Bank OZK Offers 8-Month CD Special

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Deal Summary: 8-month CD Special, 5.30% APY, $1k minimum deposit.

Availability: Online market area includes Arkansas, Florida, Georgia, North Carolina, and Texas.

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.

APYMINMAXINSTITUTIONPRODUCTDETAILS
5.30%$1k-Bank OZK8 Month CD Special
Rates as of February 1, 2024.

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.

APYCD Term (Early Withdrawal Penalty)Credit Union/Bank
5.75%6-Month New Members Share Certificate Special (EWP=90 days)Andrews Federal Credit Union
5.70%9-Month Share Certificate Special (EWP=180 days)NASA Federal Credit Union
5.50%9-Month CD (EWP=180 days)Northern Bank Direct
5.50%6-Month CD (EWP=unknown)Newtek Bank
5.30%8-Month CD (EWP=180 days)Bank OZK

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.

Related Pages: 1-year CD rates

Comments
Kirkland
  |     |   Comment #1
If you have the interest transferred monthly to a liquid account, you have to keep a minimum balance of $500. If you have them mail you a monthly interest check, beware, the interest checks are "cashiers checks" and they have no postmark date, so you cannot prove when they are actually mailing them. I purchased a 13 month 5.50% Bank OZK jumbo CD at the end of June 2023. They have told me I have to wait 3 months to get them to reissue my Dec. interest check that I have not received yet! I am sure, Bank OZK is recently (the last 2 months) holding my interest checks before mailing. My 12/01/23 check was not received by me until 12/20/23 and my 12/30/23 check has not yet been received by me. I have a mail slot into my home and have never once had any "lost" mail checks from other banks or credit unions. My first 4 Bank OZK interest checks I received between the 4th and 8th of the next month. I can only surmise that Bank OZK has recent liquidity problems/ and is purposely now holding the mailing of my interest checks.
MidAtlantic
  |     |   Comment #2
I grabbed a 13m @ 5.5% CD from them back in August, but they have proved to be out of date in their practices. I have the interest compounded, so have not experienced Kirkland's issue. However, they insist on mailing hard copy monthly statements for the account, and there is no ability to view them online. I also find their website very limited in what can be done on it. When my current CD matures I will be walking away.
P_D
  |     |   Comment #3
"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."

Wise decision in light of the criticism some repeatedly voice about certain rate forecasts and the wisdom of using the appropriate cautionary strategy that they foretell.
Mak
  |     |   Comment #4
NASA has a 9 month 5.7% apy, if they're going to change their rates they do it at the beginning of the month. You can call today and open a CD and you'll then have 10 days to fund it. so you get a chance to see if they lower the rates or not.
Also one of the reps at United States Senate said the rates are going to drop tomorrow, if she's right.
Mak
  |     |   Comment #5
She was correct, United States Senate took a big drop on rates and Nasa dropped also but smaller.
Bank OZK Ups 13-Month CD Special APY To Near-Rate Leading Level
Deal Summary: 13-month CD Special, 5.50% APY, $1k minimum deposit.

Availability: Market area includes Arkansas, Florida, Georgia, North Carolina, and Texas.

Arkansas-based Bank OZK is currently offering 5.50% APY on its 13-month CD Special. This limited-time CD Special can be opened with a $1k minimum deposit, with no stated balance cap. No end-date is specified, but CSR said that previous promotional CD rates have lasted at least a month.

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This 13-month CD Special is only available at the nine Dallas-Fort Worth Metroplex branch locations and does not appear on Bank of the Ozark’s website. CSR was not able to give me a definite end-date for this limited-time...

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The minimum opening deposit is $1K of new money, with no balance cap. According to a very helpful CSR, the Early Withdrawal Penalty is six months interest.

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On Sunday, Bank of the Ozarks advertised a "Limited Time Offer" 13-month CD Special (1.20% APY) in the Dallas Morning News.

This 13-month CD Special is only available at the nine Dallas-Fort Worth Metroplex branch locations and does not appear on Bank of the Ozark’s website.

The details of this 13-month CD Special are as follows:

  • New money only
  • $25K minimum opening deposit
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The financial institution, product, and APY (Annual Percentage Yield) data displayed on this website is gathered from various sources and may not reflect all of the offers available in your region. Although we strive to provide the most accurate data possible, we cannot guarantee its accuracy. The content displayed is for general information purposes only; always verify account details and availability with the financial institution before opening an account. Contact [email protected] to report inaccurate info or to request offers be included in this website. We are not affiliated with the financial institutions included in this website.