Oklahoma Banking Rates and News

Air Force Federal Credit Union did something that's not common these days. It made some large rate increases on its share certificates. Its long-term CDs and IRA CDs are now competitive. The best ones include a 2.75% APY 7-year CD, 2.20% APY 5-year CD and a 1.60% APY 3-year CD. Minimum deposit is $100,000. For the 7-year and 5-year CDs, rates are 5 basis points lower for a $2,500 minimum deposit. These rates are listed in the credit union's rates page as of 1/19/2012.

The credit union's early withdrawal penalty is a little convoluted:

The early...

Weokie Credit Union is offering very competitive rates on its mid-term CDs and IRA CDs. The best ones are a 1.61% APY 2-year CD and a 2.02% APY 3-year CD. Minimum deposit is $100,000. Rates are 10 basis points lower for a $1,000 minimum deposit. These rates are listed in the credit union's savings rates page as of 1/6/2012.

The credit union also has a competitive reward checking account called the Ultimate Checking. It has a top rate of 2.75% APY for balances up to $25,000 as of 1/6/2012. Its monthly requirements...

In today's awful interest rate environment, the only deposit account where you can find yields of 4.00% is the reward checking account. Even long-term CDs don't have yields this high. However, there are not many 4.00% reward checking accounts. Rates and balance caps have been falling. As I described in my reward checking overview, reward checking accounts only offer high yields for balances up to a certain cap. For those with large savings, this cap is as important as the rate. Many consider a balance cap of $25,000 to be the minimum cap that makes the reward checking account...

MidFirst Bank is offering a checking account promotion with a cash bonus of either $100 or $125. The bank's branches in Arizona have a $125 bonus, and those in Oklahoma have a $100 bonus. Details are listed in the bank's promotions page. To qualify for the bonus, you must open a new consumer checking by 12/31/2011. Also, 3 out of 5 of the following requirements must be met within 75 days of account opening:

• 250 minimum monthly recurring direct deposit
• 25 Visa Check Card transactions. Multiple swipes for the same transaction do not qualify.
• Elect eStatements and complete 5...

With all the news of Bank of America's new debit card fee, many people have decided to switch to credit unions and community banks. Those looking for a community bank or credit union should consider a reward checking account. The vast majority of reward checking accounts are free checking accounts that give customers an option to recieve a high interest rate and refunds of ATM fees. These extra perks typically have monthly requirements which always include debit card usage. You can see my overview of reward checking in my post 10 Common Traits of High-Yield Reward Checking Accounts,...

I first reported on Communications Federal Credit Union and its reward checking account, called Free Performance Checking Account, in May 2008. The rate has fallen, but not nearly as much as the rates of many other accounts. It's now one on the few reward checking accounts in the nation that still has a top yield of 4.00% APY that applies to a reasonably large balance (currently $30K). I'm hoping this doesn't fall with the start of October.

Thanks to reader 51hh, I learned that any resident in Oklahoma or Kansas can qualify to join...

Liberty Bank is offering a free reward checking account called High-Interest Checking. It has the following rates if certain monthly requirements are met (as of 8/22/2011):

• 2.50% APY for balances up to $30,000
• 0.15% APY for portion of balance over $30,000
• 0.15% base rate if requirements are not met

The monthly requirements include:

• 10 check card transactions
• One direct deposit of at least $250 or more
• Maintain online banking and e-statements

Minimum opening deposit is $25. There is no minimum balance requirement or monthly service charges.

I don't see any mention about ATM fee reimbursements. However, in the bank's checking...

Bank of the West has just started a new checking account promotion with a $100 bonus that's scheduled to last until 9/16/2011. Here's the link to the offer. Unlike previous Bank of the West promotions, this one requires direct deposit. There doesn't seem to be online bill pay option. Like previous promotions, only those who reside in their market area are eligible (see below for the eligible states). The bank is still advertising a free checking account with no monthly service charges or monthly fees. This is becoming rare for large banks.

Below is the...

I know many don't think callable CDs are good deals, but in today's environment, can they be a reasonable choice? You may ask that question for the long-term callable CDs that MidFirst Bank is offering. The most competitive rates have 7-year terms. The rate is 3.20% APY for a 1-year lock and 3.10% APY for a 2-year lock. That means the bank guarantees that it won't call the CD early before the lock period ends. The fixed rate 7-year CD that is not callable has a 2.70% APY. The callable CDs have a $5,000 minimum deposit and the fixed...

Commerce Bank is offering up to $100 for opening its myRewards Checking Account and using several of its services. You can also earn up to $100 each year with a myRewards Savings Account. This does require some work to earn the full bonus, and you have to be careful to avoid monthly fees. The bank's myRewards promotion page has the full details. Below is the list of activities with their bonus amounts:

• $20 - Direct deposit twice in the first three months. $20 for each new one added.
• $5 - Automatic payments that come from your account twice...

The Cleveland Bank has a good deal on a 13-month CD. It has a 1.35% APY with a minimum deposit of $5,000. This is listed in the bank's rate sheet as of 5/12/2011.

It appears a branch visit is required to open an account. It's a small bank with offices located at 100 North Broadway, Cleveland, Oklahoma.

The bank has an overall health score at DepositAccounts.com of 4 stars (out of 5) with a Texas Ratio of 12.91% (above average) based on December 2010 data. Please refer to our financial overview of

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...