Bank OZK offers certificates of deposit (CDs) with a diverse selection of term lengths, but only two have rates high enough to catch your attention. Bank OZK’s CDs have a relatively low minimum deposit, making them worth considering for your financial needs.
Account details and annual percentage yields (APYs) are accurate as of February 15, 2024.
About Bank OZK CDs
With CD terms ranging from seven days to five years, Bank OZK boasts flexibility. But most of Bank OZK’s CD feature an APY between 0.05% and 0.20%, which isn’t anything to write home about.
The eight- and 13-month CD specials give you the most bang for your buck. The eight-month CD special has a 5.30% APY, and the 13-month CD special has a 5.00% APY. If you have a chunk of change you don’t need for a while, these Bank OZK CDs could be a good place to maximize your savings.
How to get a Bank OZK CD
You can open a Bank OZK CD online in just a few clicks. But only six-, eight-, 12-, 13- and 24-month CDs are available online.
Bank OZK products are available only to those who reside within its service area. It serves residents in the following states:
- Alabama.
- Arkansas.
- California.
- Florida.
- Georgia.
- Mississippi.
- New York.
- North Carolina.
- Texas.
The first step when opening an account online is providing your ZIP code. The platform will alert you if you are ineligible for Bank OZK products. If you reside within the bank’s footprint, you will be prompted to create an account. To open a CD, you must have an external bank account to fund your new Bank OZK account and enroll in online banking.
When completing the online application, you’ll be asked to provide the following information:
- First and last name.
- Email address and mobile number.
- Date of birth.
- Social Security number.
- Employment status, occupation and employer name.
- Source of initial deposit.
If you are interested in a CD with a term length not offered online, you must visit a Bank OZK branch to get started.
How Bank OZK CD rates compare
Bank OZK offers nearly any term length you could ask for, but two stand out among the crowd: the eight-month CD special with a 5.30% APY and the 13-month CD special with a 5.00% APY.
The other CD terms from Bank OZK aren’t worth considering, especially if you are looking for a place to park your cash for more than 13 months. Savers who want a longer commitment and higher yield should look elsewhere.
For example, as you can see in the table below, Bank OZK offers 0.20% APY on its 24-month CD. The Regions Bank Non-Promotional CDs offers from 0.01% to 0.05% APY on CDs with the same time frame, but the Arvest Bank certificates of deposit and Ameris Bank certificates of deposit offer 4.25% to 4.30% APY and 2.79% APY, respectively.
*Promotional Relationship rate.
**Nonpromotional Relationship rate.
How much can you earn with a Bank OZK CD?
Savers nationwide are searching for ways to grow their nest egg and plan for their financial future. CDs can be a safe and stable way to see a return on your funds without the risk of investing.
Bank OZK offers its highest rates on its eight- and 13-month CD specials. Its other options aren’t worth writing home about.
Use our calculator to determine how much you could earn with a particular CD.
Terms longer than two years may be available based on your location, though you’ll need to make a phone call or visit a branch in person to learn more information.
Other products Bank OZK offers
Alongside its CD options, Bank OZK offers the following personal finance products:
- Bank OZK Freedom Advantage Checking: This checking account has no nonsufficient funds, overdraft, inactivity or telephone transfer fees. It has a $25 minimum opening deposit requirement and $5 monthly service fee.
- Individual retirement accounts: Bank OZK offers IRAs, including traditional and Roth. All IRAs have a minimum opening deposit requirement of $1,000.
- Bank OZK Money Market Account: Money market accounts allow you to earn interest on your funds while maintaining access to them. This account has a $50 minimum opening deposit requirement and features tiered interest rates based on your balance.
- Bank OZK Savings: This standard savings account has a $50 minimum opening deposit requirement and $3 monthly service fee. You can avoid the service fee by maintaining a daily balance of $100 or more.
- Personal loans: Bank OZK offers a variety of personal loans, ranging from auto loans to home equity lines of credit and personal lines of credit.
Bank OZK review
Bank OZK began as a small community bank in Arkansas in 1903. It now has more than 240 offices in nine states.
Bank OZK earns one out of five stars on the Better Business Bureau website based on nine customer reviews since 2021. Many complaints stem from billing and collection experiences, and customer service issues appear in nearly all of the reviews.
In 2022, Bank OZK agreed to pay $45 million to resolve claims that it misled investors about the health of two real estate loans.
Frequently asked questions (FAQs)
Bank OZK’s best CD offerings are its eight-month CD special, which has a 5.30% APY, and its 13-month CD, which has a 5.00% APY. All other term lengths vary in APY, ranging from 0.05% to 0.20%.
As a publicly traded company, Bank OZK is owned by its shareholders. The company trades on the Nasdaq Global Select Market under the ticker symbol OZK.
CD rates have been rising along with the Federal funds rate, if a bit delayed and at a slower pace. While we don’t have a crystal ball for interest rates, if the economy continues to grow, we may see a further increase. If the economy declines, we can anticipate a decrease in returns.
