Monday, 26 October 2020

Arvest Bank Review: Checking, Savings, CD and Money Market Accounts

Arvest Bank Review: Checking, Savings, CD and Money Market Accounts
01 Sep
9:48

Arvest Bank’s checking account options

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How Arvest Bank’s checking accounts compare

Considering just APY and maintenance fees, Arvest Bank’s checking accounts simply don’t compare to the best checking accounts on the market. Four of the five options don’t pay any interest, and the one that does only offers a relatively low rate. As perks increase, so does each account’s maintenance fee, unless you open a Preferred Club checking account and do a lot of banking with Arvest Bank.

However, what these checking accounts lack in yield, they attempt to make up for in unique perks. Access to AD&D policies, waived fees for cashier’s checks and money orders, discounts on a safe deposit box and the waived fee for a stop payment on a check you’ve written do have value. How much value is going to depend on if you were already going to use or seek out these services. If you weren’t, you may be better off doing your checking elsewhere.

Arvest Bank’s savings account options

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How Arvest Bank’s savings accounts compare

Arvest Bank’s savings rates aren’t competitive. Even with the modest APY bump for having both specific types of checking and savings accounts, there’s very little reason to keep your liquid savings with Arvest when there are so many more lucrative savings account offers out there.

Arvest Bank’s HSA could be advantageous to some customers and it’s not so widely offered.

Arvest Bank’s CD rates

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How Arvest Bank’s CD rates compare

Arvest Bank’s certificate of deposit rates don’t even come close to the best CD offers on the market. Its highest rate is barely half of what it would need to be to make the cut. If you’re going to lock your money away for a set term, shop around to make sure you’re getting the best rates possible.

Arvest Bank’s money market account options

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How Arvest Bank’s money market accounts compare

If you’re thinking about opening a money market account with Arvest Bank, you need to do more shopping. There are far better money market rates out there, and many of them come with less potential fees.

Arvest Bank’s IRA account options

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How Arvest Bank’s IRA CD rates compare

Because Arvest’s rates are middle-of-the-road when compared to the competition, you’ll want to shop around before opening this IRA CD. You’ll also want to take into consideration that the APY on this certificate is variable, while many other financial institution offer fixed-rate CDs where the APY will stay consistent throughout the course of your term.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Brynne Conroy

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Source: https://www.magnifymoney.com/blog/reviews/arvest-bank/

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