Oklahoma's Credit Union Unveils Competitive 11-Month CD Special
Oklahoma’s Credit Union (OKCU) has added an 11-month CD Special with a competitive 5.75% APY. This limited-time offering requires a $50k minimum opening deposit of new money. As stated on the CD Rates page, “existing credit union institutional money prohibited.”
The 11-month CD Special is offered as an IRA CD Special (Traditional, Roth, CESA, SEP), earning the same APY 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 up to 12 months, the early withdrawal penalty is dividends earned, up to 90 days.
For terms over 12 months, the early withdrawal penalty is dividends earned, up to 180 days.
The penalty is calculated as a forfeiture of part of the dividends that have been or would be earned on the account.
CSR confirmed that partial withdrawals are allowed, but the principal will be reduced if the earned dividends are less than EWP.
Availability
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.
Account Opening
Joining OKCU and/or opening a 11-month CD Special can be done online or at any of four full-service Oklahoma branches, located in Edmond and Oklahoma City (3). The fourth Oklahoma City location (ODOT branch on NE 21st Street) has restricted access. Appointments are available and can be scheduled online.
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.
Funding and Other Details
The following information is from a Live Chat with CSR.
- Funding* – ACH, wire ($15 fee), or check.
- CO-OP Shared Branch Participant – Yes.
- Ownership – Individual, joint, or trust.
- Dividends – Compounded/credited monthly and can be paid out by check.
- Maturing Funds – ACH, wire, cashier’s check, or internal transfer.
- Beneficiaries – Up to four with equal shares; Social Security numbers required.
- Grace Period – 7 calendar days before automatic renewal as a standard 6-month CD.
- Credit Check – Soft pull.
* According to CSR, “Once the application has been submitted, a representative will call you to go over the application and they will help you fund it.”
Credit Union Overview
Oklahoma's Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 0.85% (excellent) based on June 30, 2023 data. In the past year, OKCU has increased its total non-brokered deposits by $19.17 million, resulting in an excellent annual growth rate of 3.24%. 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 eighth largest credit union in Oklahoma, with nearly 52,000 members and assets in excess of $787 million.
How the 11- Month CD 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 $50k or less, one credit union has a higher rate than currently offered on the Oklahoma’s Credit Union 11-month CD Special. The following table compares the 11-month CD Special to the two highest-rate CDs from other credit unions and the two highest-rate CDs from banks.
The above information and rates are accurate as of 10/23/2023.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.
