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CresCom Bank Review

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We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure
We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure
CresCom Bank Savings
0.15% APY

Overview

Our Rating: 4.1/5 How we calculated this rating

CresCom Bank first started operating in 2001 with headquarters located in Charleston, South Carolina. CresCom Bank has $4 billion in assets along with deposits totaling $3 billion, ranking it as a large bank. CresCom Bank lacks premium access to customer service, with no live chat or all-day service options available. It is a conventional brick-and-mortar bank with in-person service, in addition to its online and mobile offerings. Coming in at a commendable 4.1 stars out of 5, CresCom Bank proves it is a respectable bank that gets the job done. 

CresCom Bank has a full choice of product offerings, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, brokerage accounts, mortgage products and credit cards. CresCom Bank has a fair savings rate; other popular banks have higher rates. If you're interested in stress-free personal checking, CresCom Bank offers an option without a monthly fee. Why have checking and savings accounts with the same bank? Convenient transferring between the two accounts translates to better interest rates in your savings account with the ability to spend from your checking.

Service Quality

CresCom Bank is a brick-and-mortar bank, with 61 total bank locations in North Carolina and South Carolina. With mobile and web apps, CresCom Bank makes mobile banking easy, even on the go.  

CresCom Bank gets mediocre feedback from customers for its mobile app: out of 130 ratings on iOS and Android platforms, the CresCom Bank mobile app has an overall rating of 3.1 out of 5 (compared to the national average of 3.8). You can access CresCom Bank's app to control your funds by checking account balances, transferring funds and accessing support representatives. CresCom Bank gets an excellent consumer satisfaction rating due to comparatively few consumer complaints brought to the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector. 

Products Offered

Product Current Terms and Rates Minimum Balance for APY  
Savings Accounts 0.15% APY $2,500 Compare Offers
Certificates of Deposit
  • 12 Month: 0.35% APY
  • 24 Month: 0.60% APY
  • 36 Month: 0.80% APY
  • 48 Month: 1.00% APY
  • 60 Month: 1.15% APY
$1,000 for all tiers Compare Offers
Money Market Accounts 10K tier: 0.30% APY $10,000 Compare Offers
Checking Accounts 0.20% APY $1,500 Compare Offers

CresCom Bank has several deposit products like savings accounts, checking accounts, money market accounts and CDs, providing you with many options to manage your money. It does not have the best savings rate, which means you should consider looking elsewhere for banks that offer more return for your money. CDs can be a terrific option to achieve higher returns, but there are limitations to accessing your money. CresCom Bank's CD rates are fair as compared against the national average.

Rates

With a savings rate of 0.15%, CresCom Bank ranks below the mean compared to the national average. Its one-year CD earns at a rate of 0.35% and the five-year CD earns at a rate of 1.15%, while its highest-yielding money market account earns at an APY of 0.30%. Given its noncompetitive savings rate, you should consider opting for higher earning savings accounts with other banks.

Compare CresCom Bank to Other Competitive Offers

Fees

CresCom Bank charges its customers extremely low fees in comparison to the national average. Its checking account has no monthly fee, rating it excellent for anyone looking for a simple account. 

Financial Health

CresCom Bank is currently a large bank and handles assets totaling $4 billion as well as $3 billion in deposits. It has an excellent Texas Ratio of 1.74%, denoting an exceedingly small likelihood of failure. Additionally, CresCom Bank is FDIC-insured, meaning that your money is insured (up to $250,000) even in the event of bank failure.

Find a CresCom Bank Near Me

CresCom Bank has 61 physical branches across the U.S.

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