Arvest Bank
Fees
Our Rating
Current Promotion
APY Savings
Arvest Bank serve communities in Arkansas, Kansas, Missouri, and Oklahoma. They provide a comprehensive range of services including savings accounts, CDs, money market accounts, home loans, and wealth management. Even if you're not located in the heartland, you can still benefit from their products and services. Most accounts, excluding certificates of deposit, can be easily opened online or via Arvest's mobile app.
Upon opening an account, you'll gain access to a widespread network of regional ATMs. Additionally, the bank's premium checking account options offer various perks and discounts on their other offerings. Accessing deposit accounts is convenient as they require low minimum opening deposits across all categories.
The bank stands proud with an asset of $19 billion. In fact, they claim to be the largest bank in Arkansas when it comes to market share.
- Additional Benefits
- Fees
- Wide Range of Products
- No Promotion
- No National Network
- Low Rates For Deposits
Arvest Bank Review
Customer Satisfaction
On the customer service side, there aren’t too many customer complaints about the bank compared to other banks their peer. The Better Business Bureau gave them an A+ rating. However, the bank’s mobile app received a low score from users. This is probably because they have entered the mobile banking arena relatively later than most banks.
According to the J.D. Power 2023 U.S. retail banking satisfaction study, Arvest Bank's customer satisfaction is one of the highest in the South Central region, ranked in 3rd place among 16 different banks, with 686 points, while the average is 664 points. This is a very good rating.
The bank customers can reach them through email, post, social media platforms, and via customer service phone lines in English and Spanish. However, phones are available only during office hours.
Savings Account
Like many brick-and-mortar banks, Arvest Bank does not offer the best deposit interest rates. This is a big trade-off for many customers who are looking to maximize the returns from their savings.
The Cool Blue savings account is for children and teenagers. So, if you don’t fall under that category, there’s only one choice left: Arvest Savings.
However, the APY is quite low – you can earn an APY of 0.25%, which is lower than what you can get on high-yield saving accounts.
Cool Blue | Arvest Savings | |
|---|---|---|
Opening Deposit | $50 | $100 |
Minimum daily balance | None | $100 |
APY | N/A | 0.25% |
Monthly fee | None | $2 (if daily balance falls below $100 |
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Arvest Bank Savings Account
The Arvest Savings account earns interest when paired with a checking account. Customers should maintain a daily balance of $100 or an average daily balance of $500 to avoid the $2 monthly fee.
Interest is paid quarterly on balances of $100 and above, and customers can enjoy unlimited deposits and up to six free withdrawals per month. The account provides an Arvest debit card, and online and mobile banking access, with a $100 minimum deposit to open.
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Cool Blue Savings
Arvest Bank's Cool Blue Savings account is designed for children under 18, helping them develop sound financial habits. It offers no monthly fees, no minimum balance requirement, and pays interest quarterly on all balances.
Kids can make unlimited deposits and up to six withdrawals per month. The account includes online banking access, requires a $50 minimum to open, and encourages responsible saving and spending habits.
Checking Accounts
The bank has several checking accounts to choose from, but each type's target market is unclear. They share almost identical features. It’s easy to see that the Free Blue is the starter account, but since the opening deposit is the same for all accounts at $50, anybody can opt to get the next-level accounts.
Four of the five checking accounts come with a monthly fee that increases as the supposed benefits increase. People will find that Arvest Bank has low opening deposit requirements which are great for customers who want quick access to banking services.
However, the bank has some mandatory fees which may turn off depositors who want to avoid paying all sorts of charges.
| Free Blue | Basic Blue | MyBlue | Arvest Club | Preferred Club | |
|---|---|---|---|---|---|
Opening Deposit | $50 | $50 | $50 | $50 | $50 |
| Monthly Fee | None | $3 | $6 | $12 | $18 |
Monthly Statement | Free | With fee | Free | Free | Free |
Debit Card | Free | Free | Free | Free | Free |
Online BillPay | None | $0.50 each | Free unlimited | Free unlimited | Free unlimited |
Free checkbook | For 62 years old or more | For 62 years old or more | For 62 years old or more | Free | Free |
Overdraft coverage | up to $400 | up to $400 | up to $600 | up to $800 | up to $1,000 |
Interest earning | No | No | No | No | Yes |
Insurance coverage | Not available | Not available | $10,000 family insurance | $30,000 family insurance | $30,000 family insurance |
The increment in the monthly fee is very obvious, but the benefits one can get from availing of the more expensive products don’t entirely communicate value for money. Only one account pays interest – the Preferred Club. However, customers who do the math can see that they have to put in a lot of money to break even on the $18 monthly fee.
Overall, while Arvest is not the best bank to open a checking account with, it offers some great customer benefits.
Arvest CDs
Arvest's Certificate of Deposit offers fixed-rate options with competitive rates for maturities ranging from 31 days to 5 years. Interest distribution choices are available, and the rates stand in line with some of the highest CD rates available.
The account requires a $1,000 minimum deposit to open and provides a paper statement. It's a reliable option for earning interest over a specific period with various maturity options.
You can get the highest rates if you deposit above $100,000.
CD Term | APY |
|---|---|
6 Months | 4.96% – 5.05% |
12 Months | 4.67% – 4.80% |
24 Months | 4.18% – 4.30% |
Arvest Money Market Account
The Money Market Account offers higher interest rates for larger balances compared to traditional savings accounts. Interest is tiered based on the daily collected balance, but not so high compared to other money market accounts available in the market.
Customers can enjoy unlimited ATM withdrawals using an Arvest debit card, with up to six withdrawals per statement cycle. Maintain a $2,500 minimum daily balance to avoid a $10 monthly service charge. This account requires a $100 minimum deposit to open.
CD Term | APY |
|---|---|
$0 – $9,999.99 | 1.97% |
$10,000 – $99,999.99 | 2.02% |
$100,000 – $4,999,999.99 | 2.12% |
$5,000,000 and Up | 2.17% |
Arvest Bank Pros & Cons
Like any other bank, Arvest has its own strengths and weaknesses. Here are the main benefits and drawbacks you should know before applying:
Pros | Cons |
|---|---|
Wide Range of Products | No National Network |
Additional Benefits | Low Rates For Savings |
High CD Rates | Fees |
- Wide Range of Products
The menu of products assures depositors looking for help that there would be something that fits their needs.
The bank caters to the normal, average bank customer and to the sophisticated businessman who might need a bank to do his international transactions.
Top Offers From Our Partners
- Additional Benefits
Because of its network, Arvest can easily give customers additional perks on their accounts.
Customers can get rewards and incentives, insurance coverage, identity protection, and more.
- High CD Rates
Arvest bank doesn't offer many CD terms, but the rates are quite high.
- No National Network
Even if they have been operating for the longest time, the bank has chosen to concentrate its services in a regional area.
This strategy immediately cuts-off customers who have a requirement for national access to banking services. They could do it through bank tie-ups but there’s usually a fee for that.
- Low Rates For Savings
We all know that banks make a killing off their depositors’ money by lending or reinvesting them.
The low savings rates mean that the bank keeps a bigger slice of the pie from their income when they use their clients’ funds. Any time that any bank’s rates fall way below the national average, we don’t think that’s good news for customers.
- Fees
And speaking of fees, this bank has a lot of them. The bad news is, the bank can’t waive some of them.
So, in terms of value for money, the fees don’t help the bank get on the right side of the customers.
Summary
Like most traditional banks, Arvest Bank has not evolved as fast as new businesses that invested in technology did. This is the reason why the disadvantages of running a physical bank have limited the bank from giving out higher rates and lesser fees (or none at all).
This is one of the major setbacks for a bank when it comes to attracting customers. When it comes to money, depositors would always look at what they would be getting and what they would have to give away. For this aspect, we give Arvest a not-so-high rating.
This bank does not come with a full bank and a grand parade. For residents of the Midwest who are okay to do their banking the traditional way, this is a good choice. If you’re looking for a more progressive style of banking with a larger reach, this may not be the one for you.
Alternative Online Banks to Consider
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|---|---|---|---|
APY Savings
The annual percentage yield (APY) is a percentage that represents the amount of money or interest earned on your savings account over the course of a year. The APY factored in compound interest. A savings calculator can help you quickly determine how much you'll earn with a given APY.
| up to 4.60%
| 4.45%
| 4.35% |
Checking Account Fee
The monthly fee on checking account
| $0 | $0 | $0 |
Checking Minimum Deposit | $0 | $100 | $50 |
Mobile App Rating | 4.8/5 on iOS, 4.2/5 on Android | 4.6/5 on iOS, 4.2/5 on Android | 4.8/5 on iOS, 4.7/5 on Android |
BBB Rating | A+ | B
| A
|
The Smart Investor Bank Reviews: Ranking Methodology
The Smart Investor team extensively reviewed hundreds of banks and credit unions. We assessed them based on four main categories, each with specific features:
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Diversity of Products and Their Attractiveness (40%): We extensively analyzed the breadth and appeal of each bank's product offerings, including savings accounts, checking accounts, loans, investment options, and more. Higher ratings were assigned to banks with a diverse range of products that are attractive in terms of interest rates, fees, terms, and additional features. This category provides insights into the variety and value of the bank's offerings, crucial for meeting customers' diverse financial needs.
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Account Features (30%): This category delves into the features and benefits accompanying each bank's accounts. We scrutinized factors such as promotions, deposit and withdrawal options, ATM accessibility, online and mobile banking functionalities, as well as additional perks like overdraft protection and rewards programs. Banks offering comprehensive and convenient features received higher ratings, reflecting the overall value of their accounts to customers.
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Customer Experience (20%): A positive customer experience is paramount in banking, so we evaluated each bank's performance in this area. This included assessing the ease of account opening, quality of customer service, availability of support channels, and overall user satisfaction. Ratings were based on factors such as responsiveness, efficiency, and the bank's commitment to meeting customer needs, ensuring a seamless and satisfactory banking experience.
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Bank Reputation (10%): The reputation of a bank is a critical consideration for customers. We examined factors such as financial stability, regulatory compliance, and public perception to determine each institution's overall trustworthiness and reliability. Higher ratings were awarded to banks with strong reputations, reflecting their credibility and ability to inspire confidence among customers.
By considering these categories, individuals can make informed decisions that align with their financial needs and preferences, ensuring they choose a bank that offers competitive products, excellent features, a positive customer experience, and a solid reputation.
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