At the moment, Crown Bank offers only one CD account at 11 months. Luckily, this account offers a great interest rate so you’ll be able to boost your savings pretty well. The account isn’t too short or too long, either, offering a great middle ground for your savings goals.
You will need at least $1,000 to open a Crown Bank CD. This is a pretty standard minimum deposit for a certificate of deposit. However, it may still be too high of a deposit for a number of potential customers to comfortably reach. If it does seem too high for you, there are a number of other options out there.
To calculate how much interest you could earn with a CD, try using SmartAsset's CD calculator.
The rate given below is based on a call with the bank’s Union City, New Jersey location. You’ll want to call or visit your closest branch to get the most accurate offerings.
|11 Month||$1,000||1.50%||Compare CD Rates|
11-Month CD Interest Rate Comparison
Overview of Crown Bank CDs
With only one term, Crown Bank’s CD offerings are pretty straightforward. You’ll need at least $1,000 to open the account. Then once you’ve funded the account, your money will start growing immediately according to its great interest rate.
It’s important that you make sure you can safely set aside the $1,000 for the entire 11-month term. If you should need some of that amount back before the term is up, you’ll have to pay a pretty heavy penalty to make an early withdrawal.
How Much You Earn With Crown Bank Certificate of Deposits Over Time
As a medium-length CD term with a high interest rate, this 11-month account offers some great savings that you don’t have to wait years for. Even if you deposit the minimum amount, you’ll have an extra $14 after 11 months. Your savings increase with higher deposits, since the account will have more time to grow.
|Initial Deposit||11-Month CD|
How Crown Bank CDs Rates Compare to Other Banks
Other than its competitive interest rate, Crown Bank’s CD offering can’t quite compete with most banks or credit unions out there since these other institutions offer a range of term options rather than just one. This account variety better equips you to save toward more kinds of savings goals whether short term, like a vacation, or longer term like a down payment on a home.
For the best CD rates, check out online banks like Ally Bank and Marcus by Goldman Sachs. Without the exorbitant costs of physical branch upkeep, these online banks can pass those savings onto you through favorable deposit interest rates. You’ll also be able to choose from a wider variety of terms and account types.
|CD Account||Crown Bank||Ally||Marcus by Goldman Sachs|
|1 Year||1.50% (11 Month)||4.85%||5.10%|
Compare Crown Bank to Other Competitive Offers
Should You Get a Crown Bank CD Account?
You should get a Crown Bank CD if you’re already a customer with the bank and can safely afford the $1,000 minimum deposit. If you fit that description, it certainly wouldn’t hurt to open the 11-month CD, especially with its great interest rate.