Sign up & start saving!
Get our weekly newsletter for the latest in money news, credit card offers + more ways to save
Finder is committed to editorial independence. While we receive compensation when you click links to partners, they do not influence our content.
Bank7 High Rate Online Savings account review
Last updated:
Enjoy a competitive 0.55% APY, but only if you’re a new customer.
finder.com’s rating: 3.3 / 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.
0.55%
APY
$15 per month
Fee
$100
Minimum deposit to open
Expert review
Review by
Shannon Terrell
shannon.terrell@finder.comShannon Terrell is a writer for Finder who studied communications and English literature at the University of Toronto. On any given day, you can find her researching everything from equine financing and business loans to student debt refinancing and how to start a trust. She loves hot coffee, the smell of fresh books and discovering new ways to save her pennies.
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 0.55% 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?
- 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.
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.
Eligibility
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:
- 0.55% APY. Earn a respectable 0.55% 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
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 0.55% 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.
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.