Bank 7 Raises Online Money Market and Savings Rates
Almost a year ago, 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. Bank 7 stopped accepting new applications for these accounts in June, but made them available again in September, with significantly improved APYs of 2.05%.
Bank 7 announced yesterday that both Money Market and Savings accounts now earn 2.35% APY on balances up to $999,999.99, with balances of $1m+ not earning any interest.
This is a Split Tier Rate account. Only the portion of the balance within each Split Rate tier earns interest at the rate applicable to that Split Rate tier.
For example, if an account maintains a balance of $1,100,000, the first $999,999.99 earns the interest rate defined for the first tier, and the balance above $999,999.99 earns the rate defined for the second tier. The account earns a blended rate of the rates in the first and second tiers.
The fine print on the promotion page for both accounts states, “For Bank 7 New Customers Only.” That may not be necessarily true, as DA readers, leemd and Duck, reported in the Forum yesterday that they were notified that their existing accounts are now earning 2.35% APY. Good news all around.
High Rate Online Money Market
- $5k minimum opening deposit.
- VISA® debit card available.
- eStatements required. Paper statements available for $15 per month.
High Rate Online Savings
- $100 minimum opening deposit.
- ATM card available.
- Cash withdrawals only.
- eStatements required. Paper statements available for $15 per quarter.
Common Features
The following conditions apply to both accounts:
- 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.
- Unlimited withdrawals in person, at ATMs, by mail, or by messenger.
- 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 September, an ACH Origination Service for business accounts had been established. I had hoped that Bank 7’s personal accounts would follow suit, but the ability to originate an ACH from a personal account still does not exist.
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. 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.
Availability
Headquartered in Oklahoma City, Bank 7 offers a portion of its product line nationwide through an 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 Overview
Bank 7 has an overall health grade of “A+” at DepositAccounts.com, with a Texas Ratio of 0.94% (excellent), based on September 30, 2018 data. In the past year, Bank 7 has increased its total non-brokered deposits by $259.9. million, an excellent annual growth rate of 64.14%. Please refer to our financial overview of Bank 7 (FDIC Certificate # 4147) for more details.
Bank 7 is currently the 13th largest bank in Oklahoma, with assets in excess of $750 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 176 Money Market accounts tracked by DepositAccounts.com that are available nationwide and do not require a large minimum deposit, Bank 7’s High Rate Online Money Market APY currently ranks fifth.
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 208 Savings accounts tracked by DepositAccounts.com that are nationally available and do not require a large minimum balance, Bank 7’s High Rate Online Savings APY currently ranks sixth.
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 2/16/2019.
