Bank OZK Reviews: Checking, Savings, CD, Money Market, and IRA Rates

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Updated on Wednesday, July 1, 2020

Bank OZK checking account options

MaxYield Checking account

This checking account earns interest, but at a price.
  • Minimum opening deposit: $1,000
  • Minimum daily balance requirement: $1,000
  • Monthly account maintenance fee: $12 if you don’t meet the minimum balance requirement
  • ATM fee: None for in-network ATMs
  • ATM fee refund: None
  • Overdraft fee: $35 if overdrawn by more than $5

The Bank OZK MaxYield Checking account provides customers with unlimited access to their funds. The first check order is free, and, according to the bank, the account earns interest on balances each month.

The only potential downside is the $1,000 minimum opening balance requirement. As well, the $1,000 minimum daily balance requirement during statement cycle to avoid a monthly maintenance fee makes this account sound more like a savings account.

If you do get charged a monthly fee, it could easily offset the interest earned that month.

On the flip side, having plenty of funds in your account could serve as a buffer to help cover unexpected expenses and could avoid going into overdraft.

This type of checking account may be ideal for someone who’s looking to keep a lot of money in their checking account each month in order to earn interest. The APY for this account isn’t listed on the website, so you may want to call Bank OZK prior to opening this account to check the rate.

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My Choice Checking account

This is a free checking account with added value.
  • Minimum opening deposit: $100
  • Monthly account maintenance fee: None
  • ATM fee: None for in-network ATMs
  • ATM fee refund: None
  • Overdraft fee: $35 if overdrawn by more than $5

This Bank OZK checking account is free (no monthly maintenance fee) and offers account holders an added value option once direct deposit is set up.

If you set up direct deposit after opening your account, you’ll qualify for one bonus feature. You can choose from receiving free nationwide ATM access, free identity theft protection, or earning interest on your balance.

All would be great benefits to receive for free, but you can only get one with this type of account. If you set up direct deposit, this account definitely wins over the Free Checking account option. The My Choice checking account could be great for someone looking to score one of these benefits for free and utilize all of the basic account features from the Free Checking account.

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Free Checking account

This basic checking account is non-interest bearing and has no maintenance fees.
  • Minimum opening deposit: $100
  • Monthly account maintenance fee: None
  • ATM fee: None for in-network ATMs
  • ATM fee refund: None
  • Overdraft fee: $35 if overdrawn by more than $5

Bank OZK’s free checking account is a standard account without strict requirements so long as you can meet the minimum deposit amount to open the account.

While it pays no interest, there are no monthly maintenance fees or minimum balance requirements to meet. Account holders also receive benefits like unlimited check writing, online banking options, online bill pay and electronic statements.

Overdraft protection is available after 30 days with their Bounce Proof Security benefit. Bounce Proof Security will pay overdrafts up to your limit, with a maximum overdraft of $500. An overdraft fee will apply.

This account could be best for someone who’s looking for an everyday spending checking account with low fees and doesn’t necessarily want to earn interest.

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Bonus Checking account

This is a premium checking account with plenty of perks and reward options.
  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $5
  • ATM fee: None for in-network ATMs
  • ATM fee refund: None
  • Overdraft fee: $35 if overdrawn by more than $5

The Bonus Checking account doesn’t pay interest, but it makes up for that with its wide range of benefits and added features.

This account provides up to $10,000 accidental death and dismemberment Insurance, up to $2,500 identity theft expense reimbursement coverage for expenses associated with restoring your identity, a fraud management specialist if needed, local merchant savings and cashback rewards for online debit purchases, along with the ability to purchase gift cards with no fees.

For the accidental death and dismemberment insurance, coverage is split between joint accounts and reduced by 50% at the age of 70. Insurance products may have other terms and conditions.

This account could be ideal for someone who’s looking to take advantage of all the benefits and bonuses this account provides. The monthly account fee is low when you consider the insurance and identity theft protection provided.

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Heritage Checking account

A checking account for clients age 50+ with a minimum balance requirement
  • Minimum opening deposit: $100
  • Minimum daily balance requirement: $300
  • Monthly account maintenance fee: $6.25 if you don’t meet the minimum balance requirement
  • ATM fee: None for in-network ATMs
  • ATM fee refund: None
  • Overdraft fee: $35 if overdrawn by more than $5

The Heritage Checking Account is geared toward clients age 50 and older. Account holders receive unlimited free wallet-style checks, and no-fee cashier’s checks (limited to three per month).

The downside is that this is also a non-interest bearing account. There’s also a $300 minimum daily balance requirement to meet if you don’t want to be charged a monthly maintenance fee.

The only significant benefit of using this checking account is free checks. If you’re 50 or older and don’t write a lot of checks, you might want to consider one of the other checking accounts.

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Pathway Checking account

This checking account offers a second chance at banking responsibly.
  • Minimum opening deposit: $50
  • Minimum daily balance requirement: None
  • Monthly account maintenance fee: $10
  • ATM fee: None for in-network ATMs
  • ATM fee refund: None
  • Overdraft fee: $35 if overdrawn by more than $5

Pathway Checking is Bank OZK’s second-chance checking account geared toward people who have been turned down by other banks. The opening deposit amount is lower than their other accounts but this is a non-interest bearing account.

There’s also no minimum balance requirement, but there is a $10 monthly service fee that can’t be waived. This account would be a great way to start over for someone who might have been turned away from other banks or made some mistakes with previous checking accounts.

How to get a Bank OZK checking account

Opening a Bank OZK checking account is easy and you can do it on their website. From there, you’ll need to verify your identity, choose your account, and e-sign to provide consent.

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How Bank OZK checking accounts compare

Bank OZK offers a wide variety to choose from when it comes to checking account options and the application process is fairly simple. When compared with some of the best online checking accounts, Bank OZK doesn’t rank as high because most of their accounts don’t offer interest and some have monthly maintenance fees if you don’t maintain a certain balance each day. In addition, most online banks are up front about the interest you could earn on accounts, but Bank OZK currently lacks that transparency.

On a positive note, the minimum opening deposit required for most of their checking accounts is lower than some competitors. Banks like TIAA Bank and Consumer Credit Union require a higher opening deposit, but they provide a competitive interest rate to account holders.

The fact that Bank OZK offers a second-chance checking account also sets them apart from other banks because it means they are willing to work with people who have a less-than-perfect banking history.

Bank OZK savings account options

Personal Savings account

Earn interest on your entire balance and boost your savings with added features.

APY

Minimum Balance Amount

0.05%

None

  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $3 if you don’t meet the minimum daily balance requirement of $100
  • Overdraft fee: $35 if overdrawn by more than $5
  • Excessive withdrawal fee: $10 per month with >6 withdrawals

This is Bank OZK’s basic savings account, allowing account holders to earn interest on their entire balance. There is a small monthly maintenance fee if you don’t meet the minimum daily balance requirement.

A free feature that you can add on to this account and all other checking and savings accounts with this bank is called My Change Keeper. My Change Keeper is intended to help you reach your savings goals quicker by rounding up purchases, saving the difference. If you have both a checking account and savings account through Bank OZK, you can choose between three round-up options.

Option A: With every debit transaction you make, My Change Keeper automatically rounds up to the next whole dollar amount and transfers the difference.

Option B: You can set your account to round up to the next whole dollar amount plus throw in an additional dollar amount ranging from $1-$5 each time you make a transaction.

Option C: You can specify an additional dollar amount between $1 and $5 to save with every swipe instead of rounding up.

According to federal regulation D, you are limited to six withdrawals per month from any savings account. Bank OZK will charge a $10 fee each month during which there are more than six withdrawals or transfers, other than those made at an ATM.

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Member FDIC

First Savings account

A flexible savings account for minors.
  • Minimum opening deposit: $5
  • Minimum balance to earn APY: $0
  • Monthly account maintenance fee: None
  • Excessive withdrawal fee: $10 per month with >6 withdrawals

The First Savings account is similar to Personal Savings only it is geared to customer who are 17 years old or younger.

There are no minimum balance requirements or monthly maintenance fees, and interest is earned on the entire balance.

This could be a great account option if you are looking to get your kids into the habit of saving money and have a positive first banking experience.

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.

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Christmas Club account

This savings account provides a unique way to save for the holidays.
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: None
  • Excessive withdrawal fee: None

Bank OZK’s Christmas Club savings account is perfect for anyone looking to save money specifically for year-end holiday spending.

This account is non-interest bearing but has no monthly maintenance fees or minimum balance requirements. The minimum opening deposit is low and you can set up automatic transfers to build your holiday savings. You do not get an ATM card with this account as you would with other Bank OZK savings accounts.

Quarterly statements are provided, and each year, Bank OZK will mail you a check with the full balance of the account by Nov. 3. Then, the account can be funded again for another year via manual or automatic payments.

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Health Savings account

This account is a tax-exempt way to save for medical expenses.
  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $3 if you don’t meet the minimum daily balance requirement
  • Excessive withdrawal fee: $10 per month with >6 withdrawals

If you have a high-deductible health plan (HDHP), the Bank OZK Health Savings account will allow you to set aside money for medical expenses. With a health savings account (HSA), you can use the funds to pay for qualifying health care expenses or to reimburse yourself for qualifying health care expenses. The bank notes that not all HDHPs are HSA eligible.

There is a 20% additional tax on distributions not used for qualified medical expenses. After the age of 65, the funds can be withdrawn for any purpose without penalty.

This is an interest-bearing savings accounts and earnings from interest are tax-free. The rate is not posted on the website, so you may want to contact the bank to check the APY being offered for your location.

The $100 minimum opening balance for this account is standard compared with Bank OZK’s other accounts. However, there is a $1,000 minimum daily balance requirement in order to avoid a $3 monthly maintenance fee. That fee can be waived for the first six months after opening the account to allow some extra time to save more money to reach the minimum balance requirement.

One benefit of having this account is that your savings can be used to fund your health insurance premium if you’re between jobs so your policy doesn’t lapse.

How to get a Bank OZK savings account

Opening a Bank OZK savings account is easy and you can do it on their website. From there, you’ll need to verify your identity, choose your account, and e-sign to provide consent.

SEE DETAILS Secured

on Bank OZK’s secure website

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How Bank OZK savings accounts compare

If you’re going to save money for anything, it would be nice to earn a competitive interest rate on your money. Bank OZK offers a range of savings accounts, but the rate that is posted doesn’t really measure up.

If you’re looking to teach your child how to save, their First Savings account is an option to start with but it won’t be the best long-term solution for growing their money.

Banks on our list of best savings accounts offer rates well above 1% which could give you a much better return on your money.

Bank OZK CD Rates

Term

APY

6 Months

0.08%

12 Months

0.18%

24 Months

1.00%

APY for Tennessee Only

6 Months

0.25%

12 Months

0.50%

17 Months

2.41%

24 Months

1.00%

  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Grace period: 10 days to decide whether to renew or withdraw the CD
  • Early withdrawal penalty: Loss of APY. For CDs on a 1 year term of less, 90 days of interest will be deducted. For a CD with a term longer than 1 year, 182 days of interest will be deducted

Bank OZK offers a diverse range of CD options depending on your savings goals. The terms range from the three months to five years. The longer your term, the higher you can expect your APY to be.

While Bank OZK offers a wide range of terms, the only rates it currently shows on its website are the rates above. Like most of the other products, you’ll want to call the bank prior to opening this account to check the rates for the other terms.

Another note about the rates above: Bank OZK is offering special rates for individuals residing in the state of Tennessee. If you don’t live in Tennessee, you’ll be opening a CD with a much lower APY.

There is an early withdrawal penalty if you take money out of your account before the CD’s maturity date and this is in the form of an APY deduction.

However, as long as you can meet the minimum opening deposit amount of $1,000, there are no fees for maintenance or opening the account.

How to open a Bank OZK CD

Opening a Bank OZK CD is easy and you can do it on their website. From there, you’ll need to verify your identity and e-sign to provide consent.

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on Bank OZK’s secure website

Member FDIC

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How Bank OZK CD rates compare

Bank OZK offers various different terms for their CD products which is great if you like options and are not looking for a one-size-fits-all solution.

While the CD terms that are offered to a majority of the states provide a lower rate, these could still be a helpful way to stay disciplined enough to meet a short-term savings goal without feeling tempted to withdraw your money to early.

The minimum opening deposit is standard across all of their CDs, but it is somewhat lower than what many other banks are offering to open up a CD account.

Overall, the rates offered for Bank OZK CDs fall short when compared to some of the best CD rates currently offered by other banks.

If you have more money to deposit into a CD, you can likely get a better return elsewhere.

Bank OZK Money Market account options

Personal Money Market Plus account

This looks a lot like the savings account options.
  • Minimum opening deposit: $1,000
  • Monthly account maintenance fee: $10 if you don’t meet the minimum balance amount of $1,000
  • ATM fee: None for in-network ATMs
  • ATM fee refund: None
  • Excessive withdrawal fee: $10

Personal Money Market Plus is an interest-bearing account that requires a higher minimum opening deposit than the other savings account options. You’ll want to call the bank prior to opening this account to check the current rate.

There is a monthly maintenance fee attached to this account but to avoid it, you have to keep your daily balance at a minimum of $1,000.

Like Bank OZK savings accounts, transaction limitations apply with six allowed withdrawals per calendar month before incurring a fee.

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Personal Money Market Gold account

Similar structure as the Money Market Plus, but with a bigger opening deposit and balance.
  • Minimum opening deposit: $10,000
  • Monthly account maintenance fee: $10 if you don’t meet the minimum balance amount of $10,000
  • ATM fee: None for in-network ATMs
  • ATM fee refund: None
  • Excessive withdrawal fee: $10

Personal Money Market Gold is also an interest-bearing account, but we don’t like that it has a higher opening deposit amount than the Money Market Plus account. You’ll also have to keep a much higher balance in the account to avoid a monthly maintenance fee. Contact the bank prior to opening this account to check the current rate.

Like Bank OZK savings accounts, transaction limitations apply with six allowed withdrawals per calendar month before incurring a fee.

Investor’s Choice Money Market

New account looks a lot like the first.
  • Minimum opening deposit: $1,000
  • Monthly account maintenance fee: $10 if you don’t meet the minimum balance amount of $1,000
  • ATM fee: None for in-network ATMs
  • ATM fee refund: None
  • Excessive withdrawal fee: $10

This account will be available Sept. 1, but it’s a little hard to see what might set it apart from the Money Market Plus account with its identical minimum balance.

Also like the Plus account, transaction limitations apply with six allowed withdrawals per calendar month before incurring a fee.

How to get a Bank OZK market account

Opening a Bank OZK money market account is easy and you can do it on their website. From there, you’ll need to verify your identity, choose your account, and e-sign to provide consent. You can also head in to one of their local branches to open your account. Since Bank OZK doesn’t currenly publish its money market rtes online, you’ll want to call the bank to check the rates prior to opening the account.

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How Bank OZK money market accounts compare

Just like some of its savings accounts, Bank OZK money market accounts fall flat when compared with some of the best money market account options in the industry.

It all boils down to Bank OZK’s low rates and higher minimum opening deposit amounts. Its lack of transparency on the rates give no incentive to transfer from a high-yield savings account with a verified rate or any of the high-yield money market accounts shown here.

Some of the industry’s top money market accounts have no minimum opening deposit amount making it easily accessible to customers.

Bank OZK IRA account options

IRA CD rates

  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Grace period: 10 days to decide whether to renew or withdraw the CD
  • Early withdrawal penalty: 10% Federal tax withdrawal penalty

Bank OZK offers IRA CDs with the same terms as its regular CD products. Despite the security offered, if these rates are anything like the regular CD products, they would be pretty low compared with what you could be earning by investing your retirement savings in other alternatives, like mutual funds.

An IRA CD would be best for someone who wants to play it safe with their savings and is looking for a guaranteed return.

How to get Bank OZK IRA CDs

In order to open an IRA CD with Bank OZK, you’ll need to stop into one of their branch locations shown here. Make sure to request the current rates prior to opening an IRA CD.

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How Bank OZK IRA CD rates compare

Unfortunately, Bank OZK falls short for IRA CDs as well. If the rates are similar to what’s being offered on Bank OZK’s regular CDs, you’ll have to lock your money in an IRA CD for at least five years to earn a decent amount of interest.

Meanwhile, other banks and credit unions offer a 2% – 3% APY and require a lower opening deposit amount.

If you’re looking to grow your money with an IRA CD, you can find better IRA CD rates elsewhere.

IRA Money Market Account

Consider a retirement savings account.
  • Minimum opening deposit: $1,000
  • Monthly account maintenance fee: $10 if you don’t meet the minimum balance amount of $1,000

This IRA money account earns interest in the entire collected balance. Like other IRA accounts, contribution limits and withdrawals may be subject to Internal Revenue Service rules. You’ll want to call the bank prior to opening this account to check the current rate.

How to get a Bank OZK money market account

Opening a Bank OZK money market account is easy and you can do it on their website. From there, you’ll need to verify your identity, choose your account, and e-sign to provide consent. You can also head in to one of their local branches to open your account.

Overall review of Bank OZK banking products

Considering the range of Bank OZK’s banking products, its the checking accounts that win, hands down. The bank has a simple, free checking account with no fees along with a second-chance checking account option. Minimum opening deposit amounts for checking accounts are higher than other banks and the same goes for savings accounts.

While fees are manageable, the lack of transparency for savings accounts, money market accounts, CDs, and IRA CDs are unimpressive.

Bank OZK occasionally offers special CD rates that are competitive, but they are often only available in selected cities or regions.

On the bright side, Bank OZK is planning for growth and expansion. The bank plans to make its products more accessible in other U.S. cities and online. They are also looking into offering a customer rewards system for checking account holders that would set them apart from competitors.

Given the new changes, we’re hoping for some higher rates to be offered to entice customers to save money with the bank in addition to better transparency on the rates they currently offer.

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