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Banking » Reviews » Arvest Bank Review 2022: Traditional Bank With a Twist
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we think you will find relevant, The Smart Investor does not and cannot
guarantee that any information provided is complete and makes no representations
or warranties in connection thereto, nor to the accuracy or applicability
thereof.

Learn more about how we review products and read our advertiser disclosure for
how we make money. All products are presented without warranty.


ARVEST BANK REVIEW 2022: TRADITIONAL BANK WITH A TWIST

Arvest bank offers a wide range of personal and business products, with low
minimum requirements and long expreience. What are the drawbacks?

Author: Lorraine Smithills

LORRAINE SMITHILLS

Writer, Contributor

Experience

Lorraine is a financial writer with expertise in the banking sector. She has a
passion for helping people with less financial confidence to get control of
their money through budgeting, saving, and responsible credit practices.

See full bio

Review & Fact Check: Baruch Mann (Silvermann)

Baruch Mann (Silvermann)

Financial Expert, The Smart Investor CEO

Experience

Baruch Mann (Silvermann) is a financial expert and founder of The Smart
Investor. Above all, he is passionate about teaching people how to manage their
money and helping millions on their journey to a better financial future.

See Baruch's full bio

 * August 22, 2022

Author: Lorraine Smithills

LORRAINE SMITHILLS

Writer, Contributor

Experience

Lorraine is a financial writer with expertise in the banking sector. She has a
passion for helping people with less financial confidence to get control of
their money through budgeting, saving, and responsible credit practices.

See full bio

Review & Fact Check: Baruch Mann (Silvermann)

Baruch Mann (Silvermann)

Financial Expert, The Smart Investor CEO

Experience

Baruch Mann (Silvermann) is a financial expert and founder of The Smart
Investor. Above all, he is passionate about teaching people how to manage their
money and helping millions on their journey to a better financial future.

See Baruch's full bio

 * August 22, 2022

We earn a commission from our partner links on this page. It doesn't affect the
integrity of our unbiased, independent editorial staff. Transparency is a core
value for us, read our advertiser disclosure and how we make money.

ARVEST BANK REVIEW



The Arvest Bank story all started in 1961 with the Bank of Bentonville in
Arkansas. Back then, it boasted of some $3.5 million in deposits. From 1963
through 2018, the little bank grew by acquiring banks left and right – some 25
or so of them – which brought them to where they are right now. However, it was
only in 2006 that the bank took on the name Arvest Bank while doing its
business.

Today, Arvest is present in about 279 locations that serve 135 communities in
the Southern Midwest. It is a network of 14 locally-managed banks – which means
that each of them has its own local president, a board of directors and
management team. If you go around the area, you’ll find their branches in
Arkansas, Kansas, Missouri, and Oklahoma.

The bank stands proud with an asset of $19 billion. In fact, they claim to be
the largest bank in Arkansas when it comes to market share.

Open Account

On Arvest Secure Website

ACCOUNT TYPES

– Savings Account
– Checking Account

– Certificate Of Deposits (CDs)

– Money Market Account


MINIMUM DEPOSIT

$100 – $1,000

PROS

 * Wide Range of Products
 * Stability and Experience

CONS

 * No National Network
 * Additional Fees


BANK REPUTATION - CUSTOMER RATINGS, FINANCIAL STRENGTH

 * A+ on BBB – BBB assigns ratings from A+ (highest) to F (lowest). BB ratings
   are based on information in BBB files with respect to factors such as
   business's complaint history with BBB, type of business, time in business,
   transparent business practices and more.
 *  J.D Power Research – We considered J.D. Power’s national banking
   satisfaction study 2020.

J.D Power offers the most comprehensive and independent study of customer
satisfaction. The study aims to help consumers and issuers to understand user
opinions and ratings of the largest bank in the country. It covers customer
satisfaction, products,  fee structures, digital customer experience,
transparency and more.






LOW OPENING REQUIREMENTS, AVERAGE DEPOSIT INTEREST RATES

Their products range from the usual personal and business products, credit
cards, and home loans. They also offer investments and trusts and carry quite an
impressive list of offerings including investment management, estate management,
and even estate planning services. A recent news release reports that the bank
has gone over the $13 billion-mark with respect to the assets that they manage.
Indeed, Arvest has become a full-service bank through its rich history of
service.

The bank offers a variety of checking accounts for different customer profiles.
One great thing about their premium checking account options is that customers
can receive perks and get discounts on the other offerings of the bank.

People will find that Arvest Bank has low opening deposit requirements which are
great for customers who want quick access to banking services. However, the bank
has some mandatory fees which may turn off depositors who want to avoid paying
all sorts of charges.

The thing about regional banks is that they tend to concentrate their service
area within the region only. If you’re located within the Southern Midwest,
you’ll have access to a wide network of ATMs within the region. But once outside
their service area, it may not be very easy to access their services.

Like many brick-and-mortar banks, Arvest Bank does not offer the best deposit
interest rates. In fact, on average, their rates are just one-fifth of the
national average rates. This is a big trade-off for many customers who are
looking to maximize the returns from their savings.

On the customer service side, there aren’t too many customer complaints about
the bank compared to other banks their peer. The Better Business Bureau gave
them an A+ rating. However, the bank’s mobile app received a low score from
users. This is probably because they have entered the mobile banking arena
relatively later than most banks.

The bank customers can reach them through email, post, social media platforms,
and via customer service phone lines in English and Spanish. However, phones are
available only during office hours.

Here are the main products Arvest bank offers for savers:


SAVINGS ACCOUNT

INITIAL DEPOSIT

$100

APY

0.01% – 0.04%
Open Account

INITIAL DEPOSIT

$100″]

APY

0.05%
Open Account

 Cool BlueArvest SavingsOpening Deposit$50$100Minimum daily
balanceNone$100Account StatementQuarterlyQuarterlyMonthly feeNone$2 (if daily
balance falls below $100Interest earningYesYes

Interestingly, while they have five kinds of checking accounts, the bank offers
only two kinds of savings accounts. The first type is for children and
teenagers. So, if you don’t fall under that category, there’s only one choice
left: Arvest Savings.

You can earn an APY of 0.05% which is lower than what you can get on high-yield
saving accounts.

The minimum amount you need to open is $100 which is a little higher compared to
other banks. There’s also a $2 monthly fee if you can’t maintain the daily
balance of $100 or $500 in average daily balance.

 




CHECKING ACCOUNT

INITIAL DEPOSIT

$50

MIN BALANCE

None

APY

0.01% – 0.04%
Open Account

INITIAL DEPOSIT

$50

MIN BALANCE

None

APY

0.01% – 0.04%
Open Account

 Free BlueBasic BlueMyBlueArvest ClubPreferred Club

Opening Deposit

$50$50$50$50

$50

Monthly FeeNone$3$6$12

$18

Monthly Statement

FreeWith feeFreeFree

Free

Debit Card

FreeFreeFreeFree

Free

Online BillPay

None$0.50 eachFree unlimitedFree unlimited

Free unlimited

Free checkbook

For 62 years old or moreFor 62 years old or moreFor 62 years old or moreFree

Free

Overdraft coverage

up to $400up to $400up to $600up to $800

up to $1,000

Interest earning

NoNoNoNo

Yes

Insurance coverage

Not availableNot available$10,000 family insurance$30,000 family insurance

$30,000 family insurance

The bank has several checking accounts to choose from, but each type's target
market is unclear. They share almost identical features. It’s easy to see that
the Free Blue is the starter account, but since the opening deposit is the same
for all accounts at $50, anybody can opt to get the next-level accounts.

Four of the five checking accounts come with a monthly fee that increases as the
supposed benefits increase.

The increment in the monthly fee is very obvious, but the benefits one can get
from availing of the more expensive products don’t entirely communicate value
for money. For example, what difference would it make if you have an extra $200
in overdraft coverage if, as a responsible account holder, you don’t intend to
overdraw your account?

Only one account pays interest – the Preferred Club. However, customers who do
the math can see that they have to put in a lot of money to break even on the
$18 monthly fee.

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CERTIFICATE OF DEPOSITS (CDS)

INITIAL DEPOSIT

$1000

TERM

6 months – 2 years

APY

0.20% – 0.80%

This product does not have any strong competitive advantage when laid
side-by-side with other banks’ CDs.

It has a high opening deposit requirement of $1,000 when other banks accept $500
or even $100 to open an account. The minimum term of 31 days appears quite long
when some banks go with a minimum of one week.
Finally, the APY for such a high opening deposit is low and below the national
average rate for CDs.


MONEY MARKET ACCOUNT

INITIAL DEPOSIT

$100

MINIMUM BALANCE

None

APY

0.10 – 0.25%


ARVEST BANK PROS & CONS

Like any other bank, Arvest has its own strengths and weaknesses. Here are the
main benefits and drawbacks you should know before applying:

 * Stability and Experience

A bank as old as this one must be doing something right to remain open for
business for such a long time.

Depositors can count on the bank’s stability and experience. This is a good
place to keep your money. Its history of acquisition is also a testament that
Arvest is indeed a strong bank.


 * Additional Benefits

Because of its network, Arvest can easily give customers additional perks on
their accounts.

Customers can get rewards and incentives, insurance coverage, identity
protection, and more.

 * Fees

And speaking of fees, this bank has a lot of them. The bad news is, the bank
can’t waive some of them.

So, in terms of value for money, the fees don’t help the bank get on the right
side of the customers.

 * Wide Range of Products

The menu of products assures depositors looking for help that there would be
something that fits their needs.

The bank caters to the normal, average bank customer and to the sophisticated
businessman who might need a bank to do his international transactions.

 * No National Network

Even if they have been operating for the longest time, the bank has chosen to
concentrate its services in a regional area.

This strategy immediately cuts-off customers who have a requirement for national
access to banking services. They could do it through bank tie-ups but there’s
usually a fee for that.

 * Low Rates For Deposits

We all know that banks make a killing off their depositors’ money by lending or
reinvesting them.

The low rates mean that the bank keeps the bigger slice of the pie from their
income when they use their clients’ funds. Any time that any bank’s rates fall
way below the national average, we don’t think that’s good news for customers.


SUMMARY

Like most traditional banks, Arvest Bank has not evolved as fast as new
businesses that invested in technology did. This is the reason why the
disadvantages of running a physical bank have limited the bank from giving out
higher rates and lesser fees (or none at all).

This is one of the major setbacks for a bank when it comes to attracting
customers. When it comes to money, depositors would always look at what they
would be getting and what they would have to give away. For this aspect, we give
Arvest a not-so-high rating.

In the area of peace of mind, depositors would certainly have a lot when they
bank with Arvest. The long experience and the big chunk of market share it
enjoys simply point to it as a reliable bank worthy of a customer’s hard-earned
savings. Of course, since the business model allows independent management for
several branch networks, customers should do their homework and check if their
local Arvest branches are running in alignment with sound banking and business
practices.

This bank does not come with a full bank and a grand parade. For residents of
the Midwest who are okay to do their banking the traditional way, this is a good
choice. If you’re looking for a more progressive style of banking with a larger
reach, this may not be the one for you.


ALTERNATIVE ONLINE BANKS TO CONSIDER

APY Savings The annual percentage yield (APY) is a percentage that represents
the amount of money or interest earned on your savings account over the course
of a year. The APY factored in compound interest. A savings calculator can help
you quickly determine how much you'll earn with a given APY.
2.00%
2.10%
1.75%
Checking Account Fee The monthly fee on checking account
$0
$0
$0
Checking Minimum Deposit
$0
$100
$50
Mobile App Rating
4.8/5 on iOS, 4.2/5 on Android
4.6/5 on iOS, 4.2/5 on Android
4.8/5 on iOS, 4.7/5 on Android
BBB Rating
A+
B
A

Read Review
Open Account
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Open Account
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information provided is complete and makes no representations or warranties in
connection thereto, nor to the accuracy or applicability thereof.