Jane Dotson
Arvest Bank offers a range of accounts, including savings and checking accounts, with different features and benefits. One of the key concerns for customers when choosing a bank account is whether their money will be safe and insured. Arvest Bank provides peace of mind in this regard, as their accounts are FDIC-insured, meaning they are backed by the full faith and credit of the U.S. Government. This insurance protects customers' deposits and ensures that their funds are secure, up to certain limits.
| Characteristics | Values |
|---|---|
| Insured by | FDIC and backed by the full faith and credit of the U.S. Government |
| Types of accounts | Savings, Money Market, Checking |
| Checking accounts | MyBlue, Club Checking, Bright Solutions, Free Blue |
| Savings accounts | Basic savings, Cool Blue (for under 18s) |
| Minimum balance to avoid fees | Savings: $100 minimum daily balance or $500 average daily balance |
| Money Market: $2,500 minimum daily balance | |
| Checking: $1,000 in overdraft coverage | |
| Interest | Earned on savings and checking accounts |
| Monthly fees | $2 for savings, $10 for Money Market, $12 for Club Checking, $18 for premium checking |
| ATM access | Regional network of ATMs |
| Online access | Accessible online or via the Arvest Bank mobile app |
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What You'll Learn
Arvest Bank's accounts are FDIC-insured and backed by the US government
Arvest Bank offers a variety of personal checking and savings accounts to meet different customer needs. All Arvest savings accounts include free services such as Arvest Online Banking, Mobile Banking, a 24-hour Account Information line, and friendly customer service assistance. Notably, Arvest Bank accounts are FDIC-insured and backed by the full faith and credit of the US government. This means that your money is protected and insured by the US government, providing an extra layer of security for your funds.
The Federal Deposit Insurance Corporation (FDIC) is a United States government corporation supplying deposit insurance to depositors in American commercial banks and savings banks. The FDIC was created to maintain stability and public confidence in the nation's financial system.
As an Arvest Bank customer, the FDIC insurance coverage ensures that your deposits are protected up to the maximum amount allowed by law. This protection extends to a range of account types, including checking and savings accounts. FDIC insurance provides coverage of up to $250,000 per depositor, per insured bank, for each account ownership category.
Arvest Bank's FDIC insurance coverage is a significant advantage for customers. It provides peace of mind and security, knowing that their hard-earned money is safe and protected by the US government. This insurance coverage allows customers to maintain confidence in the safety of their funds, even in uncertain economic times.
In summary, Arvest Bank accounts are indeed FDIC-insured and backed by the full faith and credit of the US government. This insurance coverage is a critical aspect of Arvest Bank's offering, providing customers with an added layer of protection for their deposits. With Arvest Bank, customers can rest assured that their money is secure while also enjoying the benefits of the various account options available to meet their unique financial needs and goals.
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Arvest Bank offers a variety of personal checking accounts
Arvest's myBlue® checking offers affordable checking with benefits and extras. Customers can enjoy Club discounts, $1,000 in overdraft coverage, free checks, and additional complimentary services, including Family AD&D Insurance coverage and IDProtect®. Bright SolutionsTM is another checkless account option for customers who prefer digital banking without the risk of unexpected fees from overdrafts.
Arvest also offers a variety of savings accounts to help customers earn interest while saving money. The basic Savings account offers unlimited deposits and earns interest on the balance. There is also a Cool Blue Savings account for those under 18, which carries no monthly service fee. For higher balances, the Money Market account pays a better interest rate than a traditional savings account.
Arvest Bank's checking and savings accounts provide customers with the necessary tools for day-to-day banking, including Arvest Online Banking, Mobile Banking, and a 24-Hour Account Information Line. Customers can also refer friends to Arvest to open a personal checking account and earn a $50 Visa Reward Card for both referrer and referee.
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Arvest's premium checking accounts offer perks and discounts
Arvest Bank offers a variety of personal checking accounts, including premium options with perks and discounts. The bank operates over 226 branches across Arkansas, Kansas, Missouri, and Oklahoma, providing customers with access to a broad network of ATMs across the country.
Arvest's premium checking accounts include the Club series, which offers rewards and discounts on additional services. The Club account provides customers with $800 of overdraft protection, complimentary checks, and access to online services. The Preferred Club account, meanwhile, comes with a higher monthly fee of $18 but offers a range of benefits, including $1,000 in overdraft protection, $30,000 in AD&D coverage, and a variety of free services and discounts. Customers can waive this fee if they have sufficient funds in various bank accounts. Preferred Club account holders also gain access to premium interest rates for savings and money market accounts.
Arvest's myBlue® checking is another premium option, providing valuable benefits such as Club discounts, higher overdraft coverage of up to $1,000, free printed checks, and accidental death and dismemberment insurance. Customers can avoid the $18 monthly service fee by maintaining certain balances or utilizing other Arvest services.
In addition to these premium checking accounts, Arvest Bank offers a range of savings accounts, including the basic Savings account, which allows for unlimited deposits and earns interest on the balance, and the Money Market account, which offers higher interest rates with similar flexibility and access as a checking account. The Cool Blue Savings account is also available for those under 18, with no monthly service fee.
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$50.85 $63.99
Arvest savings accounts offer interest on your balance
Arvest Bank offers a variety of savings accounts to help you earn interest while saving money. The bank has a large presence in four states in the Southern Midwest: Arkansas, Kansas, Missouri, and Oklahoma.
Arvest's basic savings account offers unlimited deposits and earns interest on the balance. You can avoid the $2 monthly fee by maintaining a minimum daily balance of $100 or an average daily balance of $500. Interest is paid quarterly at the current savings rate on all daily collected balances of $100 and above. This account also includes free services for your day-to-day banking, such as Arvest Online Banking, Mobile Banking, and a 24-Hour Account Information line.
Arvest also offers a Cool Blue Savings account for those under the age of 18. This account carries no monthly service fee and is designed to help younger customers develop good savings habits.
If you're maintaining higher balances, the Money Market account is a great option. It pays a better interest rate than a traditional savings account, offering higher interest rates with similar flexibility and access as a checking account. To open a Money Market account, there is a $100 minimum requirement, and you can avoid the $10 monthly service charge by maintaining a $2,500 minimum daily balance.
In addition to savings accounts, Arvest Bank offers a range of checking account options, including the Free Blue™ checking account and the premium Arvest Club Checking account, which provides access to a range of discounts and benefits.
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Arvest money market accounts offer higher interest rates
Arvest Bank offers a variety of savings accounts to help you earn interest while saving money. One such account is the Money Market account, which offers higher interest rates than traditional savings accounts for those who maintain higher balances.
The Money Market account blends the best of both worlds, offering higher interest rates like a savings account with similar flexibility and access as a checking account. This makes it ideal for those seeking to maximise their earnings without sacrificing accessibility. The interest rate and annual percentage yield will depend upon the balance in the account as shown on the Rate Chart. Interest rates on accounts may change daily at the bank's discretion.
The Money Market account is a great option for those looking to build an emergency fund, plan a significant purchase, or optimise their savings strategy. With a $100 minimum deposit required to open an account, you can avoid the $10 monthly service charge by maintaining a $2,500 minimum daily balance.
Arvest Bank has over 220 branches in Arkansas, Kansas, Missouri, and Oklahoma, and is a good option for those seeking a bank with a local presence in these states. The bank pays great CD rates for a regional bank, and its Money Market account rate is also considered good. However, its savings account offers a below-average interest rate, and its ATM network is limited.
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Frequently asked questions
Yes, accounts with Arvest Bank are FDIC-insured and backed by the full faith and credit of the U.S. Government.
Arvest Bank offers a variety of accounts including savings accounts, checking accounts, and money market accounts.
Yes, there are some fees associated with Arvest Bank accounts. The basic savings account has a $2 monthly fee unless you maintain a minimum daily balance of $100 or an average daily balance of $500. The Cool Blue Savings account, designed for those under 18, has no monthly service fee. The Free Blue Checking account is also free. All other accounts have monthly service fees, but some of these can be waived if you meet certain balance thresholds.
