UPDATE 6/26/2018 - Bank 7 is no longer accepting applications for either the High Rate Online Money Market or the High Rate Online Savings.
Oklahoma-based Bank 7, is now offering its High Rate Online Money Market (1.80% APY, $5k minimum) and High Rate Online Savings (1.80% APY, $100 minimum) accounts on a nationwide basis. The promotion page states, “Online Accounts For New Customers.”
According to the FAQs pages for both the Money Market and Savings the following conditions apply:
- There is a limit of one Money Market and one Savings account per individual Social Security number
- Deposits are unlimited. Withdrawals are limited to the standard six per month, with a $3 fee per withdrawal beyond the six allowed.
- The monthly minimum balance fee can be avoided by maintaining a daily ledge balance ($5k for the Money Market and $100 for the Savings account).
- A beneficiary (Payable-on-Death) can be designated.
Bank 7 does not currently have an ACH transfer system in place. According to CSR and the FAQs page, the only way to transfer money out of either account is through Online Banking, Popmoney, or Bill Pay, although check writing is available on the Money Market account. As stated on the FAQs page,
Once the account is opened and you receive your electronically signed signature card, you can make unlimited deposits via checks, wire transfers, or through ACH credits from your existing bank account.
You may also deposit a check via Bank7 Mobile Deposit2 or mail a check to our office.
Thanks to DA reader, leemd, for his recent Forum post about Bank 7's new online MMA.
Headquartered in Oklahoma City, Bank 7 has begun to offer a few of its products nationally through its online application. U.S. citizens and resident aliens, with a valid Social Security number, are welcome to apply.
As the names suggest, the High Rate Online Money Market and Savings accounts must be opened online. A single payable-on-death beneficiary can be listed on the online application. According to the FAQs page, if you wish to add additional beneficiaries,
Please contact the bank at 800-259-0921, Monday through Friday 8:00 – 5:00 pm CST, excluding federal holidays, if you need to add more beneficiaries.
Bank 7 has eight brick-and-mortar branches located Oklahoma (5), Kansas (2), and Texas (1).
Bank 7 has an overall health grade of “A+” at DepositAccounts.com, with a Texas Ratio of 1.62% (excellent), based on December 31, 2017 data. In the past year, Bank 7 has increased its total non-brokered deposits by $90.94 million, an excellent annual growth rate of 25.97%. Please refer to our financial overview of Bank 7 (FDIC Certificate # 4147) for more details.
Bank 7 was established in 1901 as The First National Bank of Medford; the Bank 7 rebrand occurred in 2004 when the Bank restructured. Bank 7 is currently the 14th largest bank in Oklahoma, with assets in excess of $702 million.
How the High Rate Online Money Market Compares
When compared to the 181 Money Market accounts tracked by DepositAccounts.com that are available nationwide, Bank 7’s High Rate Online Money Market APY currently tops the list.
To look for the best MMA rates, both nationwide and state specific, please refer to our Money Market Accounts rates table page.
How the High Rate Online Savings Compares
When compared to the 213 Savings accounts tracked by DepositAccounts.com that are nationally available, Bank 7’s High Rate Online Savings APY currently ranks second.
To search for the best Savings account rates, both nationwide and state specific, please refer to our Savings Account rates table page.
The above rates are accurate as of 3/21/2018.