The Best CD Rates in Oklahoma for 2025

With a diverse list of banks operating across Oklahoma, identifying the best certificate of deposit (CD) rates can be a tall task. We've gone through a long list of local Oklahoma banks to recommend the most advantageous CD options for savers in the state.

The Best CD Rates in Oklahoma

RCB Bank

RCB Bank offers CD rates on maturity terms ranging from 30 days to 60 months. The majority of their CD rates are very strong and worth considering for any saver. The minimum opening deposit for RCB Bank CDs is $1,000.

American Heritage Bank

American Heritage Bank has a small selection of CDs with terms from 3 months to 3 years. But, their CD interest rates are rather compelling, especially when there are promotional CD specials. The minimum opening deposit for American Heritage Bank CDs is $1,000 (may vary for CD specials).

Arvest Bank

Arvest Bank typically has a rotating selection of CDs. While the bank does offer many options, the few CD rates that it does offer are particularly competitive. Furthermore, depositors who put in $95,000 or more will get a small rate bump. The minimum opening deposit for Arvest Bank CDs is $1,000.

Lock In The Highest CD Rates Before Interest Rates Crash Again

The Federal Reserve plans to continue dropping interest rates. To ensure that you continue to generate reliable returns for years to come, consider a CD now to lock in the highest available rates:

Methodology

To select the best CD rates in Oklahoma, the MyBankTracker team surveyed the certificate of deposit accounts offered by the top 50 retail banks by deposit market share in Oklahoma (based on FDIC June 2024 data) with more than 5 locations in the state--includes coverage and availability in major cities including Oklahoma City, Tulsa, Norman, Broken Arrow, and Edmond.

The top recommendations are the results of analyzing the CDs based on the following criteria:

• Annual percentage yield (APY) for each CD’s corresponding maturity term
• The number of CD maturity terms available from the bank with which their corresponding APYs are competitive
• Minimum opening deposit requirements

How Do CDs Work?

Certificates of deposit (CDs) are a type of savings account offered by banks and credit unions. Unlike traditional savings accounts, CDs require you to lock in your funds for a fixed term, which can range from a few months to several years. In exchange for this commitment, you receive a guaranteed interest rate, typically higher than what you would earn with a regular savings account.

When you open a CD, you agree to leave your money untouched until the maturity date. During this period, your funds earn interest at the agreed-upon rate. This makes CDs a low-risk investment option, ideal for those who want to save for future goals without the volatility of the stock market.

How to Pick a Certificate of Deposit

Interest rate

One of the most important factors to consider when choosing a CD is the interest rate. Higher rates mean more earnings over the term of the CD. It's crucial to compare rates from different banks to ensure you're getting the best deal. Keep in mind that rates can vary significantly, so shopping around can make a big difference in your returns.

Maturity term

The maturity term is the length of time you agree to keep your money in the CD. Terms can range from a few months to several years. Short-term CDs offer more liquidity but typically come with lower interest rates. Long-term CDs, on the other hand, offer higher rates but tie up your funds for a longer period. Consider your financial goals and liquidity needs when choosing a term length.

Minimum opening deposit

Different banks have varying requirements for the minimum opening deposit. This can range from as low as $1 to several thousand dollars. Make sure to check the minimum deposit requirement and choose a CD that fits your budget.

Early withdrawal penalty

Withdrawing funds before the CD reaches maturity can result in penalties. These penalties can significantly reduce your earnings or even cut into your principal. It's essential to understand the early withdrawal policy before committing to a CD. If you think you might need access to your funds, consider a shorter-term CD or a different type of savings account.

Flexibility options

Some CDs offer flexibility options like bump-up CDs, which allow you to increase your interest rate if rates rise during the term. Others may permit additional deposits. These features can provide more flexibility and potentially higher returns, so consider them when choosing a CD.

Compared to Online CDs Available Nationwide

When researching CDs, it's important to consider online banks. Online CDs often come with several advantages:

• Higher Interest Rates: Online banks typically offer higher interest rates compared to traditional brick-and-mortar banks. This is because they have lower overhead costs and can pass the savings on to customers.
• Lower Minimum Deposit Requirements: Many online CDs have lower minimum deposit requirements, sometimes as low as $1. This makes them accessible to a wider range of savers.
• Convenience: Opening and managing an online CD can be done from the comfort of your home, making it a convenient option for busy individuals.

FDIC Insurance

FDIC insurance is crucial when considering CDs. Most banks, including online banks, are FDIC-insured up to applicable limits. This means that your deposits are protected up to $250,000 per depositor, per insured bank, for each account ownership category. FDIC insurance ensures that your funds are safe even if the bank fails, providing peace of mind for your savings.

FAQs

What happens when a CD reaches maturity? Does it renew?

When a CD reaches maturity, you have a few options. You can withdraw your funds along with the earned interest, renew the CD for another term, or transfer the funds to a different account. If you do nothing, the bank may automatically renew the CD for the same term at the current interest rate.

What is a CD ladder?

A CD ladder is a strategy that involves opening multiple CDs with different maturity dates. This approach allows you to take advantage of higher interest rates on long-term CDs while still having regular access to your funds as each CD matures. For more information, check out The CD Ladder Explained: Maximizing Yields.

How is interest accrued in a CD?

Interest in a CD is typically accrued daily or monthly and compounded according to the terms of the CD. This means that your interest earnings are added to the principal, and future interest is calculated on the new total. This compounding effect can significantly increase your earnings over time.

How are interest earnings in CDs taxed?

Interest earnings from CDs are considered taxable income. You will receive a 1099-INT form from your bank at the end of the year, reporting the interest earned. This amount must be included in your taxable income when filing your taxes. It's essential to consult with a tax professional to understand the implications for your specific situation.