Bank7 High Rate Online Savings review July 2019 |

Bank7 High Rate Online Savings account review

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Bank7 High Rate Online Savings
  • Mobile banking
  • No minimum balance to obtain APY
  • ATM card (optional) - cash withdrawals only

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Enjoy a competitive 2.35% APY, but only if you’re a new customer.

Competitive interest rates, ATM access and mobile banking are a few of the perks this account offers. But a $100 opening deposit is required and transactions are limited.

Fee$15 per month
To waive the feeMaintain a daily balance of $100 or more
Minimum deposit to open$100
Intro or bonus offerFor new Bank7 customers only
Minimum balance to earn interest$0
Interest compoundingDaily
Monthly transaction limit6
Fee per transaction over the limit$3

What are the benefits of a savings account with Bank7?

Take advantage of a fully online application process along with these perks:

  • 2.35% APY. Earn a respectable 2.35% APY on your savings.
  • Free ATM card. You’ll receive a free ATM card for cash withdrawals and daily transactions.
  • Unlimited withdrawals. Withdrawals made in person or at an ATM are unlimited.

What should I look out for?

Along with a $100 minimum opening deposit, there are a few drawbacks:

  • Limited in-person support. Bank7’s branch network is limited to Oklahoma, Kansas and Texas. If you live outside of these states, you won’t have access to in-person customer support.
  • $15 minimum balance fee. Unless you maintain a daily balance of $100 or more, you’ll face a monthly $15 minimum balance fee.
  • Limited debit transactions. This account is limited to six withdrawals and preauthorized transfers a month. Exceeding this limit results in a $3 fee per subsequent withdrawal and could put you at risk of account closure.
  • Only for new customers. Pre-existing Bank7 customers aren’t eligible to apply for this account.

Compare with other savings accounts

Name Product Interest rate (APY) Fee Minimum deposit to open
A first step in helping you build a free financial plan for the life you want and automate your investments at a low cost.
Enjoy no monthly fees and a competitive APY with this online-only savings account.
$5 per month
(can be waived)
Get a $150 bonus when you open a new Chase Savings account, deposit a total of $10,000 or more in new money within 10 business days and maintain a $10,000 balance for 90 days.
Get one of the highest interest rates available without high balance requirements or fees.
With an APY of up to 2.45%, it's UFB Direct's highest-yielding savings account.
A super-high interest rate if you're in the habit of saving at least $100 per month or have $25K in the bank.

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How do I open an account?

  1. Go to Bank7’s website and click Open Account Now.
  2. Review Bank7’s E-Sign and Privacy Disclosures. Click Accept.
  3. Enter your full name, birth date, driver’s license or state ID, residential address and employment information. Click Continue.

To fund your account, mail a check to Bank7, 1039 NW 63rd Street, Oklahoma City, OK 73116. Or download the Bank7 Mobiliti mobile banking app to use the mobile check deposit feature.

After you’ve funded your account, you’ll receive your ATM card by mail within seven to 10 business days.


To be eligible for the Bank7 High Rate Online Savings account, you’ll need to meet the following 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 $100
  • New Bank7 customer

Required information

Before starting the application process, gather the following:

  • Name, date of birth and residential address
  • Contact information
  • Social Security number
  • Driver’s license or state ID

How do I deposit or withdraw my money?

The Bank7 High Rate Online Savings account offers six ways to tap into your funds:

  • Online. Move funds between this high-rate savings account and an externally linked account.
  • ATM. Deposit funds for free at any Bank7 or Allpoint ATM using your Bank7 debit card.
  • Mobile. Deposit checks, pay bills and send funds using the Bank7 Mobiliti app.
  • Wire transfer. Incoming wire transfers are subject to a $15 fee, while outgoing transfers cost $25.
  • Mail. Make a deposit to your account by mailing a check to Bank7, 1039 NW 63rd Street, Oklahoma City, OK 73116.
  • In person. If you live in Oklahoma, Kansas or Texas, visit a Bank7 branch to conduct a deposit or withdrawal in person.

What other savings options does Bank7 offer?

There are a number of ways to pinch your pennies with Bank7:

  • High Rate Online Money Market account. With a minimum opening deposit of $5,000, you’ll get a 2.35% APY on all balances below $1 million, plus check-writing privileges and a Visa debit card.
  • Tiered Savings. This savings account offers tiered interest rates, daily compounded interest and six pre-authorized withdrawals a month, but isn’t available to Kansas residents.
  • Kansas Savings. This savings account is designed for eligible Kansas residents and offers a variable interest rate, ATM card and unlimited in-person withdrawals.
  • CDs. Bank7 certificates of deposit come with six to 18 month terms after a $1,000 minimum deposit. Or opt to lock in your savings for 24 to 48 months with a $10,000 opening deposit.
  • Online CDs. Both 24 and 36 month terms are available with rates of up to 2.75% APY for new Bank7 customers.
  • 12 Month IRA. A $100 minimum opening deposit is required, but you’re welcome to add funds to your account over the length of the term.
  • Business Money Market account. Open this business money market account with $10,000 or more and earn tiered interest on your savings with a complimentary Visa debit card to access your funds.

Bottom line

The Bank7 High Rate Online Savings account offers a competitive 2.35% APY along with unlimited ATM withdrawals and mobile banking. But should your balance dip below $100, the $15 minimum balance fee could start to gnaw at your savings.

Not sure if this account is the right fit? Compare your savings account options with other providers to find an ideal rate.

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