Bank7 High Rate Online Savings Account Review: Competitive APYs on Up to $1 Million
Review
Updated
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The Bank7 High Rate Online Savings Account offers a competitive APY on most balances and has pretty reasonable balance requirements. But those who don’t live near a Bank7 branch need to be comfortable managing their own money online. Read our full Bank7 High Rate Online Savings Account review below to learn more about all it has to offer.
Bank7 Savings Account
Make sure you're getting the best account for you by comparing savings rates and promotions. Here are some of our favorite high-yield savings accounts to consider.
| Account | APY | Promotion | Next Steps |
|---|---|---|---|
Open Account for SoFi Checking and Savings
On SoFi's Secure Website.
Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
up to 3.80%
Rate info
SoFi members who enroll in SoFi Plus with Eligible Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or SoFi members with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the stated interest rate. Members without either SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. If you have satisfied Eligible Direct Deposit requirements for our highest APY but do not see 3.80% APY on your APY Details page the day after your Eligible Direct Deposit arrives, please contact us at 855-456-7634. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. See the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus.
Min. to earn: $0
|
New customers can earn up to a $300 bonus with qualifying direct deposits!
|
Open Account for SoFi Checking and Savings
On SoFi's Secure Website. |
Open Account for Capital One 360 Performance Savings
On Capital One's Secure Website.
Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
3.60%
Rate info
See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of April 8, 2025. Rates are subject to change at any time before or after account opening.
Min. to earn: $0
|
N/A
|
Open Account for Capital One 360 Performance Savings
On Capital One's Secure Website. |
Open Account for Barclays Tiered Savings
On Barclays' Secure Website.
Rating image, 5.00 out of 5 stars.
5.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
4.00%
Rate info
Balances less than $250,000 earn 4.00%, and balances greater than $250,000 earn 4.20%.
Min. to earn: $0
|
N/A
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Open Account for Barclays Tiered Savings
On Barclays' Secure Website. |
Up to 3.04% APY: The Bank7 High Rate Online Savings Account offers a generous APY on balances under $1 million. Note that the bank's APY is tiered; lower balances will not earn the maximum APY. You can call Bank7 at 800-259-0921 for their most recent rate and tier information. If your account balance is $1 million or more, it won't earn any interest.
No minimum balance: You need at least $100 to open your Bank7 High Rate Online Savings Account, but once it's open, there is no minimum balance needed to earn interest. However, if you fail to maintain an average daily balance of $100 or more, you'll owe a $15 monthly maintenance fee, which may negate any interest you've earned over that period.
ATM access: The Bank7 High Rate Online Savings Account includes an ATM card you can use to access your funds at one of more than 55,000 surcharge-free Allpoint ATMs worldwide (foreign ATM fees may apply).
Mobile app: Bank7's Mobiliti app lets you view your account balance, transfer funds between Bank7 accounts or between banks, pay bills, and remotely deposit checks. These capabilities are especially important for online banks because they give customers immediate access to their funds without the hassle of contacting the bank. The Mobiliti app is available for Android and iOS devices.
FDIC insured: Bank7 High Rate Online Savings Accounts are covered by the same FDIC insurance as traditional bank savings accounts. In the event of bank failure, this covers loss of funds up to $250,000 per depositor, per institution.
Monthly maintenance: Bank7 charges you a $15 monthly maintenance fee if your account’s daily balance falls below $100.
Wire transfer fee: You'll pay a $15 fee for each domestic incoming wire transfer if you choose to fund your account using that method. Plus, the bank you're transferring money from may charge an additional outgoing wire transfer fee. Many other online banks don't charge incoming wire transfer fees, so you can find better options if you intend to fund your account this way.
Customer support hours: Bank7 maintains a 24/7 hotline for checking account information and reporting lost or stolen credit, ATM, and debit cards. But you can contact the bank only between 8 a.m. and 5 p.m. Central Time for general questions. Some online banks offer weekend support, which is useful if you have a question that can't wait until Monday, but these hours are not unusual for many banks.
Residents of Kansas, Oklahoma, and Texas who live near a Bank7 branch have a clear advantage when it comes to accessing their money. That said, there are still ways for other customers to make deposits and withdraw their cash.
You can fund your Bank7 High Rate Online Savings Account using any of the following methods:
You're allowed unlimited deposits to your account every month. But if you choose a wire transfer, you'll owe Bank7 an incoming domestic wire transfer fee, and the bank you're transferring the money from may charge you an outgoing wire transfer fee as well.
You can withdraw money from your Bank7 High Rate Online Savings Account in any of the following ways:
Note that you can make six total online transfers/withdrawals per month, and any more withdrawals than that will incur a $3 fee.
The Bank7 High Rate Online Savings Account is worth considering if you want the high yield of an online account plus some of the conveniences of brick-and-mortar banks, such as ATM access and branch locations (for residents of Kansas, Oklahoma, and Texas). Very few high-yield savings accounts include these options. If you think you'll want to withdraw cash from your account occasionally, the Bank7 High Rate Online Savings Account is a smart choice.
Those who don't plan to store much money in their account and those who prefer wire transfers for deposits may find a better fit on our list of the best savings accounts.
At Motley Fool Money, we rate savings accounts on a five-star scale (1 = poor, 5 = best). We evaluate all savings accounts across four main criteria: annual percentage yield (APY), brand and reputation, fees and minimum requirements, and perks that really make a difference -- think ATM access, linked checking accounts, or even branch access.
Our scores are weighted as:
Learn more about how Motley Fool Money rates bank accounts.
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. Motley Fool Money does not cover all offers on the market. Motley Fool Money is 100% owned and operated by The Motley Fool. Our knowledgeable team of personal finance editors and analysts are employed by The Motley Fool and held to the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands. Terms may apply to offers listed on this page. APYs are subject to change at any time without notice.
