Arvest Bank Review: Checking, Savings, CD and Money Market Accounts

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Updated on Tuesday, September 1, 2020

Arvest Bank’s checking account options

Free Blue

A checking account that earns no interest, but keeps fees to minimum.
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: None
  • ATM fee: $2 at all non-Arvest ATMs
  • ATM fee refund: Arvest returns the ATM fees it charges you at the end of the month.
  • Overdraft fee: $17

Arvest Bank’s Free Blue checking account doesn’t earn any interest, but it also has very few fees. Examples? There is no monthly account maintenance fee. The ATM fees that are charged when you use a non-Arvest ATM are returned to you at the end of the month. However, if the outside ATM charges you an additional fee, though, that specific fee will not be returned by Arvest Bank.

For this account, you will receive electronic statements; if you’re over age 62, you’ll also be get free checks with your account.

How to get Arvest Bank’s Free Blue Checking Account

Arvest Bank prefers that you open all accounts in person — however, your first account must be opened in person. When you go in, you’ll need your Social Security number and be sure to bring your picture ID.

After your first account is open, you may be permitted to open subsequent accounts over the phone at the bank’s discretion. You can also open subsequent accounts online, but the process can take over a month.

SEE DETAILS Secured

on Arvest Bank’s secure website

Basic Blue

The same basic checking account with paper statements and a monthly maintenance fee.
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $3
  • ATM fee: $2 at all non-Arvest ATMs
  • ATM fee refund: Arvest returns the ATM fees it charges you at the end of the month.
  • Overdraft fee: $17

Just like Free Blue checking, the Basic Blue checking account won’t earn you any interest. In fact, these accounts are virtually identical save one key difference: Basic Blue comes with paper statements. However, for the privilege of those, you will have to pay a small monthly maintenance fee — you just have to decide if having a physical paper trail rather than an electronic one is worth the added cost.

How to get Arvest Bank’s Basic Blue Checking Account

Ideally, you will open this account in person; if this is your first Arvest account, opening it in person is mandatory. If you have other accounts, you may be able to open this checking account via phone or online, though the process takes longer. However you choose to open your account, come prepared with your Social Security number and a photo ID.

SEE DETAILS Secured

on Arvest Bank’s secure website

myBlue

Pick between electronic or paper statements, and get an added accident insurance policy.
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $6
  • ATM fee: $2 at all non-Arvest ATMs
  • ATM fee refund: Arvest returns the ATM fees it charges you at the end of the month.
  • Overdraft fee: $17

Arvest Bank’s checking accounts build on each other. The myBlue checking is very similar to Free Blue and Basic Blue, but it comes with a higher monthly maintenance fee. This fee gives you a choice of paper or electronic statements, and comes with access to a $10,000 personal Accidental Death & Dismemberment (AD&D) insurance policy.

How to get Arvest Bank’s myBlue Checking Account

Your first Arvest account must be opened in person. Each subsequent account may be opened via phone or in person depending on your individual circumstances. You can also open an account online, but the process for this modality can take over a month. Whichever way you apply, you will need a photo ID and a social security number.

SEE DETAILS Secured

on Arvest Bank’s secure website

Arvest Club

Higher maintenance fees give your more benefits — but still no interest.
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $12
  • ATM fee: $2 at all non-Arvest ATMs
  • ATM fee refund: Arvest returns the ATM fees it charges you at the end of the month.
  • Overdraft fee: $17

The Arvest Club checking account attempts to sweeten the deal even further. The monthly maintenance fee is higher, but so is the AD&D policy coverage. The benefit is increased to $30,000 and extends to your family. On top of that, this is one of the checking accounts in the Arvest Bank roster that offers free checks to everyone — not just those age 62 or older.

You’ll also be able to use two free cashier’s checks or money orders per day, which would normally cost $3 each. With an Arvest Club checking account, you’ll have access to a discount on a safe deposit box and the ability to stop payment on one check per year with no charge. Typically, stopping a payment costs $25.

How to get Arvest Bank’s Arvest Club Account

You’ll need to open your first account in person. After that, it is still preferred that you open your account in person, but opening one over the phone is an option that may become available to you. You are also able to apply online, but the process can take more than a month.

SEE DETAILS Secured

on Arvest Bank’s secure website

Preferred Club

The bank’s only checking account to earn interest comes with a waivable maintenance fee.
APYMinimum Balance to Earn APY
0.05%None
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $18, though the fee can be waived
  • ATM fee: $2 at all non-Arvest ATMs
  • ATM fee refund: Arvest returns the ATM fees it charges you at the end of the month.
  • Overdraft fee: $17

Here’s Arvest Bank only checking account that earns interest. The rate isn’t incredibly high, but as with its other accounts, the Preferred Club checking account comes with extra perks. Those extras are the same as what you get with an Arvest Club account, plus interest and a waiver on your monthly maintenance fee if you meet any of the following conditions:

  • Keep $20,000 in your combined deposit accounts with Arvest Bank.
  • Hold $20,000 in consumer loans with Arvest Bank.
  • Have a combined $25,000 in deposit accounts and consumer loans with Arvest Bank.
  • Hold a mortgage of more than $100,000 with Arvest Bank.
  • Keep $50,000 in brokerage assets with Arvest Bank.
  • Have a qualified trust with Arvest Bank.

If you do not meet one of these requirements, the monthly maintenance fee is quite steep and has the real potential to eat away any earnings from the little bit of APY this account earns.

How to get Arvest Bank’s Preferred Club Checking Account

You must open your first Arvest Bank account in person, but after that you may be able to do so over the phone at the bank’s discretion. You can also open subsequent accounts online, but you will be waiting quite some time to have your application processed.

SEE DETAILS Secured

on Arvest Bank’s secure website

Member FDIC

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How Arvest Bank’s checking accounts compare

Considering just APY and maintenance fees, Arvest Bank’s checking accounts simply don’t compare to the best checking accounts on the market. Four of the five options don’t pay any interest, and the one that does only offers a relatively low rate. As perks increase, so does each account’s maintenance fee, unless you open a Preferred Club checking account and do a lot of banking with Arvest Bank.

However, what these checking accounts lack in yield, they attempt to make up for in unique perks. Access to AD&D policies, waived fees for cashier’s checks and money orders, discounts on a safe deposit box and the waived fee for a stop payment on a check you’ve written do have value. How much value is going to depend on if you were already going to use or seek out these services. If you weren’t, you may be better off doing your checking elsewhere.

Arvest Bank’s savings account options

Savings Account

An unexciting, basic savings account with rate bumps for those with certain checking accounts.
APYMinimum Balance to Earn APY
0.05% $100
  • Minimum opening deposit: $100
  • Minimum balance to earn APY: $100
  • Monthly account maintenance fee: $2 but the fee can be waived
  • ATM fee: $2 at all non-Arvest ATMs
  • ATM fee refund: Arvest returns the ATM fees it charges you at the end of the month.
  • Overdraft fee: $17

Arvest Bank’s Savings Account is basic — its rates aren’t competitive, and while its minimum opening deposit and minimum balance high for an account offering this type of APY, it also assesses a monthly maintenance fee.

However, you can get that maintenance fee waived if you keep at least $100 in your account at all times throughout the month, or if you have an average daily balance of $500. You’re also eligible for a 0.05% APY increase if you have an Arvest Club or Preferred Club checking account.

Savings accounts at all financial institutions are subject to federal Regulation D. This rule says that you are allowed to make up to six certain withdrawals from a savings account per month. If you go over this magic number, you will be charged a $5 fee for each subsequent withdrawal by the bank. You may also see your savings account shut down or converted to a checking account.

How to get Arvest Bank’s Savings Account

Is this your first account with Arvest Bank? If so, you have to open it in person. If this won’t be the first time you’re paying patronage to Arvest, you may be able to open your account on the phone or via the month-long process of applying online.

SEE DETAILS Secured

on Arvest Bank’s secure website

Member FDIC

Cool Blue Savings

A youth savings account with fewer fees to allow for some wiggle room.
APYMinimum Balance to Earn APY
Call Arvest for current rates. $0.01
  • Minimum opening deposit: $50
  • Minimum balance to earn APY: $0.01
  • Monthly account maintenance fee: None
  • ATM fee: $2 at all non-Arvest ATMs
  • ATM fee refund: Arvest returns the ATM fees it charges you at the end of the month.
  • Overdraft fee: $17

Arvest Bank’s Cool Blue Savings account is open to those under the age of 18. It is nice that the bank does not charge monthly maintenance fees or require a minimum balance to earn the APY. This gives younger account holders more wiggle room as they begin learning about basic banking concepts.

Cool Blue Savings also comes with a $5 fee for each withdrawal you make after the sixth in any given month, Arvest Bank’s policy in line with federal regulations on transaction limits.

How to get Arvest Bank’s Cool Blue Saving Account

You and your child will have to come in to open this account. You as the adult will need a photo ID, and you will need to bring both of your social security numbers.

SEE DETAILS Secured

on Arvest Bank’s secure website

Health Savings Account

Arvest Bank’s option to help you pay medical expenses now and in the future.
APYMinimum Balance to Earn APY
Call Arvest for current rates.Varies
  • Minimum opening deposit: None
  • Minimum balance to earn APY: Varies depending on desired APY
  • Monthly account maintenance fee: $3 but the fee can be waived
  • ATM fee: $2 at all non-Arvest ATMs
  • ATM fee refund: Arvest returns the ATM fees it charges you at the end of the month.
  • Overdraft fee: $17

A Health Savings Account (HSA) is a place to let your money grow tax-free, as long as you ultimately spend it on medical expenses. You’re only eligible for this type of savings account if you have a high-deductible healthcare plan (HDHP) and no access to any other health insurance. You can save up to $3,450 a year as an individual, or $6,900 if you have a family policy.

You are supposed to spend this money on medical expenses, but if you hold onto it long enough, you can avoid taxes regardless of what you spend the money on. These penalty-free withdrawals only apply if you’re age 65 or older or if you’re disabled.

There is a small monthly maintenance fee on this account, but it will be waived if you maintain a minimum daily balance of $500.

How to get Arvest Bank’s Health Savings Account

Your first Arvest account must be opened at a branch, but after that you may be allowed to open your next account over the phone or online. Just be aware that online applications can take up to a month to process.

SEE DETAILS Secured

on Arvest Bank’s secure website

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How Arvest Bank’s savings accounts compare

Arvest Bank’s savings rates aren’t competitive. Even with the modest APY bump for having both specific types of checking and savings accounts, there’s very little reason to keep your liquid savings with Arvest when there are so many more lucrative savings account offers out there.

Arvest Bank’s HSA could be advantageous to some customers and it’s not so widely offered.

Arvest Bank’s CD rates

Certificate of Deposit

A disappointing combination of limited term options and mediocre rates.
TermAPYMinimum Balance to Earn APY
6 Months0.05%$9,999 or less
6 Months0.20%$10,000-$49,999
6 Months0.25%$50,000-$94,999
6 Months0.30%$95,000+
12 Months0.10%$9,999 or less
12 Months0.25%$10,000-$49,999
12 Months0.30%$50,000-$94,999
12 Months0.35%$95,000+
24 Months0.20%$9,999 or less
24 Months0.35%$10,000-$49,999
24 Months0.40%$50,000-$94,999
24 Months0.45%$95,000+
  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $0.01
  • Early withdrawal penalty: This penalty is calculated in-house by Arvest’s team. It will vary depending on the amount of money you have in your account and how far into the term you have made it.

With only three term lengths, Arvest Bank’s CD offerings are limited — and the interest rates on these limited offerings are low to mediocre. The rates start to get more competitive as your opening deposit goes up, but you can still find higher rates with dramatically lower minimum deposit requirements elsewhere. On top of limited term offerings and ho-hum rates, the bank’s formula for early withdrawal penalties is more complicated than most other financial institutions.

While regular CD rates are less than desirable, it’s always a good idea to keep an eye out for promotional rates, as these are often higher with shorter terms than are offered on everyday certificates.

How to get Arvest Bank’s CDs

Your first account must be opened in person. If this certificate is not your first account, you may be able to set it up via phone. You cannot open a CD online.

SEE DETAILS Secured

on Arvest Bank’s secure website

Member FDIC

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How Arvest Bank’s CD rates compare

Arvest Bank’s certificate of deposit rates don’t even come close to the best CD offers on the market. Its highest rate is barely half of what it would need to be to make the cut. If you’re going to lock your money away for a set term, shop around to make sure you’re getting the best rates possible.

Arvest Bank’s money market account options

Money Market Accounts

A run-of-the-mill money market account with lackluster rates.
APYMinimum Balance to Earn APY
0.10% $0.01
0.10%$2,500
0.10%$10,000
0.15%$100,000
0.20%$250,000
  • Minimum opening deposit: $100
  • Minimum balance to earn APY: Varies depending on desired rate
  • Monthly account maintenance fee: $10 but this fee can be waived
  • ATM fee: $2 at all non-Arvest ATMs
  • ATM fee refund: Arvest returns the ATM fees it charges you at the end of the month.
  • Overdraft fee: $17

Arvest Bank’s Money Market Account fails to impress, what with its low rates and monthly maintenance fee. Sure, this fee can be waived if you keep a minimum of $2,500 in your account, but if you fall below that number your earnings from interest fade as you start shelling out the monthly fee.

A money market account is technically a type of savings account, though it does typically offer higher rates. Because it is a savings account, it’s subject to the regulator six withdrawals per month limit, without being subject to the bank’s penalty fees and/or account closure.

How to get Arvest Bank’s Money Market Account

If this is your first Arvest account, you will need to make a trip to your local branch. If it isn’t, you may be given the option to open your account over the phone or online. Be mindful that online applications can take an entire month to process.

SEE DETAILS Secured

on Arvest Bank’s secure website

Member FDIC

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How Arvest Bank’s money market accounts compare

If you’re thinking about opening a money market account with Arvest Bank, you need to do more shopping. There are far better money market rates out there, and many of them come with less potential fees.

Arvest Bank’s IRA account options

IRA CD rates

18-Month Variable-Rate IRA CD

Middle-of-the-road rates that could change at the drop of a hat.
TermAPYMinimum Opening Deposit
18 MonthsCall Arvest for current rates.$1,000
  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: Varies depending on how much you have saved

Another thing to note on this IRA CD is that the rate is variable. That means that it could change even during the course of your term. While it could go up, it could also go down. That’s a risk you have to be okay with if you’re going to open up one of these 18-month CDs.

How to get Arvest Bank’s 18-Month Variable-Rate IRA CD

You can open this account online, in person or via phone. When you apply, be sure to come prepared with a government-issued ID.

SEE DETAILS Secured

on Arvest Bank’s secure website

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How Arvest Bank’s IRA CD rates compare

Because Arvest’s rates are middle-of-the-road when compared to the competition, you’ll want to shop around before opening this IRA CD. You’ll also want to take into consideration that the APY on this certificate is variable, while many other financial institution offer fixed-rate CDs where the APY will stay consistent throughout the course of your term.

IRA Builder Savings

Middle-of-the-road rates with a fairly standard minimum balance requirement.
APYMinimum Balance to Earn APY
Contact Arvest for current rates.$100
  • Minimum opening deposit: $100
  • Minimum balance to earn APY: $100
  • Monthly account maintenance fee: None
  • Overdraft fee: N/A

The minimum balance requirement is fairly standard. It’s important to note that while some competitors offer higher rates, many of them do so only for IRA savings accounts with balances in the thousands or tens of thousands. Whether or not Arvest’s option is a good one for you will depend on how much you’re planning on using to initially fund the account.

How to get Arvest Bank’s IRA Builder Savings

You can open this account online, over the phone or in person at your local branch. You will need a government-issued ID to get the process started.

SEE DETAILS Secured

on Arvest Bank’s secure website

Overall review of Arvest Bank’s banking products

Arvest Bank’s deposit accounts are not competitive. Many of these accounts offer no interest whatsoever, and the ones that do pay interest offer a low APY. While there are many ways to waive monthly maintenance fees, they are complex and change from account to account.

Although its products aren’t the best from an APY standpoint, MagnifyMoney has had consistently positive experiences with helpful and friendly customer service throughout the researching of this review. On top of that, many of Arvest’s accounts come with unique perks that may make opening an account the right decision for you if you are currently paying extra for these services and live in Arvest Bank’s geographic area of service.

But when you compare the numbers — whether that be APY or fees — Arvest Bank objectively doesn’t make the cut.

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