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Arvest Bank Review 2020
Published March 2020 by TJ Porter
Why trust us
Member FDIC
CD
Member FDIC
CD
Overall
3.4
Bankrate Score
Arvest Bank is a regional bank that offers reasonable rates and fees for its accounts to customers in Arkansas, Kansas, Oklahoma and Missouri.
What we like
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With reasonable minimum deposits, accounts are accessible.
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Provides a mobile app that has earned positive reviews in the app stores.
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Offers a range of CD terms.
What we don't
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ATM access is limited.
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You can find higher APYs elsewhere.
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Customer phone support isn't available on Sundays.
CD rates
3.5
Bankrate Score
Member FDIC
CD
Arvest Bank’s CDs have interest rates that leave something to be desired; however, they increase with the amount of money you can commit to the account. With terms as short as 31 days, the bank’s CDs are more flexible than those of many competitors. Plus, you only need to make a $1,000 minimum deposit to open a CD.
What we like
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Reasonable minimum balance.
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Terms as short as 31 days.
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Rates increase with account balance.
What we don't
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Low interest rates overall.
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$95,000 balance required to earn the highest possible rate.
Savings accounts
3.8
Bankrate Score
Compared to its brick-and-mortar competitors, Arvest offers savers a reasonable APY. Still, you can find much higher yields at other institutions. You can also find savings accounts that don’t charge you fees. At Arvest, you will need to either keep a $100 minimum daily balance or an average daily balance of $500 to avoid a $2 monthly fee.
What we like
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Offers better rates than many brick-and-mortar banks.
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Reasonable minimum deposit.
What we don't
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You can find much higher yields elsewhere.
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You will pay a $2 monthly fee unless you meet certain criteria.
Checking accounts
2.9
Bankrate Score
Arvest Bank’s checking account pays a reasonable rate of interest; however, you will need to keep a large balance in it to avoid fees. Unless you have $20,000 to put in the account, you’ll need to opt for one of the bank’s more basic checking accounts. The bank’s small ATM network and lack of ATM fee refunds also restricts your access to physical cash.
The bank, however, charges less for overdraft fees than other competitors.
What we like
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Pays interest.
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Offers free bill pay.
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Charges lower-than-average overdraft fees.
What we don't
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$20,000 minimum balance to avoid a monthly fee to earn the highest APY.
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Small ATM network.
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Peer-to-peer transfers incur a fee.
Money market accounts
3.3
Bankrate Score
Arvest’s money market accounts offer slightly higher rates than its savings accounts, but you won’t see the highest rates unless you can make an extremely large deposit. Even reaching the third interest rate tier requires making a $100,000 balance, making this account out of reach for people who can’t commit a large sum of cash.
What we like
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Offer higher rates than its savings accounts.
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Only requires $100 to open an account.
What we don't
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You need to deposit $5 million to earn the highest rate.
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The bank may charge you a $10 monthly fee if your balance falls below $2,500.
Bank experience
Arvest Bank is a reasonably sized regional bank with roughly 275 branches. If you live in its service area (Arkansas, Kansas, Oklahoma and Missouri), you’ll probably be able to find a branch near you. The bank’s ATM network leaves something to be desired, but it has surprisingly good tech offerings for a smaller bank. At Arvest, you will have access to highly rated apps for both Android and iOS, the option to use multiple mobile wallets, and some useful budgeting tools.
About Arvest Bank
Arvest Bank is a regional bank that offers reasonable rates and fees for its accounts to customers in Arkansas, Kansas, Oklahoma and Missouri. It provides money market accounts, savings accounts, certificates of deposit and checking accounts. Its mobile banking app has earned high scores in Apple's app store and in the Google Play store.
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