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Bank OZK Review 2022

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Bank OZK started in 1903 as Bank of the Ozarks and is headquartered in Little Rock, Ark. Known as Bank OZK since 2018, it has over 240 offices across eight states and offers products and services comparable to most banks. Services include deposit accounts, personal and mortgage loans, credit and debit cards, online and mobile banking, wealth management services and more.

Rates may vary by location, so the rates in this Bank OZK review apply to the bank’s headquarters location of Little Rock, Ark.

Bank OZK savings accounts
3 out of 5

OZK Savings

  • APY: Varies by location, visit Bank OZK’s website or call Bank OZK for rates
  • Minimum opening deposit: $50
  • Monthly fee: $3 ($0 with qualifying activities)

The OZK Savings account is Bank OZK’s main savings account. Enter your ZIP code on Bank OZK’s website to learn if you’re eligible for this account and what your annual percentage yield (APY) would be. Customers can easily waive the monthly service fee of $3 by maintaining a minimum balance of $100 or more during the monthly statement cycle.

While the amount of cash withdrawals made at an in-network ATM or branch are unlimited (up to $500 a day), there is a monthly limit of up to six transactions by other payment methods (debit card payments, internet bill payments, wire transfers and more). Stay under those six transactions each month and you will avoid a $10 fee.

Some other features of this standard savings account:

  • Insured by the Federal Deposit Insurance Corporation (FDIC)
  • Access to online banking and mobile app
  • My Change Keeper savings service (automatically rounds up to the next whole dollar and transfers the difference to your designated account)
  • Free paper statements
  • Safety Link overdraft protection

Throughout the year, Bank OZK may feature a limited-time Prize Linked Savings Promotion, in which all eligible customers are automatically entered. These contests can be limited to certain states and accounts, and prizes are often awarded as a direct deposit into that particular account. As a Bank OZK customer, keep an eye out for any current Prize Linked Savings Promotions happening in your region.
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OZK First Savings

  • APY: N/A online, call OZK Bank for rates
  • Minimum opening deposit: $5
  • Monthly fee: None

The OZK First Savings account is a standard, affordable savings account for kids 17 years old or younger. It comes with the same features as the OZK Savings account, including convenient online and mobile banking, free paper statements and transaction limits (outside of ATM cash withdrawals, which are unlimited).

With a reasonable $5 minimum opening deposit and no monthly fees, kids can start earning minimal interest without the initial sting of spending. Bank OZK does not post the rate for this account on its website, so please make sure you call to check the rate for your location prior to opening this account.

This account can only be opened in a branch. Use the bank’s location search to find a branch near you.

OZK Money Market

  • APY: N/A online, call OZK Bank for rates
  • Minimum opening deposit: $50
  • Monthly fee: $10 ($0 with qualifying activities)

The OZK Money Market account requires a $50 minimum opening deposit and earns interest based on balance tiers. Bank OZK does not post the rate for this account on its website, so make sure you call to check the rate for your location prior to opening this account.

The $2 paper statement fee is easily waived if customers enroll in free eStatements. The $10 monthly service fee can be waived if you maintain a daily balance of $5,000 or more. With the same withdrawal limits, free ATM transactions and access to other features such as online and mobile banking, this money market account is a good choice if you expect to maintain that higher daily balance. This account is not eligible for the Bounce Proof Security.

This account can only be opened in a branch. Use the bank’s location search to find a branch near you.

Compare these savings accounts with others using MagnifyMoney’s best savings account roundup and best money market account roundup.

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Bank OZK checking accounts
2.5 out of 5

OZK Interest+ Checking

  • APY: 0.05% on all balances
  • Minimum opening deposit: $50
  • Monthly fee: $12 ($0 with qualifying activities)
  • ATM access: Free at Bank OZK ATMs; four rebates for non-Bank OZK ATM transactions monthly

The OZK Interest+ Checking account is Bank OZK’s only interest-bearing checking account. Customers can waive the $12 monthly fee by maintaining a $2,500 average daily balance. As for other fees, you should be aware of the bank’s foreign transaction fee of $2.50 and a dormant checking account fee of $6 that begins after a year.

Again, you’re not earning much at 0.05% APY, but this account works as a standard checking account with some substantial benefits:

  • First Visa debit card for free ($5 to customize)
  • Unlimited rebates for incoming wire transfers
  • Four rebates for non-Bank OZK ATM transactions
  • Online and mobile banking via the Bank OZK app and Zelle
  • Free eStatements (enroll to waive the $2 paper statement fee)
  • Available financial guidance from local experienced bankers

Safety Link is Bank OZK’s form of free overdraft protection that helps customers avoid its $35 overdraft fee. It automatically transfers funds from a connected checking, savings, money market or line of credit account of your choice to the deposit account that doesn’t have available funds to cover a purchase. To enroll in Safety Link, you must visit a Bank OZK branch.

Bank OZK also offers two levels of bounce protection: Bounce Proof Security and Bounce Proof Plus. Customers may find this confusing at first, as they are very similar, do not apply to some personal checking accounts and ultimately do not protect against the $35 overdraft fee. Here are the distinctions:

  • Bounce Proof Security: This protects you from bouncing a check as long as the overdraft amount does not exceed $500. Your transaction will not be declined because the bank will cover the overdraft, and you’ll be charged a $35 overdraft fee.
  • Bounce Proof Plus: This includes all the same features of Bounce Proof Security, with the added protection for everyday debit card and ATM transactions.

SEE DETAILS

on Bank OZK’s secure website

Member FDIC

OZK Checking

  • APY: None
  • Minimum opening deposit: $50
  • Monthly fee: $7 ($0 with qualifying activities)
  • ATM access: Free at Bank OZK ATMs

The OZK Checking account does not yield any interest, requires a $50 deposit to open and offers a few ways you can waive the $7 monthly fee:

  • Have direct deposits totaling $500 or more in the monthly statement cycle, or
  • Maintain an average daily balance of $500 or more, or
  • Make 10 or more purchases using your Bank OZK debit card per statement cycle

Enroll in free eStatements to avoid the $2 monthly paper statement fee. As with other Bank OZK checking accounts, you can bank from anywhere with Bank OZK’s online and mobile banking and receive your first Visa debit card for free (which you can add to your mobile wallet).

OZK Bonus Checking

  • APY: None
  • Minimum opening deposit: $50
  • Monthly fee: $5
  • ATM access: Free at Bank OZK ATMs

If you’re looking for a checking account with a rewards focus and emphasis on insurance or reimbursement, OZK Bonus Checking is the account for you. What makes it unique:

  • $10,000 Accidental Death & Dismemberment Insurance
  • $2,500 Identity Theft Reimbursement Coverage
  • Shopping rewards

The OZK Bonus Checking account does not yield interest, requires a $50 minimum deposit to open and has an unwaivable $5 monthly fee. For this account, you’ll still get online and mobile banking, as well as your first Visa debit card for free ($5 to customize). Just a note for anyone interested in this account: insurance products are not insured by the FDIC or any federal government agency.

OZK Freedom Advantage Checking

  • APY: None
  • Minimum opening deposit: $25
  • Monthly fee: $5
  • ATM access: Free at Bank OZK ATMs

The Freedom Advantage Checking account requires a minimum deposit of only $25 to open, but charges an unwaivable $5 monthly service fee. However, the monthly fee may not matter to you, as this account makes up for it with:

  • No nonsufficient funds or overdraft fees
  • No dormancy or inactivity fees
  • No telephone transfer fee
  • Free eStatements (enroll to avoid the $2 paper statements)
  • First Visa debit card for free ($5 to customize)

Some downsides:

  • Checks cannot be ordered or written on the account
  • It is not eligible for Bounce Proof Security or Bounce Proof Plus

Again, this account may be worth it to anyone not looking to gain interest and wanting to access their money without fear of common fees.

This account can only be opened in a branch. Use the bank’s location search to find a branch near you.

Take this list of Bank OZK checking account features and compare them to other accounts with MagnifyMoney’s best checking account roundup.

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Bank OZK CDs
0.5 out of 5

TermAPYMinimum deposit to earn APY
6 months0.05%$1,000
12 months0.12%$1,000
24 months0.20%$1,000

Bank OZK does not offer jumbo CDs or no-penalty CDs, but its standard CD requires $1,000 to open and obtain the advertised APY.

When you sign up online, you can choose from six terms that range from six months to two years, all with different fixed rates, but you can also visit a branch for additional term options. With each of these terms and rates, interest is compounded monthly, and you’re subject to an early withdrawal penalty if you access your money before it matures.

SEE DETAILS

on Bank OZK’s secure website

Member FDIC

See the CD rates other banks are offering by checking out MagnifyMoney’s best CD roundup.

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Customer experience at Bank OZK

Bank OZK seems to place an emphasis on financial literacy on its site. In addition to offering their financial guidance as local bankers, they also offer the Learning Center — a webpage full of documents and video tutorials as financial literacy resources. Customers who browse their site may notice a reassuring emphasis on identity theft and fraud prevention and online security and privacy.

As a bank looking to lead in online and digital banking innovation, it does cover the primary mobile banking services, including Zelle and a mobile app with a 4.6 star rating on Apple App Store and 3.1 rating in the Google Play Store.

Bank OZK has been recognized as #1 in Bank Director’s 2021 Performance Powerhouses Study, which means they were “considered the best ‘well-rounded’ bank in the nation” and recognized for delivering shareholders the highest return of any U.S. public bank over a 20-year period. The bank also secured #2 on the Forbes list of America’s Best Banks in 2022.

Bank OZK offers customer service care comparable to most banks: on weekdays from 7 a.m. to 7 p.m. CT and Saturdays from 7 a.m. to 4 p.m. CT. When customers need assistance outside of those hours, they can reach out to the bank’s automated 24/7 telephone banking. You can find all Bank OZK customer service numbers online here.

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