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Bank7 High Rate Online Savings Account Review
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The Bank7 High Rate Online Savings Account aims to strike a balance between the high interest rates of online banks and the convenience of traditional brick-and-mortar institutions. It does this fairly well, offering an impressive interest rate and access to select ATMs -- a rarity among high-yield online savings accounts. The price for these perks is higher fees than you'll find with many online-only banks, but they're pretty easy to avoid with careful planning. Read our Bank7 High Rate Online Savings Account review to discover whether or not it’s for you.
Rates as
of Dec. 29, 2020
| Offer | APY | Best For |
|---|---|---|
Rating image, 4.0 out of 5 stars.
4.0 stars
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.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. Bank7 Savings Account Member, FDIC |
APY: 0.50% | Best For: High APY and no minimum balance |
Top perks
0.75% APY: The Bank7 High Rate Online Savings Account offers 0.75% APY on your first $999,999.99. There aren't many other online banks and almost no brick-and-mortar banks that can compete with this. 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 you must maintain in order 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 enables you to 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:Â 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.
What could be improved
Monthly maintenance: Bank7 charges you a $15 monthly maintenance fee for every month that your account's average daily balance is lower than $5,000.
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.
How to access your money
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.
Deposit options
You can fund your Bank7 High Rate Online Savings Account using any of the following methods:
- ACH transfer
- Wire transfer
- Checks mailed to Bank7
- Mobile deposit through the Bank7 Mobiliti app
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.
Withdrawal options
You can withdraw money from your Bank7 High Rate Online Savings Account in any of the following ways:
- ACH transfer
- Wire transfer
- Requesting a check from Bank7
- Using your ATM card
Note that federal law limits certain types of savings account withdrawals to six per statement cycle. ACH transfers, wire transfers, bills paid from your savings account, and checks you request from Bank7 all count toward your six monthly transactions. Any withdrawals in excess of this allowance will cost you a fee per transaction. However, there are no limits placed on withdrawals made via ATM or in person at a Bank7 branch location.
Online savings account comparison
Every savings account has its benefits and drawbacks. If the Bank7 High Rate Online Savings account doesn't sound like a great fit for you, one of these other options might suit you better.
Rates as
of Dec. 29, 2020
This Savings Account is right for you if:
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 savings account and those who prefer wire transfers for depositing their money can probably find more affordable options elsewhere.
About the Author
Kailey has been writing about banks, credit cards, loans, and all things personal finance since 2012. She also writes for The Ascent's parent company, The Motley Fool. Her work has appeared on USA Today, CNN Money, Fox Business, and MSN Money. She's a graduate of the University of Wisconsin and happily lives in the woods of northern Wisconsin where she grew up.
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