Provides a business checking account that earns up to 4.40% annual percentage yield (APY) by placing deposits through IntraFi’s ICS service across a network of FDIC-insured banks, ensuring millions in aggregate deposit insurance. This solution mitigates banking concentration risk while maximizing interest earnings, offering businesses a secure and high-yield alternative to traditional checking accounts.
Funding
Funding not disclosed
Founders
Product
Problem
Traditional business checking accounts often offer minimal interest, leading to missed opportunities for businesses to maximize earnings on their liquid assets. Furthermore, businesses with large cash holdings face concentration risk, as balances exceeding FDIC insurance limits at a single bank are not fully protected.
Solution
Crescent provides a business checking account solution that addresses these challenges by offering a high annual percentage yield (APY) of up to 4.40%. This is achieved by placing deposits through IntraFi's ICS service, which distributes funds across a network of FDIC-insured banks. This approach ensures that businesses can access millions in aggregate FDIC insurance, mitigating concentration risk while simultaneously maximizing interest earnings on their deposits. Crescent streamlines this process into a single account accessible through their dashboard.
Target Audience
Crescent primarily targets businesses seeking to maximize interest earnings on their cash reserves while ensuring the security of their deposits through expanded FDIC insurance coverage.
Features
- High-yield business checking account with up to 4.40% APY
- Millions in aggregate FDIC insurance through IntraFi's ICS service
- Automated distribution of funds across a network of FDIC-insured banks
- Mitigation of banking concentration risk
- Single account dashboard for streamlined management
- No account opening fees, transfer fees, or minimum balance fees
- SOC 2 compliance with continuous testing
- Two-factor authentication and end-to-end encryption for enhanced security