Review
Updated
Fact Checked
Ashley Maready
Arvest Bank is based in Arkansas, and also has a physical presence in three other states. It offers a variety of checking and savings accounts, high-yield CDs, mortgages, credit cards, and more. Read on for our full review to see if Arvest Bank could be a good fit for you.
Arvest Bank
Bottom Line
Arvest Bank is a solid bank for residents of Arkansas and surrounding areas who want a branch-based bank with a variety of account types. While its rates aren't likely to be competitive with top online banks, some of its accounts are full of valuable features.
Pros
- High CD yields
- Great checking account for those with an Arvest relationship
- Lots of account types to choose from
Cons
- Yields are low on savings accounts
- Many accounts have monthly fees
- Branches are only in four states
Arvest Bank savings accounts
Arvest Bank offers three different types of savings accounts to its customers.
Arvest Bank Cool Blue Savings
The Arvest Bank Cool Blue Savings is designed for customers under 18. It earns interest on balances, and has a low $50 minimum opening deposit. It has no monthly service fee, and is intended to help children and young adults learn good savings habits.
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Ratings Methodology
Rates as
of Apr 27, 2024
Arvest Bank Cool Blue Savings
Member FDIC.
APY
0.25%
Min. To Earn APY
$0.01
- Designed for customers under 18
- No monthly fee
- Low minimum opening deposit
- Interest rate isn't competitive with online banks
Arvest Bank's Cool Blue Savings account is a solid product for young adults to get started with saving money. It has no monthly fee and no minimum ongoing deposit requirement, and the big drawback is a relatively low interest rate.
Arvest Bank Savings Account
The Arvest Bank Savings Account is the bank's basic savings product that's designed to be a good fit for most of its customers, with a low monthly fee that is easy to waive and a low opening account minimum. It earns interest, although its APY is rather low compared to other banks on our radar. If you have an Arvest Bank checking account, you'll be able to access your savings account balance with an ATM card as well.
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Ratings Methodology
Rates as
of Apr 27, 2024
Arvest Bank Savings Account
Member FDIC.
APY
0.25%
Min. To Earn APY
$100
- Low opening deposit
- Monthly fee can be waived with $100 balance
- No ongoing minimum balance requirement
- Interest rate isn't competitive with online banks
The Arvest Bank Savings Account is a solid basic savings account for a branch-based financial institution. It has a $2 monthly fee that is easily waivable by maintaining a $100 balance or $500 average daily balance.
Arvest Bank Money Market Account
Arvest Bank offers a money market account product, designed for savers who maintain relatively high balances. It pays a higher APY than the bank's regular savings account, and also offers unlimited ATM withdrawals. There is a $10 monthly service fee, but this can be waived with a minimum daily balance of $2,500.
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Ratings Methodology
Rates as
of Apr 27, 2024
Arvest Bank Money Market Account
Member FDIC.
Monthly Fee
$10, waivable by maintaining a $2,500 min. daily balance
Min. Balance
$100 to open, then $0
APY
up to 2.15%
Rate info
Balance of $0 to $9,999.99 earns 1.95%, balance of $10,000 to $99,999.99 earns 2.00%, balance of $100,000 to $4,999,999.99 earns 2.10%, balance of $5,000,000 and up earns 2.15%
Min. To Earn APY
$0
- Competitive APY
- Unlimited ATM withdrawals
- $100 minimum opening balance
- $10 monthly service fee for balances under $2,500
- APY isn't competitive with online banks
Arvest Bank's Money Market Account is a solid savings account for customers who typically keep more than $2,500 in their account. It pays a competitive APY for a branch-based money market account, but isn't quite up to par with money market accounts offered by online institutions.
High-yield savings account comparison
We recommend comparing high-yield savings account options to ensure the account you're selecting is the best fit for you. To make your search easier, here's a short list of standout accounts.
Show Best Offers Available in
| Account | APY | Promotion | Next Steps |
|---|---|---|---|
Rating image, 4.75 out of 5 stars.
4.75/5
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 4.60%
Rate info
You can earn the maximum APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.
Min. to earn: $0
|
New customers can earn up to a $300 bonus with qualifying direct deposits!
|
|
Rating image, 4.75 out of 5 stars.
4.75/5
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 |
5.05% APY for balances of $5,000 or more
Rate info
5.05% APY for balances of $5,000 or more; otherwise, 0.25% APY
Min. to earn: $100 to open account, $5,000 for max APY
|
N/A
|
|
Rating image, 4.00 out of 5 stars.
4.00/5
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 |
4.35%
Min. to earn: $0
|
New customers can earn a $200 bonus with a minimum $25,000 qualifying deposit. Terms apply.
|
Arvest Bank CD accounts
Arvest Bank offers certificates of deposit, (also known as CD accounts), in a few different maturity terms.
Arvest Bank CDs
CDs are an area where Arvest Bank shines. It offers CDs with several maturity terms, and while the bank only publishes its 6-month, 12-month, and 24-month CD rates on its website, all have APYs that are competitive, even with online banks.
One big drawback, especially for new savers and those trying to build a CD ladder, is that Arvest Bank CDs have a $1,000 minimum deposit requirement.
Rates as of April 25, 2024
APY = Annual Percentage Yield
Arvest Bank CD
Bottom Line
Arvest Bank CDs, otherwise known as "Time Accounts," are available at competitive rates in terms of 31 days to five years. The exact APY you're eligible for depends on your CD balance. For more information, consumers may call Arvest Bank or visit a local branch.
MINIMUM DEPOSIT $1,000
| 6 Mo. APY | 1 Yr. APY | 2 Yr. APY |
|---|---|---|
| Up to 5.05% | Up to 4.80% | Up to 4.30% |
Compare CD rates
While Arvest Bank offers competitive CD rates, it's still important to shop around. Be sure to check out some of our top banks' CD rates before making a decision.
Rates as of April 25, 2024
| Bank & CD Offer | APY | Term | Min. Deposit | Next Steps |
|---|---|---|---|---|
Member FDIC.
| APY: 5.10% | Term: 10 Months | Min. Deposit: $0 | |
Member FDIC.
| APY: 4.70% | Term: 1 Year | Min. Deposit: $2,500 | |
| APY: 5.05% | Term: 1 Year | Min. Deposit: $1 | |
|
| APY: 5.15% | Term: 9 Months | Min. Deposit: $1 | |
Member FDIC.
| APY: 4.75% | Term: 1 Year | Min. Deposit: $500 |
Arvest Bank checking accounts
Arvest Bank offers several different types of checking accounts, so let's look at them one at a time.
Arvest Free Blue™ Checking
The Arvest Free Blue™ Checking account is a basic checking account that requires enrollment in e-statements and has no monthly fee. The account offers a free debit card, up to $400 in overdraft protection, free notary services, and unlimited check writing. Customers over the age of 62 even get free checks.
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Ratings Methodology
Rates as
of Apr 27, 2024
Arvest Free Blue™ Checking
Member FDIC.
APY
0%
Min. To Earn APY
N/A
- No monthly fees
- Up to $400 in overdraft protection
- Free notary services
- Free checks (age 62 and older)
- Doesn't earn interest
The Arvest Free Blue checking account is a solid basic checking account product. The overdraft protection is an especially attractive feature, and there is no monthly fee.
Arvest Basic Blue™ Checking
The Arvest Basic Blue™ Checking account is rather similar to its Free Blue Checking account. The biggest difference is that the Free Blue edition requires enrollment in e-statements, while the Basic Blue offers paper account statements in exchange for a $3 monthly fee (which cannot be waived).
Both accounts offer a free debit card, up to $400 in overdraft protection, free notary services, and unlimited check writing. Customers over the age of 62 even get free checks. In short, the only reason to use the Basic Blue account is if you insist on having paper statements mailed to you each month.
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Ratings Methodology
Rates as
of Apr 27, 2024
Arvest Basic Blue™ Checking
Member FDIC.
APY
0%
Min. To Earn APY
N/A
- Up to $400 in overdraft protection
- Free notary services
- Free checks (age 62 and older)
- Monthly $3 fee can't be waived
- Doesn't earn interest
The Arvest Free Blue checking account is the better deal for most people, as there is free mobile banking with both options and little need to pay a fee to get paper statements mailed. However, if you insist on having paper statements mailed, the Arvest Basic Blue checking account is a solid checking account product.
Arvest myBlue® Checking
The Arvest myBlue® Checking account is designed to be a step up from the previous two. It has a $6 monthly fee that cannot be waived, but it comes with some valuable features. It has free unlimited online bill pay, which costs $0.50 per use with the more basic accounts. There's $10,000 in AD&D insurance for the primary account holder, free ID protection, and as much as $600 in overdraft protection.
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Ratings Methodology
Rates as
of Apr 27, 2024
Arvest myBlue® Checking
Member FDIC.
APY
0%
Min. To Earn APY
N/A
- Unlimited online bill pay
- Free IDProtect
- Up to $600 in overdraft protection
- Paper statements are included, if desired
- $6 monthly fee cannot be waived
- Doesn't earn interest
Arvest Bank's myBlue Checking account offers some unique benefits, such as insurance, identity protection, and a high level of overdraft protection. There's also unlimited online bill pay, and much more. The biggest drawback is that the $6 monthly account fee cannot be waived.
Arvest Club Checking
The Arvest Club Checking account takes the benefits a step further. It includes all of the benefits of the myBlue account, but increases the AD&D insurance coverage to $30,000 and the overdraft protection to as much as $800. It offers free checks to all customers, free money orders and cashier's checks, and more, for a $12 monthly fee.
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Ratings Methodology
Rates as
of Apr 27, 2024
Arvest Club Checking
Member FDIC.
APY
0%
Min. To Earn APY
N/A
- Free checks
- Free money orders
- Up to $800 in overdraft protection
- $12 monthly fee cannot be waived
- Doesn't earn interest
The Arvest Club Checking account includes all of the benefits of the myBlue account. It also increases the AD&D insurance coverage to $30,000 and the overdraft protection to as much as $800. It offers several free banking services, such as money orders, and more for a $12 monthly fee.
Arvest Preferred Club Checking
The Arvest Preferred Club Checking account is Arvest Bank's top-tier checking product. In addition to the benefits of the Arvest Club Checking account, the overdraft protection limit is bumped to $1,000, and customers earn interest on their balances. It adds a few more free services, such as the ability to stop payments on checks. The Arvest Preferred Club Checking account has an $18 monthly fee, but unlike the other accounts, it can be waived by meeting certain requirements, such as having $25,000 in combined consumer loans and deposits.
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Ratings Methodology
Rates as
of Apr 27, 2024
Arvest Preferred Club Checking
Member FDIC.
APY
0.05%
Min. To Earn APY
$50
- Earns interest
- Monthly fee can be waived
- Up to $1,000 in overdraft protection
- Lots of perks and benefits
- $18 monthly fee if relationship requirements are not met
- APY is low for an interest-bearing checking account
Arvest Bank's Preferred Club checking account is the bank's interest-bearing checking account, and is a solid product for customers who have a relationship with the bank that meets one of the fee-waiver requirements.
Checking account comparison
We recommend comparing checking account options to ensure the account you're selecting is the best fit for you. To make your search easier, here's a short list of standout accounts.
Show Best Offers Available in
| Account | APY | Promotion | Next Steps |
|---|---|---|---|
Rating image, 4.00 out of 5 stars.
4.00/5
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 |
0%
Min. to earn: N/A
|
Earn 1% cash back on up to $3,000 in debit card purchases each month (see details when you click 'Open Account')
|
|
|
Rating image, 4.75 out of 5 stars.
4.75/5
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 |
0.50%
Rate info
You can earn the maximum savings APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.
Min. to earn: $0
|
Cash bonus up to $300 with direct deposit set up (see details when you click 'Open Account')
|
|
Rating image, 4.25 out of 5 stars.
4.25/5
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 |
0.40% (up to 3.30%)
Rate info
To earn the full APY, account holders must do all of the following: Receive monthly direct deposits totaling more than $1,500; make 10 transactions a month with your Axos debit card, or sign up for Axos's Personal Finance Manager; maintain an average daily balance of $2,500 per month in an Axos Invest Self Directed Trading Account; and use your Rewards Checking account to make your full monthly Axos Bank consumer mortgage, personal, or auto loan payment.
Min. to earn: Monthly direct deposits totaling at least $1,500
|
Use promo code AXOS300 and apply by June 30th, to earn up to a $300 bonus!
|
Arvest Bank customer service and experience
Arvest Bank has customer service available by phone from 7 a.m. to 8 p.m. CST on weekdays and from 8 a.m. to 5 p.m. on Saturdays. It also has branch locations in Arkansas, Kansas, Missouri, and Oklahoma. The bank has been in business for more than 60 years and holds an A+ rating from the Better Business Bureau.
Arvest Bank relationship benefits
The closest thing Arvest Bank has to a relationship program is the Arvest Preferred Club Checking account, which is free to customers that have a large relationship with the bank. You don't necessarily need to maintain high deposit account balances -- some of the qualifiers include having a mortgage of $100,000 or more or $50,000 in brokerage assets.
Alternatives to Arvest Bank
No bank is a perfect fit for everyone, and Arvest Bank is no exception. Here are two others you might want to consider instead.
SoFi Bank
SoFi could certainly be a better option if you're looking for higher-yield accounts, especially if you don't live near an Arvest Bank branch. It offers a highly competitive combination high-yield savings and checking account, and offers a variety of other banking products. One major drawback is that SoFi doesn't offer CDs.
Ally Bank
Ally Bank offers a competitive high-yield savings account, CDs with some of the highest rates on our radar, as well as an excellent interest-bearing checking account. It also offers several types of loans, is one of the largest auto lenders in the U.S., and also has a top-rated brokerage platform.
Is Arvest Bank right for you?
Arvest Bank could be a solid choice, especially if you live in one of the four states where it has physical branches. However, Arvest's interest rates on deposit accounts aren't nearly as high as you can find with some of the top online banks.
Other products by Arvest Bank
Arvest Bank has several other notable products, in addition to those we've already discussed. These include:
- Business bank accounts
- Investment and trust services
- Private banking
- Insurance servicing
- Retirement planning services
Arvest Bank credit cards
- The Arvest Platinum Credit Card offers one point per dollar spent towards cash back or other rewards, and has no annual fee.
- The Arvest Visa Signature Card offers a higher 1.5 point-per-dollar rewards rate, a credit toward a Global Entry or TSA PreCheck membership, benefits at certain Visa Signature hotels, and more, with no annual fee.
- The Arvest True Rate Credit Card is designed for customers who would rather have a permanently low interest rate instead of cash back rewards.
Arvest Bank mortgages
- Conventional mortgages
- FHA loans
- VA loans
- Rural development loans
- Construction loans
- Jumbo loans
- Physician loans
- Non-conforming loans
- Condo loans
Our bank and credit union methodology
Our methodology for scoring banks and credit unions revolves around evaluating key aspects such as annual percentage yield (APY), brand reputation, fees and minimum requirements, and additional perks.
These criteria are weighted differently across various account types, ensuring a comprehensive assessment that reflects the competitive landscape and economic conditions.
We strictly feature products that offer federal insurance and high customer satisfaction, keeping our recommendations unbiased by advertiser influence. This robust evaluation process helps us generate balanced, reliable best-of lists that guide consumers to top financial products.
Learn more about how The Motley Fool Ascent rates bank accounts.
FAQs
-
Yes, Arvest Bank is an FDIC-insured financial institution, which means that deposits are protected up to a maximum of $250,000 per person. It has more than 200 locations, and over $26 billion in assets, so it isn't exactly a small bank.
-
Arvest Bank is based in Lowell, Arkansas. It has physical operations in its home state, as well as in Missouri and Oklahoma. As of 2024, Arvest Bank has more than 200 physical locations that serve over 100 communities in these three states.
Our Banking Experts
Matt is a Certified Financial Planner™ and investment advisor based in Columbia, South Carolina. He writes personal finance and investment advice for The Ascent and its parent company The Motley Fool, with more than 4,500 published articles and a 2017 SABEW Best in Business award. Matt writes a weekly investment column ("Ask a Fool") that is syndicated in USA Today, and his work has been regularly featured on CNBC, Fox Business, MSN Money, and many other major outlets. He’s a graduate of the University of South Carolina and Nova Southeastern University, and holds a graduate certificate in financial planning from Florida State University.
Fact Checked
Ashley Maready
Ashley Maready is a former history museum professional who made the leap to digital content writing and editing in 2021. She has a BA in History and Philosophy from Hood College and an MA in Applied History from Shippensburg University. Ashley loves creating content for the public and learning new things so she can teach others, whether it's information about salt mining, canal mules, or personal finance.
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