Last week, Credit Union One of Oklahoma (Credit Union One) unveiled a 6-month Share Certificate Special (SCS) with a wow-worthy 6.17% APY. This limited-time SCS can be opened with a $2.5k minimum deposit of new money, which is defined as funds coming from another financial institution. The 6-month SCS also features a one-time rate bump at a “member's request if the rate increases during term of CD.”
Early Withdrawal Penalty
As stated in the Truth-in-Savings disclosure (page 11), the Early Withdrawal Penalty (EWP) reads as follows:
Terms of 182-Day to 1 Year – 30 days’ dividends
If the SCS hasn’t earned enough dividends or if the dividends have already been paid when a withdrawal is made, the principal balance will be reduced.
If the SCS is closed before dividends are paid, you will forfeit the accrued dividends, in addition to the EWP.
Headquartered in Oklahoma City, Credit Union One of Oklahoma’s field of membership is community-based, with individuals who live, work, worship, or attend school in the Oklahoma City Metropolitan Statistical Area (MSA). The MSA consists of Canadian, Cleveland, Logan, McClain, Oklahoma, and Pottawatomie Counties.
Employees of more than 100 Select Employee Groups (including several state and federal government agencies) also qualify for membership.
Family members of current Credit Union One members are welcome to apply, regardless of where they live.
A Share Savings Account with a minimum $25 deposit establishes a Credit Union One membership.
Opening a Share Certificate Special can be done in-branch or over the phone (405.557.0167) if the new money has been deposited in a Share Savings Account.
Funding and Other Details
The following information is from the Truth-in-Savings disclosure and a conversation with CSR.
- Funding* – Cash, cashier’s check, or shared branch transaction.
- CO-OP Shared Branch Participate – Yes.
- Ownership – Individual, joint, or trust.
- Dividends – Compounded/credited monthly and can be withdrawn at any time.
- Maturing Funds – Cashier’s check to the address on file or internal transfer.
- Grace Period – 10 calendar days before automatic renewal.
- Beneficiaries – Unlimited and percentages can be assigned; Social Security numbers are required.
- Credit Check – Soft pull.
*If opening the SCS in person, you are literally bringing the new money with you (cash or check); if opening over the phone, you have already transferred new money into your Share Savings Account.
Credit Union Overview
Credit Union One of Oklahoma has an overall health grade of "B" at DepositAccounts.com, with a Texas Ratio of 2.53% (excellent) based on March 31, 2023 data. In the past year, Credit Union One’s total non-brokered deposits have decreased by -$3.48 million, a below average annual growth rate of -8.15%. Please refer to our financial overview of Credit Union One of Oklahoma (NCUA Charter # 64850) for more details.
Established in 1949, Credit Union One of Oklahoma’s original FOM was exclusive to the employees of several state agencies, including the Oklahoma Department of Human Services and Oklahoma Office of Juvenile Affairs. While Credit Union One is a small credit union (4,660 members and assets of nearly $45 million), the current 6-county community charter comprises more than ⅓ of the state’s population.
How the 6-Month Share Certificate Special Compares
When compared to similar length-of-term CDs tracked by DepositAccounts.com that are available within the FOM and have minimum deposit requirements of $10k or less, no banks or credit unions have higher rates than currently offered on the Credit Union One of Oklahoma 6-month Share Certificate Special. The following table compares the 6-month Share Certificate Special to the two highest-rate CDs from banks and the two highest-rate CDs from other credit unions.
The above information and rates are accurate as of 6/26/2023.
To look for the best CD rates, both nationwide and state specific, please refer to our Best CD Rates Table page.