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Arvest Bank Review 2022

Published February 2022 by Matthew Goldberg

AT A GLANCE
3.5

Bankrate Score

bank-logo

Highly Rated App

Low Fees

Arvest Bank is best for consumers in Arkansas, Kansas, Oklahoma and Missouri who like working with a smaller bank and having a local branch, but it doesn’t offer the best rates.

  • CDs
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    2.7
  • Savings
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    2.6
  • Checking
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    4.9
  • MMAs
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    2.3
  • MORE HIGH-YIELD OPTIONS
    MORE HIGH-YIELD OPTIONS
    SoFi

    Member FDIC

    Savings account

    2.50 % APY

    $ 0

    Min. balance for APY

    Capital One

    Member FDIC

    Savings account

    2.15 % APY

    $ 0

    Min. balance for APY

    Goldman Sachs Bank USA

    Member FDIC

    Savings account

    2.15 % APY

    $ 0

    Min. balance for APY

    Overall

    3.5

    Bankrate Score

    Arvest Bank is a regional bank based in Bentonville, Arkansas, that offers accounts to residents of Arkansas, Kansas, Oklahoma and Missouri.

    What we like

    • Reasonable minimum-deposit amounts mean most accounts are accessible to a broad range of consumers.

    • The bank provides a mobile app that earns positive reviews by iOS and Android users.

    • The bank’s overdraft fee is significantly lower than the average fee.

    What we don't

    • Higher APYs can be found elsewhere.

    • Customer phone support isn't available Sundays.

    • There is a fee to use an out-of-network ATM.

    CD rates

    2.7

    Bankrate Score

    OTHER CD OFFERS YOU MAY LIKE
    Capital One

    Member FDIC

    CD

    3.25 % APY

    1yr

    Term

    $ 0

    Min. deposit

    Arvest Bank offers only three terms of CDs: six months, and one and two years. A $1,000  minimum deposit is required to open an Arvest Bank CD.

    More competitive CD rates elsewhere, but Arvest does offer tiered rates, allowing customers who deposit more the ability to earn higher APYs.

    What we like

    • The minimum balance is reasonable compared with some banks.

    • Rates increase with account balance.

    What we don't

    • Arvest Bank’s rates overall are low.

    • A minimum balance of $95,000 is required to earn the highest possible rates.

    Savings accounts

    2.6

    Bankrate Score

    OTHER SAVINGS OFFERS YOU MAY LIKE
    SoFi

    Member FDIC

    Savings account

    2.50 % APY

    $ 0

    Min. balance for APY

    The Arvest Bank Savings Account earns less than the national average yield for savings accounts. It requires $100 to open, and a $100 minimum daily balance or a $500 average daily balance to avoid the $2 monthly maintenance fee.

    Higher yields and savings accounts that charge no fees can be found at other banks.

    What we like

    • The Arvest Bank Savings Account has a reasonable minimum deposit.

    What we don't

    • Higher yields can be found elsewhere — especially at online banks.

    • A $2 monthly fee applies unless monthly minimum balance requirements are met.

    Checking accounts

    4.9

    Bankrate Score

    OTHER CHECKING OFFERS YOU MAY LIKE
    SoFi

    Member FDIC

    Checking account

    2.50 % APY

    $ 0

    To open

    $ 0

    To avoid fees

    Arvest Bank requires a minimum $50 deposit to open the Free Blue Checking account, the account evaluated for this review. The account charges no monthly service fee.

    Arvest Bank charges Free Blue Checking customers a $2 fee to use an out-of-network ATM, in addition to any fees charged by the ATM owner.

    Arvest Bank’s $17 overdraft fee is substantially lower than the average overdraft fee of $33.58.

    What we like

    • Arvest’s overdraft fee is significantly lower than the average fee nationally.

    • Free Blue Checking charges no monthly maintenance fee.

    What we don't

    • There’s a $2 fee to use an out-of-network ATM.

    Money market accounts

    2.3

    Bankrate Score

    The Arvest Bank money market account requires only $100 to open, but a $2,500 balance must be maintained to avoid the $10 monthly maintenance fee.

    Higher yields can be found elsewhere, but Arvest Bank does offer tiered rates, providing savers willing to deposit more money the ability to earn higher yields.

    What we like

    • A $100 deposit is all that is needed to open an account.

    What we don't

    • A$10 monthly fee applies on account balances that fall below $2,500.

    • Higher rates can be found elsewhere.

    Bank experience

    Arvest Bank is a Bentonville, Arkansas-based regional bank with more than 240 branches in Arkansas, Kansas, Oklahoma and Missouri. Accounts can be opened online but only by residents in the four states the bank serves.

    The bank’s ATM network isn’t extensive, but its website and app offer surprisingly good technology for a smaller bank. Arvest customers 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 in Arkansas, Kansas, Oklahoma and Missouri that operates more than 240 branches. It provides money market accounts, savings accounts, certificates of deposit and checking accounts. Its mobile banking app earns high scores in Apple's App Store and the Google Play store.

    Matthew Goldberg Twitter Created with Sketch. @MATTATBANKRATE

    Matthew Goldberg Twitter Created with Sketch. @MATTATBANKRATE

    Matthew Goldberg is a consumer banking reporter at Bankrate. He uses his banking and financial services experience to help readers with personal finance. Nearly his entire career has either been as a reporter or working in financial services, in banking and insurance. He’s been in financial services for more than a decade. His banking career includes being a banker in New York City. His reporting career includes working as a staff reporter at two daily newspapers. He earned his first newspaper bylines in 1998. His writing has been honored by both the Illinois Associated Press Editors Association and the Illinois Press Association. His writing has also been featured online on MSN, the Miami Herald, the Houston Chronicle, the Omaha World-Herald, The Kansas City Star, the Arizona Daily Star, and appeared in Sports Illustrated On Campus, The Atlanta Journal-Constitution, The Buffalo News and other publications. Matthew’s radio experience includes being a weekly panelist on the SportsWriter’s show on WGEM AM ESPN 1440 in Quincy, Illinois. He was also an occasional co-host and call-in guest on WGEM SportsCenter. He’s also been a guest on other stations throughout the country. Matthew is currently a member of the Board of Governors at the Society for Advancing Business Editing and Writing (SABEW), which is the world's largest and oldest organization of business and financial journalists. He chairs the organization's training committee and is on the finance committee. He has previously served on conference planning committees and has been a Best in Business contest judge for the organization. Matthew earned a bachelor’s degree at Illinois State University and an MBA at William Paterson University. Media mentions CNBC CNBC Acorns + CNBC WGN Radio 720 in Chicago 1080 KRLD Dallas-Fort Worth