The banks that are the subsidiaries of BOK Financial Corporation are offering competitive rates on its 7-year CD and IRA CD. The highest possible rate is 3.05% APY. This requires a minimum $100K and a checking account. The rate is 3.00% APY for a $1K minimum. Without a checking account the rates are 2.95% APY for a $100K minimum and 2.90% APY for a $1K minimum. According to the bank CSR, the early withdrawal penalty is 12 months of interest. These rates are accurate as of 4/28/2011.
All of the banks under BOK Financial are divisions of BOKF, N.A. Some of these have separate FDIC charters, and some of these have been merged into BOKF, N.A. so they no longer have separate charters.
- Bank of Albuquerque
- Bank of Arizona (now under of BOKF, N.A.)
- Bank of Arkansas
- Bank of Kansas City
- BOKF, N.A. (operates as Bank of Oklahoma)
- Bank of Texas (now under of BOKF, N.A.)
- Colorado State Bank and Trust (now under of BOKF, N.A.)
I confirmed the 7-year CD rates at all of the above banks. However, the rates on the shorter terms do vary, and the 7-year CD rates may vary in the future. Also, I only confirmed the early withdrawal penalty for the Bank of Texas. So be sure to call the bank in your state to verify the rates and terms.
When I called the Bank of Texas, I was told that the CD could be opened by phone. However, a checking account requires a branch visit. To fund the CD, you would need to mail in a check.
BOK Financial Corporation is a $24 billion regional financial services company based in Tulsa, Oklahoma. Click on the links above to view the FDIC and financial info for each of the seven banks.
Searching for the Best CD Rates
These rates compare favorably to nationally available 7-year CD rates. The best rate is currently at Navy Federal Credit Union with a 3.40% APY 7-year CD ($20K minimum). However, not everyone can qualify since you have to have a military connection to join. Without any restrictions, Dime Savings Bank has a 3.10% APY 7-year CD. The downside with this is a large early withdrawal penalty of 2 years of interest.
To search for the best nationwide CD rates and the best CD rates in your state, please refer to the CD rates section of DepositAccounts.com.