Arvest Bank 2023 Review

Arvest Bank 2023 Review

Arvest Bank: A Local Option with Competitive Rates

When it comes to banking, finding the right institution can make all the difference in your financial journey. Arvest Bank is a regional bank that serves customers in Arkansas, Kansas, Missouri, and Oklahoma. With a local presence, competitive rates, and a range of financial products, Arvest Bank is worth considering for individuals looking for a brick-and-mortar banking experience.

High CD Rates and Money Market Accounts

One of the standout features of Arvest Bank is its high CD rates. With rates ranging from 4.49% to 5.10% APY, these CDs outperform the national average. Additionally, Arvest Bank offers a money market account with rates ranging from 1.97% to 2.17% APY. These rates are higher than the national average and provide a competitive option for those looking to grow their money.

A Decent Savings Account, with Caveats

While Arvest Bank’s savings account pays a below-average interest rate of 0.25% APY, it’s important to note that this rate is still higher than what many national banks offer. However, it falls short compared to the best high-yield savings accounts in the market. The account requires a minimum deposit of $100 and charges a $2 monthly service fee. To waive this fee, you must maintain a daily balance of $100 or an average daily balance of at least $500. While the savings account may not be the bank’s strongest offering, it can still be a viable option for those who prefer a brick-and-mortar bank.

Arvest Checking Account Options

Arvest Bank offers a variety of checking account options to cater to different needs. The Arvest Free Blue Checking Account is a standout choice, as it has no monthly service fee, offers up to $400 in overdraft coverage, and comes with a debit card. Customers enrolled in eStatements can open this account. Arvest Bank also provides other checking account options, including ones with added features such as identity theft protection and accident death and dismemberment insurance. It’s important to note, however, that using ATMs outside of Arvest’s regional network results in a $2.50 fee.

Trustworthy and Responsive

When it comes to the trustworthiness of a bank, Arvest Bank has a solid reputation. It is accredited by the Better Business Bureau and holds an A+ rating, indicating effective customer complaint resolution and transparency in its business practices. While this rating is a positive sign, it is important to consider that a good BBB score does not guarantee a flawless customer experience. Arvest Bank has not been involved in recent public controversies, but it was listed as one of the banks with high overdraft fee profits in a publication by the Brookings Institution in 2021.

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Arvest Bank compared to Simmons Bank and Bank of America

For customers comparing regional banks, Simmons Bank is worth considering. It operates in the same states as Arvest, as well as Texas and Tennessee. Simmons Bank offers a wider network of ATMs and a more extensive array of accounts. While Arvest Bank has higher savings rates, Simmons Bank’s Coin Checking + Savings account stands out due to its bonus APY and additional features like credit score monitoring and early paycheck access.

On the other hand, Bank of America, operating in the same states as Arvest, provides nationwide branches and free ATMs. However, Bank of America’s interest rates are significantly lower. Its savings rates range from 0.01% to 0.04% APY, and its CDs offer 0.05% to 4.50% APY. Bank of America does not offer money market accounts, but it does provide several checking account options.

Why Choose Arvest Bank?

Finding the right bank can be a daunting task, but Arvest Bank stands out for several reasons. With competitive CD and money market rates, it offers customers an opportunity to grow their savings. While its savings account falls short compared to other options in the market, it can still be a decent choice for those who prefer a local banking experience. Arvest Bank’s checking account options provide flexibility and benefits, with the added convenience of a brick-and-mortar presence.

If you value a bank’s reputation, Arvest Bank’s accreditation by the Better Business Bureau and its A+ rating are positive indicators. However, it’s always important to do thorough research and consider your own personal preferences before making a final decision.

Disclaimer: Our experts answer readers’ banking questions and write unbiased product reviews (here’s how we assess banking products). In some cases, we receive a commission from our partners; however, our opinions are our own. Terms apply to offers listed on this page.

Arvest Bank at a Glance

• Savings Account Rates: 0.25% APY, below national average
• CD Rates: 4.49% to 5.10% APY, higher than national average
• Money Market Account Rates: 1.97% to 2.17% APY, higher than national average
• Checking Account Options: Arvest Free Blue Checking Account (no monthly fee), other options available
• Branch Network: Arkansas, Kansas, Missouri, and Oklahoma
• Trustworthiness: Accredited by the Better Business Bureau with an A+ rating
• Customer Support: In-branch visits, phone support, and online messaging available

Deposits at Arvest Bank are insured by the FDIC for up to $250,000 on individual accounts and $500,000 on joint accounts.

Arvest Bank aims to provide a comprehensive range of financial products and services, including savings and checking accounts, credit cards, home loans, investment accounts, and commercial services. The bank’s mobile app is highly rated on both the Apple and Google Play stores, showcasing its commitment to convenience and accessibility.

While Arvest Bank has some limitations, such as its limited ATM network outside of its regional footprint, it remains a viable option for individuals seeking a local banking experience with competitive rates. Remember to assess your own financial needs and preferences before making a decision.

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