Oklahoma-based Security Bank is offering an 18-month Spring CD Special, earning 3.02% APY. This limited-time special can be opened with a $2k minimum deposit and there is no stated balance cap. While no end-date for the Spring CD Special is mentioned, CSR suggested it probably won’t last much longer than the end of spring.
While Security Bank’s website is light on documentation, CSR was easily able to provide the following facts:
- The Early Withdrawal Penalty is nine months interest on the amount withdrawn.
- Unlimited beneficiaries can be named, but Social Security numbers are required.
- Funding can be by ACH, wire, or check.
- Maturing funds will be distributed by cashier’s check, or deposited into an existing Security Bank checking or savings account.
Security Bonus Checking
The Security Bonus Checking account is a rewards checking account, which earns 2.53% APY on qualifying balances up to $50k. Qualifying balances of $50k+ earn 0.30%, with non-qualifying balances earning 0.10% APY. It’s available nationwide and can be opened online.
|2.53*%||-||$50k||Security Bank (OK)||Security Bonus Checking|
|OTHER TIERS: 0.30% → $50k+|
The qualifying requirements are:
- At least one direct deposit, ACH credit or debit transaction
- At least ten debit card purchases (minimum $3)
- Receive and review e-Statements
Headquartered in Tulsa, Oklahoma, Security Bank offers its product line nationwide to US citizens and alien residents with a valid Social Security number.
While Security Bank does have an online application for some products, the Spring CD Special is not one of them. For those within driving distance, the Spring CD Special can be opened at the sole Oklahoma branch located on East 51st Street in Tulsa.
Out-of-area individuals can open the Spring CD Special by mail/email. CSR stated the first step would be to contact the Bank (918.664.6100) and request an application be sent by either e-mail or snail-mail. The completed application can be returned by either e-mail or snail-mail. Funding can be by check, wire, or ACH. At maturing, funds can be distributed by cashier’s check or transferred into an existing Security Bank checking or savings account.
Security Bank has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 5.90% (excellent), based on December 31, 2018 data. In the past year, Security Bank has increased its total non-brokered deposits by $85.79 million, an excellent annual growth rate of 25% (not a typo). Please refer to our financial overview of Security Bank (FDIC Certificate # 4178) for more details.
Established in 1902 as The Pawnee National Bank, Security Bank is currently the 31st largest bank in Oklahoma, with assets in excess of $544 million. As a “good corporate citizen,” Security Bank is a partner in Tulsa’ Future III.
Tulsa’s Future is an ongoing public-private regional economic development plan led by the Tulsa Regional Chamber.
Now in its third phase (2016-2020), the plan is designed to leverage diverse strategies to enhance the Tulsa region’s standing as a place for business, residents, visitors and students of all ages. High-value growth in existing and new businesses, thriving public and private educational institutions, and flourishing communities and downtowns will make Tulsa and northeast Oklahoma a national model for quality and sustainable regional development.
How the CD Special Compares
When compared to 161 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are nationwide, Security Bank’s 18-month Spring CD Special APY currently ranks at the top.
|Interest Rate||CD Length of Term||Credit Union/Bank|
|3.02% APY||18-month Spring CD Special||Security Bank|
|3.00% APY||18-Month CD Special||USALLIANCE Financial|
|2.95% APY||18-Month CD||Limelight Bank|
The above rates are accurate as of 4/4/2019.
To search for the best CD rates, both nationwide and state specific, please refer to our CD rates table page.