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First Oklahoma Bank Review

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We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure
First Oklahoma Bank Savings
0.35% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

First Oklahoma Bank started in 1923 and its headquarters are located in Jenks, Oklahoma. It has assets of $565 million along with $490 million in deposits, classifying it as a medium-size bank. First Oklahoma Bank lacks premium access to customer service, with no options for live chat or all-day service. It is a conventional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile offerings. With a score of 4.7 out of 5 stars, First Oklahoma Bank should be near the top of your list for your bank search. First Oklahoma Bank has a complete suite of product offerings, which include savings accounts, checking accounts, money market accounts, CDs, IRAs and mortgage products. It has a fair savings rate; you can find higher rates with other banks. If you're interested in stress-free personal checking, First Oklahoma Bank's most basic checking does not carry a monthly fee. Institutions that offer no-fee checking, in addition to a high savings APY are the best bet for gaining the highest income on your deposits alongside convenient access to your money.

How We Rated It

SmartAsset's Overall Rating

4.7/5
National Average: 4.1

The overall rating is a weighted average of rates, fees, service quality and financial health.Read more

Rates

4.5
SmartAsset Average: 3.5

With a savings rate of 0.35%, First Oklahoma Bank ranks poorly in comparison to the average U.S. bank. First Oklahoma Bank's one-year CD has a rate of 2.40% and the five-year CD earns at a rate of 3.20%, while its highest-yielding money market account has an APY of 0.35%. Given First Oklahoma Bank's below average savings rate, you should think about other options to earn more on your deposits.

How First Oklahoma Bank's Savings Rates Compare

First Oklahoma Bank Savings 0.35 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

First Oklahoma Bank charges its customers extremely low fees in comparison to other U.S. banks. Its checking account has no monthly fee, rating it excellent for anyone looking for a simple account. First Oklahoma Bank does not refund out-of-network ATM fees, which means you will be required to locate a First Oklahoma Bank ATM or accept the ATM charge.

Monthly Fee $0 National Average: $3.21
Non-network ATM Fee N/A National Average: $1.20
Overdraft Fee N/A National Average: $35.00
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Service Quality

4.2
SmartAsset Average: 3.7

First Oklahoma Bank is a brick-and-mortar bank, with three total bank locations in Oklahoma. It also offers access to mobile and web apps for straightforward access and banking on the go. First Oklahoma Bank gets high praise from customers for its mobile platform. Out of 8 ratings across iOS and Android platforms, the First Oklahoma Bank mobile app is scored at 4.5 out of 5 (compared to the national average of 3.8). You can use First Oklahoma Bank's mobile app to control your finances by checking monthly statements, sending and receiving money as well as reaching customer service. First Oklahoma Bank gets a superb consumer satisfaction score based on comparatively few consumer complaints filed with the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.

Overall Mobile Rating 4.5/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

4.9
SmartAsset Average: 4.8

First Oklahoma Bank is currently a medium-size bank and has assets totaling $565 million and deposits totaling $490 million. Its Texas Ratio is 3.28%, suggesting that the bank is in terrific financial shape and far from failure. Additionally, First Oklahoma Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

3.28%
High Risk 75% 50% 20% 10% Low Risk

The Texas Ratio, a measure of a "bad assets" against available capital, can provide an early warning sign of bank failure. A low ratio indicates smaller chance of failure; a higher ratio suggests greater risk.

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Compare First Oklahoma Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.35% APY $100
Checking Account 0.7% APY $1
Certificates of Deposit
  • 12 Month: 2.40% APY
  • 24 Month: 2.70% APY
  • 36 Month: 2.75% APY
  • 48 Month: 3.00% APY
  • 60 Month: 3.20% APY
$1000 for all terms
Money Market Accounts 0.35% APY 0.35% APY $10000 $15000

First Oklahoma Bank has several deposit products including savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. First Oklahoma Bank does not have the best savings rate, which means you should consider taking a look elsewhere for banks that deliver more return for your money. CDs can be a terrific option to achieve higher returns, but there are limitations to accessing your money. First Oklahoma Bank's CD rates are fair as compared against the national average.

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Find a First Oklahoma Bank Near Me

First Oklahoma Bank has three physical locations across the U.S.

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