Bank7 High Rate Online Savings Account Review: Competitive APYs on Up to $1 Million

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.

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.

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
• Using your ATM card

Note that you can make six total online transfers/withdrawals per month, and any more withdrawals than that will incur a $3 fee.

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.

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.