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Bank7 High Rate Online Money Market account review
Last updated:
Its 0.45% APY could be yours if you have a $5,000 opening deposit.
finder.com’s rating: 3.0 / 5.0
★★★★★
This online money market account boasts a competitive interest rate, no minimum balance requirements and unlimited deposits. But in-person support is limited and account fees could hinder your savings potential.
0.45%
APY
$15 per month
Fee
$5,000
Minimum deposit to open
Review by
Shannon Terrell
shannon.terrell@finder.comShannon Terrell is a senior writer for Finder who has written over 400 personal finance guides. With a focus on investments and personal finance, she breaks down jargon-laden topics to help others make informed financial decisions. She studied communications and English literature at the University of Toronto.
Expert review
The Bank7 High Rate Online Money Market account is best for those looking for a competitive APY. With a 0.45% APY, ATM access and on the go mobile banking, this money market account offers plenty of perks.
But applicants need to be ready with a $5,000 opening deposit and checks don’t come free.
How do I open a a Bank7 High Rate Online Money Market account?
- Go to the provider’s site and follow the steps to apply.
- From Bank7’s website, click Open Account Now.
- Review Bank7’s e-Sign and privacy disclosures. Click Accept.
- Enter your full name, birth date, driver’s license or state ID, residential address and employment information. Click Continue.
Download the Bank7 Mobiliti mobile banking app to fund your account using the mobile check deposit feature. Or, mail a check to:
Bank7
1039 NW 63rd Street
Oklahoma City, OK 73116.
If requested, you’ll receive your ATM card and personal checks by mail within seven to 10 business days.
Eligibility
Before you apply, make sure you meet this account’s eligibility criteria:
- US citizen
- At least 18 years old
- Social Security number
- Valid driver’s license or state ID
- Valid bank account
- Initial deposit of at least $5,000
- New Bank7 customer
Required information
Have the following information ready for your online application:
- Name, date of birth and residential address
- Contact information
- Social Security number
- Driver’s license or state ID
What are the benefits of a money market account with Bank7?
Enjoy mobile banking, online banking and bill pay along with the following:
- 0.45% APY. Watch your savings grow with this respectable APY.
- No minimum balance requirements. Earn interest on any amount less than $1 million.
- Unlimited deposits. Deposit funds as often as you’d like without incurring any fees.
- Visa debit card. Upon request, a Visa debit card can be mailed to you for surcharge-free ATM access at all Bank7 and Allpoint network ATMs.
What should I look out for?
This money market account is limited to new Bank7 customers and has a few other potential drawbacks:
- $5,000 opening deposit. Be prepared to deposit at least $5,000 to open this account.
- $15 minimum balance charge. Should your daily account balance drop below $5,000, expect a monthly $15 minimum balance fee.
- Limited branch network. Bank7 branches can only be found in Oklahoma, Kansas and Texas.
- $3 excessive transaction fee. Like most savings products, this account is limited to six transfers or withdrawals monthly. Exceeding this limit will result in a $3 fee per additional transaction.
- $22 checks. This account comes with check-writing privileges, but each box of 150 checks costs $22.
Compare with other savings accounts
If you’re looking for a money market account with a lower opening deposit, you’ll want to keep looking. As always, compare your options when choosing a money market account.
How do I deposit or withdraw money?
Access the funds of your Bank7 High Rate Online Money Market account in six ways:
- Online. Transfer funds between this high-rate account and an externally linked account.
- ATM. With your Bank7 Visa debit card, access any Bank7 or Allpoint ATM for free.
- Mobile. Check your transaction history, pay bills and deposit checks with the Bank7 Mobility app.
- Mail. Mail a check to Bank7 to deposit funds.
- Wire transfer. Incoming wire transfers are subject to a $15 fee, while outgoing transfers cost $25.
- In person. Residents of Oklahoma, Kansas and Texas can conduct a deposit or withdrawal in person.
What other savings options does Bank7 offer?
Savings products are plentiful with Bank7:
- High Rate Online Savings account. After a $100 opening deposit, earn 0.45% on your savings alongside the convenience of ATM-access and mobile banking — but only for new customers.
- Tiered Savings. You’ll need $100 to access the tiered rates and unlimited ATM withdrawals associated with this account, but only for non-Kansas residents.
- Kansas Savings. An account designed for Kansas residents that offers a variable interest rate, ATM-access and unlimited in-person cash withdrawals.
- CDs. A $1,000 minimum deposit offers access to six to 18 month terms, while any deposit over $10,000 comes with 24 to 48 month terms.
- Online CDs. These online certificates of deposit are available to new Bank7 customers only and offer both 24 and 36 month terms with rates of up to 0.75% APY.
- 12 Month IRA. A minimum deposit of $100 is required but ongoing contributions are welcome over the length of the term.
- Business Money Market account. Tiered interest rates accompany a complimentary Visa debit card, mobile banking and six pre-authorized transactions monthly after a $10,000 opening deposit.
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