Bank of the Ozarks CD Rates: How Much Can You Earn?

Bank of the Ozarks, also known as Bank OZK, is a regional bank based in Little Rock, Arkansas. It doesn’t offer particularly spectacular accounts aside from its promotional CDs, which feature very high APYs that even beat many competitors. Depending on what you choose, you could earn anywhere from 0.05% (as of 7/11/24) to 5.40% (as of 7/11/24).

Whether the Bank OZK CD rates are enough to overcome the bank’s shortfalls is another thing, however. If you’re looking for just a CD and you live in the Bank OZK footprint, it could be a good option. If you’re looking to establish a CD ladder or have multiple products under one roof, then Bank OZK won’t be a good fit.

Key takeaways

• While Bank OZK CD rates are generally disappointing, the promotional CDs feature exceptionally high APYs.
• The specific term length options and Bank OZK CD rates available may vary depending on where you live, and they’re not available in all states.
• Since Bank OZK's other accounts come with many fees, offer limited benefits, and aren’t as widely available as options from the best online banks, they’re less useful for people who want to keep all their accounts in the same place.

Bank of the Ozarks CD Overview

Bank of the Ozarks may change the terms, rates, and account types available to open online depending on where you live. Here, we’ll show you what applies to people living in Little Rock, Arkansas. Keep in mind that the exact conditions and availability of the CDs may vary in your location.

Bank OZK doesn’t disclose how these things vary across the country. This fits a broader trend: It doesn’t always tell you important details upfront. For example, if you withdraw your money before the certificate of deposit matures, you’ll pay an early withdrawal penalty, but the bank doesn’t specify how much anywhere that’s easy to find.

All of Bank OZK CDs require a minimum deposit of $1,000. The bank’s website advertises term lengths ranging from six months to two years, which isn’t a very wide range — particularly if you’re hoping to use a CD ladder strategy.

Minimum opening deposit requirement	$1,000
Term lengths	Vary by location; 6, 7, 12, 13, and 24 months are available in Little Rock, AR
APY range	0.05%–5.40%
Compounding frequency	Daily
Early withdrawal penalties	Not disclosed
Grace period	10 days

Bank of the Ozarks CD rates

Bank OZK CD rates are extremely low for its regular CDs. Confusingly enough, it also offers promotional CDs that appear to have the same terms and details except they offer much higher rates than the national average.

In June 2024, for example, the average U.S. bank offered a 1.81% APY on a six-month CD. Bank OZK currently offers two CDs with similar term lengths in Little Rock: Its regular six-month CD pays 0.05% APY, while its promotional seven-month CD offers 5.40%. Therefore, it’s simultaneously offering lower-than-average and higher-than-average rates.

I recommend researching current national CD rates before you open an account at Bank OZK to make sure you’re actually getting a good deal.

CD term	APY	Minimum deposit needed
6-month CD	0.05% (as of 7/11/24)	$1,000
7-month CD special	5.40% (as of 7/11/24)	$1,000
12-month CD	0.15% (as of 7/11/24)	$1,000
13-month CD special	5.00% (as of 7/11/24)	$1,000
24-month CD	0.20% (as of 7/11/24)	$1,000

What you can earn

Abstract numbers like a CD’s APY give you a good way to compare your options, but that doesn’t mean much when it comes to knowing how much of an actual return you’ll get for your commitment.

Here’s how much you’ll earn based on a minimum $1,000 deposit for each of the Bank OZK CD rates offered.

CD term	APY	Interest at end of term
6-month CD	0.05% (as of 7/11/24)	$0.25
7-month CD special	5.40% (as of 7/11/24)	$32.00
12-month CD	0.15% (as of 7/11/24)	$1.20
13-month CD special	5.00% (as of 7/11/24)	$55.66
24-month CD	0.20% (as of 7/11/24)	$4.01

(Note: The above table assumes that you don’t withdraw any principal or interest early and you wait until the CD matures to access your money.)

CD rates at Bank of the Ozarks vs. competitors

Bank OZK CD rates are indeed higher for the two promotional CDs, which is one bright point for the bank in contrast to its competitors.

Many other banks, such as Ally Bank, offer more CD options, both in terms of term lengths and special account types, such as no-penalty CDs. Ally and Discover are both available nationwide and offer many other excellent account options, especially if you’re interested in keeping all of your accounts with the same bank.

If branch walk-in flexibility is your priority, then an option like Chase Bank may work better. It offers nearly 5,000 branches nationwide versus a limited footprint of 228 branches for Bank OZK. Bank OZK CD rates are higher than what Chase offers for its standard CDs, though you can get more competitive relationship rates with an eligible linked checking account.

CD term	Bank of the Ozarks APY	Ally Bank High-Yield CD APY	Discover Bank APY	Chase Bank APY
6-month CD	0.05% (as of 7/11/24) (5.40% (as of 7/11/24) promotional APY for 7-month CD)	4.40% (as of 10/28/24)	4.25% (as of 7/12/24)	0.01% (as of 7/12/24) (standard), 3.00% (as of 7/12/24)(relationship)
12-month CD	0.15% (as of 7/11/24) (5.00% (as of 7/11/24)promotional APY for 13-month CD)	4.10% (as of 10/28/24)	4.70% (as of 7/11/24)	0.01% (as of 7/12/24) (standard), 2.00% (as of 7/12/24)(relationship)
24-month CD	0.20% (as of 7/11/24)	3.90% (as of 10/28/24) (18 months)	4.00% (as of 7/12/24)	0.01% (as of 7/12/24) (standard), 2.50% (as of 7/12/24)(relationship)

Should you get a Bank of the Ozarks CD?

If earning the highest rates possible is your biggest priority and you’re actually eligible to open a Bank OZK CD, then chances are it’s a good option for you. That’s especially true if you have a large deposit to make since you’ll ultimately earn an even larger interest paycheck.

However, we would caution against a Bank of the Ozarks CD in the following cases.

• You’re not sure if you’ll need the money early: Bank OZK doesn’t publicly disclose the fee you’ll pay to withdraw your money early. Check this in the fine print you’ll get when you apply for an account.
• You want to keep everything at one bank: Many other banks offer similar rates — although not quite as high as the special CDs — but have more benefits in return for other common accounts like checking and savings.
• You want to start a CD ladder: A traditional CD ladder calls for five separate CDs maturing each year, ranging from one to five years. Bank OZK’s limited offerings mean you won’t be able to do this.

How to open a Bank OZK CD

There are two ways to open a Bank OZK CD. Most people opt to apply for a CD at one of Bank OZK’s 228 branches, which are located in Arkansas, Georgia, Florida, North Carolina, and Texas. You can also open an account online, although your options may vary depending on where you live. Even online, Bank of the Ozarks CDs aren’t available in all states, and the bank doesn’t specify which ones. You’ll need to enter your ZIP code to see if you’re eligible.

If you are, you’ll need to meet these requirements.

• U.S. citizen
• Age 18 or over
• Online banking enrollment
• Valid government-issued ID
• An existing bank account for funding your Bank OZK CD

The bank’s other savings options

Given Bank OZK’s unknown early withdrawal penalty policy (which you’ll learn when you open an account but apparently not before then), it’s wise to consider other options for CDs. But if you’re set on banking with this institution, here are some more flexible ways to save money.

OZK Savings account

Bank OZK offers savings accounts for adults and kids. You can’t open the kids’ savings account online, so we’ll focus on the one for grown-ups. It currently offers a 0.20% (as of 7/12/24) APY, which is half as much as the national average (0.45% (as of 10/21/24) APY). It also has a few nice features, like a cash savings contest for residents of four Southeast states. However, the account’s many potential fees may limit its usefulness.

OZK Money Market account

You can only open an OZK money market account in a local branch. Theoretically, money market accounts offer higher rates than basic savings accounts, but the bank doesn’t disclose its rates. If it’s anything like its other accounts, it likely offers below-average rates unless there’s a special promotion. Bank OZK is clear, however, that many potential fees come with this account, such as monthly service fees, excess withdrawal fees, and paper statement fees.

FAQ

Bottom line

Unless you have a local Bank of the Ozarks in your town that you prefer to bank with, or if you’re willing to go out of your way for a little more interest, we’d recommend checking out other CD options at the best banks. You may have a much better experience overall and not have to sacrifice much in terms of rates. If you do decide on a Bank OZK CD, be sure to ask about early withdrawal penalties and read the account terms carefully.