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Arvest Bank Review: Solid CDs and Checking Accounts for Some Customers

Review Updated
Matt Frankel, CFP®
Author: Matt Frankel, CFP®
Matt Frankel, CFP®
Matt Frankel, CFP®

Matt Frankel, CFP, has been a contributing writer, analyst, and personal finance expert for The Motley Fool since 2012.

Prior to The Motley Fool, Matt was a mathematics professor and high school math teacher.

He holds a B.S. in Physics from University of South Carolina; a M.S. in Mathematics from Nova Southeastern University; and a Graduate Certificate in Financial Planning from Florida State University.

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Jamie Matthews
Reviewer: Jamie Matthews
Jamie Matthews
Jamie Matthews

Jamie Matthews is alumni of Ohio State University and still calls Columbus, Ohio home. She is a finance editor with more than nine years of experience. When she isn't obsessing over grammar and punctuation, she enjoys baking, reading books, and being a proud dog mom.

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Ashley Maready
Fact Checked: Ashley Maready
Ashley Maready
Ashley Maready
Writer and Editor

Ashley Maready is a former history museum professional who made the leap to digital content writing and editing in 2021. She has a BA in History and Philosophy from Hood College and an MA in Applied History from Shippensburg University. Ashley loves creating content for the public and learning new things so she can teach others, whether it's information about salt mining, canal mules, or personal finance.

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Many or all of the products here are from our partners that compensate us. It’s how we make money. But our editorial integrity ensures that our product ratings are not influenced by compensation. Terms may apply to offers listed on this page. APY = Annual Percentage Yield. APYs are subject to change at any time without notice.
Offer image for
Member FDIC.

Arvest Bank

Bottom Line

Arvest Bank is a community bank for residents of Arkansas, Kansas, Missouri, and Oklahoma who want a branch-based bank with a variety of account types. While most of its rates aren't competitive with top online banks, some Arvest Bank accounts are full of valuable features.

Pros
  • High CD yields
  • Great checking account for those with an Arvest relationship
  • Lots of account types to choose from
Cons
  • Yields are low on savings accounts
  • Many accounts have monthly fees
  • Unusual types of fees compared to most banks
  • Branches are only in four states

  • Our methodology for scoring banks and credit unions revolves around evaluating key aspects such as annual percentage yield (APY), brand reputation, fees and minimum requirements, and additional perks.

    These criteria are weighted differently across various account types, ensuring a comprehensive assessment that reflects the competitive landscape and economic conditions.

    We strictly feature products that offer federal insurance and high customer satisfaction, keeping our recommendations unbiased by advertiser influence. This robust evaluation process helps us generate balanced, reliable best-of lists that guide consumers to top financial products.

    Learn more about how Motley Fool Money rates bank accounts.

Is Arvest Bank right for you?

Arvest Bank could be a good choice for some people. It offers a wide range of checking accounts and competitive rates on CDs. But this bank charges more fees than many online banks, and its APYs on savings accounts and checking accounts aren't as high as the top online banks.

This bank may be a good option for you if:

  • You want local branch banking and live near the bank's branches in Arkansas, Kansas, Oklahoma, or Missouri.
  • You want high APYs on CDs.
  • You want checking account perks and rewards based on your total banking relationship.
  • You don't mind paying checking account fees.

Bank fees

Arvest Bank Fee Charge
Monthly maintenance fee Most checking accounts charge a monthly fee, ranging from $3 to $18 based on account.
Non-bank ATM fee $2.50 per item
ATM or debit card replacement $7.50
Overdraft fee $17 per paid item, maximum of 4 fees per day
Online bill pay $0.50 per transaction; free for some checking accounts
Stop payment order $30
Transfers to external bank accounts $3 for standard, $5 for next day, $10 for instant transfers with Arvest TransferNow® service
Automatic transfers to or from external bank $10 per transfer
Incoming wire transfers $10 per wire
Outgoing wire transfers Domestic wires: $20 for PIN-based, $25 at branch, International wires: $40 for PIN-based, $60 at branch
Data source: Arvest Bank

Savings accounts

Arvest Bank offers two types of savings accounts with low minimum balances -- but the APYs are low, too.

Arvest Bank Savings Account

The Arvest Bank Savings Account is the bank's basic savings product, with a low monthly fee that is easy to waive and a low opening account minimum. This savings account's APY is 0.25% APY, which is below the national average and rather low compared to other banks on our radar.

You need a minimum $100 opening deposit for this account. If you have an Arvest Bank checking account, you'll be able to access your savings account balance with an ATM card as well.

Ratings Methodology
Rates as of Jan 31, 2025

Arvest Bank Savings Account

Member FDIC.
APY
0.25%
Min. To Earn APY
$100
  • Low opening deposit
  • Monthly fee can be waived with $100 balance
  • No ongoing minimum balance requirement
  • Interest rate isn't competitive with online banks

The Arvest Bank Savings Account is a solid basic savings account for a branch-based financial institution. It has a $2 monthly fee that is easily waivable by maintaining a $100 balance or $500 average daily balance.

  • The Arvest Bank Cool Blue Savings is designed for customers under 18. It earns interest on all daily collected balances, and has a low $50 minimum opening deposit. It has no monthly service fee, and is intended to help children learn good savings habits.

Compare savings rates

Make sure you're getting the best account for you by comparing savings rates and promotions. Here are some of our favorite high-yield savings accounts to consider.

Account APY Promotion Next Steps
3.80%
Rate info Circle with letter I in it. 3.80% annual percentage yield as of January 31, 2025. Terms apply.
Min. to earn: $0
N/A
Open Account for American Express® High Yield Savings

On American Express's Secure Website.

up to 3.80%²
Rate info Circle with letter I in it. You can earn the maximum APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.
Min. to earn: $0
New customers can earn up to a $300 bonus with qualifying direct deposits!¹
3.80%
Rate info Circle with letter I in it. See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of Dec. 6, 2024. Rates are subject to change at any time before or after account opening.
Min. to earn: $0
N/A

Certificates of deposit

Arvest Bank offers certificates of deposit (CD accounts) in a few different terms.

CDs are an area where Arvest Bank shines. The bank only publishes its 6-month, 12-month, and 24-month CD rates on its website, but all have APYs that are competitive, even with online banks.

One big drawback, especially for new savers and those trying to build a CD ladder, is that Arvest Bank CDs have a $1,000 minimum deposit requirement.

Rates as of Jan. 30, 2025

APY = Annual Percentage Yield

Offer image for Arvest Bank CD
Arvest Bank CD
Bottom Line

Arvest Bank CDs are available at competitive rates in terms of 31 days to five years. The exact APY you're eligible for depends on your CD balance. For more information or to open a CD, call Arvest Bank or visit a local branch.

MINIMUM DEPOSIT $1,000
Read Review
6 Mo. APY 1 Yr. APY 2 Yr. APY
up to 4.05% up to 3.80% up to 3.55%

Compare CD rates

Rates as of Jan. 30, 2025
Bank & CD Offer APY Term Min. Deposit Next Steps
APY: 4.00% Term: 1 Year Min. Deposit:  $0
Open Account for Discover® Bank CD

On Discover Bank's Secure Website.

Member FDIC.
APY: 4.35% Term: 10 Months Min. Deposit:  $2,500
Open Account for

On Secure Website.

Member FDIC.
APY: 4.25% Term: 6 Months Min. Deposit:  $500
Open Account for

On Secure Website.

Checking accounts

Arvest Bank offers several different types of checking accounts, and some offer unique perks. But watch out for fees; some Arvest Bank checking accounts charge fees for services that many other banks offer for free, like online bill pay.

Arvest Free Blue™ Checking

The Arvest Free Blue™ Checking account is a basic checking account that requires enrollment in e-statements and has no monthly fee. The account offers a free debit card, up to $400 in overdraft protection, free notary services, and unlimited check writing. Customers age 62 and older get free checks.

Ratings Methodology
Rates as of Jan 31, 2025

Arvest Free Blue™ Checking

Member FDIC.
APY
0%
Min. To Earn APY
N/A
  • No monthly fees
  • Up to $400 in overdraft protection
  • Free notary services
  • Free checks (age 62 and older)
  • Doesn't earn interest

The Arvest Free Blue checking account is a solid basic checking account product. The overdraft protection is an especially attractive feature, and there is no monthly fee.

  • The Arvest Basic Blue™ Checking account is rather similar to the Arvest Free Blue™ Checking account. The biggest difference is that the Free Blue edition requires enrollment in e-statements, while the Basic Blue offers paper account statements in exchange for a $3 monthly fee (which cannot be waived). Online bill pay is available with this account, but it costs $0.50 per transaction.

    The Arvest Basic Blue™ Checking account and the Arvest Free Blue™ Checking account both offer a free debit card, up to $400 in overdraft protection, free notary services, and unlimited check writing. Customers over the age of 62 even get free checks. In short, the only reason to use the Basic Blue account is if you insist on having paper statements mailed to you each month.

  • The Arvest myBlue® Checking account is designed to be a step up from the previous two. It has a $6 monthly fee that cannot be waived, but it comes with some valuable features.

    It has free unlimited online bill pay, which costs $0.50 per use with the more basic accounts. There's $10,000 in AD&D insurance for the primary account holder, free ID protection, and as much as $600 in overdraft protection.

  • The Arvest Club Checking account takes the benefits a step further. It includes all of the benefits of the myBlue account, but increases the AD&D insurance coverage to $30,000 and the overdraft protection to as much as $800. It offers free checks to all customers, free money orders and cashier's checks, and more, for a $12 monthly fee.

  • The Arvest Preferred Club Checking account is Arvest Bank's top-tier checking product. In addition to the benefits of the Arvest Club Checking account, the overdraft protection limit is bumped to $1,000, and customers earn interest on their balances. It adds a few more free services, such as the ability to stop payments on checks.

    The Arvest Preferred Club Checking account has an $18 monthly fee, but unlike the other accounts, it can be waived by meeting certain requirements, such as having $25,000 in combined consumer loans and deposits.

  • The Arvest Bright Solutions™ Account is a checkless checking account. If you don't need to write checks, this account can give you access to online banking, a free debit card, and valuable perks, including free online bill pay and no overdraft fees. This account has a $5 monthly fee if you choose e-statements, and $7 if you choose paper statements.

Compare checking accounts

We recommend comparing checking accounts to make sure you're getting the best fit for you. Here's a list of our favorite accounts.

Account APY Promotion Next Steps
0%
Min. to earn: N/A
Earn 1% cash back on up to $3,000 in debit card purchases each month (see details when you click 'Open Account')
Open Account for Discover® Cashback Debit

On Discover Bank's Secure Website.

up to 1.10%
Min. to earn: $1
High APY when you complete 10 or more qualifying debit card purchases each month

Money market account

Arvest Bank offers a money market account product, designed for savers who maintain relatively high balances. It pays a higher APY than the bank's regular savings account, and also offers unlimited ATM withdrawals. There is a $10 monthly service fee, but this can be waived with a minimum daily balance of $2,500.

Ratings Methodology
Rates as of Jan 31, 2025

Arvest Bank Money Market Account

Member FDIC.
Monthly Fee
$10, waivable by maintaining a $2,500 min. daily balance
Min. Balance
$100 to open, then $0
APY
up to 1.71% Rate info Circle with letter I in it. Balance of $0 to $9,999.99 earns 1.51% APY, balance of $10,000 to $99,999.99 earns 1.56%, balance of $100,000 to $4,999,999.99 earns 1.56%, balance of $5,000,000 and up earns 1.71%
Min. To Earn APY
$0
  • Competitive APY
  • Unlimited ATM withdrawals
  • $100 minimum opening balance
  • $10 monthly service fee for balances under $2,500
  • APY isn't competitive with online banks

Arvest Bank's Money Market Account is a solid savings account for customers who typically keep more than $2,500 in their account. It pays a competitive APY for a branch-based money market account, but isn't quite up to par with money market accounts offered by online institutions.

Customer experience

Arvest Bank has more than 200 branch locations in communities in Arkansas, Kansas, Missouri, and Oklahoma. The bank has more than 60 years of history and started as a small bank in a small town, growing to a regional bank serving four states, with more than $26 billion of total assets.

This bank offers local branch banking as well as online banking and mobile banking. Let's take a closer look at how the Arvest Bank customer experience stacks up.

Customer reviews

Arvest Bank has an A+ rating from the Better Business Bureau and has been BBB accredited since September 2000. However, like many banks, it gets some negative reviews from customers on bbb.org, with an overall customer rating of 1.6 out of 5 stars. The bank gets 2.5 out of 5 stars based on customer reviews on Trustpilot.

Customer service is available by phone at 866-952-9523, with Arvest Bank service hours from 7 a.m. to 8 p.m. CST on weekdays, and 8 a.m. to 5 p.m. on Saturdays. Customers can also schedule an appointment online to speak with a local banker by phone, contact Arvest Bank customer service by email, or send a secure message from within Arvest Online Banking.

Mobile app

The Arvest Bank mobile banking app, Arvest Go®, offers a wide range of features and tools, such as mobile check deposit, Quick View to see your balances without having to log in, scheduling payments and transfers, searching account transactions, and more.

Arvest Go® gets excellent reviews for iOS devices, but slightly less favorable ratings for Android.

  • App Store rating: 4.9 out of 5 stars
  • Google Play rating: 3.8 out of 5 stars

Physical locations

Arvest Bank has more than 200 branch locations in 110 communities in Arkansas, Missouri, Kansas, and Oklahoma.

How does Arvest Bank compare?

Compared to some other banks, Arvest Bank charges an unusual amount of fees, like monthly account fees that can't be waived, or fees for services like online bill pay and incoming wire transfers. If you want a bank with lower fees that still offers competitive rates on savings accounts and other products, here are a couple others you might want to consider instead.

Arvest Bank vs. SoFi®

SoFi® could certainly be a better option if you're looking for higher-yield accounts, especially if you don't live near an Arvest Bank branch. It offers a hybrid account that combines savings and checking (with high APYs for each), and a wide range of other banking products. One drawback is that SoFi® doesn't offer CDs.

Arvest Bank vs. Ally

Ally offers a competitive high-yield savings account, CDs with some of the highest rates on our radar, as well as an excellent interest-bearing checking account. It also offers several types of loans, is one of the largest auto lenders in the U.S., and has a top-rated brokerage platform.

FAQs

  • Yes, Arvest Bank is an FDIC-insured financial institution, which means that deposits are protected up to a maximum of $250,000 per person, per account ownership category. It has more than 200 locations, and over $26 billion in assets, so it isn't exactly a small bank.

  • Arvest Bank is based in Lowell, Arkansas. It has physical operations in its home state, as well as in Kansas, Missouri, and Oklahoma. As of 2024, Arvest Bank has more than 200 physical locations that serve over 110 communities in these four states.

  • Arvest Bank has more than 300 ATMs in its four-state footprint of Arkansas, Missouri, Kansas, and Oklahoma. Your Arvest Bank account debit card will work at thousands of other ATM locations, but you'll have to pay non-bank ATM fees for each transaction.