Gateway First Bank CDs Now Available In 38 States


Availability: 12-month CD, 2.02% APY ($25k minimum) and 1.92% APY ($500 minimum).

Availability: Online application in 38 states.

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.”

0.60*%$25k-Gateway First Bank12 Month CD
OTHER TIERS: 0.50% $500 - $25k
Rates as of January 27, 2021.

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.

Bank Overview

Gateway First Bank has an overall health grade of "A" at, 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 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.

Related Pages: Oklahoma City CD rates, Tulsa CD rates, 1-year CD rates, nationwide deals, Internet banks

  |     |   Comment #1
Thank you for taking the time to call and ask about penalties. I couldn't find that information anywhere on their website.
  |     |   Comment #2
Spectrum listed here is now at 1.58%. So this becomes the rate leader.
  |     |   Comment #3
Also, you must be a US citizen to open account online it seems. Even if you are a permanent resident, they do not allow to open online, which is odd.
  |     |   Comment #4
Gateway First Bank seems to have fallen off the CD rankings.
They still offer 1.85% apy One Year CD of $25,000 or more, one of the highest in the nation
  |     |   Comment #5
Interest rates today on Savings accounts & $ 200,000 cd,12 month
  |     |   Comment #6
Pam, What?

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