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Arvest Bank: 2024 Banking Review

This regional bank in the nation's heartland offers CDs with competitive yields.

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Arvest Bank

Arvest Bank is comprised of a network of 14 regional banks serving communities in Arkansas, Kansas, Missouri and Oklahoma, and offers a full suite of deposit accounts, home loans and wealth management services. But you don’t need to live in the heartland to take advantage of its products and services.

Its online and mobile banking technology enables you to manage your accounts without geographic restrictions. Most accounts, except for its certificates of deposit, can be opened online or through Arvest’s mobile app. While the yields on most of its deposit accounts are either at or below national averages, its current CD promotional rates are the one bright spot worth considering.

Learn more about Arvest’s checking, savings, CDs and money market accounts in our review, as well as who the bank is best suited for.

What we like

  • Physical branches: There are 200 branches across 110 communities in four states.
  • Mobile app and online banking options: Arvest’s app supports check deposits and is available for Android and iPhone users. 

What we don’t like

  • Low rates: Most accounts pay average or below-average yields. Higher-yielding accounts are available at other banks.
  • Monthly fees: Arvest’s checking, savings and money market accounts charge monthly fees. The savings account has reasonable balance minimums to avoid fees, but most checking and money market accounts don’t provide an option to waive maintenance fees.
  • No ATM network: Arvest Bank doesn’t participate in a third-party ATM network, doesn’t have an extensive ATM network and doesn’t reimburse ATM fees charged by vendors.

Who is Arvest Bank suited for?

While Arvest Bank generally serves its communities in four states, you can access accounts anywhere in the US through its mobile app or online banking platform. This bank, however, isn’t ideal if you’re looking for deposit accounts with competitive rates. 

Arvest Bank products


Arvest Bank has five personal checking accounts each with reasonable initial deposits ranging from $25 to $50. Only the Free Blue account offers a free checking option. The remaining accounts have monthly fees that range from $3 to $18. The Basic Blue’s $3 monthly fee can be waived by opting in for e-statements. The Preferred Club Checking account is the only other one that provides a way to waive the monthly fee. The bank will waive the $18 monthly fee, but you’ll need to maintain a hefty sum of at least $20,000 in an account or have a loan balance in that amount.


Arvest gives you plenty of checking options to choose from, but there are higher-yielding checking accounts available at other banks. The overdraft fee for all but the Arvest Bright Solutions checking account is $17.


Checking Account Features


Checking account APY Min initial deposit Monthly fee Overdraft fee Foreign transaction fee
Free Blue N/A $50 $0 $17 $30
Basic Blue N/A $50 $3 $17 $30
Arvest Club N/A $50 $12 $17 $30
Arvest Preferred Club 0.05% $50 $18 $17 N/A
Arvest Bright Solutions N/A $25 $5 or $7 $0 $30


Rates as of March 16, 2023.


  • Free checking options: There are no monthly service fees or minimum balance requirements for the Free Blue Checking account.

  • Low initial deposit: The highest minimum deposit to open a checking account is $50.


  • Overdraft fees: Many banks are dropping overdraft fees or waiving them up to a minimum threshold. Here’s a list of banks that don’t charge overdraft fees.

  • Interest checking: Although one account is interest-bearing, checking accounts with competitive annual percentage yields are available elsewhere.

  • ATM network: The Arvest ATM network exists only in the communities where a branch is located. The bank does not participate in a third-party ATM network. There are also no refunds for out-of-network ATM fees.


The Arvest Bank Savings account earns an APY hovering around the national average, which is currently 0.23% according to CNET’s sister site Bankrate, but is extremely low compared to many high-yield savings accounts at other banks. In this environment of rising interest rates, keeping your money stored in an Arvest savings account would be counterproductive, as high-yield accounts are plentiful and accessible nationwide. In addition, Arvest will charge $2 per month if you don’t maintain a minimum daily balance of at least $100.


The Cool Blue savings account is for minors under age 18. It doesn’t earn interest, doesn’t have a monthly fee and has a lower minimum initial deposit of $50.


Savings Account Features


Savings account APY Min initial deposit Monthly fee
Cool Blue N/A $50 $0
Savings 0.25% $100 $2


Rates as of March 16, 2023.


  • Low initial deposit: The minimum deposit required to open a Cool Blue savings account is $50; $100 for the standard Savings account.


  • Low rates: High-yield savings accounts with rates that are more than 16 times higher are available elsewhere.

  • Maintenance fees: The Savings account charges $2 per month unless you maintain a $100 minimum daily balance or $500 average daily balance.


Arvest Bank offers a standard CD account with terms ranging from 31 days to five years, but the bank only lists rates for five CD terms on its website, ranging from six months to two years. The published rates are competitive yields. For information on rates for its other CD terms, you must call the bank. Arvest’s current promotion for the seven- and 14-month terms offers yields starting at 3.55% APY. There’s no published deadline, so check the bank’s website to confirm availability.


All CDs require a $1,000 initial deposit to open. The CDs have a tiered-rate structure with the highest APYs available on balances of $95,000 or more. The early withdrawal penalties vary and are calculated based on the CD’s balance and term.


CD Account Features


CD term Balance APY
6 months $1,000 to $9,999 3.24%
6 months $10,000 to $49,000 3.29%
6 months $50,000 to $94,999 3.29%
6 months $95,000+ 3.34%
7 months $1,000 to $94,999 3.55%
7 months $95,000+ 3.60%
1 year $1,000 to $9,999 3.75%
1 year $10,000 to $49,000 3.80%
1 year $50,000 to $94,999 3.80%
1 year $95,000+ 3.85%
14 months $1,000 to $94,999 4.06%
14 months $95,000+ 4.11%
2 years $1,000 to $9,999 4.37%
2 years $10,000 to $49,000 4.37%
2 years $50,000 to $94,999 4.37%
2 years $95,000+ 4.42%


Rates as of March 16, 2023.


  • Competitive rates available: The APYs are competitive, although you can find higher-yielding CDs with a wider range of terms at other banks.

  • Reasonable initial deposit: The $1,000 initial deposit requirement makes a CD affordable for people with limited savings.

  • Online banking access: You can open a CD through Arvest Bank’s website or mobile app.


  • Limited CD types: Arvest Bank only offers standard CDs. It doesn’t offer specialty CDs such as no-penalty or step-up CDs.

  • Limited mobile features: You can’t open a CD online or through the mobile app, only in person or over the phone.


Arvest’s Money Market account has a tiered interest rate structure ranging from 1.97% APY for balances under $2,500 to 2.17% APY for balances of at least $5 million. This account only requires an initial deposit of $100 to open, but a $10 monthly fee applies if your balance falls below $2,500.


Like most money market accounts, this one offers check-writing privileges and debit card access. You’ll pay an excessive transaction fee of $10 per withdrawal beyond six transactions in a statement cycle.


MMA Account Features


Account APY Min balance Monthly fee Overdraft fee Excessive transaction fee Foreign transaction fee
Money Market 1.97% to 2.17% $100 $10 $17 $10 per item $30


Rates as of March 16, 2023.


  • Low minimum deposit: The minimum deposit for a money market account is $100, lower than most banks

  • Competitive APYs: Although the rates offered are competitive with some banks, you can find higher rates for money market accounts at other banks.


  • Maintenance fees: This account charges $10 per transaction for each withdrawal that exceeds six per statement cycle. It also charges $10 per month if the balance falls below $2,500.

  • Overdraft fee: Many banks are dropping overdraft fees or waiving them up to a minimum threshold. You can find banks that don’t charge overdraft fees.

Banking experience

The mobile app and online banking tools, with features such as mobile check deposit and online bill pay, allow you to open and manage your accounts from anywhere. Outside of its focus area, in-network ATMs are nonexistent because the bank doesn’t participate in a third-party ATM network. That said, you won’t be reimbursed for out-of-network ATM fees.

Overdraft fees

The overdraft fee for all checking accounts, except the Arvest Bright Solutions and the money market account, is $17. The CDs have an early withdrawal penalty for all terms. However, the penalty varies and is determined at the withdrawal date based on the CD balance and term.

Customer service

Arvest Bank offers in-person or telephone customer support through its branches. Branch hours vary. You can visit the website to schedule an appointment.

Customer service by phone is Monday through Friday, from 7 a.m. to 8 p.m. CT, and Saturday from 8 a.m. to 5 p.m. CT. The phone number is 866-952-9523. There’s also a 24-hour account information line, 800-601-8655, that’ll help you with basic account questions or services.

About Arvest Bank

Based in Bentonville, Arkansas (also home to Walmart), Arvest Bank is a network of 14 community banks, each with its own local president and board of directors. There are more than 200 branches across 110 communities in its four-state coverage area. The bank has $26 billion in assets and commits to local initiatives such as feeding households who are experiencing food insecurity through Million Meals.

Toni Husbands is a staff writer with CNET Money who enjoys exploring topics that promote financial wellness. She began writing about personal finance to document her experience paying off $107,000 of debt, which is detailed in her book, The Great Debt Dump. Previously, she contributed as a freelance writer for websites, including, Centsai and Wisebread. She was also a regular contributor to Business AM TV, and her work has been featured on Yahoo News. Being a part-time real estate investor and amateur gardener also brings her joy.
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