In what hopefully will become a tradition, Oklahoma’s Credit Union (OKCU) has again started the new year with a competitive CD Special. This year’s limited-time offering is a 25-month CD Special earning 2.57% APY, requiring a $5k minimum opening deposit. Last January, OKCU added a 37-month CD Special earning a “wow-worthy” 3.66% APY, which was the highest rate available on a 3-year CD (anywhere) at the time.
The 25-month CD Special is offered as an IRA (Traditional, Roth, CESA, SEP, SIMPLE), earning the same APY with the same funding requirements.
As stated in the Truth-in-Savings disclosure, the Early Withdrawal Penalty (EWP) reads as follows:
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 residency-based, with individuals who live, work, worship, or attend school in Canadian, Cleveland, Grady, Lincoln, Logan, McClain, Oklahoma, or Pottawatomie Counties, Oklahoma eligible to join.
Employees of nearly 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.
While checking and savings accounts can be opened online, opening a CD Special requires an in-person visit to any of the above mentioned branch locations.
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 1.94% (excellent) based on September 30, 2019 data. In the past year, OKCU has increased its total non-brokered deposits by $30.46 million, resulting in an excellent annual growth rate of 7.64%. 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 44,000 members and assets in excess of $552 million.
How the CD Special Compares
When compared to 253 similar length-of-term CDs tracked by DepositAccounts.com that are available within the FOM and require a similar minimum deposit, Oklahoma's Credit Union's 25-month CD Special APY currently ranks first.
The above rates are accurate as of 1/15/2020.
To search for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.