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Bank7 High Rate Online Savings account review

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Enjoy a competitive 1.91% 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.



$15 per month



Minimum deposit to open


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

Expert review

Shannon Terrell

Review by

Shannon Terrell is a writer for finder.com 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 1.91% 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.

What are the benefits of a savings account with Bank7?

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

  • 1.91% APY. Earn a respectable 1.91% 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.

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 Interest rate (APY) Fee Minimum deposit to open
Barclays Online Savings
Earn 20x the national savings account average with no fees or minimums.
BBVA Money Market
$15 per month
(can be waived)
Earn one of the highest annual percentage yields (APYs) if you live in one of 42 eligible states, and access your money by ATM, check or bill pay.
UFB Direct High Yield Savings
Earn a competitive rate with a balance higher than $10,000.
CIT Bank Savings Builder High Yield 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. Earn up to $300 Cash Bonus with a $50K deposit. Open to both current and new customers. Conditions apply
Chase Savings
$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. Or get $350 when you open both a Chase Savings and Chase Total Checking account.
UFB Direct Premium Money Market Account
$10 per month
(can be waived)
Enjoy the security and earning potential of a savings account while maintaining the flexibility to write checks.

Compare up to 4 providers

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 1.91% 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.

Read the full methodology of how we rate savings accounts.

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