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BancFirst Review

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We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure
BancFirst Savings
0.40% APY

BancFirst has been serving communities throughout Oklahoma since the 1980s. But it can trace its origins back to the 1960s when investor H.E. “Gene” Rainbolt purchased Federal National Bank in Shawnee, Oklahoma. In 1985, his banks became part of the United Community Corporation. The organization eventually consolidated 12 banks under BancFirst in 1989. Today, BancFirst offers a wealth of services to the Oklahoma communities it has remained true to over the years. You can find anything from your basic checking and savings accounts to long-term certificate of deposit (CD) accounts and individual retirement accounts (IRAs) at BancFirst.

Products Offered

Product  Key Details 
Savings Accounts
  • Online savings accounts with competitive interest rate

  • Waivable fees

     

Certificates of Deposit
  • Choose between 30 day to five-year terms

Checking Accounts
  • Several interest-earning checking accounts including ones designed for children and senior citizens. 
IRAs
  • Choose between traditional and Roth IRAs. 

BancFirst Interest Rate Comparison

BancFirst Savings

Key Features Details
Minimum Deposit  $100
Access to Your Savings Account Online, mobile and at physical branches.
Security FDIC insurance up to the maximum amount allowed by law.
Fees $1 monthly service charge unless you meet minimum balance requirements.
Current Terms and Rates 0.25% APY

This is the standard savings account BancFirst issues. It requires a minimum opening deposit of $100. If you maintain that minimum balance in your account, you can waive its monthly service charge. Nonetheless, the service fee dips far below those of most bank accounts we’ve examined. 

But although its current annual percentage yield (APY) is on par with the national savings account interest rate average, it can’t compete with the best savings accounts in the nation. BancFirst will also charge a $1.50 fee for every third withdrawal in a calendar month. This fee applies to teller withdrawals, paper drafts and Automatic Clearing House (ACH) items.

BancFirst accounts accrue interest monthly and credit your account on the last business day of each month.

Treasury Fund Account

Key Features Details
Minimum Deposit  $100
Access to Your Savings Account Online, mobile and at physical branches.
Security FDIC insurance up to the maximum amount allowed by law.
Fees None
Current Terms and Rates
  • For balances of $1,000 - $10,000: 1.05% APY
  • For balances of 10,001 - $25,000: 1.10% APY
  • For balances of $25,001 - $50,000: 1.20% APY
  • For balances of $50,001 - $100,000: 1.35% APY
  • For balances of $100,001+: 1.50% APY

The Treasury Fund Account by BancFirst carries a strong APY. However, you need to make a minimum deposit of $1,000 to begin earning interest. So it may not be the best option for all savers. In addition, you need to maintain a minimum balance of more than $100,000 to generate its strongest current APY of 1.50%. 

You can find higher rates with fewer restrictions by comparing savings accounts from leading banks including online institutions.

In addition, FirstBanc charges a $10 withdraw fee beginning with your seventh withdrawal in a statement cycle. As with any BancFirst savings account, the withdrawal fee applies only to checks, teller withdrawals, paper drafts and ACH items.

Compare BancFirst to Other Competitive Offers

"Just For Kids" Savings Account

Key Features Details
Minimum Deposit  $25
Access to Your Savings Account Online, mobile and at physical branches.
Security FDIC insurance up to the maximum amount allowed by law.
Fees $1 monthly service charge unless you meet minimum balance requirements.
Current Terms and Rates 0.40% APY

If you have a child who is 18 or younger, you may want to encourage him or her to open a BancFirst “Just for Kids” savings account. This easily-manageable product can be opened with a low minimum of $25. BancFirst will also waive the $1 monthly service charge as long as the account balance doesn’t fall below that minimum. The bank also accrues interest on the entire balance before crediting it at the end of each month. 

The incentive to waive a monthly fee may encourage your child to stick to a regular savings routine. However, you can find better rates by comparing the best savings accounts for kids available today. 

In addition, BancFirst charges a $1.50 withdrawal fee beginning with the third ACH item, paper draft or teller withdrawal in a calendar month. 

Certificates of Deposit (CDs)

Key Features Details
Minimum Deposit  $1,000
Access to Your CD Account Online, mobile and at physical branches.
Security FDIC insurance up to the maximum amount allowed by law.
Fees No monthly service fees, but early withdrawal penalties will apply.
Current Terms and Rates
  • 12 Month: 1.70% APY
  • 24 Month: 2.20% APY
  • 36 Month: 2.30% APY
  • 48 Month: 1.30% APY
  • 60 Month: 1.35% APY

Through BancFirst, you can open CD accounts with terms ranging from 30 days to 60 months (or five years). Overall, the bank offers some strong interest rates across its CD menu. Some options can even compete with some of the best CD rates out there. 

If you invest in a CD with a term of at least one year, BancFirst will give you the option to change your interest rate to a current rate once during your term. You can reinvest your interest into your CD, transfer it to another account or send it out as a check. 

But remember that you’re locking in your money in exchange for a fixed interest rate. As with any bank, BancFirst will charge an early withdrawal penalty if you take your money out of a CD before its term ends. At BancFirst, the penalty equals three months worth of interest earned. This means that if you withdraw money early from a CD with a term of less than three months, you’d essentially loose all the interest earned up until the point of withdrawal. 

However, BancFirst gives you 10 calendar days after your term ends to take your money out penalty free. Otherwise, the bank will automatically renew your CD under the same terms with the corresponding APY in effect at that time. 

One strategy you can take advantage of is CD laddering. This occurs when you open several different CDs of varying term lengths all at once. This technique gives you access to pockets of your savings and interest at different points in time. It also helps you meet both short- and long-term savings goals. 

But if you’re not satisfied with the terms and rates set by BancFirst, you can always compare CD rates across several different banks.

Individual Retirement Accounts (IRA)

Key Features Details
Minimum Deposit  $100
Access to Your IRA Online, mobile and at physical branches.
Security FDIC insurance up to the maximum amount allowed by law.
Fees No monthly service charges, but the IRS may impose early withdrawal penalties.
Current Terms and Rates
  • 1 Year: 1.25% 
  • 18 Month (Variable): 1.00%
  • 2 Year: 1.50%
  • 5 Year: 1.85%

If you’ve been building up a descent nest egg, you may be interested in rolling over your funds into an individual retirement account (IRA). 

BancFirst offers both a traditional and Roth IRA. Both offer distinct tax advantages. By investing in a traditional IRA, your earnings grow tax-deferred until you make eligible withdrawals beginning at age 59.5. When you invest in a Roth IRA, you fund it with after-tax dollars. So qualified withdrawals may be tax free. 

But as with any major retirement planning decision, you should consult a financial advisor who can help you invest in a product that meets your unique needs. If you’re not sure how to find one, you can use our SmartAdvisor tool. It links you to qualified financial advisors in your area based on answers to simple questions about your financial picture and goals. You can then review their credentials and even set up interviews before choosing one to work with. 

BancFirst Checking

Key Features Details
Minimum Deposit  $100
Access to Your Checking Account Online, mobile and at physical branches.
Security FDIC insurance up to the maximum amount allowed by law.
Fees $6 monthly service charge unless you meet a minimum balance requirement

This is one of the basic checking accounts issued by BancFirst. It’s fairly easy to manage as you only need $100 to open the account. In addition, you can waive the low monthly service fee of $6 by maintaining a minimum daily balance of $500. By keeping that daily balance, you can also waive the withdrawal fee. Otherwise, BancFirst will charge a 20-cent fee per withdrawal beginning with the 21st one in a monthly cycle. However, this fee applies only to checks, paper drafts and ACH items. 

Seniority Checking

Key Features Details
Minimum Deposit  $100
Access to Your Checking Account Online, mobile and at physical branches.
Security FDIC insurance up to the maximum amount allowed by law.
Fees None

As the name implies this account is designed for senior citizens and offers several perks. For example, it charges no monthly service or transaction fee. In addition, you won’t need to meet any minimum balance obligations. 

You also get the following free of charge: 

  • Teller checks
  • Money orders
  • Notary services
  • Signature guarantees
  • Personalized wallet-style checks

BancFree Checking

Key Features Details
Minimum Deposit  $100
Access to Your Checking Account Online, mobile and at physical branches.
Security FDIC insurance up to the maximum amount allowed by law.
Fees No monthly service fees.

Those searching for a straight-forward checking account with no strings attached would be satisfied with the BancFree Checking account. It charges no monthly maintenance or transaction fees. 

Status Checking

Key Features Details
Minimum Deposit $100
Access to Your Checking Account Online, mobile and at physical branches.
Security FDIC insurance up to the maximum amount allowed by law.
Fees
  • $7.50 monthly service fee unless you meet certain requirements.
Current Terms and Rates 0.20% APY

If you are at least 50 years old and have established a strong relationship with BancFirst, you may be eligible for a Status Checking account. However, it offers a low current APY of 0.20%. In addition, you have to maintain a minimum balance of $500 to earn interest. You can waive the monthly maintenance fee and withdrawal fee if you maintain a combined average balance of $5,000 throughout your BancFirst accounts. 

Otherwise, a withdrawal fee of 15 cents will also be charged beginning on the 11th withdrawal related to a check, paper draft or ACH item.

Performance Checking Account

Key Features Details
Minimum Deposit  $100
Access to Your Checking Account Online, mobile and at physical branches.
Security FDIC insurance up to the maximum amount allowed by law.
Fees None if you meet certain requirements.
Current Terms and Rates 0.25% APY

You can open a Performance Checking account through BancFirst with a minimum deposit of $100. However, you need to maintain a minimum balance of $500 to earn any interest. In addition, the bank currently offers an APY of 0.20% for this account, which isn’t very competitive with similar options offered by other banks. 

However, it charges a low service fee of $7.50. You can even waive this fee by maintaining a minimum daily balance of $1,000 in your account. That would also waive the withdrawal fee. Otherwise, the bank will charge 15 cents for each withdrawal starting with the 11th withdrawal per monthly statement cycle. This fee applies to checks, paper drafts and ACH items.

Branch Locations

BancFirst operates more than 100 branches throughout the state of Oklahoma. In fact, you can find full-service units in more than 50 Oklahoma communities. 

Financial Statistics & Bank Health Rating

BancFirst has $7.24 billion in assets and $4.68 billion in loans, according to the FDIC. By opening an account with BancFirst, you’d be adding to the $6.49 billion the bank currently holds in deposits. If you’re interested in working with BancFirst, you should take a look at its Texas Ratio. This metric serves as a good industry indicator that measures a bank’s health and reliability. It’s generated by dividing the amount of non-performing assets (unbacked current loans and real estate owned) by the sum of the bank’s tangible equity capital and its loan loss allowances. BancFirst has a Texas Ratio of 4.16%. Generally speaking, a bank with a Texas Ratio below 5% can boast excellent reliability.

 

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