Oklahoma State Bank Review: High Rates on Money Market Accounts

Saving money is important. But where you stash those funds is also important. While you could tuck your funds into an account earning you almost no interest, there are better options available. You don’t have to give up access to earn relatively attractive interest rates.

Oklahoma State Bank offers savers a worthwhile opportunity to grow their cash in a safe spot. Savers will find attractive rates attached to some of the financial institution’s deposit products.

Let’s explore what Oklahoma State Bank has to offer.

What Is Oklahoma State Bank?

Oklahoma State Bank is an Oklahoma-based financial institution with two branches in the Sooner State. The bank has been serving the local area since 1909. But you don’t have to be a local to take advantage of some of the worthwhile savings products offered through the bank.

What Does It Offer?

Oklahoma State Bank offers a wide range of financial products. For personal banking, you’ll find many deposit accounts. But the bank also offers commercial loans, agricultural loans, auto loans, personal loans, and real estate loans.

In this review, I will take a closer look at the personal deposit accounts available through the bank. 

Money Market Deposit Account

Oklahoma State Bank offers a money market deposit account through Raisin. The account comes with an attractive interest rate, which is 5.25% APY as of writing and you only need $1 to open it. When compared to the rest of the market, that’s a very attractive interest rate.

The account doesn’t come with any monthly fees attached. So you can enjoy the rate without worrying about fees cutting into your interest earnings.

Raisin is a marketplace for bank accounts. You can learn more about Raisin here. 

Certificates of Deposit

Certificates of deposit (CDs) offer a worthwhile way to grow your funds. The basic agreement is that you’ll give up access to the funds for a set period of time. In return, you’ll lock in an interest rate.

Oklahoma State Bank offers several CD options through Raisin. Here’s a look at the rates offered, as of September 2023.

The rates above are competitive for CDs. And you’ll only need to make a deposit of $1 to get started.

Savings Account

The bank offers a savings account that requires $25 to open and charges a $2 fee per month. This fee can be waived if the balance doesn't fall below $25, or if you are under the age of 24.

Unfortunately, there is no advertised interest rate attached to this account. Through this account, you can make up to six withdrawals in a four-week period.

Related: Best Savings Accounts

Checking Accounts

Oklahoma State Bank offers three checking accounts: the Regular Checking, Special Checking, and Now Checking. 

Regular Checking: This account has a $50 minimum deposit to open and a $5 monthly fee. This fee is waived if the average daily balance is over $1,000 and the account doesn't fall below $500. 

Special Checking: This account is for students and those over the age of 65. It has a $50 minimum deposit to open and charges a $1 fee. This fee is waived if the average daily balance is over $1,000 and the account doesn't fall below $500. 

Now Checking: This account has a $1,500 minimum deposit to open and charges a $5 monthly fee. This fee is waived if the average daily balance is over $5,000 and the account doesn't fall below $1,500. This account earns interest but you'll have to call to get the rates. 

Loans

The bank also offers a few loans.

Consumer Loans: These loans can be used to purchase a vehicle, consolidate debt, or as a personal loan.

Real Estate Loans: Real Estate loans can be used to buy residential property. The bank also provides construction loans. 

Commercial Loans: Commercial loans are for business purposes. They can be used to buy inventory, machinery, construction, as working capital, etc. 

Agricultural Loans: Ag loans are used to buy Agricultural real estate, livestock, grain or feedlot facilities, etc. 

Are There Any Fees?

The money market account via Raisin doesn't have any monthly fees.

The other products direct from Oklahoma State Bank have low or no fees. The fees on their checking and savings accounts are very reasonable — between $1 and $5 per month, and easily waived. 

Of course, as with all banking products, you may have other fees attached to your account such as a $10 auto transfer fee, a $15 returned check fee, a $0.50 computer printout fee, and a $22 overdraft fee.

Some of these fees are relatively common. But others, like the $10 automatic transfer fee, aren’t common. Before moving forward with any of this bank’s accounts, make sure to read the fine print. 

How Does Oklahoma State Bank Compare?

Oklahoma State Bank is one of many banks on the market. Here’s how it compares.

The APYs offered by Oklahoma State Bank are competitive for certain products. For example, the 5.25% APY offered on the money market deposit account is definitely attractive. CIT and Synchrony, two popular online banks, have savings account rates that come close.

As you weigh your options, it’s critical to consider the fees attached and the accessibility. If you want in-person access and you live in Oklahoma, this bank might be a good fit.

How Do I Open An Account?

If you want to open the high-yield CD and money market products, you must sign up through Raisin. The application process will require information such as your name, Social Security Number, address, and email.. But you’ll get access to the high-yield accounts.

If you want to open other accounts with Oklahoma State Bank, you’ll need to call, or perhaps even visit in person.  

Is It Safe And Secure?

Oklahoma State Bank insures funds through the Federal Deposit Insurance Corporation (FDIC). With that, the funds you deposit are protected for up to $250,000 per depositor per account type.

How Do I Contact Greenlight?

You can reach out to Oklahoma State Bank by calling 580-735-2545 to reach the Buffalo branch or 580-923-7541 to reach the Gage branch. You also have the option to email [email protected]. 

If you prefer in-person service you can head to one of their two branches:

• 122 South Hoy Buffalo, OK 73834
• 507 North Main Gage, OK 73843. 

Is It Worth It?

Oklahoma State Bank offers a good opportunity for savers who want to maximize their savings potential. You can tap into the relatively high interest rates through a CD or money market deposit account.

But before you jump into one of these accounts, explore all of your options to ensure you are tapping into the best interest rates. 

Oklahoma State Bank Features