Arvest Bank Review 2020

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.

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.

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.

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.