If you reside in Oklahoma or even a neighboring state you may be able to lock in some pretty competitive CD rates with one of the three local institutions mentioned below. We pitted the top offers on short term deposits from local banks and credit unions serving Oklahoma state residents against those available throughout the country and found that local institutions are leading the way (and quite handily).
There are 3 banks in particular that lead the way as far as rates go. Cleveland Bank, First National Bank of Pawnee, and Prime Bank.
Like all three of the banks, Cleveland Bank is a tiny institution with just one branch. They’re located on Broadway Street in Cleveland, Oklahoma and their top offer on short term CD rates are a 6 month CD yielding 1.00% APY and a 13 month odd-term CD yielding 1.25% APY. To put this in perspective, the best rates from our database of nationally available banks sit at 0.90% APY for 6 month CD’s and 1.15% APY for 12 month CD’s.
Since their inception over a hundred years ago (1901), Cleveland Bank hasn’t grown much. They’ve had both their name and ownership kicked around a bunch of different times before finally settling in as a state chartered Bank of Oklahoma with the name “Cleveland Bank” in 1980. If you live in Oklahoma and want to take advantage of one of their CD’s but are far away from their branch you may want to give them a call and see if you can open it over the phone @ (918) 358-2555. One word of caution – their CD rates haven’t been updated since August, so they may change soon given the overall trend for interest rates has continued downward since then.
The First National Bank of Pawnee
The First National Bank of Pawnee isn’t much larger. They have one main branch and a separate drive-in location as well. Like Cleveland Bank, The First National Bank of Pawnee is also old and hasn’t seen drastic asset or customer growth since their inception (1894). As of 2011, they control roughly $50 million in assets – a relatively small figure even for a state chartered bank. Their short term deposit rates, however, are quite attractive. They have a 6 month CD yielding 1.0% APY and a 12 month CD yielding 1.21% APY. You can stop by their main branch or drive in location in Pawnee, Oklahoma or give them a call at (800) 522-7476.
Like the previous two Oklahoma banks, Prime Bank is a small locally owned and managed bank. They offer the best 6 month CD in all of Oklahoma featuring an annual percentage yield of 1.10% and a minimum deposit requirement of $1,000. They also have a very respectable 12 month CD yielding 1.20% APY (not much of a jump from their 6 month offer). If you don’t reside near their sole location in Edmund, OK, you can give them a call at (800) 554-8969.
You may also want to compare these with some of the more spectacular CD rates we’ve dug up in Oklahoma from the past.