Best Certificates of Deposit in Oklahoma for 2025
- MidFirst Bank of Oklahoma City is the biggest private bank in the U.S. It offers a range of CDs for savings-conscious Oklahomans.
- First Liberty Bank of Oklahoma offers an exceptional APY on a 6-month CD with a $2,500 minimum deposit.
- Tinker Federal Credit Union, the largest credit union in Oklahoma, offers share certificates with interest rates that rise the more money you invest.
- Online banks often offer strong interest rates on CDs, making them a solid alternative to Oklahoma's traditional banks and credit unions.
Oklahomans seeking a low-risk way to increase their personal savings can invest in certificates of deposit (CDs) from regional banks, credit unions, or online financial institutions.
Interest rates on CDs remain high, and since they are backed by the FDIC, they pose minimal risk. You can choose from short-term CDs of 3, 6, and 9 months, or invest in longer-term CDs of five years or more. The financial institutions highlighted below offer some of the highest CD rates in Oklahoma. Start your journey to increased savings by choosing a bank or credit union with CDs that align with your personal savings goals.
Best CD Rates in Oklahoma
Popular Banks and Credit Unions in Oklahoma
Oklahomans benefit from a robust financial services sector that includes many prominent regional banks and credit unions, including MidFirst Bank (the largest privately held bank in the U.S.), BancFirst, Arvest Bank, and Oklahoma’s Credit Union. Here are some additional popular banks in the Sooner State.
First Oklahoma Bank. First Oklahoma Bank is headquartered in Jenks and primarily serves Tulsa, Jenks, Glencoe, and Oklahoma City residents. FOB offers CDs terms from six to 60 months, with APY ranging from 3.25% (5-year) to 4.10% (6-month).
First Liberty Bank. Its founders include legendary Oklahomans such as football coach Barry Switzer and late country music star Toby Keith. The bank primarily serves the Greater Oklahoma City metropolitan area, Norman, and the Dallas/Fort Worth metro region.
Weokie Federal Credit Union. WFCU was founded in 1969 by employees of Western Electric Plant in Oklahoma City. Weokie members can enjoy three to 60 months CD terms, with APY ranging from 2.95% to 3.75% with a $1,000 minimum deposit.
Tinker Federal Credit Union. TFCU is the largest credit union in Oklahoma, with over 460,000 members. CD terms range from six to 60 months, and APYs range from 2.7% to 3.54%.
Online Banks. Online banks provide the same services as traditional financial institutions but often offer some of the best CD rates in Oklahoma to attract new customers.
Online Banks Offering CDs in Oklahoma
Since online banks don’t have physical branch locations, they have much lower operating costs than traditional banks. As a result, they can offer customers savings on standard banking services and exceptional interest rates on certificates of deposit. Here are some primary reasons to consider opening a CD at an online bank in Oklahoma.
Higher interest rates. Many Oklahoma-based banks and credit unions offer strong interest rates on certificates of deposit. Still, you may get a slightly better yield from your investment from online banks offering even higher interest rates.
Reduced and no fees. Another way online banks remain competitive with traditional financial institutions is by offering low- or no-fee services on standard banking services such as checking and savings products like CDs.
Lower minimum deposits. Traditional banks may require initial deposits of $1,000 or $2,500 to open a CD. Some digital banks let you open a CD for as little as $100.
Guaranteed by the FDIC. Customers of online banks enjoy FDIC assurances on their accounts up to $250,000.
Ease of use. Digital banks typically have robust and easy-to-use online banking websites and mobile apps.
Online Banks Offering Top CD Rates in Oklahoma
Barclays: With more than 48 million customers, Barclays is one of the largest financial services companies in the world. It offers online CD terms of six to 60 months, with interest rates ranging from 2.96% to 3.92%.
Bread Savings. Bread offers some of the highest CD rates in Oklahoma. Choose from terms of three to 60 months, with APYs ranging from 3.8% to an impressive 4.35% on a 6-month CD.
Sallie Mae: Besides providing millions with funds for college tuition, Sallie Mae offers exceptionally strong interest rates on all its certificates of deposit. Terms range from six to 60 months, with APYs from 3.4% to 4.35%.
NBKC Bank: NBKC Bank of Kansas City offers CDs with terms of six to 60 months. Its 7-month CD has a 4.21% interest rate, and rates on other CDs range from 3.2% to 3.97%.
Many other online banks offer some of the highest CD rates in Oklahoma – do a little searching to find a financial institution that best aligns with your savings goals.
Factors to Consider When Choosing a CD in Oklahoma
The primary factors to consider before opening a CD in Oklahoma include interest rate, term length, and deposit requirements, but there are additional things to consider.
- Changes to federal energy policy. Oil and gas are the primary economic drivers of Oklahoma’s economy. Changes in federal energy policies could negatively (or positively) impact the state’s energy sector. For example, the third phase of the Keystone Pipeline project includes tank farms and an oil distribution center running from Cushing to Nederland, Texas. Steep declines in oil prices could lead to a trickle-down effect for financial institutions operating in Oklahoma.
- Changes to federal interest rates. If the Federal Reserve lowers interest rates, it will negatively affect the yield offered by interest-bearing savings products such as certificates of deposit.
- State taxes. Oklahomans pay a graduated state income tax ranging from .25% to 4.75%. Income from interest earned on CDs is taxable at the state and federal levels.
Pros and Cons of CDs
Certificates of deposit can be attractive to savers because you’ll know exactly how much you’ll earn and how long your money will be tied up. You can choose shorter terms, such as a 1-year CD, or longer terms, such as 2-year or even 5-year CDs.
Here are some of the main benefits and potential drawbacks of CDs:
Pros
- Fixed returns. CDs have guaranteed interest rates, so you can determine exactly how much yield you’ll get based on your total investment, term length, and interest rate.
- Low risk. CDs purchased from banks are guaranteed up to $250,000 by the FDIC. CDs purchased at credit unions have the same assurance from the National Credit Union Administration.
- Varying term lengths. A popular savings strategy called CD laddering blends CDs of multiple term lengths to maximize savings and capitalize on high interest rates.
Cons
- Limited liquidity. CDs tie up your money until the term expires.
- Penalties for early withdrawal. You can’t access your initial CD investment funds before maturity without paying a penalty.
- Interest rate risk. If rates rise (they are not predicted to in the near term), you’ll be stuck at your current rate until the CD matures.
Calling all Sooners: Start Your Journey to Greater Savings
Residents of the Sooner State can capitalize on the current high interest rate environment by opening certificates of deposit at Oklahoma-based financial institutions or online banks. Since the Federal Reserve is expected to lower interest rates in the latter half of 2025, now is the time to start your journey to greater savings. Take the first steps by comparing the different CD term lengths, interest rates, and deposit requirements available to Oklahoma residents.
FAQs
Online banks tend to offer some of the best CD interest rates in Oklahoma, but regional banks and credit unions offer competitive rates as well. Plus, your money stays in your community when you bank locally.
Many Oklahoma-based credit unions and banks offer attractive interest rates on savings products such as certificates of deposit. The “best one” will offer a variety of CDs that align with your savings goals.
CDs are offered with both short- and long-term maturity dates, and interest rates vary depending on term length. Ideally, you’ll find a bank or credit union with CDs that match up with both savings strategies. With CD laddering, you could choose short-term CDs of three to six months, blended with longer-term 18-month CDs or even longer multi-year certificates.
