Checking Account Rates in Oklahoma

Checking Account Rate FAQs

• What does Annual Percentage Yield (APY) mean?

  Annual Percentage Yield (APY) represents the total interest you earn on your account over one year. It takes into account the interest rate and the compounding frequency. APY is a standardized way to compare interest rates among different accounts.

• How do checking account rates differ between banks and credit unions?

  Credit union checking account rates are often more competitive compared to banks. This is because credit unions are member-owned and not-for-profit, which allows them to focus on delivering better value to their members. These financial institutions have become very popular for people who want more from a checking account.

• What are interest checking accounts?

  Interest checking accounts are deposit accounts that pay interest on your deposited funds. These accounts combine the convenience of a checking account with the earning potential of a savings account. Interest checking accounts allow you to earn money while maintaining immediate access to your funds.

• How is interest calculated during the statement cycle?

  Interest is compounded monthly. At the end of the statement cycle, we credit the total interest earned to your account.

• Which federal organization regulates and oversees credit unions?

  The National Credit Union Administration (NCUA) is the independent federal agency that regulates, charters, and supervises federal credit unions. The NCUA ensures that credit unions operate safely and soundly, maintaining fair practices and protecting members' deposits.

• What sets a high-yield checking account apart from others?

  A high-yield checking account offers a higher interest rate than traditional checking accounts. These accounts typically require meeting specific criteria. For example, you might need to maintain a minimum balance or make a specific number of transactions per month. In exchange, you earn a more competitive return on your deposited funds.