Bank7 Review of Checking, Savings, CD and IRA Rates

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Updated on Tuesday, September 1, 2020

Bank7 Checking
Bank7 is an Oklahoma-based community bank, with branches in Kansas and Texas. Founded in 1901 as The First National Bank Of Medford, it changed its name to Bank7 in September 2004.Bank7 offers mobile and online checking, but you can only open an account by visiting one of their locations or by phone. Their personal accounts have a whole host of features and offers some decent CD rates.

This bank review will cover their checking, savings, CD and IRA CD accounts. Bank7 does not publish its rates online and asks consumers to contact a Customer Service Representative to learn about the current deposit account rates.

Bank7’s checking account options

Bank7 Checking

This account has a low monthly maintenance fee that can easily be waived.
  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $1 (this can be waived)
  • ATM fee: None
  • ATM fee refund: None
  • Overdraft fee: $29

This is Bank7’s basic checking account, best for those who want a checking account that doesn’t charge high rates. Keep in mind that it doesn’t earn any interest so if that’s of concern, you may want to consider opening their interest-bearing account called the Super7 Checking.

You can avoid the monthly maintenance fee by either enrolling in e-statements (the $1 monthly fee is to receive paper statements), keeping a minimum combined balance of $5,000 in your checking and savings accounts or making a minimum $100 direct deposit each month.

Other perks with this account include online banking and unlimited bill pay, mobile banking and check deposit, and a Visa debit card. You won’t be slapped with any ATM surcharges if you stick with Bank7 or one of the Allpoint network’s more than 55,000 ATMs.

How to get a Bank7 Checking account

You’ll need to head to a local branch or call customer service. You can enroll in online banking once your account is open.

SEE DETAILS Secured

on Bank7’s secure website

Super7 Checking

Earns interest and you can waive maintenance fees.
  • Minimum opening deposit: $1,000
  • Monthly account maintenance fee: $5 (this can be waived)
  • ATM fee: None
  • ATM fee refund: None
  • Overdraft fee: $29

This Super7 Checking account is the bank’s only interest bearing checking account and is best for those who want to earn some interest and intend on keeping $1,000 in there. You get the same features as the non-interest bearing checking account, including no ATM fees. You may have to pay ATM surcharges unless you stick with a Bank7 ATM or within the Allpoint network’s more-than-55,000 ATMs. On top of the monthly maintenance fee, there’s also a $1 monthly service fee.

Both these recurring fees can be waived. To waive the monthly maintenance fee, you’ll need to maintain a daily balance of at least $1,000. For the monthly fee, you can either enroll in e-statements, make at least $100 in monthly recurring direct deposits or maintain at least $5,000 in combined balances across your Bank7 checking and savings accounts.

How to get the Super7 Checking account

Although there is online banking available, you can only enroll once you have an account open. To do so, you’ll need to head to a local branch or call customer service. While you have a Customer Service Representative on the phone or in person, be sure to verify the APY for this account.

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on Bank7’s secure website

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How Bank7’s checking accounts compare

Bank7’s Super7 Checking account offers the ability to earn interest, which is an advantage over most banks, but there are other checking accounts offered by competitors that have better features and verified rates. The fees are a big concern for us. Other online banks offer free checks, no balance minimums and even have ATM fee reimbursements. They also allow you to open accounts online, a service that Bank7 does not provide.

If you’re after higher rates and want the convenience of opening an account online, you may want to consider checking out nbkc bank as they don’t have many fees and allow you to earn a bit of interest.

Bank7’s savings account options

Tiered Savings

Low monthly maintenance fee and ATM access.
  • Minimum opening deposit: $100
  • Minimum balance to earn APY: $0
  • Monthly account maintenance fee: $1
  • ATM fee: None
  • ATM fee refund: None
  • Overdraft fee: None

This savings account is great for those who want a simple savings account with ATM access. You can choose to get an ATM card, but it’s only good for cash withdrawals. You won’t be slapped with any ATM surcharges if you stick with Bank7 ATMs or within the Allpoint network, which has more than 55,000 ATMs. This is an interest-earning account and the interest compounded daily and credited monthly.

To waive the monthly maintenance fee, you can either set up a recurring direct deposit of at least $150 each month, enroll in e-statements or maintain a balance of at least $5,000 across your Bank7 checking and savings accounts.

Because this is a savings account, Federal Reserve Regulation D limits account holders to six pre-authorized or automatic withdrawals per month. Bank7 allows three free withdrawals each month. Make more than that and you’ll be charged $3 for each one. If you continually make excessive withdrawals, Bank7 may either change the type of account or close your savings account.

The tiered account isn’t available to Kansas residents. Instead, Bank7 offers a Kansas Savings at a fixed APY.

How to get the Tiered Savings account

You’ll need to head to a local branch or call customer service. Make sure you verify the APY you can potentially earn based on the amount you’re willing to deposit when you open the account. You can enroll in online banking once your account is open.

SEE DETAILS Secured

on Bank7’s secure website

Kansas Savings

  • Minimum opening deposit: $100
  • Minimum balance to earn APY: $0.01
  • Monthly account maintenance fee: $1
  • ATM fee: None
  • ATM fee refund: None
  • Overdraft fee: None

Kansas residents are eligible for this non-tiered account. The APY for this account is fixed, meaning it doesn’t rise or fall depending on the balance of the account. While there’s no interest rate tier, you do get the same features — such as the option to make cash withdrawals with a designated ATM card. Interest earned is compounded daily and credited to your account each month.

Bank7 will waive the monthly maintenance fee if you enroll in e-statements, keep a minimum of $5,000 across your Bank7 checking and savings accounts or make a minimum $100 monthly direct deposit.

As with all savings accounts, Federal Reserve Regulation D limits you to six withdrawals per month, but Bank7 will charge you $3 per withdrawal over three each month. If you consistently make more than three withdrawals a month, your account could be converted into another type of account or closed.

How to get the Kansas Savings account

Kansas residents can open a savings account by going to either one of the two Kansas branch locations, or by calling its customer service line. If you decide to open this account, please be sure to verify the APY on this account when you’re either in the branch or on the phone with a Customer Service Representative. Once an account is opened, you can then sign up for online banking.

SEE DETAILS Secured

on Bank7’s secure website

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How Bank7’s savings accounts compare

Candidly, the fact that Bank7 doesn’t publicly share the rates on its savings accounts is a little concerning. Most of the accounts on our list of the best savings accounts have verified rates that are publicly displayed on its websites and no minimum balance amounts. However, not all offer the broad ATM access like Bank7. It does have a lower excessive withdrawal fee compared to other places, but the account charges you after three withdrawals, whereas others allow you more than twice that number before charging you.

In any case, you may be better off choosing an online bank like Marcus by Goldman Sachs to place your savings in a high-yield savings account with no minimum balance.

Bank7’s CD rates

Fixed CD

Get guaranteed rates of return on various CD terms.
  • Minimum opening deposit: $1,000 (6, 12 and 18 months) or $10,000 (24, 36 and 48 months)
  • Minimum balance amount to earn APY: $1,000 or $10,000
  • Early withdrawal penalty: Half of the interest that would have been earned for your specific term

These CDs are great for those who want a conservative investment and a guaranteed rate of return on their money. As is the case with most CDs, you get rewarded with higher rates on longer terms, but you’ll also need to make a higher minimum deposit, which is a bit steep compared to other banks.

With the 18-month CD, there is the option to choose a step-up rate. If the rate goes up for the before your account matures, you can request to raise your rate twice during the term.

Interest earned for the CD is either compounded monthly, quarterly, semi-annually or annually. It’ll then either be credited monthly, quarterly, semi-annually or annually as well, depending on your CD. You get a statement each quarter outlining your earnings and the maturity date is on all of them which acts as a reminder of when your CD matures.

When your CD matures, you’ll have a 10-day grace period where you can decide to close the account, make additional deposits or renew it for another term. Otherwise, it’ll automatically be renewed.

An early withdrawal requires the bank’s consent and the penalty would be the interest you would have earned or will earn for the term. For example, if you have a 6-month CD and you decide to make a withdrawal two months in, you’ll need to pay up to four months interest.

How to get Bank7’s CDs

You can only open a Bank7 CD either by heading to your local branch or by calling customer service. Once again, be sure to verify the rates for each CD term prior to opening the account.

SEE DETAILS Secured

on Bank7’s secure website

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How Bank7’s CD rates compare

Bank7’s minimum deposit amount for the longer-term CDs are a bit on the higher side when comparing them with our list of the current best CD rates. Some also offer a wider variety of terms, so if you want a longer or shorter term than what Bank7 has to offer, you may want to consider Synchrony, Ally, or Barclays depending on the minimum amount you’re willing to deposit.

Bank7’s IRA account options

Fixed IRA CD

Only offers one term but has a low minimum deposit amount.
  • Minimum opening deposit: $200
  • Minimum balance amount to earn APY: $200
  • Early withdrawal penalty: Half of the interest that would have been earned for your specific term

The IRA CD may be a great choice for you if you’re looking for a guaranteed rate of return on a tax sheltered or deferred account. The unfortunate thing is that you’re limited to only a 12-month term. However, you’re able to make additional deposits unlike their regular CD account. The minimum deposit is also lower.

Interest earned is compounded and credited to your account every quarter. You’ll receive a statement every quarter which details all activity as well as the maturity date. This will act as a reminder to let you know how much more time you have until your CD matures.

Upon maturity, you get a 10-day grace period in which to decide to either keep making additional deposits, close the account, or renew it. If you do nothing, the CD will automatically be renewed.

The early withdrawal penalty is effectively the interest you would have earned or will earn for the 12-month term. For example, if you decide to make a withdrawal five months before your CD matures, you’ll need to fork over what you would have earned in those five months. You may also face tax penalties from the IRS.

How to get Bank7’s IRA CDs

Like its other banking products, you’ll need to open an IRA CD at a local branch. You can also try calling the customer service line. You’ll also need to verify the rates in person or on the phone.

SEE DETAILS Secured

on Bank7’s secure website

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How Bank7’s IRA CD rates compare

Bank7’s IRA CD rates fall slightly short of the best offerings out there. When compared to other IRA CDs with the same term, there are much better yields on our list of the current best IRA CD rates.

However, where Bank7 shines is the low minimum opening deposit and the ability to make additional deposits throughout the term. Other banks require much higher minimums and don’t allow you to make additional deposits once you fund the account.

If you’re after the highest rates, you’ll be better off looking at other places. But if you like having the option of making additional funds — up to the maximum amount allowed by the IRS each year — bit by bit, then the Bank7 IRA CD is a great choice.

Overall review of Bank7’s banking products

Looking at the pros and cons of Bank7’s products, the cons are that you currently can’t open an account online — you’ll need to do that in person or by calling customer service — and the products’ rates aren’t published online. In an industry where online banking is becoming more prevalent, those are two important factors when it comes to choosing a bank. You do get access to online banking, but that’s a separate step after you open an account. If, however, you enjoy driving to a bank and interacting with a person to get your banking done, this bank may be a very viable option for you if you reside in a location that has a Bank7 branch.

As far as the actual products go, Bank7 does offer products with low opening deposit amounts. The savings account offers ATM access, but does charge an excessive withdrawal fee after you make three, whereas other banks do so after six. The checking accounts, however, aren’t stellar. They actually require a high minimum balance in order to waive the monthly maintenance fee.

If all you’re looking for is a place to store some cash, the savings account is a good option. And for those looking for conservative investments, the CD accounts are also great. But if you want a bank that offers a wide variety of products with the best rates, you may want to do some comparison shopping.

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