As of this morning, there are more than 4,000 5-year CDs offered by banks and credit unions throughout the country. Oklahoma-based RCB Bank has one of the two that currently earn 3.00% APY. RCB Bank’s 60-month CD can be opened with a $1k minimum deposit and there is no stated balance cap.
|3.00%||$1k||-||RCB Bank||60 Month Fixed CD|
|3.00%||$250||-||RCB Bank||60 Month Fixed IRA (Traditional, Roth, CESA)|
In the past month, the 60-month CD had two rate increases, adding a total of 170 bps. The 3.00% APY is the highest rate since late 2009, when the 3.00% APY was in effect for more than a year.
The CD is also available as an IRA (Traditional, Roth, and CESA) earning the same APY, but only requiring a $250 minimum deposit.
According to CSR, the Early Withdrawal Penalty “will be 24 months of interest.”
Thanks to Carpline for his Forum post about this 3.00% APY, and to the DA reader who emailed me about RCB Bank’s latest hot deal.
Headquartered in Claremore, Oklahoma, RCB Bank’s market area is roughly triangle-shaped, with Oklahoma City, Tulsa, and Wichita (Kansas) serving as the three points.
With such a large footprint, I had hoped RCB Bank would have an online application, but according to CSR, “We do require our customers to come into a branch first to open any kind of an account with RCB Bank.”
In addition to the 41 full-service branches in northeast Oklahoma, RCB Bank also has 11 Kansas branches, located in Arkansas City (2), Douglass, Lawrence, Oxford, Wellington, Wichita, and Winfield (4).
RCB Bank has an overall health grade of "B+" at DepositAccounts.com, with a Texas Ratio of 4.29% (excellent) based on September 30, 2017 data. RCB Bank has an above average capitalization level (10.69%), the results of holding assets of $2.75 billion with $294.07 million in equity. Please refer to our financial overview of RCB Bank (FDIC Certificate # 15399) for more details.
On a cold January morning in the depths of the Great Depression, RCB Bank opened its doors for business for the first time in Claremore, Oklahoma. Established by local entrepreneurs L. S. Robson and George Davis, the Bank was known as Rogers County Bank and had only one branch. By the end of the first year, the Bank had turned a profit and continued to do so every year since.
The RCB Bank rebrand occurred in 1990 following the acquisition of the Bank of Oklahoma and further expansion outside of Rogers County. Between 1990 and 2010, RCB Bank acquired eight Oklahoma banks, and in 2016, acquired Cornerbank of Winfield, Kansas. RCB is currently the sixth largest bank in Oklahoma, with assets in excess of $2.75 billion and more than 145,000 customer accounts.
How the CD Compares
When compared to the 206 similar length-of-term CDs tracked by DepositAccounts.com, requiring a similar minimum deposit and available to within the Bank’s market area, RCB Bank’s 60-month CD APY currently shares the top spot with Connexus Credit Union’s 60-month Certificate APY.
|Interest Rate||CD Length of Term||Bank/Credit Union|
|3.00% APY||60-Month CD||RCB Bank|
|2.74% APY||5-Year Step Rate CD||BMO Harris Bank|
|2.63% APY||60-Month Personal CD||ConnectOne Bank|
The above rates are accurate as of 1/22/2018.
To look for the best nationwide CD rates and the best CD rates in your state, please refer to our CD Rates Table page.