Oklahoma's Credit Union Debuts 18-Month CD Special
Last month, I wrote about Oklahoma’s Credit Union’s (OKCU) promotional 24-month Jumbo CD (1.05% APY, $100k minimum), which is still being offered. OKCU has added another promotional rate certificate: an 18-month CD Special earning 0.95% APY. Unlike the 24-month Jumbo CD (which is the only Jumbo CD in the OKCU product line), 18-month CD Special can be opened with a $500 minimum deposit.
Both the Jumbo CD and the CD Special are offered as IRA Certificates (Traditional, Roth, CESA, SEP, SIMPLE), earning the same APYs with the same deposit requirements.
As stated in the Truth-in-Savings disclosure, the Early Withdrawal Penalty (EWP) reads as follows:
A penalty may be imposed if you withdraw any of the principal before the maturity date.
For terms over 12 months, the early withdrawal penalty is dividends earned, up to 180 days
The disclosure also states that the EWP may be avoided if
the account is an IRA or Keogh and the owner attains age 59-1/2 or becomes disabled.
Headquartered in Oklahoma City, Oklahoma's Credit Union field of membership (FOM) is primarily community-based, with individuals who live, work, worship, or attend school in the Oklahoma counties of Canadian, Cleveland, Grady, Lincoln, Logan, McClain, Oklahoma, or Pottawatomie eligible to join. (These eight counties comprise the Oklahoma City metropolitan statistical area.)
Employees of more than 300 Employee Partners also qualify for membership, as do employees of any Oklahoma state agency that does not have its own credit union.
Immediate family members (spouse, domestic partner, child, sibling, parent, grandparent or grandchild) of anyone who is membership-eligible is also welcome to apply.
Joining OKCU can be done online or at any of four full-service Oklahoma branches, located in Edmond and Oklahoma City (3).
As stated on the Request an Appointment page,
We are limiting the number of members inside our branches to provide adequate space for social distancing. Appointments are required on Saturdays (Capitol Branch only) and highly encouraged on weekdays.
While checking and savings accounts can be opened online, opening a CD requires an in-person visit to any of the above-mentioned branch locations. You can call and speak with a Certificate Pro to get the opening process started.
Opening a Personal Savings account with a minimum $5 deposit is required to establish an OKCU membership.
OKCU participates in the CO-OP Shared Branch network, but not the ATM network.
Whether you're traveling on business or vacation, shared branch locations can be a convenient way to access your OKCU accounts. At a shared branch you can cash checks, make deposits, withdraws, loan payments and more!
Credit Union Overview
Oklahoma's Credit Union has an overall health grade of "A+" at DepositAccounts.com, with a Texas Ratio of 0.35% (excellent) based on June 30, 2021 data. In the past year, OKCU has increased its total non-brokered deposits by $70.44 million, resulting in an excellent annual growth rate of 14.97%. Please refer to our financial overview of Oklahoma's Credit Union (NCUA Charter # 65032) for more details.
Founded in 1954 as the Oklahoma Employees Credit Union, the Credit Union’s original FOM was exclusive to State of Oklahoma employees. The FOM expanded in 2003 when an open community charter was adopted, allowing virtually anyone in the Oklahoma City metro area to join. In 2009, Oklahoma City Thrift Federal Credit Union merged into Oklahoma Employees Credit Union. The Oklahoma’s Credit Union re-brand occurred at the beginning of 2018, as the Credit Union sought a name that better described its membership. OKCU is currently the ninth largest credit union in Oklahoma, with more than 48,000 members and assets in excess of $686 million.
How the CD Special Compares
When compared to the similar length-of-term CDs tracked by DepositAccounts.com that require a similar deposit and are available within the FOM, Oklahoma's Credit Union's 18-month CD Special APY currently ranks second.
The above information and rates are accurate as of 10/20/2021.
To search for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.