Last month, Bank of the Ozarks was advertising a limited-time 13-month CD Special in the Dallas-Fort Worth area. This month, the Bank's New York City branch is offering a 15-month CD Special (1.36% APY). The minimum opening deposit is $1K of new money, with no balance cap. According to CSR, the Early Withdrawal Penalty is 182 days interest.
The 15-month CD Special is only available at the New York City branch location. Since this 15-month CD Special does not appear on Bank of the Ozarks’ website, I called the Bank’s 800 number for more information. I was a bit surprised when I was informed that, because rates and products vary based on location, I would have to talk to the branch directly.
The NYC branch CSR confirmed the information I had, but wasn’t able provide an end-date for this limited-time special. (In the past, Bank of the Ozarks’ limit-time offers have lasted a couple months). When I asked about availability, I was a bit surprised when CSR stated that only residents of Manhattan were eligible. Thinking I might have misunderstood, I asked, "If I live in Queens, can I open the CD Special?" Again, the answer was "No. Only Manhattan residents."
Thanks to DA reader, alan1, for his Forum post about this CD Special.
As stated above, this advertised 15-month CD Special is available only at the New York City branch (located in the iconic Rockefeller Plaza) and only for residents of Manhattan.
Bank of the Ozarks does have account maintenance online banking features, but opening this CD Special requires an in-person visit.
Bank of the Ozarks (FDIC Certificate # 110) has an overall health grade of "A+" at DepositAccounts.com, with a Texas Ratio of 3.39% (excellent) based on March 31, 2016 data. In the past year, Bank of the Ozarks has increased its total deposits by $2.91 billion, an excellent growth rate of 43.35%. Please refer to our financial overview of Bank of the Ozarks for more details.
Bank of the Ozarks began in 1903 as a small community bank in Jasper, Arkansas, and maintained a financially solid, albeit low-level, profile for the next 90 years. In 1994, with a total of five banking offices in rural Arkansas markets, Bank of the Ozarks launched an aggressive growth strategy to expand the number of banking offices and product/service offerings. Today, Bank of the Ozarks has assets in excess of $11.4 billion, with 165 full-service locations throughout Alabama (3), Arkansas (80), Florida (10), Georgia (26), New York (1), North Carolina (23), South Carolina (2), and Texas (20).
How the CD Compares
When compared to the 252 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available to New York City residents, Bank of the Ozarks’ 15-month CD Special APY currently ranks in the top five. The following is a sampling of those five CDs.
The above rates are accurate as of 6/17/2016.