Arvest Bank Review 2023

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Arvest Bank Overall Rating

Arvest Bank Pros and Cons

Arvest Savings Account Rates

The Arvest Bank Savings Account - Product Name Only pays Arvest Bank Savings Account - APY APY (Annual Percentage Yield) — well below the FDIC National Deposit Savings Rates - APY APY national average and rates offered by the best high-yield savings accounts. But this is a higher rate than many national banks pay, so it's a decent option if you're set on a brick-and-mortar bank.

The account requires at least Arvest Bank Savings Account - Minimum Deposit to get started and charges a Arvest Bank Savings Account - Fees Display. You can waive this fee if you maintain a minimum balance of $100 every day of the month, or an average daily balance of at least $500. 

If you also have an Arvest checking account, you can get a debit card and use it for withdrawals and transfers at Arvest ATMs. You'll get six free withdrawals or charges from your savings account each month — any additional withdrawals will come with a $5 fee.

Arvest Free Blue Checking Account Overview

The Arvest Free Blue Checking Account - Product Name Only has Arvest Free Blue Checking Account - Fees Display, comes with a debit card, and offers up to $400 in overdraft coverage. Customers also get free notary services and, for those age 62 or older, free checks. You must enroll in eStatements to open this account.

Arvest offers a variety of other checking account options, too, including ones that come with identity theft protection, accident death and dismemberment insurance, added overdraft coverage, and the opportunity to earn interest (though not nearly as much as what the best high-yield checking accounts offer). 

It's important to note that using ATMs outside of Arvest's regional network comes with a $2.50 fee. Arvest Bank ATMs are only in Arkansas, Kansas, Missouri, and Oklahoma.

Arvest CD Rates

Arvest CDs - Product Name Only have higher rates han the national average, ranging from Arvest CDs - APY APY. Terms range from 31 days to five years. The minimum required opening balance is Arvest CDs - Minimum Deposit — though higher balances earn higher interest rates.

Arvest Money Market Account Rates

The Arvest Money Market Account - Product Name Only has higher interest rates than the national average, with current APYs ranging from Arvest Money Market Account - APY, depending on your balance. If you have a checking account with Arvest, you can tie your money market account to your existing debit card or access your funds via transfer, paper checks, or ATM withdrawal.

You'll only need a Arvest Money Market Account - Minimum Deposit minimum deposit, though falling below a $2,500 daily balance will result in a Arvest Money Market Account - Fees Display. You're also limited to just six withdrawals per statement cycle; anything beyond this will cost $10 per transaction. 

About Arvest Bank

Arvest Bank is a regional bank with locations in Arkansas, Kansas, Missouri, and Oklahoma. It offers a wide variety of financial products, including savings and checking accounts, credit cards, home loans, investment accounts, and more. The bank also provides business and commercial services.

Deposits at Arvest Bank are insured by the FDIC for up to $250,000 on individual accounts and $500,000 on joint accounts.

Arvest Bank's mobile app is available in both the Apple and Google Play stores, where has 4.9 and 4 stars (out of 5), respectively.

For customer support, Arvest Bank customers can visit a physical branch, call customer service at 866-952-9523, or fill out the bank's email form online. You can also send a secure message through your online banking dashboard. Customer service hours are 7 a.m. to 8 p.m. CT Monday through Friday, and 8 a.m. to 5 p.m. CT on Saturday. 

Is Arvest Bank Trustworthy?

Arvest Bank is accredited by the Better Business Bureau and has an A+ rating with the bureau, indicating the company responds to customer complaints effectively and is transparent about its business practices.

Keep in mind: A good BBB score doesn't guarantee you'll have a smooth relationship with a company, though it is generally a good sign of trustworthy business practices.

Arvest Bank doesn't have any recent public controversies, though it was included in a list of banks with high overdraft fee profits published in 2021 by the Brookings Institution. 

Arvest Bank FAQs

Is Arvest Bank legit?

Yes, Arvest is a legitimate Member FDIC bank.

Is Arvest Bank a good bank?

Arvest Bank is a good option if you prefer a regional bank and are located in Arkansas, Kansas, Missouri, or Oklahoma, and if you want high CD or money market interest rates.

Where is Arvest Bank located?

Arvest Bank is headquartered in Bentonville, Arkansas, though it has more than 200 locations across four states: Arkansas, Kansas, Missouri, and Oklahoma. The bank serves 110 communities in the region.

Is Arvest Bank FDIC-insured?

Arvest Bank is insured by the Federal Deposit Insurance Corporation. Deposits at the bank are insured for up to $250,000 on individual accounts and $500,000 on joint accounts.

Is Arvest Bank owned by Walmart?

Arvest Bank isn't owned by Walmart, but Sam Walton — who founded the Walmart corporation — did found the bank in the 1960s.

Arvest Bank vs. Simmons Bank

Simmons Bank is a regional bank that, like Arvest, serves Arkansas, Kansas, Missouri, and Oklahoma — plus Texas and Tennessee. The bank offers savings, checking, CDs, money market accounts, and loans. Compared to Arvest Bank, Simmons has a wider network of ATMs (32,000 and counting) and offers a more robust array of accounts.

The Simmons Bank Simply Savings Account - APY APY on the Simmons Bank Simply Savings Account - Product Name Only is lower than Arvest's savings rate, but its Coin Checking + Savings account is its true standout. The account requires no minimum deposit, has no monthly fee, and earns up to a 0.50% APY bonus on top of the account's base Simmons Bank Simply Savings Account - APY APY if you make a certain number of deposits and transactions. Account owners can also monitor their credit score, access their paychecks up to two days early, and use a round-up feature, which lets them round up purchases to the nearest dollar and transfer that extra cash into savings.  

Simmons also offers youth and health savings accounts and a variety of checking accounts. Its CDs pay high rates but have slightly lower rates than Arvest. Arvest also offers more CD term options.

Another important thing to note: You'll need to go into a branch to open many of Simmons' accounts, so if you're looking for a fully online experience, Arvest may be the better option.

Arvest Bank vs. Bank of America

Bank of America operates in the same states as Arvest, so it's another viable option if you're looking for a checking, savings, CD, or money market account — particularly if you want access to a nationwide network of branches and free ATMs.

The downside is the much lower interest rates Bank of America offers when compared to Arvest. Bank of America savings rates range from just Bank of America Advantage Savings Account - APY APY, and its CDs pay Bank of America Featured CD - APY APY. It does not offer money market accounts, though it does have several checking account options.

Why You Should Trust Us: How We Reviewed Arvest Bank

To review Arvest Bank, we rated its checking, money market, and savings accounts using Personal Finance Insider's bank account methodology and its CDs using Personal Finance Insider's certificate of deposit methodology.

In general, we look at ethics, customer support, and mobile apps when rating an institution. Other factors we consider depend on which type of account we're reviewing. For example, we look at overdraft protection for checking accounts and early withdrawal penalties for CDs. Each account gets a rating from 0 to 5, with 5 being the highest score possible.