Oklahoma Deals on Short Term CD Rates: 6 Month to 1 Year Deposits

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.

Cleveland 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.

Prime Bank

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.

Best CD Rates in Oklahoma City, OK: Top 3

Below are the highest yielding CD (certificate of deposit) rates available to the residents of Oklahoma City, OK. These come in the form of 6 month CDs, 12 month CDs and 24 month CDs. After sorting through dozens of rate pages by local community banks and credit unions serving Oklahoma City as well as Oklahoma, we found that for the most part, you will be able to receive slightly better rates with national institutions than with local ones.

Highest yielding money market account rates in Oklahoma

Below are the highest yielding money market account rates serving citizens of the state of Oklahoma.

If you are strictly after the best interest rate then you have a variety of options that will provide you with similar yields. The question you need to ask yourself is, “what type of minimum balance can I keep?” Most money market accounts provide a given interest rate based on a certain account balance. The more money you are able to keep in these accounts, the higher the interest rate you will generally receive.

After sorting through dozens of interest rate tables belonging to banks and credit unions serving the state of Oklahoma, we have found that in some instances you may be able to lock in more competitive rates with national institutions rather than local ones. Before committing to one of the banks/credit unions listed below, you may want to browse through our archive of money market accounts.

Keep in mind, money market rates are time-sensitive in nature, therefor you may want to refer to the date of this article for accuracy. As with all money market accounts, the interest rates are variable and are subject to change without notice.

Top 2 money market rates in Oklahoma:

(click on the institution for more information)

• Washita State Bank: Burns Flat, OK. Money market account yielding 1.76% APY with a minimum balance of $10,000. Washita Is a very small bank in Oklahoma with only one location. They still offer a wide range of banking products. If you are looking for savings accounts they offer everything from rewards checking and money market accounts to certificate of deposits and health savings accounts. They also offer personal loans, auto loans, equipment loans, home loans, etc. Contact: (580) 562-4871
• Bank of Hydro: Weatherford, OK. Money market account yielding up to 1.75% APY. Like most money market accounts, this one is set up in 3 tiers based on balance amount. If you maintain a balance of $1 to $2,499 you will yield 0.75% APY, if you keep a balance of between $2,500 and $9,999 you will yield 0.99% APY and if you have a balance of above $10,000 you will yield the lucrative 1.76% APY. Bank of Hydro has three locations throughout Oklahoma. One in Weatherford, one in Hydro and one in Eakly. Contact: (405) 663-2214

Both of the above institutions are federally insured by the FDIC. If you live in Oklahoma and know of a better money market rate offered through your local institution, please share by leaving a comment.

Best Certificate of Deposit Rates in Oklahoma – Top 3

Below are the top 3 CD rates for residents of the state of Oklahoma. Many local banks and credit unions serving various communities within the state of Oklahoma are currently offering less competitive rates than those offered by some of the larger national banks. After researching the savings rates offered by these local institutions we have compiled the top 3. They come in the form of 24 month CD’s, 36 month CD’s, and 60 month CD’s. If you are strictly after the highest interest rate then you may want to compare the local rates below with some of the rates offered nationally. Compare CD rates.

Top 3 Certificate of Deposit Rates (Oklahoma banks and credit unions):

(clicking on the name of the institution will bring you to their rates page)

Communications Federal Credit Union: Tulsa, Oklahoma. 24 month CD yielding 2.80% APY with a minimum deposit amount of $1,000. Communications Federal Credit Union has 18 branches throughout the Midwest (primarily in the state of Oklahoma) and offers a wide range of banking products for both consumers and small businesses. Their other featured savings product is an 18 month CD yielding an APY of 2.40%. You must stop-in to a local branch to take advantage of these savings accounts.

Weokie Credit Union: Yukon, Oklahoma. 36 month CD yielding 3.04% APY with a minimum deposit amount of $1,000. Weokie Credit Union claims to be one of the largest credit unions in the state of Oklahoma, serving tens of thousands of members with a complete range of banking products. Founded in 1969, Weokie CU originally served the employees of Western Electric of Oklahoma. They have a very democratic form of management in which members elect the board of directors whom then serve out a 3 year term.

Oklahoma Employees Credit Union: Vinita, Oklahoma. 60 month CD yielding an APY of 3.55% with a minimum deposit amount of $500. OECU serves the state of Oklahoma and has a fairly strict membership eligibility checklist. Anyone who lives, works, worships or attends school in the counties of Oklahoma, Canadian, Cleveland, Logan, McClain, or Pottawatomie is eligible. There may be some exceptions if you happen to have family members who fit the prior criteria, if not you’re most likely out of luck. OECU has 7 branches throughout the state.

All of the above mentioned credit unions and banks are federally insured by either the FDIC or the NCUA (the credit union equevalent) of up to $250,000. If you reside in the state of Oklahoma and know of a better savings rate offered by your local banking institution please share by leaving a comment!