Bank of Oklahoma (BOK) CD Rates
The Bank of Oklahoma has many locations throughout Tulsa and the surrounding area. No matter where you are in the city, you’ll always be near a branch of the Bank of Oklahoma. You can start the CD process by stopping by one of their branch locations.
Moreover, no matter which CD you choose, one thing is for sure: you won’t get any monthly service fees or surprise charges tacked onto your CD. And you can receive Online Banking services so you can be able to add or withdraw money from your CD when you need it (assuming you do it after the penalty period has passed).
Bank of Oklahoma (BOK) CD Rate Offers
BOK provides premium rates for CDs ranging from short-term CDs to those with a length of up to 7 years. The premium CD rate options for the Bank of Oklahoma (BOK) are as follows;
Promotional CD Offer
- Fixed Interest Rate & Duration: 10 or 17 months
- APY (Annual Percentage Yield): 5.25%
- This can be advantageous for individuals who want to benefit from higher interest rates without locking in their funds for an extended period.
- FDIC Insurance:
- Penalty for Early Withdrawal apply
- Evaluate your financial goals and liquidity needs. Since CDs are time deposits, they may not be suitable if you anticipate needing access to your funds before the CD matures.
- Assess the opportunity cost. While the 5.25% APY is attractive, it’s essential to consider other investment options and whether tying up your funds in a CD aligns with your overall financial strategy.
Pros & Cons
|Efficient for saving||Penalty for early withdrawal|
|Flexible & Reliable||Rates may be subject to change|
|FDIC-insured for security||Potential opportunity cost|
BOK also has IRA CDs available for those who want to build more money for a more prosperous retirement. What do you get with an IRA CD? You get competitive rates for a CD that can last you anywhere between 6 months to seven years.
Plus, the minimum deposit is only a mere $100. Why settle with high deposit minimums when it comes to your retirement?
Are Bank of Oklahoma (BOK) CD Rates Competitive?
The competitiveness of Bank of Oklahoma (BOK) CD rates depends on various factors, including the current economic environment and the specific terms of the CDs offered.
To determine how BOK CD rates compare, it’s advisable to directly rely on the point of thought;
- Prospective Yield
- Term Length
- Penalties and Fees
- FDIC Insurance objectives
- Customer Reviews and Reputation
How do Bank of Oklahoma (BOK) CD Rates Compare?
The average savings rate of 0.15% is below the national average of 0.09%. In comparison, Bank of Oklahoma Financial offers more competitive rates with its one-year CD at 1.00% and the five-year CD at 2.60%. The highest-yielding money market account at 0.30% still falls short compared to the CD options.
Savings Rates Comparison
- BOK Financial Savings Rate: 0.15%
- National Average Savings Rate: 0.09%
BOK Financial CD Rates
- One-Year CD Rate: 1.00%
- Five-Year CD Rate: 2.60%
On the other hand, the Bank of Oklahoma’s financial savings rate is noncompetitive, their CD rates are notably higher. For individuals looking to maximize their returns, especially over a longer term, opting for a CD with Bank of Oklahoma Financial might be a more attractive option compared to their savings account.
Overview Bank of Oklahoma (BOK)
The Bank of Oklahoma (BOK) is located in Tulsa, Oklahoma. Its branches are located in the city and surrounding communities. There are two additional branches in Oklahoma City. Since 1910, they have served customers by offering checking and savings account services.
Today, more than 5,000 employees are committed to serving their customers with financial transactions and other types of services they need for personal and business finances. They also help those who are considering a retirement account and building it for the long term.
Bank of Oklahoma is FDIC-insured and is an equal housing lender. They also enjoy high ratings such as an A+ Texas Ratio, an A+ in Deposit Growth (13.3%), and an A in Capitalization (11.02%). The Texas Trend Ratio rating shows a sign of neutrality as BOK received a C+ rating, indicating that no changes have been made since the previous rating.
Locations Bank of Oklahoma (BOK)
Tulsa, Broken Arrow, Sand Springs, Owasso, Jenks, Bixby, Oklahoma City
Frequently Asked Questions
The current savings account interest rate at Bank of Oklahoma is 0.15%.
Bank of Oklahoma offers a one-year CD with a rate of 1.00%.
Yes, the minimum deposit requirement for opening a CD at the Bank of Oklahoma varies, and specific details can be obtained from the bank.
The penalty for early withdrawal from a Bank of Oklahoma CD depends on the specific terms and can be obtained from the bank.
Bank of Oklahoma’s savings account rate of 0.15% is higher than the national average of 0.09%.