000||1.00%||Compare CD Rates|
|48-Month||$1,000||1.10%||Compare CD Rates|
|60-Month||$1,000||1.20%||Compare CD Rates|
Currently, CresCom Bank is offering two CD Rate specials with substantially heightened APY rates. These specials may be gone quickly, so if you’re looking to take advantage of the deal, be sure to invest as soon as possible. That said, the downside of the special is the unusually high minimum deposit, which is five times the normal minimum. However, if you can afford to park $5,000 into an account, CresCom’s current specials could be an excellent deal.
|CD Special Term||Minimum Deposit||APY|
35-Month CD Interest Rate Comparison
Overview of CresCom Bank CDs
As evidenced by the chart provided above, the APY rates offered for standard CresCom CD accounts don’t quite stack up to many of the best CD rates in the country. Even so, because it serves a relatively small population, CresCom Bank suggests an in-person consultation in order to pair you with a CD that will best fit your financial goals, even if its annual percentage yields don’t meet the expectations set by online banks, such as Ally, that don’t have the cost burden of running physical branches.
Additionally, if you try to withdraw any amount of money before your CD reaches maturity, you will have to pay an early withdrawal penalty, which will typically be worth 90 days’ interest on the amount withdrawn. But don’t forget: these figures can greatly vary, depending on your banking history and specific account terms. Speak with a CresCom Bank teller at your local branch or over the phone to get a clear understanding of the terms.
How Much You Earn With CresCom Bank CDs Over Time
The equation is simple: the more money you put into the account, the more you’ll eventually make. But given the fairly low interest rates that CresCom offers its consumers, the results for even the most competitive starting deposits may come up short of expectations. Even so, here’s a breakdown of some of CresCom Bank’s most common starting deposits and most-used CD terms, listed by initial deposit amount:
|Initial Deposit||6-Month CD||18-Month CD||5-Year CD|
How CresCom Bank CD Rates Compare to Other Banks’
When put in perspective, CresCom Bank falls short alongside its much larger competitors such as Ally Bank and Marcus by Goldman Sachs. However, it’s best to take into account that CresCom Bank only operates in two mid-size neighboring states, and as such, its clientele count and total assets are far lower than at those nationwide competitors. Even so, it is the biggest in the state, having acquired smaller chains in its time, so its rates don’t necessarily have to be as low as they are.
In fact, there aren’t any full-fledged CresCom Bank branches beyond North or South Carolina, so its entire business operation is on the small side. This locally-focused business plan can offer unique benefits that many large national banks cannot to the same extent. All that said, here’s how CresCom Bank measures up to Ally and Marcus by Goldman Sachs, two online banks, and Chase, a national bank with particularly low rates:
|CD Term||CresCom Bank||Ally Bank||Marcus by Goldman Sachs||Chase|
Compare CresCom Bank to Other Competitive Offers
Should You get a CresCom Bank CD Account?
If you live in either North or South Carolina, and have at least $1,000 to comfortably put away, opening a CresCom Bank CD account may be a good choice. But unless you won’t be affected by a slower-than-most accrual of interest, it may be best to keep looking for a while.
CresCom’s rates are not the best you can find, but their customer service is consistently rated highly among consumers, and it boasts a full-fledged smartphone app for banking and checking on your accounts on the go. If you live in either Carolina, it’s likely quite easy to make an appointment to speak with a bank teller at CresCom, who can help you decide which of its services best fits your needs.