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Understanding Savings Accounts

Oklahoma Central Savings

Because everyone needs a way to save money and get a return, Oklahoma Central offers the convenience of many different account types. Use the chart below to find what will work best for you. 

Savings Account Money Market Account Certificate Accounts IRA
Guaranteed Return Yes Yes Yes Yes
Liquidity of Funds High Medium Varies Low
Penalty for Withdrawal 6 FREE/Month 6 FREE/Month Yes Yes
Terms of Investment None None Months - Years depending on the certificate To age 59 1/2 (or retirement)
NCUA Insured up to $250,000 Yes Yes Yes Yes
ESI Insured for an Additional $250,000 Yes Yes Yes Yes
Advantages Instant access to funds. Better interest rate than traditional savings account; funds fairly accessible. Best return of all guaranteed investments; offers numerous choices for term of investment. Depending on type of IRA, either contributions or withdrawals are tax exempt.
Drawbacks Low interest rate. Must maintain balance of $2000 to avoid service charge. Requires minimum investment deposit; ties up funds for term of certificate; penalty for early withdrawal Can tie up funds for long period; penalty for early withdrawal
Open An Account To open any of these accounts, stop by any branch location or call 918-664-6000, select option 8 to speak with a Member Financial Representative.
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*with approval. **Restrictions Apply.