NORMAN, Okla.--(BUSINESS WIRE)--Oklahoma State Bank has announced the launch of a savings vehicle unlike any other in the marketplace: a certificate of deposit that pays interest to the investor on Day 1 of the deposit.
CD1, the new certificate of deposit product became available to OSB and non-OSB customers on December 1. The minimum deposit is $50,000 with an annual percentage yield and interest rate of 2 percent and maturity period of five years. There are no hidden fees.
“To our knowledge, nothing like this exists in the country,” said Steve McDaniel, OSB President. “We are first in the market with our new savings product created specifically to take away the historic disadvantages of placing funds into this type of deposit and then waiting to receive your interest.”
“With OSB’s CD1, an investor can deposit $50,000 and walk out of our bank the same day with a check for just over $5,000.” McDaniel contrasted this with a conventional CD stating, “In a traditional CD, a depositor places the same $50,000 in the bank where it would remain paying the interest in small increments to the customer over that five years.”
“It is so simple, yet so innovative,” added McDaniel. “There’s a guaranteed rate and interest is paid up front and ready to use any way a customer chooses…make a purchase, pay for a grandchild’s college tuition for the semester, contribute to an IRA at OSB, take a vacation or open a money market account earning more interest.”
“While nothing is certain about the economy, what IS certain is that we all should be making solid savings plans,” added McDaniel. “With our new CD product, our clients know what they are getting AND can put that money to work for them today. It’s simple; it’s safe; and it’s smart.”
More about Oklahoma State Bank
OSB offers a full suite of financial management tools and solutions for private and business customers, including remote deposit capture, merchant solutions, mobile deposit, standard lockbox, SBA and accounts receivable lending, as well as traditional personal and business deposit and loan offerings. For clients in the healthcare arena, OSB offers medical lockbox processing, revenue cycle management, account receivable financing and patient engagement strategies.
Great leadership has allowed the company to achieve tremendous growth in the last two years and to add a loan production office in Oklahoma City. OSB’s experienced bankers remain focused on exceptional service to customers across central Oklahoma where their employees live and work.
McDaniel and David Schaefer, CEO purchased the bank in 2013, with a small and innovative group of private investors. The leadership team expanded their presence in central Oklahoma with new offices in Norman at 2122 West Main Street and in Oklahoma City’s vibrant Midtown Area located at 1221 N. Francis Avenue.
Chartered over 100 years ago, Oklahoma State Bank now employs 34 people in four Oklahoma communities: Norman, Oklahoma City, Guthrie and Mulhall. A member of the FDIC, the bank is an equal housing lender. Learn more about Oklahoma State Bank at www.Osbbank.com/cd1 or call (toll free) 844-672-2265.