5-Year CD Rates in Greater Oklahoma City Region Lower Than National Average

NEW YORK - RateWatch, a premier banking data and analytics service owned by TheStreet, Inc. (NASDAQ: TST), reported today that national averages for 3 and 5 year CDs increased by one basis point each as the Federal Reserve continued to keep the short-term federal funds rate at a range of zero to 0.25% since late 2008.

"The three and five-year national CD averages each increased one basis point as the Federal Reserve confirmed on Sept. 17 it would end its monthly bond buying campaign after October," TheStreet's Antoine Gara reported. "Downward revisions to the Federal Reserve's 2015 growth forecasts, taken with Chairwoman's Janet Yellen's cautious outlook on the labor market, indicate that short term interest will remain low for an extended period of time even after the Fed ends its monthly bond purchases."

NATIONAL AVERAGE RESULTS - $10K

Avg Rate This week Avg Rate Last week
Money Market 0.15% 0.15%
1 month CD 0.11% 0.11%
3 month CD 0.15% 0.15%
6 month CD 0.23% 0.23%
1 year CD 0.36% 0.36%
2 year CD 0.56% 0.56%
3 year CD 0.76% 0.75%
4 year CD 0.94% 0.94%
5 year CD 1.16% 1.15%

In the Greater Oklahoma City Region area, the average 5-year CD rate sat at 1.14%, lower than the national average of 1.16%. Rates on the 5-year CD ranged from 0.15% on the low end to 2.15% at the high end, which can be found at Charles Schwab. The average 3-year CD rate in Greater Oklahoma City Region was 0.81% with a range of 0.05% to 1.4% found at Charles Schwab. And if you are on the market for a 1-year CD, take a look at Charles Schwab, which currently offers a rate of 0.5% as compared to the Greater Oklahoma City Region average of 0.39%. Other top rate issuers can be found in the tables that follow.

GREATER OKLAHOMA CITY REGION AVERAGE RESULTS - $10K

Avg Rate This
week
Highest Available
Rate
Highest Available Rate Issuer
Money Market 0.19% 0.25% Oklahoma Fidelity Bank
1 month CD 0.11% 0.1% UMB Bank, National Association
3 month CD 0.17% 0.25% Charles Schwab
6 month CD 0.27% 0.4% Charles Schwab
1 year CD 0.39% 0.5% Charles Schwab
2 year CD 0.6% 1.0% Charles Schwab
3 year CD 0.81% 1.4% Charles Schwab
4 year CD 0.97% 1.85% Charles Schwab
5 year CD 1.14% 2.15% Charles Schwab

TOP RATE ISSUERS - $10K

This is a list of issuers with top interest rates in the Greater Oklahoma City Region area. The issuer's Financial Strength Rating is an independent, unbiased evaluation of quarterly regulatory statements. Institutions are assigned a letter grade of A-E with "A" representing the highest rating based on a review of many aspects of financial safety including capitalization, asset quality, profitability and liquidity. For more information, visit www.weissratings.com/help/what-our-ratings-mean.aspx. Information is believed to be accurate, but not guaranteed.

Money Market Financial Strength
Rating
Minimum to Earn
Interest ($)
APY(%)
Oklahoma Fidelity Bank
800-757-0464
www.fidelitybank.com
B 2500 0.25
Commerce Bank
405-254-3010
www.commercebank.com
A- 1000 0.2
Prosperity Bank
405-810-4920
www.prosperitybankusa.com
B+ 2500 0.15
MidFirst Bank
405-767-7000
www.midfirst.com
B 10000 0.15
Arvest Bank
405-677-8711
www.arvest.com
C 10000 0.15
1 Month CD Financial Strength
Rating
Minimum to Earn
Interest ($)
APY(%)
Arvest Bank
405-677-8711
www.arvest.com
C 10000 0.1
bankSNB, National Association
405-427-3100
www.banksnb.com
B- 5000 0.1
RCB Bank
405-843-3132
www.rcbbank.com
B+ 1000 0.1
UMB Bank, National Association
405-239-5800
www.umb.com
C+ 500 0.1
Prosperity Bank
405-810-4920
www.prosperitybankusa.com
B+ 10000 0.05
3 Month CD Financial Strength
Rating
Minimum to Earn
Interest ($)
APY(%)
Commerce Bank
405-254-3010
www.commercebank.com
A- 2500 0.25
Charles Schwab
405-235-7500
www.schwabbank.com
1000 0.25
Arvest Bank
405-677-8711
www.arvest.com
C 10000 0.15
Oklahoma Fidelity Bank
800-757-0464
www.fidelitybank.com
B 2500 0.15
MidFirst Bank
405-767-7000
www.midfirst.com
B 1000 0.15
6 Month CD Financial Strength
Rating
Minimum to Earn
Interest ($)
APY(%)
Charles Schwab
405-235-7500
www.schwabbank.com
1000 0.4
Commerce Bank
405-254-3010
www.commercebank.com
A- 10000 0.3
Oklahoma Fidelity Bank
800-757-0464
www.fidelitybank.com
B 2500 0.3
MidFirst Bank
405-767-7000
www.midfirst.com
B 1000 0.3
RCB Bank
405-843-3132
www.rcbbank.com
B+ 1000 0.3
1 Year CD Financial Strength
Rating
Minimum to Earn
Interest ($)
APY(%)
Charles Schwab
405-235-7500
www.schwabbank.com
1000 0.5
RCB Bank
405-843-3132
www.rcbbank.com
B+ 1000 0.45
Oklahoma Fidelity Bank
800-757-0464
www.fidelitybank.com
B 1000 0.4
Commerce Bank
405-254-3010
www.commercebank.com
A- 10000 0.35
MidFirst Bank
405-767-7000
www.midfirst.com
B 500 0.35
2 Year CD Financial Strength
Rating
Minimum to Earn
Interest ($)
APY(%)
Charles Schwab
405-235-7500
www.schwabbank.com
1000 1.0
First United Bank & Trust Company
405-272-4044
www.firstunitedbank.com
B- 1000 0.8
RCB Bank
405-843-3132
www.rcbbank.com
B+ 1000 0.65
Oklahoma Fidelity Bank
800-757-0464
www.fidelitybank.com
B 1000 0.6
MidFirst Bank
405-767-7000
www.midfirst.com
B 500 0.6
3 Year CD Financial Strength
Rating
Minimum to Earn
Interest ($)
APY(%)
Charles Schwab
405-235-7500
www.schwabbank.com
1000 1.4
First United Bank & Trust Company
405-272-4044
www.firstunitedbank.com
B- 1000 1.0
Bank of the West
405-722-0959
www.bankofthewest.com
B 10000 1.0
MidFirst Bank
405-767-7000
www.midfirst.com
B 500 0.95
RCB Bank
405-843-3132
www.rcbbank.com
B+ 1000 0.9
4 Year CD Financial Strength
Rating
Minimum to Earn
Interest ($)
APY(%)
Charles Schwab
405-235-7500
www.schwabbank.com
1000 1.85
Bank of the West
405-722-0959
www.bankofthewest.com
B 10000 1.5
MidFirst Bank
405-767-7000
www.midfirst.com
B 500 1.4
UMB Bank, National Association
405-239-5800
www.umb.com
C+ 500 1.25
First United Bank & Trust Company
405-272-4044
www.firstunitedbank.com
B- 1000 1.21
5 Year CD Financial Strength
Rating
Minimum to Earn
Interest ($)
APY(%)
Charles Schwab
405-235-7500
www.schwabbank.com
1000 2.15
MidFirst Bank
405-767-7000
www.midfirst.com
B 1000 1.9
Bank of the West
405-722-0959
www.bankofthewest.com
B 10000 1.5
InterBank
405-782-4360
www.interbankok.com
B- 500 1.5
First United Bank & Trust Company
405-272-4044
www.firstunitedbank.com
B- 1000 1.41

Data is surveyed weekly with averages calculated each Monday afternoon from RateWatch's unbiased national interest rate survey of over 96,000 financial institution locations across the United States.

More About CDs:

CDs, or certificate of deposits, are bank-issued promissory notes wherein an investor deposits money for a set amount of time and, provided the money remains untouched, receives interest on the total sum when the investment matures.

While the money can't be accessed during that time (without incurring penalties), the advantage of a CD over a regular savings deposit is the higher rate of interest. Typically, a CD can be taken out on as few as three-month terms but can range to up to five years; generally, the longer the timeframe the higher rate of interest.

CD Laddering:

To provide further financial security, a CD laddering strategy offers conservative investors the opportunity to stagger their capital across numerous deposits set to expire at different intervals. Not only does this hedge against variable rate fluctuations by offering a guaranteed return at a locked-in interest rate, it also increases liquidity given that one CD will mature at predictable and established intervals.

Using an example of a five-year ladder strategy, an investor would divide his or her money amongst one-, two-, three-, four-, and five-year CDs. Once the one-year deposit matures, he or she will reinvest the money into a five-year CD, and will do so every subsequent year upon each CD's maturation. In this way, the investor has a CD that matures each year and thus, steady income from the interest on the maturing investments.

Nevertheless, investors must keep in mind that the onus of developing a ladder strategy is on the investor, not the bank or financial institution. In developing a strategy, map out each rung of the ladder, determining how long you want to invest for, the kind of return you are targeting and the length of time you can tolerate not having access to the principal and interest.

About RateWatch

For over 20 years, RateWatch has been the premier provider of competitive interest rate and product information to financial institutions across the United States. Consistently providing top quality, highly relevant data RateWatch maintains the largest database in the industry with deposit, loan, and fee information monitoring over 96,000 locations. Rate surveys, product comparisons, financial strength reporting, local/regional/national averages, fee reporting, specialty reports and more are available. To learn more about RateWatch, visit www.rate-watch.com. RateWatch is a division of TheStreet, Inc.

National average is calculated using one unique rate per institution. Averages are based on banks, savings & loans, brokers and Internet banks with assets greater than $1 billion.

More from Personal Finance

How Small-Cap Stocks Can Protect Your Portfolio From a Trade War

How Small-Cap Stocks Can Protect Your Portfolio From a Trade War

When Is It 'Worth It' to Work With a Financial Advisor?

When Is It 'Worth It' to Work With a Financial Advisor?

Why Millennials Are Ditching Stocks for ETFs

Why Millennials Are Ditching Stocks for ETFs

Amazon Prime Day 2018: When Is It and What Should You Know?

Amazon Prime Day 2018: When Is It and What Should You Know?

When Is the FAFSA Deadline and What Are the Application Requirements?

When Is the FAFSA Deadline and What Are the Application Requirements?