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Bank7 High Rate Online Savings account review

Enjoy a competitive 0.45% APY, but only if you’re a new customer.’s rating: 3.0 / 5.0


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.



$15 per month



Minimum deposit to open


Annual percentage yield (APY)0.45%
Fee$15 per month
To waive the feeMaintain a daily balance of $100 or more
Minimum deposit to open$100
Minimum balance to earn interest$0
Interest compoundingDaily
Monthly transaction limit6
Fee per transaction over the limit$3
More info

More Info

Review by

Shannon 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 Savings account is best for new customers looking for a high-yield savings account. This account offers a competitive 0.45% 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.

How do I open a Bank7 High Rate Online Savings account?

  1. Go to the provider’s site and follow the steps to apply.
  2. From Bank7’s website, click Open Account Now.
  3. Review Bank7’s E-Sign and Privacy Disclosures. Click Accept.
  4. 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

What are the benefits of a savings account with Bank7?

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

  • 0.45% APY. Earn a respectable 0.45% 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. Check with Bank7 to see if they’re temporarily waiving this policy.
  • Only for new customers. Pre-existing Bank7 customers aren’t eligible to apply for this account.

If you’re not a new Bank7 customer and are looking for a high-yield savings account, you’ll want to keep looking. As always, compare your options when choosing a savings account.

Compare with other savings accounts

Name Product Annual percentage yield (APY) Fee Minimum deposit to open
Aspiration Spend & Save Account
Finder Rating: 3.8 / 5: ★★★★★
Aspiration Spend & Save Account

1.00% on $0 to $10,000 but you’ll need to be enrolled in Aspiration Plus and make at least $1,000 in debit card purchases a month
$0 per month or $15 per month for Aspiration Plus ($12.50 per month if you pay annually)
Deposits are fossil fuel-free and insured by the FDIC. Enjoy a spend and save combo account with unlimited cash back rewards and a $100 bonus when you spend $1,000 in your first 60 days.
Axos Bank High Yield Savings
Finder Rating: 4 / 5: ★★★★★
Axos Bank High Yield Savings

0.61% on $0 to $24,999
0.25% on $25,000 to $99,999
0.15% on $100,000+
No monthly maintenance fees. No minimum balance requirements. Interest compounded daily.
Chime Savings
Finder Rating: 4.6 / 5: ★★★★★
Chime Savings
Grow your savings automatically with recurring transfers, round-ups on debit card purchases and 0.5% APY.
Discover Online Savings Account
Finder Rating: 4.6 / 5: ★★★★★
Discover Online Savings Account
Take advantage of a high-interest online savings account with no fees, no minimums and more.
UFB Direct High Yield Savings
Finder Rating: 3.6 / 5: ★★★★★
UFB Direct High Yield Savings
Earn an APY when your balance is higher than $10,000 with this no-monthly-fee savings account.
SoFi Money
Finder Rating: 4.3 / 5: ★★★★★
SoFi Money
SoFi Money® is a cash management account that charges no account fees to save, spend, and earn cash back rewards when you spend on brands you love.

Compare up to 4 providers

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 0.45% 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 0.75% 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.

Frequently asked questions.

Savings account ratings

★★★★★ — Excellent

★★★★★ — Good

★★★★★ — Average

★★★★★ — Subpar

★★★★★ — Poor

We analyze top savings accounts and rate them one to five stars based on factors that are most important to you. These factors include: interest rates, monthly fees, minimum deposits, customer service and account features.

Read the full methodology of how we rate savings accounts.

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