Friday, 5 June 2020

Bank7 Review of Checking, Savings, CD and IRA Rates

Bank7 Review of Checking, Savings, CD and IRA Rates
17 Aug
5:21

Bank7 is an Oklahoma-based community bank, with branches in Kansas and Texas. Founded in 1901 as The First National Bank Of Medford, it changed its name to Bank7 in September 2004.

Bank7 offers mobile and online checking, but you can only open an account by visiting one of their locations or by phone. Their personal accounts have a whole host of features and offers some decent CD rates.

This bank review will cover their checking, savings, CD and IRA CD accounts. Bank7 does not publish its rates online and asks consumers to contact a Customer Service Representative to learn about the current deposit account rates.

Bank7’s checking account options

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How Bank7’s checking accounts compare

Bank7’s Super7 Checking account offers the ability to earn interest, which is an advantage over most banks, but there are other checking accounts offered by competitors that have better features and verified rates. The fees are a big concern for us. Other online banks offer free checks, no balance minimums and even have ATM fee reimbursements. They also allow you to open accounts online, a service that Bank7 does not provide.

If you’re after higher rates and want the convenience of opening an account online, you may want to consider checking out nbkc bank as they don’t have many fees and allow you to earn a bit of interest.

Institution
Minimum Deposit Amount
Personal Account from nbkc bank
nbkc bank

Bank7’s savings account options

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How Bank7’s savings accounts compare

Candidly, the fact that Bank7 doesn’t publicly share the rates on its savings accounts is a little concerning. Most of the accounts on our list of the best savings accounts have verified rates that are publicly displayed on its websites and no minimum balance amounts. However, not all offer the broad ATM access like Bank7. It does have a lower excessive withdrawal fee compared to other places, but the account charges you after three withdrawals, whereas others allow you more than twice that number before charging you.

In any case, you may be better off choosing an online bank like Marcus by Goldman Sachs to place your savings in a high-yield savings account with no minimum balance.

Institution
Minimum Deposit Amount
High-yield Online Savings Account from Goldman Sachs Bank USA
Goldman Sachs Bank USA
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Bank7’s CD rates

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How Bank7’s CD rates compare

Bank7’s minimum deposit amount for the longer-term CDs are a bit on the higher side when comparing them with our list of the current best CD rates. Some also offer a wider variety of terms, so if you want a longer or shorter term than what Bank7 has to offer, you may want to consider Synchrony, Ally, or Barclays depending on the minimum amount you’re willing to deposit.

Institution
Minimum Deposit Amount
12 Month CD from Synchrony Bank
Synchrony Bank
High Yield 3 Year CD from Ally Bank
Ally Bank
60 Month Online CD from Barclays
Barclays

Bank7’s IRA account options

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How Bank7’s IRA CD rates compare

Bank7’s IRA CD rates fall slightly short of the best offerings out there. When compared to other IRA CDs with the same term, there are much better yields on our list of the current best IRA CD rates.

However, where Bank7 shines is the low minimum opening deposit and the ability to make additional deposits throughout the term. Other banks require much higher minimums and don’t allow you to make additional deposits once you fund the account.

If you’re after the highest rates, you’ll be better off looking at other places. But if you like having the option of making additional funds — up to the maximum amount allowed by the IRS each year — bit by bit, then the Bank7 IRA CD is a great choice.

Advertiser Disclosure: The card offers that appear on this site are 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 card companies or all card offers available in the marketplace.

Sarah Li Cain

Sarah Li Cain |

Sarah Li Cain is a writer at MagnifyMoney. You can email Sarah Li here

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Source: https://www.magnifymoney.com/blog/reviews/bank7/

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