WEOKIE Credit Union (OK) CDs Are Near Rate Leaders

POSTED ON FRIDAY, APRIL 23, 2021 BY Ken Tumin

Deal Summary: Certificates – 12-month (0.95% APY) and 48-month (1.21% APY), $100k minimum deposit.

Availability: Eight Central Oklahoma counties (Oklahoma City metro area)

Rather than using terms like "Jumbo" and "Regular" for the different Certificate rates based on deposit levels, WEOKIE Credit Union (WEOKIE) Certificates simply have two rate tiers ($1k and $100k). While the majority of WEOKIE Certificates offer competitive $100k tier rates, the 12-month (0.95% APY) and 48-month (1.21% APY) have the most competitive rates. (APYs for deposits of $1,000-$99,999 are a uniform 10 bps lower.) The online application states there is a $999,999.99 balance cap for any WEOKIE Certificate.

APY	MIN	MAX	INSTITUTION	PRODUCT
4.46^*%	$100k	-	Weokie Credit Union	12 Month Certificate
OTHER TIERS: 4.35% → $1k - $100k
3.96^*%	$100k	-	Weokie Credit Union	24 Month Certificate
OTHER TIERS: 3.85% → $1k - $100k
3.85^*%	$100k	-	Weokie Credit Union	30 Month Certificate
OTHER TIERS: 3.75% → $1k - $100k
3.80^*%	$100k	-	Weokie Credit Union	36 Month Certificate
OTHER TIERS: 3.70% → $1k - $100k
3.76^*%	$100k	-	Weokie Credit Union	48 Month Certificate
OTHER TIERS: 3.66% → $1k - $100k
3.71^*%	$100k	-	Weokie Credit Union	60 Month Certificate
OTHER TIERS: 3.60% → $1k - $100k

Rates as of September 9, 2024.

The Certificates are also available as an IRA Certificates (Traditional and Roth), earning the same APYs with the same deposit requirements.

APY	MIN	MAX	INSTITUTION	PRODUCT
4.46^*%	$100k	-	Weokie Credit Union	12 Month IRA (Traditional, Roth)
OTHER TIERS: 4.35% → $1k - $100k
3.96^*%	$100k	-	Weokie Credit Union	24 Month IRA (Traditional, Roth)
OTHER TIERS: 3.85% → $1k - $100k
3.85^*%	$100k	-	Weokie Credit Union	30 Month IRA (Traditional, Roth)
OTHER TIERS: 3.75% → $1k - $100k
3.80^*%	$100k	-	Weokie Credit Union	36 Month IRA (Traditional, Roth)
OTHER TIERS: 3.70% → $1k - $100k
3.76^*%	$100k	-	Weokie Credit Union	48 Month IRA (Traditional, Roth)
OTHER TIERS: 3.66% → $1k - $100k
3.71^*%	$100k	-	Weokie Credit Union	60 Month IRA (Traditional, Roth)
OTHER TIERS: 3.60% → $1k - $100k

Rates as of September 9, 2024.

According to CSR, the Early Withdrawal Penalty for the 12-month Certificate is 90 days interest on the amount being withdrawn, with terms greater than 12 months incurring a penalty of 180 days interest; partial withdrawals are permitted.

Serious Savings Certificates

WEOKIE’s Serious Savings Certificates are add-on CDs, available in the same term-lengths as WEOKIE’s regular Certificates. At first glance, the rates on the Serious Savings Certificate APYs are attractive, but the deposit limitations greatly diminish the earning power. The only way to fund a Serious Savings Certificate is through monthly automatic deposit(s). The minimum monthly deposit is $25 and is capped at $1k per month.

APY	MIN	MAX	INSTITUTION	PRODUCT
4.35%	$0	-	Weokie Credit Union	12 Month Serious Savings Certificate
3.85%	$0	-	Weokie Credit Union	24 Month Serious Savings Certificate
3.75%	$0	-	Weokie Credit Union	30 Month Serious Savings Certificate
3.70%	$0	-	Weokie Credit Union	36 Month Serious Savings Certificate
3.66%	$0	-	Weokie Credit Union	48 Month Serious Savings Certificate
3.60%	$0	-	Weokie Credit Union	60 Month Serious Savings Certificate

Rates as of September 9, 2024.

Using the 12-month Serious Savings Certificate as a working example, the earnings on twelve months of $1k deposits at the stated 0.85% APY is approximately $46, which translates to a disappointing 0.39% APY. I had hoped the 12-month rate would be better than the average rate being offered on savings accounts by online banks, but it’s not.

Availability

Headquartered in Oklahoma City, WEOKIE Credit Union’s field of membership (FOM) is residency-based, with individuals who live, work, worship, attend school, or regularly conduct business in the Oklahoma counties of Canadian, Cleveland, Grady, Lincoln, Logan, McClain, Oklahoma, or Pottawatomie, eligible for membership.

Immediate relatives of a current WEOKIE member also qualify for membership. “Immediate relatives” is defined as a spouse, child, sibling, parent, grandparent, grandchild, step-parent, step-children, step-sibling, and adoptive relationships.

Joining WEOKIE and/or opening a Certificate can be done online, or at any of 11 full-service Oklahoma branches located in Edmond, Midwest City, Moore, Oklahoma City (7), and Yukon.

Opening a Membership Savings account with a minimum $5 deposit establishes a WEOKIE membership.

In addition to participating in the CO-OP Shared Branch and ATM networks, WEOKIE provides members with access to fee-free Allpoint, ATM Zone, and OKC 7-Eleven ATMs.

Credit Union Overview

WEOKIE Credit Union has an overall health grade of "A+" at DepositAccounts.com, with a Texas Ratio of 0.79% (excellent) based on December 31, 2020 data. In the past year, WEOKIE has increased its total non-brokered deposits by $103.95 million, an excellent annual growth rate of 14.03%. Please refer to our financial overview of WEOKIE Credit Union (NCUA Charter # 24899) for more details.

WEOKIE is one of the more unique names I’ve seen for a credit union. At first I thought it might be a version of “We Okies,” referencing the slang term for residents of Oklahoma. I was completely wrong: when employees of Western Electric in Oklahoma City established a credit union in 1969, they named it after their employer – WE OKIE. The FOM expanded in 2001 to include all residents of Oklahoma City and surrounding counties. WEOKIE Credit Union is currently the fourth largest credit union headquartered in Oklahoma, with nearly 59,000 members and assets in excess of $1.2 billion.

How the CDs Compare

When compared to the similar length-of-term CDs tracked by DepositAccounts.com that are available within the FOM, WEOKIE Credit Union's 12-month Certificate APY currently ranks second, regardless of minimum deposit requirements.

When compared to the similar length-of-term CDs tracked by DepositAccounts.com that are available within the FOM, WEOKIE Credit Union's 48-month Certificate APY currently ranks third, regardless of minimum deposit requirements.

The above information and rates are accurate as of 4/23/2021.

To look for the best CD rates, either nationwide or state-specific, please refer to our CD Rates Table page.