You might argue that it's redundant, and therefore not good style, but as a matter of grammar, it's perfectly correct English.
I don't mind it at all - it's another cue to the person reading what it means. Redundancy can be reinforcing. You can't "edit" an account that doesn't exist yet, but we also see "Edit existing account" along with "Create new account." Likewise for "Delete."
People read quickly. If they key in on one word, either word -- new or create -- it just helps.