Oklahoma-based Gateway First Bank (Gateway First) has begun to offer a series of CDs on a limited nationwide basis (38 states). The 12-, 24-, 36-, 48-, and 60-month CDs all earn the APYs: 2.02% ($25k minimum deposit) and 1.92% ($500 minimum deposit). While there is no stated deposit cap, the FAQs state there is a “$500k maximum limit when funding by ACH online.”
|1.25*%||$25k||-||Gateway First Bank||12 Month CD|
|OTHER TIERS: 1.15% → $500 - $25k|
There is no Truth-in-Savings disclosure available on the Bank’s website and the FAQs are not very helpful. For example,
What if I want to withdraw my CD early, are there penalties?
There may be penalties associated with early withdrawals from your CD account.
After many phone calls, I was able to speak to someone at a branch who was kind enough to help me. Unfortunately, she had to put me on hold every time I asked a question, because she had to get the answer from someone else. Here’s what I was told:
- Early withdrawal penalty is 90 days of interest, with partial withdrawals allowed.
- Unlimited beneficiaries can be named and the Bank “would like” to have a Social Security number for each beneficiary, but it is not required.
- Funding can be done by ACH or wire.
- Maturing funds can be distributed by check, ACH, or wire transfer, or deposited in another Gateway First account.
- You have ten days in which to fund a new CD.
Headquartered in Jenks, Oklahoma, Gateway First Bank is offering its CDs through an online application. While consumer deposit accounts are not offered on a nationwide basis, residents of 38 states are eligible to apply.
The excluded states are Alaska, California, Georgia, Hawaii, Illinois, Maine, Massachusetts, Montana, New Hampshire, New York, Rhode Island, and Vermont.
Gateway First Bank has closed the lobbies of most of its branch locations, with the exception of the Tulsa, Oklahoma location.
As the Tulsa location does not have a drive-through, the lobby will remain open at this time.
Gateway First Bank has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 6.52% (excellent), based on December 31, 2019 data. In the past year, Gateway First Bank has increased its total non-brokered deposits by $319.84 million, an excellent annual growth rate of 124.94%. Please refer to our financial overview of Gateway First Bank (FDIC Certificate # 15118) for more details.
Gateway First Bank was established in May 2019, following the merger of Gateway Mortgage Group with Farmers Exchange Bank, a nearly 100-year old bank. Gateway funds more than $7.6 billion of mortgages, with 160 mortgage centers across the country. Gateway First Bank is currently Oklahoma’s eighth largest bank, with assets in excess of $1.5 billion.
How the CD Compares
When compared to 188 similar length-of-term CDs tracked by DepositAccounts.com that are available nationwide and require a minimum deposit of $25k or less, Gateway First Bank’s 12-month CD top APY currently ranks second.*
The above rates are accurate as of 3/30/2020.
To search for the best CD rates, both nationwide and state specific, please refer to our CD rates table page.
*While we are working diligently to keep our rates up-to-date, there are just too many rate cuts for us to process quickly. For the time being, please be aware that the rates listed at DepositAccounts may not reflect the latest rates published by the banks and credit unions.