Considering just APY and maintenance fees, Arvest Bankâ€™s checking accounts simply donâ€™t compare to the best checking accounts on the market. Four of the five options donâ€™t pay any interest, and the one that does only offers a relatively low rate. As perks increase, so does each accountâ€™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 cashierâ€™s checks and money orders, discounts on a safe deposit box and the waived fee for a stop payment on a check youâ€™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 werenâ€™t, you may be better off doing your checking elsewhere.
Arvest Bankâ€™s savings rates arenâ€™t competitive. Even with the modest APY bump for having both specific types of checking and savings accounts, thereâ€™s very little reason to keep your liquid savings with Arvest when there are so many more lucrative savings account offers out there.
Arvest Bankâ€™s HSA could be advantageous to some customers and itâ€™s not so widely offered.
Arvest Bankâ€™s certificate of deposit rates donâ€™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 youâ€™re going to lock your money away for a set term, shop around to make sure youâ€™re getting the best rates possible.
If youâ€™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.
Because Arvestâ€™s rates are middle-of-the-road when compared to the competition, youâ€™ll want to shop around before opening this IRA CD. Youâ€™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.
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