Bank OZK Offers 8-Month CD Special

The underlying theme of this blog post is “what a difference a day makes.” Yesterday evening, Arkansas-based Bank OZK was offering a competitive 5.60% APY on its 8-month CD Special; overnight, the rate dropped to 5.30% APY. This type of unexpected change is becoming more common as banks and credit unions are “adjusting” their rates. I debated whether or not to publish this blog post given the new less-than-stellar APY, but decided it could serve as a cautionary tale: if you see a rate you like, you may not want to dally.

The 8-month CD Special requires a $1k minimum opening deposit, with no stated balance cap. CSR had stated that previous promotional CD rates lasted at least a month, but the 5.60% APY was only in effect for a couple of weeks.

As stated on the Certificates of Deposit page,

Offer applies to new CD’s only. Offer not available
to brokers, dealers and other financial institutions.

Availability and Account Opening

Headquartered in Little Rock, Arkansas, Bank OZK has a brick-and-mortar presence in Arkansas, Florida, Georgia, North Carolina, and Texas and also offers its online product line to U.S. citizens (18 years or older) with a valid Social Security number who live in any of those five states.

The 8-month CD Special may possibly be opened at any of the 235 full-service branches, located in Arkansas (76), Florida (44), Georgia (69), North Carolina (23), and Texas (23), but not necessarily. According to CSR, not all Bank OZK market areas offer the same products and/or the same rates. LSS, the 5.30% APY may not be available in all in-branch market areas, so you may want to check with your local branch.

Funding and Other Details

The following information is from a conversation with CSR.

• Funding – ACH (30-day hold for initial ACH deposit) or wire ($15 fee).
• Ownership – Individual or joint.
• Early Withdrawal Penalty – No partial withdrawals, only an early closure with a penalty of 180 days interest on the full balance.
• Interest – Compounded daily/credited monthly; interest can be distributed monthly by check or transferred to a Bank OZK liquid account.
• Maturing Funds – Cashier’s check or internal transfer.
• Grace Period – 10 calendar days.
• Beneficiaries – Up to six, with equal shares. Social Security numbers are not required.
• Credit Check – Soft pull.

Bank Overview

Bank OZK has an overall health grade of "A+" at DepositAccounts.com, with a Texas Ratio of 2.58% (excellent) based on September 30, 2023 data. In the past year, Bank OZK has increased its total non-brokered deposits by $3.7 billion, an excellent growth rate of 19.38%. Please refer to our financial overview of Bank OZK (FDIC Certificate # 110) for more details.

Bank OZK began in 1903 as Newton Community Bank (a small bank in Jasper, Arkansas) and maintained a financially solid, albeit low profile for the next 90 years. In 1994, with a total of five banking offices in rural Arkansas markets, Newton Community Bank rebranded as Bank of the Ozarks, launching an aggressive growth strategy to expand the number of banking offices and product and service offerings. Following the acquisition of 17 banks between 1999 and 2016, the Bank OZK rebrand went into effect in 2018. Bank OZK is currently the largest bank headquartered in Arkansas, with assets in excess of $37 billion and more than 583,000 customer accounts.

How the 8-Month CD Special Compares

When compared to similar length-of-term CDs tracked by DepositAccounts.com that are available within the market area and have minimum deposit requirements of $10k or less, several banks and credit unions have higher rates than currently offered on the Bank OZK 8-Month CD Special. The following table compares the 8-Month CD Special to the four highest-rate similar length-of-term CDs from other banks/credit unions within the market area.

The above information and rates are accurate as of 1/31/2024.

To look for the best CD rates, both nationwide and state specific, please refer to our CD rates table page.