Our experts answer readers’ banking questions and write unbiased product reviews (here’s how we assess banking products). In some cases, we receive a commission from our partners; however, our opinions are our own. Terms apply to offers listed on this page.
The bottom line: Crescent Bank is a good option if you’re looking for online CDs. However, you’ll have to visit a branch in the greater New Orleans area to open a checking, savings, or money market account.
Crescent Bank Overall Rating
FeatureInsider rating (out of 5)Savings3Checking2.5CDs3.5Money market account2.75Trustworthiness5Total3.25
Crescent Bank Pros and Cons
ProsCons
Competitive CD rates
CDs are available online
Local customers can open checking, savings, CD, and money market accounts
High minimum depositsOnly 2 ATMs; charges out-of-network ATM feesNo mobile appBranch visit required to open most accountsInterest compounds monthly or quarterly, not daily
Crescent Bank Personal Statement Savings – Product Name Only Review
The Crescent Bank Personal Statement Savings – Product Name Only account has Crescent Bank Personal Statement Savings – Fees Display, including statement, minimum balance, dormancy, or excessive transaction fees. There’s a minimum opening deposit of Crescent Bank Personal Statement Savings – Minimum Deposit, and you’ll earn Crescent Bank Personal Statement Savings – APY APY (Annual Percentage Yield) on balances above that amount. The interest compounds quarterly.
Crescent Bank also offers a Jumbo Savings account that pays a higher rate and compounds interest monthly. However, there’s a $100,000 minimum to open an account, and you’ll earn the Personal Statement Savings APY if your balance dips below that amount. Most savers should be able to find a better (and more flexible) deal: The best high-yield savings accounts right now are paying more than 5.00% APY with lower minimum balances.
You’ll have to visit a branch to open either type of Crescent savings account.
Crescent Bank Personal NOW Account – Product Name Only Review
The Crescent Bank Personal NOW Account – Product Name Only offers a Crescent Bank Personal NOW Account – APY APY on balances of $1,000 and above, and the interest compounds monthly.
There’s a Crescent Bank Personal NOW Account – Minimum Deposit minimum to open an account, and you can avoid paying the service fee (and earn interest) by keeping your balance above that threshold.
Crescent Bank also offers a standard personal checking account with a lower opening deposit and lower monthly fees. You won’t earn interest, though.
Crescent Bank CD – Product Name Only Review
CDs are the bank’s strongest products. Crescent Bank CD rates are high overall, but especially on its 12-month term, which pays Crescent Bank 1 Year CD – APY APY. For all CDs, the minimum deposit is Crescent Bank CD – Minimum Deposit, and the funds must originate from a financial institution other than Crescent Bank. Unlike other Crescent accounts, you can open CDs online. Still, you’ll find the best CD rates at other online banks.
Crescent Bank Money Market Account – Product Name Only Review
The Crescent Bank Money Market Account – Product Name Only offers check-writing capabilities, unlimited deposits, and ATM cash withdrawals (unlike some other money market accounts, this one doesn’t come with a debit card).
There’s a minimum opening deposit of Crescent Bank Money Market Account – Minimum Deposit and a Crescent Bank Money Market Account – Fees Display each month your balance falls under that amount. You’ll earn a higher rate on balances of $100,000 or higher, and interest compounds monthly. The best money market accounts right now pay much higher rates with lower minimum deposits.
Like Crescent Bank’s checking and savings accounts, you’ll have to visit a branch to open a money market account.
About Crescent Bank
Crescent Bank is a New Orleans-based community bank that was established in 1991 as City Bank & Trust, eventually rebranding to its current name in 2022 — the name was chosen to pay homage to one of New Orleans’ nicknames, the “Crescent City.” Crescent Bank has three branches, with ATMs at two branches (there’s no ATM at the Mandeville location).
The bank is best known for offering auto loans, especially to borrowers with low credit scores. It also provides local banking services to the greater New Orleans area and online CDs to consumers nationwide.
Live phone support is available Monday through Friday from 8 a.m. to 4 p.m. CT. A separate after-hours phone number is listed on the Crescent Bank website for nights and weekends.
Unlike many banks, Crescent Bank doesn’t offer a mobile app (the best mobile banking apps have user-friendly interfaces that make managing your account easy). Still, the bank provides 24/7 online access to your account. Crescent Bank is an FDIC-member bank, so deposits are insured up to $250,000 per depositor, per account ownership type.
Is Crescent Bank Trustworthy?
Crescent Bank is accredited by the Better Business Bureau with an A+ rating. A strong BBB grade indicates a company responds effectively to customer complaints, maintains transparent business practices, and makes truthful advertising claims. However, remember that BBB ratings don’t guarantee a company’s reliability or performance.
According to the Identity Theft Resource Center, Crescent Bank has had no data breaches within the last five years.
The Consumer Financial Protection Bureau (CFPB) has received only one complaint about Crescent in the past year. However, the CFPB has received thousands of complaints about Crescent Bank’s parent company, CB&T Holding Corp. Most complaints fall under two categories: improper use of a credit report and incorrect information on a credit report.
Crescent Bank FAQs
Is Crescent Bank a real bank?
Yes, Crescent Bank is a legitimate bank serving the greater New Orleans community and online CD customers nationwide. The bank offers auto loans and personal and business checking, savings, CD, and money market accounts.
Is Crescent Bank a safe bank?
Yes, Crescent Bank is an FDIC-member bank, so deposits are protected up to $250,000 per depositor, per account ownership type.
What is the interest rate for Crescent Bank?
Crescent Bank offers online CDs with rates ranging from Crescent Bank CD – APY APY. These are the bank’s most competitive rates, and CDs are the only Crescent accounts you can open online.
Is Crescent Bank FDIC-insured?
Yes, Crescent Bank is a Member FDIC bank. Deposits are insured up to $250,000 for an individual account, and $500,000 for a joint account.
Methodology
We rated Crescent Bank’s accounts and services using Insider’s bank account methodology. We generally look at customer support, mobile apps, ethics, and other factors depending on the type of account we’re reviewing. For example, we consider minimum deposits and monthly fees for checking accounts, and early withdrawal penalties and interest rates for CDs.
How Crescent Bank Compares
Because CDs are Crescent Bank’s strongest products — and the only accounts they offer online — we’ve compared the bank to two other online banks with strong CDs.
Crescent Bank vs. CFG Bank
CFG Bank is a community bank serving local communities in Baltimore and Annapolis, Maryland. Like many community banks, it offers online CDs to customers nationwide. CFG Bank currently pays CFG Bank CD – APY APY on CDs.
Compared to Crescent Bank, CFG Bank has fewer term options, with 12-, 18-, 36-, and 60-month terms. Still, you can open a CD with CFG Bank CD – Minimum Deposit — half of Crescent Bank’s minimum requirement.
Both Crescent Bank and CFG Bank are FDIC-member banks, so deposits are insured up to $250,000 per depositor, per account ownership type.
Crescent Bank vs. BrioDirect
BrioDirect is an online subsidiary of FDIC-member Webster Bank, a regional bank with branches throughout Connecticut, Massachusetts, Rhode Island, and the New York Metro area.
BrioDirect offers an extensive lineup of CD maturities ranging from one to 60 months, but the sweet spot is its 12-month CD, which currently pays BrioDirect 1 Year High-Yield CD – APY APY. The bank offers other CD terms, but the rates are poor compared with many online banks, Crescent Bank included.