Bank of Oakfield Raises Rates on 48-Month and 60-Month CDs

POSTED ON BY

NOTE 10/6/2014: Rates have fallen on 48-month CD (1.40% APY) and 60-month CD (1.55% APY).

Bank of Oakfield (Wisconsin) recently raised the rates on its 48-month CD (2.00% APY) and 60-month CD (2.50% APY) to very competitive levels. Both CDs have a $500 minimum deposit requirement, with no maximum balance cap. According to the Bank of Oakfield’s Deposit Rates page, the Early Withdrawal Penalty on both CDs is 12 months interest.

APYMINMAXINSTITUTIONPRODUCTDETAILS
1.75%$500-Bank of Oakfield60 Month CD
1.65%$500-Bank of Oakfield48 Month CD
Accounts mentioned in this post. Rates as of December 9, 2016.

Availability

The Bank of Oakfield is a community bank, locally owned and operated in Fond du Lac, Wisconsin.

First, the good news: as per a very helpful CSR, the CDs can be opened by any U.S. citizen who can provide valid government issued identification, a valid SS number and proof of residency.

Now the not-so-good news: opening a CD requires an in-person visit to any of the three branches located in Oakfield, Brandon, and Van Dyne, WI.

Bank Overview

Bank of Oakfield (FDIC Certificate # 9523) has an overall health rating of B+ at DepositAccounts.com, with a Texas Ratio of 7.02% (excellent) as of June 30, 2014. Bank of Oakfield has an excellent capitalization level of 11.39%, as a result of holding $83.52 Million in assets, with equity of $9.51 Million. Please refer to our financial overview of Bank of Oakfield for more details.

Bank of Oakfield was established in 1901, but the bank had actually been serving the Oakfield community for 3 years prior, functioning as a private bank through the auspices of Bristol-Morgan Company. Bristol-Morgan Company was a commercial store that also provided a safe place for farmers to keep their money, after selling their products at market. In 1901, the Wisconsin Legislature enacted a law prohibiting private banks, and Bank of Oakfield was re-incorporated as a state bank. In the past 110 years, Bank of Oakfield has met the financial needs of Fond du Lac County by "providing local service for individuals, businesses and farmers across the community."

How the Rates Compare

When compared to other similar length-of-term CDs tracked by DepositAccounts.com, with a $500 minimum deposit, and available nationally, Bank of Oakfield’s 48-month and 60-month CDs are very competitive.

Interest Rate Account Type Institution
2.50% APY 60-month CD Bank of Oakfield
2.25% APY 60-month Online CD Barclays
2.15% APY 60-month CD State Farm Bank
Interest Rate Account Type Institution
2.00% APY 48-month CD Bank of Oakfield
1.85% APY 48-month CD Nationwide Bank
1.75% APY 48-month CD State Farm Bank

The above rates are accurate as of 9/12/2014.

To search for nationwide CD rates and CD rates in your state, please refer to the CD rates section of DepositAccounts.com.

Comments
Anonymous
Anonymous   |     |   Comment #1
12% APY for a 48 month cd.  Wow, that is a terrific rate.
Anonymous
Anonymous   |     |   Comment #2
lol just got in my car with all my CD money and heading to Van Dyne!
Ken Tumin
Ken Tumin   |     |   Comment #3
That would indeed be very competitive. Unfortunately, it's only 2%. The typo is now fixed. Thanks.
Anonymous
Anonymous   |     |   Comment #5
Fond Du Lac, Wisconsin.  Once the home of one of the finest American machine tool companies in the USA, Giddings & Louis.