Arvest Bank Review 2021

Published December 2020 by Matthew Goldberg

AT A GLANCE
3.4

Bankrate Score

bank-logo

Highly Rated App

Low Fees

This bank is best for people who like working with a smaller bank and having a local branch that you can visit when desired. People who want the best rates available should look elsewhere.

  • CDs
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    2.7
  • Savings
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    2.6
  • Checking
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    4.5
  • MMAs
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    2.3
  • MORE HIGH-YIELD OPTIONS
    MORE HIGH-YIELD OPTIONS
    Goldman Sachs Bank USA

    Member FDIC

    Savings account

    0.50 % APY

    $ 0

    Min. balance for APY

    American Express National Bank

    Member FDIC

    Savings account

    0.50 % APY

    $ 1

    Min. balance for APY

    Axos Bank

    Member FDIC

    Checking account

    1.25 % APY

    $ 50

    To open

    $ 0

    To avoid fees

    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

    • With reasonable minimum deposits, accounts are accessible.

    • Provides a mobile app that has earned positive reviews in the app stores.

    • Offers a range of CD terms.

    What we don't

    • ATM access is limited.

    • You can find higher APYs elsewhere.

    • Customer phone support isn't available on Sundays.

    CD rates

    2.7

    Bankrate Score

    Arvest Bank only offers three terms of CDs, according to its website. It offers a six-month CD, a one-year CD and a two-year CD. You’ll need $1,000 to open an Arvest Bank 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.

    What we like

    • Reasonable minimum balance, compared with some banks.

    • Rates increase with account balance.

    What we don't

    • Low interest rates overall.

    • $95,000 balance required to earn the highest possible rates.

    Savings accounts

    2.6

    Bankrate Score

    OTHER SAVINGS OFFERS YOU MAY LIKE
    Goldman Sachs Bank USA

    Member FDIC

    Savings account

    0.50 % APY

    $ 0

    Min. balance for APY

    The Arvest Bank Savings Account earns less than the national average yield. You’ll only need $100 to open this account. You’ll need to keep at least a daily balance of $100 or an average daily balance of $500 to avoid the $2 monthly maintenance fee.

    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 also has a Cool Blue Savings account for people under 18.

    What we like

    • Arvest Bank’s Savings Account offers better rates than many brick-and-mortar banks.

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

    What we don't

    • You can find higher yields elsewhere — especially at online banks.

    • You will pay a $2 monthly fee with Arvest Bank’s savings account unless you meet certain criteria.

    Checking accounts

    4.5

    Bankrate Score

    OTHER CHECKING OFFERS YOU MAY LIKE
    Axos Bank

    Member FDIC

    Checking account

    1.25 % APY

    $ 50

    To open

    $ 0

    To avoid fees

    The Free Blue Checking account at Arvest Bank only requires $50 to open the account. The account doesn’t have a monthly service fee, making it an option to consider for those near an Arvest Bank.
    Arvest Bank charges Free Blue Checking customers a $2 fee to use an out-of-network ATM. You’ll probably also be charged a fee by the bank/owner of the ATM too.

    Arvest Bank’s overdraft fee, of $17, is substantially lower than the average overdraft fee of $33.47.

    What we like

    • You only need $50 to open a Free Blue Checking account.

    • You never want to pay an overdraft fee. But at least with Arvest Bank’s Free Blue Checking the overdraft fee is significantly lower than the average fee.

    • Free Blue Checking doesn’t have a monthly maintenance fee.

    What we don't

    • The Free Blue Checking account doesn’t earn interest.

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

    • Small ATM network.

    Money market accounts

    2.3

    Bankrate Score

    The Arvest Bank money market account only requires $100 to open one. You’ll need to keep a $2,500 balance in order to avoid the $10 monthly maintenance fee.

    Arvest Bank money market account holders need to watch the number of withdrawals they make. After six, there’s a $10 fee for each additional withdrawal made.

    What we like

    • Offer higher rates than its savings accounts.

    • Only requires $100 to open an account.

    • Online banks have higher yields.

    What we don't

    • You need to deposit $5 million to earn the highest rate.

    • The bank may charge you a $10 monthly fee if your balance falls below $2,500.

    • There’s a $10 fee for each withdrawal that surpasses six in a statement cycle.

    Bank experience

    Arvest Bank is a reasonably sized regional bank with roughly 275 branches.

    Those living in its service area (Arkansas, Kansas, Oklahoma and Missouri), will probably be able to find a branch near you.

    Arvest has more bank branches in Arkansas than any other bank.

    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.

    Matthew Goldberg Twitter Created with Sketch. @MATTATBANKRATE

    Matthew Goldberg Twitter Created with Sketch. @MATTATBANKRATE

    Matthew Goldberg is a consumer banking reporter at Bankrate. Nearly his entire career has either been as a reporter or working in financial services, in banking and insurance. His writing has been featured on MSN, appeared in Sports Illustrated On Campus, The Atlanta Journal-Constitution, The Buffalo News and other publications. He has been honored by both the Illinois Associated Press Editors Association and the Illinois Press Association. Matthew is currently on the Society for Advancing Business Editing and Writing (SABEW) Board of Governors. He has previously served on conference planning committees, the training committee and the finance committee for SABEW, which is the world's largest and oldest organization of business and financial journalists. His reporting career has included working as a staff reporter at two daily newspapers. He earned a bachelor’s degree at Illinois State University and an MBA at William Paterson University.