In March, Oklahoma-based Bank 7 began offering its High Rate Online Money Market and High Rate Online Savings accounts on a nationwide basis, with both accounts earning 1.80% APY. These competitive accounts were available until Bank 7 stopped accepting new applications in June. The good news is both accounts are nationally available again, with improved APYs of 2.05%. The Online Money Market requires a $5k minimum opening deposit, while the Online Savings can be opened with only $100.
|2.05%||$5k||$1m||Bank 7||High Rate Online Money Market|
|2.05%||$100||$1m||Bank 7||High Rate Online Savings|
DA readers, leemd and web519, recently posted in the Forum that their High Rate Online Money Market accounts are now earning 2.05% APY. Their experience belies what is stated on the promotion page: “For Bank 7 New Customers Only.”
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 $15 minimum balance fee can be avoided by maintaining a daily ledger balance ($5k for the Money Market and $100 for the Savings account).
- A beneficiary (Payable-on-Death) can be designated.
When I wrote about Bank 7 in March, an ACH transfer system did not exist, but Bank 7 now has an ACH Origination Service for business accounts. According to CSR, personal accounts are not able to originate an ACH.
The ACH transfer would have to be completed on your existing bank’s side though. You will just provide the routing and account number for the Bank7 account. There are not any dollar amount limitations.
The other options to transfer money out of either account are through Online Banking, Popmoney, or Bill Pay, although check writing is available on the Money Market account. Options to transfer money in are 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.
Headquartered in Oklahoma City, Bank 7 is once again offering some of its product nationwide 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 also 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 1.09% (excellent), based on June 30, 2018 data. In the past year, Bank 7 has increased its total non-brokered deposits by $222.88 million, an excellent annual growth rate of 58.02%. Please refer to our financial overview of Bank 7 (FDIC Certificate # 4147) for more details.
Bank 7 is currently the 14th largest bank in Oklahoma, with assets in excess of $726 million. Established in 1901 as The First National Bank of Medford (OK), the Bank 7 rebrand occurred in 2004 when the Bank restructured. In 2011 and 2014, Bank 7 acquired The First State Bank (Camargo, OK) and The Montezuma State Bank (Montezuma, KS), respectively.
How the High Rate Online Money Market Compares
When compared to the Money Market accounts tracked by DepositAccounts.com that are available nationwide, Bank 7’s High Rate Online Money Market APY once again leads, regardless of minimum deposit requirements.
|Interest Rate||Account Name||Credit Union/Bank|
|2.05% APY||High Rate Online Money Market ($5k min/$1m max)||Bank 7|
|2.02% APY||Money Market Special ($25k min/$1.5m max)||NASB|
|2.01% APY||eMoney Market (no min or max)||Virtual Bank|
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 212 Savings accounts tracked by DepositAccounts.com that are nationally available, Bank 7’s High Rate Online Savings APY currently ranks third.
|Interest Rate||Account Name||Credit Union/Bank|
|2.25% APY||Ascent Money Market Savings ($25k min/no max)||Customers Bank|
|2.10% APY||High Yield Online Savings (no min/no max)||Vio Bank|
|2.05% APY||High Rate Online Savings ($100 min/$1m max)||Bank 7|
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 9/5/2018.