Crescent Unveils Up to $75 Million in FDIC Protection and 3.75% APY for US Businesses in Wake of Silicon Valley Bank Shutdown

SAN FRANCISCO, March 23, 2023 /PRNewswire/ -- Crescent is excited to announce the launch of its latest product Crescent Cash, which provides businesses with access to over $75 million in FDIC protection, and 3.75% APY. This groundbreaking financial solution comes at a crucial time as businesses seek ways to safeguard their funds and achieve higher returns. Crescent's comprehensive fintech platform offers businesses peace of mind, improved financial management, and diversified investment options.

Crescent, a cutting-edge fintech company, is thrilled to announce the launch of Crescent Cash, a groundbreaking financial solution for businesses across the United States. Powered by a cash sweep network of over 300+ FDIC Insured banks, Crescent Cash offers unprecedented coverage with access to over $75 million in FDIC protection, an impressive 3.75% Annual Percentage Yield (APY), and can be used in partnership with brokerage services that allow businesses to easily purchase U.S. Treasury Bills (T-Bills). The launch comes at a critical time when businesses are seeking new ways to safeguard their funds and achieve higher returns, especially following the Silicon Valley Bank shutdown, which highlights the importance of securing expansive FDIC insurance.

FDIC insurance is vital for businesses as it provides protection against the loss of their deposits in the event of a bank failure. Rather than depositing in a single account with limited insurance, Crescent Cash spreads business deposits across a cash sweep network including 300+ banks without requiring you to individually open and manage separate accounts. This brings you combined FDIC insurance, with access to over $75M in coverage, meaning every dollar is protected.

In addition to remarkable interest rates and FDIC protection, Crescent also enables businesses to diversify their idle cash by purchasing T-Bills, an alternative method for businesses to keep funds secure and diversified. T-Bills are short-term, low-risk debt instruments issued by the U.S. government, offering competitive returns and allowing businesses to park their excess funds with minimal risk, further enhancing their financial stability.

Getting started with Crescent is frictionless and takes minutes. Businesses can book a white-glove onboarding session to have a Crescent team member help you get set up. From there, simply link your bank account and deposit funds to start earning immediately.

The need for reliable and secure financial solutions has never been more evident, as businesses search for new and innovative ways to protect and grow their funds. Crescent aims to provide comprehensive financial solutions to businesses, ensuring they don't face similar challenges as those experienced during recent bank shutdowns.

Dozens of companies have already had the opportunity to experience Crescent firsthand, and their feedback has been overwhelmingly positive. These businesses have found Crescent to be an instrumental new tool in their company's finances, citing the strong level of protection for their deposits, enhanced returns on their funds, and the opportunity to safely invest, as key factors in optimizing their financial management.

Crescent is a financial technology company, not a bank or a financial advisor. For more information, visit crescent.app.

For updates or more information on Crescent Cash, businesses can visit Crescent's website (https://www.crescent.app/crescent-cash) to get started. This is a chance to safeguard deposits, earn better returns on funds, and broaden investment portfolios with Crescent's innovative financial solutions.

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SOURCE Crescent