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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.
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:
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.
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.
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.
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:
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:
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:
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).
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:
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.
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:
Some downsides:
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.
| Term | APY | Minimum deposit to earn APY |
|---|---|---|
| 6 months | 0.05% | $1,000 |
| 12 months | 0.12% | $1,000 |
| 24 months | 0.20% | $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 the CD rates other banks are offering by checking out MagnifyMoney’s best CD roundup.
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.
Haley RogersHaley Rogers is a former staff writer at MagnifyMoney covering deposit accounts, investing, the Federal Reserve and personal finance. Haley has worked as a journalist, public relations writer and content marketer in past roles.
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